We are all too familiar with the saying, ‘A penny saved is a penny earned!’. Hence, saving is a way of generating wealth. For most housewives this seems a very challenging and demanding task. It need not be so; just as the perfect diet (program to lose and sustain optimal weight) should be sustainable lifelong, so should saving be effortless and painless. For those who think that to save money means to sacrifice pleasures of life, think again. Check out the following tips and learn how to save money and have your fun at the same time.
1. Pay yourself first – to save you have to be disciplined. Most people cannot save because they wait for “spare” money. That never happens. Hence, if you are serious about saving, decide on an amount and pay yourself first. Let us say, you decide on 10% of the income, which is $X; the moment the pay is in your hands, take out $X and deposit it in your savings account. Watch your savings grow!
2. Buy smart – most out of budget expenses are on gifts – for Christmas/ birthdays/ anniversaries/ festive season. Buy wisely. Make a list of favorite things to buy as gifts and watch out for sales. The Internet throws up some excellent deals nowadays on both designer labels and non-designer labels. Subscribe to such sites and you will have plenty of opportunities to buy good stuff at high discounts.
3. Buy in bulk – buying family size products or in bulk can save you a lot of money and trips to the grocery store. However, you need to learn to differentiate between needs and wants here to make this tip work. Make a list with items that you can buy in bulk that should last 2-3 months and check out about bulk prices. In most cases you would make some neat profit here.
4. Make a shopping list – and stick to it. Never enter any shop without a list. When you do, you are bound to go over budget. Have a shopping list – whether you are going for groceries or for gifts – and stick to it.
5. Have fun times too – budget for fun times. Say, you like to eat at a restaurant. Saving money does not mean you forego all your pleasures in life. In that way, savings will be a torture for you. Make budget for fun times such as eating out, vacations, movies, etc. Ensure you have one or two days earmarked every month for fun where you allow yourself some indulgence.
6. Make a budget – do not smile at this tip. Everyone knows that this is a most important tool to save money. However, no one really get down to making a budget, least of all following it. Take this tip seriously and you will see how easy is to save money once you know where it goes every month.
7. Add to your income – the easiest way to add to your savings is to get extra money. As a housewife, you would have some free time on your hand every day or every week. Look up the Internet for platforms such as Elance.com, Odesk.com, Guru.com, Peopleperhour.com and the like and see whether you could take up any freelance job on the Internet. This means you could work from the comfort of your home and rake in some extra cash for your egg nest!