The Top 10 Ways to Save Money

written by Imo David 

We are all looking for ways to save money. And, whether it's by foregoing the N500 suya once a week or postponing an exotic family holiday, everyone has their own method of saving.

Use these money-saving suggestions to develop ideas for the most cost-effective methods to save money in your daily life.

1. Pay Off Your Debts

If you're attempting to save money by budgeting yet have a lot of debt, start with the debt. Still not convinced? Add up how much you spend each month on debt servicing and you'll immediately realize. Once you're no longer paying interest on your debt, you can easily put that money into savings. A personal line of credit is only one option for debt consolidation to help you pay it off faster.

2. Establish Savings Objectives

Visualizing what you are saving towards is one of the most effective strategies to save money. If you need incentive, create saving goals and a deadline to help you save. Do you want to purchase a house in three years with a 20% down payment? You now have a target and know how much money you need to save each month to reach it. To achieve your goal, use the Regions savings calculators!

3. First and foremost, pay yourself.

Set up a monthly automatic transfer from your checking account to your savings account. Don't cheat yourself out of a good long-term savings strategy, whether it's $50 every two weeks or $500.

4. Quit smoking

No, quitting is not easy, but if you smoke a pack and a half every day, you may save about $3,000 per year if you quit. According to the Centers for Disease Control and Prevention, the percentage of Americans who smoke cigarettes has fallen below 20% for the first time since at least the mid-1960s — join the club!

5. Go on a "Staycation"

Though the name is fashionable, the concept is sound: instead of spending thousands of dollars on international flight tickets, seek for entertaining holidays in your own neighborhood. If you are unable to travel the distance, seek for low-cost flights in your area.

6. Invest to Save

Let's face it: utility expenses seldom decrease over time, so take responsibility today by weatherizing your house. Call your utility provider and request an energy audit, or find a qualified contractor to do a whole-home energy efficiency assessment. This will include everything from simple changes such as sealing windows and doors to installing new insulation, siding, or ENERGY STAR high-efficiency appliances and goods. You might save thousands of dollars.

7. Utility Cost Savings

Lowering your water heater's thermostat by 10°F will save you between 3-5 percent on energy bills. When compared to a typical storage tank water heater, installing an on-demand or tankless water heater can save up to 30%.

8. Bring Your Lunch

Finding everyday savings is a simple money-saving technique. If eating lunch at work costs N1000 but bringing lunch from home costs just N4000, you may save N140,000 in an emergency fund or make a big contribution to a college plan or retirement fund over the course of a year.

9. Open an Interest-Paying Account

Keeping your savings separate from your checking account helps most of us limit our proclivity to borrow from savings on occasion. For even greater long-term investments, consider options with higher interest rates, such as a Regions CD or Regions Money Market account.

10. Calculate Your Spending Per Year

Do you spend N2000 every week on snacks at your office vending machine? Every year, you deduct N100,000 from your budget for drink and snacks. That habit quickly adds up to a significant sum.

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ABOUT THE WRITER

Founder & CEO, ipentv.com

Imo David is a Nigeria Young Entrepreneur who is passionate about impacting Lives with Positive Changes. He Believes in the Power of Knowledge and is Dedicated to giving People with the Best Information on to Improve their Lives beyond their Imagination. David is Equally Committed to the General Growth of Young People Across Different Areas of Interest Such as Lifestyle, Career and personal development.

As the Founder and CEO of I PEN MEDIA HOUSE, David Leads and Oversees the General Activities of the Company, Particularly in the Areas of innovation and Media. As a Media Enthusiast, David also occupies the Position of Filmmaker/Producer of I Pen Tv, where he is Responsible for the management of the Media and Tv needs of the Company