Friday, May 17, 2013

10 money saving tips useful in daily life

Image courtesy: www.sellpension.co.uk

Hi friends. In the current times of high inflation, everyone feels a pinch in their pockets while buying things.
Today I am going to give you examples of some commonly used tips and tricks to save money. Some of these might have been used by you already while others might be new. Just take a look:

  1. Keep a track of warranty and guarantee of different stuff. If you already do so well and good. Most of the electronic gadgets and kitchen ware come with an year long warranty. For others who are apathetic to warranty, guarantee, free servicing and stuff like that - Wake Up!!! 
  2. Ask for discount whenever you can. It might surprise you how you can save thousands regularly on simple stuff. There is no harm in asking for it. What can be the worst thing if you ask for it? Your demand will be declined. Well you were anyways going to pay full amount. Just because you were a little shy in asking for discount while buying a product/service you ended up paying 10%-20%. 
  3. Avoid secondhand stuff if it is coming for more than 60% of a new product. This is because for a second hand product you'll later end up paying more for servicing. 
  4. Research the market thoroughly and take an informed decision before buying something. Look up the product on different online stores and visit outlets and stores personally before buying something. Make sure the price you are offered is the best in market.
  5. Never run behind offers, discounts and freebies. Nothing in this world is free. You will be charged somewhere or the other for a free product. The person selling things is also sitting there for profits. 
  6. Rather than buying a replacement for a damaged product/good, check if it can be repaired. IF possible, try getting it repaired in the first place instead of buying a new one. For electronics, get it repaired from genuine shops only.
  7. Secondhand books are a good deal.
  8. Needless to say, be careful and conscious about wastage of electricity. Use energy efficient appliances.
  9. Learn to invest and understand the difference between "A need" and "A want".
  10. Last but the most important one: Educate your kids about money. The earlier you impart financial education to them, the better for the two of you. 
As they say: Money saved is money earned. 

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