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Increase Your Savings by Spending Less

In the previous article, I mentioned some of the ways you can increase your savings by augmenting your income source. Among the alternative income sources are part-time business, online freelancing, teaching, finacial advising and becoming a real estate agent. 

In this post, I’ll be discussing the other component of the income-expenses-savings formula. This time I’ll show some tips on how you can increase your savings by spending less and cutting on unnecessary expenses. When I say spending less, it does not necessarily mean depriving yourself of the good things in life. It means being smart in your spending habits and learning how to control yourself. Below are some tips that can put more money in your piggy bank at the end of the day.

• Pay all your bills on time and in full. Avoid paying the unnecessary late fees, interest rates, finance charges and however-they-might-call-it additional fees.

• Get a no-fee rewards card that earns points everytime you shop. The incremental points may be small but when accumulated, it can already buy you something nice. Just last Christmas, my credit card reward points have already accumulated to a significant amount so I decided to buy my mom a teflon pan since she loves cooking. That’s what I meant by smart spending. :)

• Speaking of credit cards, never use them for cash advances. They have outrageous interest rates and will do harm on your credit score.

• If you still can’t afford a new car, settle first with a second-hand. A brand new car’s first 10,000 miles is its most expensive miles. Buying a second-hand car spares you from the atrociuos depreciation.

• Next time you’re going to the nearby grocery, ditch your car and walk or bike your way instead. Not only does it improve your health by exercising, you also help save the environment by reducing gas emissions.

• Plan your trips in advance. Thanks to budget airlines and seat sales, traveling around the world is now more affordable than ever. Watch out for seat sales and book your reservations in advance to avail of lower fees.

• Cook your own meals. Eating out often can really put a stress on your wallet and doesn’t do good on your health.

• Scan the market for better plans. Whether its your phone plan or internet connection, there’s always a much cheaper alternative out there. Or better yet, if there’s no need for a mobile phone plan, consider going prepaid and maximize the unlimited call, text, and surfing promos.

• Avoid middleman fees by dealing directly with the seller / supplier. Sometimes, all it takes is a little scouting and some connections to be able to reach the source.

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