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Smart Savings | XL Financial Blog

7 Easy Tips For Smart Savings

Posted on 20. Jun, 2013 by in Financial Planning

Economy changes and market trends are two things that are very hard to predict, especially for common folks. Though we might have an inkling about when our country’s financial stature will become better or worse, we can’t exactly tell what events will come our way and force us to spend more and more money. Instead of dealing with things as they come, it will certainly be beneficial to practice smart savings. Here are some easy but efficient tips to save money for any of your future or emergency needs:

1. Take advantage of discounts and sales—buy items during off seasons, sales, and inventory clearances to get amazing discounts.

2. Prefer homemade food—pack lunches and eat dinner at home instead of eating out.

3. Never buy on impulse—always have a list of things you need to buy. Refrain from getting anything that is not on the list.

4. Pay your credit card bills on time—use your credit card as if it is cash; spend only on things your current income can afford, and never miss your due date.

5. Cut your electricity and water usage—pull the plug of appliances or electronics that are not in use, hang your clothes out instead of using the dryer, and use water from your shower or washing machine to water plants.

6. Save every little change—it does not matter if it is just a penny. Collect all your loose change in a jar, and you will get some nice cash soon enough.

7. Save before you spend—every payday, place a portion of your income on your savings, and spend the rest for your needs, following a well-thought budget.

Amassing a fortune simply from saving may not be possible. However, lowering your expenses and having more money to use for future plans or emergencies is possible with it. So always remember and apply the seven easy but effective tips for smart savings we shared with you today.

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