Saturday, August 16, 2008

Painless ways to save money

Search Tag: Saving

Saving money can be a pain for some people, and that is why we get the title "painless ways of saving money". If you love being secure financially and like the feeling of having enough money in our bank account, then saving money won't be pain for you, and you are already on a way to being a debt-free human.

But for some people saving money means no shopping, no enjoyment, no pleasure, which means no fun in life. And we all live to work and have fun, so we must spend money right? That is right, and saving money doesn't mean having less fun or enjoying your life less.

We need to save money in order to have fun. Many of you are wondering what is meant by that? Saving a few dollars today, add up to thousands of dollars. It is not just a saying or a phrase, it actually makes a lot of sense.

Here is the maths behind saving (Don't worry I am only talking elementary school maths).

1.) Save $1 a day by making your own coffee. (It is fresh, hot, tasty and you can make it rightwhen you wake up, which means no hassle of waiting in a line buying coffee which is cold sometimes or has less/more sugar.

Now this dollar everyday of the year adds upto $365. You do this for 25 years of your life, and you have saved $9125, not a bad amount for having your own coffee, is it?

In most cases you can save upto $2-$3 on breakfast alone. Saving on food means having healthier food, eating at your own time and you will learn how to cook! You will have to work a bit harder than standing in a line and saying "one cheese burger". But look at the benefits. You will be able to save upto $10 everyday on average. Those fast food restaurant receipts add upto a lot.

2.) Choosing the right bank: Your savings need a place to grow or to stay parallel to the inflation rate. You need to find a bank that pays the highest interest on your savings and then put your money in that account. Also known as the "savings account". This will make you save money, and also grow that money even bigger.

3.) Saving on gas/school/work: Buy your children a bike to ride to school. Over time this will save more money than the cost of the bike.

I can personally relate to this example. My son's school was on a bus route, about 1.9 KM away. That is not very far, but it is hard to walk that distance every morning and evening. The bus fare was $2. There are around 280 days of school. So that adds upto $560. Most of his friends took the bus, but I bought

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