Smart Spending Tips To Maximise Your Cash Flow

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Written By ellawatson

Your spending habits are primarily responsible for deciding whether or not you will be able to save money for a rainy day. Reports on people’s spending are abundant, and they are all grim. Most of the people cannot have enough money stowed away for unforeseen expenses. More than 50% of boomers are not ready for retirement. Over 40% of parents have not saved for the college education of their kids.

At the dawn of each year, you all find that you do not have enough savings to tide over during financial emergencies. This is undoubtedly a bad situation. Well, there is still some hope. With the right strategy, you can squirrel away even if you are on a limited budget.

  • Food and grocery

To save money on groceries, you should create a shopping list. Make sure you do not include things you do not need in that month. Stock up on the essentials.

Buying in bulk comes in handy for only frequently used and long-lasting items such as detergent powders and toilet cleaners.

Grocery stores often put things on a buy-one-get-one-free scheme. Take advantage of such schemes. Do not buy anything you do not need just for the sake of a good deal.

  • Take advantage of alternative shopping

A couple of stores often put designer clothing brands at reduced prices. These are those clothes that could qualify for the quality check test. They are not dumped or scraped but instead sold to small stores that sell them at lower prices.

Try to shop from these stores. Though these clothes could not meet the quality standards, they are not defective. You can get designer apparel without shelling out money. At the time of shopping you should first look at the sales lot.

  • Never visit a grocery store without a shopping list

If you go to a grocery store without a list, you will undoubtedly end up buying a lot of things, and most of them will not be needed. Before you go to a grocery store, you should take stock of your pantry, cellar and refrigerator.

Make a list of things you need. This is a great way to avoid buying things you do not need. Make sure you stick to the list to avoid buying unnecessary items.

  • Buy seasonal fruits and vegetables

You will always get fresh produce at a lower bargain. Most of the people keep buying off-season fruits and veggies. As their production is not so high, you will get them at higher prices. Further, off-season fruits and veggies are not salubrious at all.

You can also save money a lot of money if you produce in-season fruits and veggies. However, you cannot convert your backyard into a garden to grow every kind of fruit or vegetable: tomatoes, green chillies, and leafy vegetables you can grow. It is not so expensive to develop them. Not only will you get fresh produce, but you will also save a lot of money.

  • Pack your lunch

You can skip preparing meals at home, especially when you have to go to your office every day. Well, not preparing your lunch will cost you a lot of money in the long run. It is not just about skipping meals and coffee, but it also means opting out of office lunch. You might be perceived as anti-social, but it is only you who knows how deep your pocket is.

Carrying your lunch can help save a minimum of €2,000 per year, which is not a great sum. It can prove to be a great benefit if you put it into an emergency cushion. This will help prevent you from borrowing money during emergencies.

Most of the people borrow money during emergencies due to a lack of savings, and then they fall into debt. Once it becomes difficult to manage debt, you try to take out consolidation loans for bad credit in Ireland. You do not need to get stuck into debt if you save money on groceries, lunch and other things and put that money into your emergency cushion.

  • Save on bottled water, snacks and coffee

There is no need to carry bottled water whether you are on a trip to your workplace or simply going to another city to attend a meeting or to meet someone. Even the cheapest water bottle will cost you a small fortune in relation to tap water.

Experts say your monthly water bill will be about €8,000 if tap water costs you the same as bottled water. Carry your own bottle of water every time you are out. Likewise, you should watch out for your spending on coffee.

If you are fond of coffee, you should particularly avoid ordering it from a café. This will cost you an arm and a leg. You should brew your own coffee. It will help save a lot of money.

It will be much easier for you to build an emergency cushion. If you are on the road, pack some snacks. If you have children, you must try to carry snacks with you. Munching throughout the day is a normal activity when you are on the road, so it makes sense to pick a cheaper alternative.

  • Save on gas and fuel

Carpooling is the best way when it comes to saving on gas and fuel. This will make your driving less frequent, and you will find yourself less tired. You can save a lot of money on gas or fuel. Ride a bike if you have to cover shorter distances.

If you bike or walk shorter distances, you will get some sort of exercise. Use public transport to go to your office. If you are travelling by bus or train, you do not need to hop into a cab to go to your office if it is 10 to 15 minutes away. Otherwise, this is an absolute waste of money. As you are on a tight budget, you will have to be very cautious about your spending.

  • Haggle for a good price

Even if you can afford to pay the cost of what you are buying, you should always try to ask for a discount. Rigorous bargaining is a must to get something at a good price. Whether you are buying a new LED or you are buying veggies, you should always try to bargain.

Haggle for lower prices to get the best deal. Even if you have never bargained, do not worry. You just do it. You do not need to be an expert at bargaining. Be a little bit pushy, and do not give up until the seller gets convinced to sell at your quoted price.

  • Additional tips

To maximise your cash flow, you should also bear in mind the following general saving tips:

  • Create a budget. With the help of a budget, you can easily track your incomings and outgoings.
  • Use your credit card periodically. Make sure that you have already paid off the balance before using it for a second time purchase.

The bottom line

You will have to make the most of your money to maximise your cash flow. You must be careful about your spending. Use the aforementioned tips to save your money. There are many other tips as well.

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