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Business
14 Apr 2019

#FinancialBytes: Some simple and effective ways to save money

How to reduce expenses and save money?

Saving money is one of the biggest challenges faced by many individuals who find it difficult to manage money efficiently.

While everyone wants to save money, many don't have a clue on how to. Though people find that managing and saving money is tough, it is essential to secure one's future.

Here are some simple and effective ways to save money.

In context

How to reduce expenses and save money?
Creating budget is essential in order to save money

#1

Creating budget is essential in order to save money

One of the most important things one must to save money is cutting down on expenses. This can be done by creating a budget.

Individuals must calculate their expenditure and then plan and set a budget for each of their monthly expenses. One must try to spend within the set limit; this will help them save a considerable amount every month.

#2

Clear as much debt as possible, avoid too many credit-cards

To save money, one must reduce and manage debt wisely and clear it as much as possible. If possible, they should avoid getting into debt in the first place.

One must borrow money only when it's needed; also, borrowing more than what's required should be avoided as it can increase expenditure.

Having too many credit cards means more expenditure and should be avoided.

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#3: It is essential to track and control expenses

It is also necessary to track one's spending in order to save money. This will help individuals identify unnecessary expenses and find out what they can cut down on. This will help them avoid spending unnecessarily and control their expenses.

Try to reduce monthly bills to save money

#4

Try to reduce monthly bills to save money

For saving money, reducing monthly bills is another important thing to do.

Individuals must try to reduce their utility bills like electricity, gas, water, etc. by adopting efficient practices. Also, one must compare their existing cell phone plans, Internet plans, among others to find out if there are better, cheaper plans available.

Paying bills on time can help avoid late fees/penalties and reduce expenses.

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Most asked questions

How to save money using credit card?

What are some credit card mistakes to avoid?

What are some good financial management apps?

What are the advantages of having a good credit score?

More questions

How to save money using credit card?

Asked 2019-04-14 19:55:34 by Shreya Rangarajan

Answered by NewsBytes

Credit cards can help you save money and earn rewards. Here's how: Avail discounts, deals, and cashback offers to save money using credit cards. Save on fuel purchases through fuel surcharge waivers or reward points. Avail travel offers, restaurant deals, and free movie tickets. Earn reward points for transactions and redeem them. Avail No-cost EMI and flexible EMI offers.

What are some credit card mistakes to avoid?

Asked 2019-04-14 19:55:34 by Pranav Sarin

Answered by NewsBytes

If not used wisely, credit cards can be a huge burden. Here are some mistakes to avoid: Having too many credit cards; they increase expenditure. Paying only minimum due amount instead of focusing on clearing the outstanding balance. Defaulting on bill payment and high credit utilization. Withdrawing cash using credit card; it attracts very high interest. Ignoring monthly statement and blindly pay the bill.

What are some good financial management apps?

Asked 2019-04-14 19:55:34 by Cheshta Jaiteley

Answered by NewsBytes

Here are some popular apps to use for financial management: Mint, Money Lover, Goodbudget, Monito Expense Manager, and YNAB (You Need A Budget).

What are the advantages of having a good credit score?

Asked 2019-04-14 19:55:34 by Arnav Trivedi

Answered by NewsBytes

Individuals having good credit scores can enjoy various benefits. They may have an advantage over others while availing credit from lenders such as faster loan sanctioning, lower interest rates, prepayment charges and processing fee waivers, and ease of getting new credit cards.

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