How to Save More Money Each Month

How to Save More Money Each Month

1) Credit Card

I have only one credit card. Now that I’m not working and staying at home to look after my daughter, I find that I tend to overspend when I have my credit card with me. I still need the credit card when I go on vacation overseas. At this moment, I’m paying $60 annual fees for the Platinum card and I don’t think it’s worth it. I’m considering to do without a credit card for now. That would save me $5 a month. I’m also checking out a new credit card with no annual fees.

2) Debit Card

I carry my debit card along with me. I find it useful and convenient. I use it to top up my transportation card, withdraw money from ATMs and pay for my groceries. These small purchases add up quickly. When I know that I have some money in there, I forget about my expenditure and buy stuff I don’t really need. I’m going to leave my debit card at home and see how it all works out. It may cost me a little inconvenience but I think I will learn from this experience.

3) Cash

I will withdraw cash for use at the beginning of the month. Initially, I will withdraw $200 dollars from my bank account and use the money wisely. If it proves to be insufficient, I will withdraw another $100 and another $100 subsequently. In this way, I can check if I’m spending beyond my limit of $400. When I can physically see the money going in and out of my hands, I believe I will value them even more and spend wisely.

4) Shopping Mall

I’m going to avoid entering the shopping malls whenever I can. I used to bring my daughter out for a walk at the shopping malls. There are too many things to entice you to buy this and that. There is always a bargain or sale somewhere to get you to part with your money. Whenever I need to bring my daughter out for a walk nowadays, we shall go to the park, playground or the library. We need not pay for these simple pleasures. We both have a good time and no expenses incurred. A lot of money can be saved this way.

5) Groceries

I must go to the groceries store only once in ten days or once in two weeks, instead of once a week. In this way, I have to rely on what’s at home and use my creativity to cook accordingly. I believe that I can save a lot of money this way. When I’m grocery shopping, I must make a list and stick to it. It is not going to be easy but I think I can do it.

It’s a big challenged for me to save more money, but I think I can do it. Trimming my expenses here and there, I will see more money being saved. These are some general tips on how to save more money. I’m going to stick to this plan for a month and let’s see who much I will eventually save.

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