Smart ways people spend money to save money
MONEY & CAREERS
By Lolita Bunde | March 14th 2021
Frugal people may come off as too stringent when it comes to spending money, but this habit might be an advantage when you need to save more.
Not everything about saving money should be brutal and hard, sometimes it is about your spending habits, what you choose to invest in and how you plan your money that really makes the difference.
Saving money is all about looking at opportunities and grabbing them, nothing is left to chance.
Here are five ways smart people spend money to save money:
Buy items in bulk
The first rule of thumb is obviously having a budget, other than that, buying stuff in bulk can come in handy when you need to save money.
Instead of looking at the price of a single item that may appear cheap, consider the price of the same item when you have to buy them in bulk and how many times in a month you will need to buy the same.
You will notice that you will save money in comparison to someone who shops for smaller items every day at a cheaper price. This is especially good for items items that never go bad.
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Quality over quantity
The thing about saving money, is that you have to practise the art of managing your money. And what better way than having control over your spending habits?
The biggest setback to saving money is impulse buying, when you are always going for cheap items instead of the best.
When you choose quality over quantity, you will understand the need of buying necessary goods with the best quality and price because of how infrequently you will be replacing them.
Solve problems quickly
Also learn how to solve problems quickly. A person who knows how things work will know that, when you postpone a problem for too long it will only progress into a bigger problem and cost you more money later.
For instance, when you feel sick and it seems like nothing, you probably need to get checked. Do not wait until the issue advances to get help. This will only cost you money and anguish for your family.
Whether it is life insurance, a health cover or car insurance, smart people have them all. You might think of it as a crazy idea to have insurance on something, but the risk of loss incase of damage would set you back further than if you had insurance.
The same applies to health insurance, things happen and you might find yourself in a health crisis, at this point you will need the best health care available.
When you have health insurance, you won’t have to foot the bill with cash from your pocket. Money you may not have at the time that you could have saved yourself the trouble by simply paying the monthly fee on insurance.
Don’t take shortcuts
When you don’t get things done the right way, you could find yourself paying more money for things.
This habit is common around the house, especially when there are repairs needed, instead of calling the appropriate person to do the work, you act hero and do it yourself. Which could be a disaster if not properly handled.
For instance, a leaking pipe might seem like a simple task but if not repaire the right way or the real issue is not addressed, this can cause a bigger leakage in the house. Leave the heavy work to pros and stick to what you can do best. You would have saved yourself the embarrassment and the money.
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