It does not matter where we are in the world, we will have that same desire to save money wherever and whenever we can. It does not matter how much we earn, either, because none of us want to feel like we are wasting money. We all desire value for money from the goods that we buy and to have the little money we can afford invested so that it brings in a reasonable return to make it an incentive to save money.
It is almost out of an inborn instinct that we are like this or at least one that has been instilled in us by our parents, who insist we save some money and do not waste it. Just like not wasting our opportunities.
So, let us consider a few ways to make good use of our money to avoid wasting it. After all, we are likely to have worked hard to earn it.
Consider or Review Savings Accounts and Investments
With interest rates low at the moment, it makes it more important than ever to seek out the savings accounts that offer the best interest rates. We can use comparison sites. If we have an existing account with a bank or building society, they might have missed telling us that there is a more advantageous rate available if we switch accounts. This only tends to be offered when we make it into the branch after we have missed seeing the email we were sent because it went into spam.
Alternatively, if you can afford to invest in longer-term investment plans, even with small deposits, you can receive a better interest rate and so improve your pot of money for the future. This is how it generally works. The longer that we can tie our money up for, the better rate of return we will receive. Even if we only earn a small amount, it might still be possible to put some money away that we will not miss, by making savings elsewhere.
Saving a little and often will mean you have something to fall back on in case of “hard times”. Unfortunately, we might not be able to escape the title of Charles Dickens’s novel when economies are such as they are under a pandemic.
Draw up a Household Budget, then either Stick to it or Reduce it
You do not have to be adept at producing spreadsheets, or using Excel, to work out an effective and workable household budget. You just need a pen, paper, and a calculator. Not even a calculator, if you want to test your mental arithmetic while working out what the difference is between your incomings and outgoings. By seeing all the figures written down, you might be able to work out better where the savings can be made to make things balance or leave a surplus that can be saved or invested. Comparison sites might prove useful when trying to save on expenses.
Additionally, try to use coupons and reward schemes where you can. Reward schemes help you to build up a pot of free money just for shopping, whilst coupons similar to the ones you can find on https://www.raise.com/coupons/ebay help you to get money off what you’re buying. The money you save from this can then go towards your savings account or paying your bills. It won’t be a huge amount, but every little helps.
Self-sufficiency can be defined as having the resources and the ability to care for oneself without help. This can save money when you can do things yourself that would otherwise require paid help. This is the principle behind DIY. You still pay for materials but save on the labour costs by tackling the repair or home improvement yourself. If you need help, then why not enlist the help of family or friends, whose services may only result in the cost of a mug of coffee or a few biscuits in return?
Home growing, home cooking, or home crafting items can save you a considerable amount of money. Most things can be learned from an internet clip these days, backed up with some practical instruction from someone who knows, and a book on the subject, which can be picked up cheaply from a discount store or charity shop.
Tips for growing vegetables and foodstuffs include making sure that you have tested the soil and corrected the pH levels to those needed, and have considered rotating your crops. This is where you grow specific vegetables or groups on different parts of your designated vegetable plot. The purpose of which is to maintain nutrients levels and soil structure and to reduce the build-up up of pests and disease problems.
Home cooking will save us money as long as we do not spend money on expensive ingredients that end up costing more than if we had just bought the finished product. Although, it should taste better if we have made it ourselves. The solution to saving money on ingredients is, of course, growing vegetables yourself to use as the ingredients and creating the most delicious salad. In the case of lettuce, you will benefit from its water content health-wise. Dehydration, after all, will cause unclear thinking, changes of mood, and cause our body to become too hot. Iceberg lettuce, for instance, which is made up of 96% water, cannot help but quench our thirst without us having to drink yet another glass of unappealing tap water with a hint of metallic copper pipe to flavour it. That is if we still have that kind of plumbing system that we have to call a plumber to because it requires soldering skills.
Home crafting can be about making things to sell as much as about the enjoyment of making something that is entirely your creation. This is a market for home-produced goods. They appeal to certain people. Namely, those who lack the time to make things.
So, to save money, or in effect earn it, we should consider the interest our money could be earning in the right savings account or investment plan. Saving a little and often will make all the difference to our future finances. By working out a household budget, so that we stick to it or can see where savings can be made will save us money. Also, learning self-sufficiency as something of a way of life will mean that we spend less.