How to Save When Spending — 6 Simple Steps

You may be bombarded with saving tips in every corner, making you feel guilty for saving less (and sometimes not). But everyone knows it — spending brings you happy emotions — whether it's a cone of ice cream or a wardrobe full of clothes and jewellery, a dozen of expensive sneakers or a holiday trip. Besides, it's what boosts our economy. Truly, spending has its benefits.
 
Still, the key lies within moderation and balance. Finding the balance where you can enjoy it both now and in the future.
 
After all, what's the point of saving when you cannot enjoy your hard-earned money, or spend it on the people you care about? And there’s no point in spending all now and having nothing left in the future when you need it most.
 
We've compiled a number of ways how to save while still enjoying your hard-earned money wisely:
 

1. Use your credit card responsibly

Read Your Card Agreement and Know Your Term so you’ll know what to expect when it comes to due dates, fees, interest rates, grace period offered, rewards program and other information. 

Always pay your bills on time to avoid penalties. Missing due date payments will attract a late fee plus interest on the outstanding. Thus, always check your statement of account (SOA) for payment details and due date.

You should swipe your credit card for an amount that you can afford to repay at the end of the billing cycle. Maintain your credit card in good standing by paying the total outstanding balance or at least the minimum amount due on or before your due date to enjoy your credit card’s full benefits.

And when making purchases over the internet, ensure that you are logged on to a secured website, and check that the URL address starts with "https". Also, there should be a padlock icon located at the lower right portion of the webpage to indicate that it is secured. Use internet browsers and not hyperlinks to access websites.

 2. Save money automatically

Have a separate savings account and decide on an amount that you feel comfortable saving. Then, set a schedule that automatic transfers the specific amount you've decided from your paycheck directly to your savings account.

It can help you keep your monthly savings on track. You can adjust your transfers or deposits anytime you choose. Just think of it as automatic transfers that empower you to save without investing much time or energy. Moreover, you stay organized and do not have to worry about forgetting a transfer one you or losing track of your goals 

3. DIY Everything

Do-it-yourself (DIY) projects can be a great way to save money. Making something yourself allows you to save while also producing something of much higher quality than you could find in a store. The internet has been seemingly full of an infinite selection of instructional videos, blog posts and hacks where everything seems easy, cheap and doable. Why not check how to DIY your next project?

4. Sell Everything (that doesn't bring you joy anymore)

Make money from selling items you no longer use or otherwise might just throw away. Chances are, there is a buyer out there interested. You can either have a garage sale or snap some pics and post it on a Facebook group, eBay and like-websites. After all, “one man’s trash is another man’s treasure”.

 5. Buy Generic

The truth is, one of the easiest ways to drastically cut your food budget is by switching to generics. Have you ever caught yourself perplexed between buying generic items and brand-name? Do both have drastic differences in quality? And what exactly does it mean when something is generic?

Generic products essentially are not manufactured by well-known companies, but commonly have an almost identical chemical composition as known brands. Even if you aren’t ready to convert to purchasing all generic all the time, find a few staple items you can buy generic if you’re trying to save money.

6. Buy at a discounted rate