In Porto Alegre, the capital of Rio Grande do Sul, the Guaiba lake broke its banks, flooding streets
americas9 hours ago
When you hear the word 'savings', the first thing that may come to mind is parking your money in a long-term investment plan or opening up a savings account that pays out good interest. While long-term savings are important to meet big financial goals such as buying a new house or secure a retirement nest egg, one must also learn the art of cutting useless expenses to save precious extra cash each month.
Are you one of those people who run into money woes by the end of every month? We have shortlisted 10 creative tips that will help you save more money and get a firm grip over your finances.
Never shop without coupons, at least online: Retailers keep offering attractive deals and discounts from time to time. Keep an eye out for such deals and time your purchases in such a way that you can take advantage of these offers.
Bring your own lunch to work: Let's consider you eat at least one meal in the office every day - that totals up to around 20 meals a month (if you have a five-day work week). Sounds like a major expense if you add up the costs! Whenever possible, pack your own meals to work and observe how much money you save each month.
Quit/cut down on sin goods: Habits such as smoking are not only bad for health, but also burn a hole in your pocket. Indulging in these habits is an unnecessary financial burden that you can surely live without.
Invest time in research before making an important purchase: Don't just avail a service or buy an expensive product based on word-of-mouth publicity. For what is good for one person may not necessarily be good for you too. Always compare services such as car or health insurance before arriving at the right decision. In fact, comparison sites can help you compare multiple car or travel insurance quotes in less than a minute.
Fix it yourself: Stop calling plumbers, electricians, mechanics for basic issues that you can handle yourself. Take out a few hours during the weekend and try to fix routine domestic problems such as leaky taps or creaky doors that do not necessarily require professional expertise.
Eat more veggies: Meat is expensive compared to fruits and vegetables. Try to alter between meat and vegetarian meals on a daily basis or substitute meat with vegetarian options more often.
Take public transport more often: If your workplace is a fair distance away from your house, take public transport more often as it will be cheaper compared to driving to office every day.
Limit use of credit cards: In countries like the UAE where credit card interest rates are sky high, ringing in at around 40 per cent per annum (annual percentage rate), it's wiser to pay your bills by the due date and keep your outstanding debt at a bare minimum.
Revisit your subscriptions: Are you subscribing to TV channels you barely ever watch? Is a quarterly membership at your gym cheaper than a monthly plan? End all unwanted plans and switch to customised subscriptions that can help you save more.
Always make a shopping list and stick to it: How many times have you ended up bringing home more items than you had originally planned? Shops are designed to tempt us into spending more, and the real test lies in sticking strictly to a shopping list.
The writer is the founder and CEO of Souqalmal.com. Views expressed are her own and do not reflect the newspaper's policy.
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