8 Money Tips to Live by – Revamping Your Spending Habits

Saving money is important and it can be done by spending money rightly. Life is uncertain and you never know when you might need money in some serious emergencies. The best is to start saving from right now to cope with such situations. If you are frugal, there are no issues. However, if you are not like someone who spends everything he earns, you need to change your spending habits to save.

Here is a list of tips that can help you to save smartly by controlling your spending.

Take care of interest rates: Interest rates for saving should be higher and for loans, lower. It is a basic rule you need to remember. Check out banks and other financial institutions that offer best interest rates for savings. Pay off loans with higher interest rates. If you don’t need a certain item in your home, just don’t buy it for the sake of it. Instead, save this money to use in the future. Choose a bank that offers compound interest rates on deposits.

Have a budget: What is your net income and what is your budget? Does your budget exceeds your net income? Do you end up spending more than what you earn? If this is your story, you need to change your spending habits. Don’t include amounts someone has promised you to pay, it simply does not count. All you need to do is to make a budget that saves some money at the end of the month. The best way is to divide your net income with 50-20-30 rule.

50% on your housing

20% on your financial savings, debts, retirement plans and others

30% on your life-style

Set your financial goals: If you have certain debts or you want to save some money, make a plan. Set deadlines and it will work. Forget the deadlines in the plan and the plan will doom. Always make sure to set deadlines when it comes to financial goals and there are chances that it will work. Not just plan, act on it to make it happen. If you have home loans or credit card loans, get rid of them by paying them quickly.

If you want to invest your money, you can check out some websites with discounts and Save money on finance & insurance deals too. There are many dedicated websites that offer such discounts on financial plans and deposits.

Don’t copy others lifestyles

It is very important. Most of the people end up buying things they really don’t need. They buy just because their relatives of friends have bought them. You need to avoid such impulse buying. Appreciate things you have and be happy with it.

Co-signing a loan- Big No No

Even sensitive people end up making such mistakes of co-signing a loan for their loved ones. It is not a wise decision you are making. If the bank does not trust a person, you should not trust either. It might affect your credit score if they don’t pay installments.

Stock Market is a good investment medium

If you hesitate to invest in the stock market, you are surely don’t understand a thing about it. Even with little money, you can invest in the stock market and start building your wealth. However, you need to be in control when it comes to stock market due to lucrative nature of it.

Increment in income? Increment in investments

Annual increments are awesome, but instead of spending more, start investing those extra money to meet your goals. Pay off your loan immediately or invest in different financial plans if you get more income.

Use online discounts and deals:

When it comes to online shopping, there are dedicated websites such as couponobox.com that offer lucrative discount coupons and loans and you can actually end up saving a lot on famous stores. Go for it and have a great shopping experience.


There is no fixed formula to save money. It is you who have to take things in your hand. Start saving from now by controlling your spending habits.


Speak Your Mind