Great Money Saving Tips for Those Just Getting Started

The first step on the road to savings is the toughest. It takes baby steps and a lot of determination to build a reserve for a rainy day.

Once the money starts accumulating, the confidence grows and a person can start making bigger and better plans. Some steps are very simple and just need some determination; others are a little complicated and need more meticulous planning.

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On the whole, saving is a habit that should be inculcated in children from a young age, to help them lead a stress-free and quality adult life.

Take a look at some great tips for saving money for those just getting started:

1. Choose a smart bank

When selecting a bank to keep your savings, make it a point to compare interest rates and also the maintenance fees before taking a decision. If you find out that your bank is charging you more, feel free to switch loyalties anytime.

2. The thirty day rule

Whenever you are tempted to shop impulsively, stop and ask yourself to wait for thirty days. If after that period you are still tempted go ahead, in most cases the desire is over by then. You will save a lot of money and become a disciplined shopper too.

3. Make a shopping list

It always helps to go out armed with a shopping list to avoid buying unplanned items. Do not buy anything that is not on the list and pat yourself when you get out of a shopping mall safely without buying any extras.

4. Entertain at home

When calculated till the last penny, most activities when held at home are cheaper than going out. Calling friends over and entertaining at home will result in savings and also lend you an opportunity to spend quality spend time with each other.

5. Avoid spoiling the kids

Children are very adaptive if you look for ideas to entertain them at home. The money spent on junk foods and countless other activities can easily be saved. Use stuff lying idle at home to organize activities to keep young kids blissfully occupied.

6. Credit Cards

Similar to banks, choose a credit card company that charges you the minimum rate. Customers with a good credit card history can also put in a request for reduction in the rate being charged. All these small savings add up to a substantial amount at the end of the year.

7. Shopping

The next time you see a flier for an ongoing promotion, go home and settle your closet first. Take a fresh look at the stuff you already have and then decide if you need more. It will give you the double satisfaction of a clean cupboard and money well saved.

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Author Bio: Lim Chuwei is a Teacher in Singapore at ChampionTutor and highly advocates the use of cloud based application for teaching and learning.