Tips for How to Save Money

Drop by drop fills the ocean. 

This is true sentence. This rule applies on money also. 

One small saving a day wil be huge amount in the end of the year. 

But in modern world we can't save money just because of that we can not manage our expenses. 

Here I am going to tell you few Tips for how to save money that I personally use.

#1. Monthly Budget 

Monthly budget is the  main initiative for saving money. For preparing a monthly budget you have to monitor your all expenses and note them down.

The monthly budget will give you the actual report of your expenditure. 

Separate your expenditure in necessary and unnecessary expenditures.

After you find out unnecessary expenses, all you have to do is eliminate them in upcoming month.

 By eliminating you can save lots of money in every single month.

#2. Find the Best Alternative

 After analysis of your monthly budget you may find a better and cheaper alternative of a product or service that you are consuming.
 Let me explain with you an example,  suppose you are consuming product 'A' wich cost you around $10  and the similar product 'B' with cost $8. If you choose product 'B'  you will save $2.
 Do remember one thing while choosing a alternative, do compromise  with the quality of a product while choosing an alternative.

 #3. Leave Bad Habits

An average person with bad habits spend around $10 to $15 in a day on his bad habits like cigarette, alcohol, gambling etc. 

Let consider an average amount $10 per day you spend on your bad habit. I mean $300 per month and $3650 per year. If you invest this amount in an mutual fund or any other asset that will give good returns.

So if you really want to save your money you have to control or leave your bad habits. Quitting bad habits will give you two benefits,first one it will save your money and another one you will be healthy.

#5. Stop Buying Unecessary Things. 

When we go to shopping sometimes we purchase  such things which might be unnecessary. Such things we  use  once or sometime and rest the time it remain unused. Those unused stufff become trash after sometime.
 So I would suggest you that not to buy such stuff that we use rarely or never.

#5. Avoid Loans. 

 Loan  affect most of people's financially.  Paying EMI every month feels like a burden. Also the intrest for the loan is the extra money that you are paying to bank. Paying EMIs can disturb your monthly budget also.
 So avoid to take loan unless and until it because necessary. Also check interest rate while taking loan and credits.

So a bonus tip that I would like to give If you earn more Spend less and invest money properly then You will die  rich.   While saving money you have to look towards earning more. That will increase your saving  but you have to learn about  how to invest your saving properly. Investment grows your saving.