Our earning power has increased significantly over the past decade, but saving money should be an important part of every person’s life. HEALTH shows some simple yet effective ways to help you save money without much effort…
1. DON’T SPEND WHAT YOU DON’T HAVE
José de Heer, Effective Communication Trainer at Authenticity Coaching and Consultancy reminds us of the simple but often forgotten rule to only spend what we already have.
2. CREATE A REALISTIC BUDGET
Budgeting is a logical pairing to tracking your spending when your goal is saving money. Whether you use finance software or just a notebook, your goal is to decide where your money is going to go each month – and stick with it.
3. STOP USING PLASTIC
According to Dave Crane, The Life Designer and host of ‘Turbo Charge Your Brand TV’ pay cash for what you need and avoid buying items you don’t need. A cash debit card can help with not having to always carry cash and often includes a rewards incentive program.
4. TAKE ADVANTAGE OF SALES
For saving on your favorite designer clothes, remember that after an item lingers in stores a month or more, retailers start dropping its price to get it out the door, says Kathryn Finney, author of How to Be a Budget Fashionista. If you have the self-control, wait to grab it until six to eight weeks after an item hits the stores.
5. KEEP A MONEY JOURNAL
Be sure to note down every single thing that you have spent money on, even just a few Dirhams. Further elaborating, De Heer says, “Keep a balance book. The more you spend, the more you need to keep track of things.”
6. SHOP AFTER YOU HAVE EATEN
Shopping on an empty stomach bad for your physical and financial health, but it can also play havoc on your mental health, tells De Heer. “So take care and plan your shopping trips. Have a list and stick to it,” she says and keep a look out for sales, discount days or “super saver” deals.
7. TIME YOUR SHOPPING
Hit the stores on a weekday to make sure you get a good selection. Wednesdays are ideal – you’ll likely be able to take advantage of weekend sales while still having a big selection to choose from.
8. SEASONAL CLOTHING
The best way to get the best deals on seasonal clothing is by stocking up as the season is ending. Purchase sweaters in hotter months and summer clothing in winter months for a monumental savings.