Thanks (or no thanks) to the recent economic crisis, we’re all more open to the idea of saving every penny that we can and cutting back on all the lavish spending we’ve been doing over the years. We’ve realized how to use credit cards more safely and learned to pay our bills in full and on time. And because of all the financial wisdom that has been doled out generously on platforms like the Internet, we’re better off than we were before when it comes to spending wisely and stretching every dollar to the maximum. But when it comes to money, you can’t have too much of it or know too much about saving every penny that you can in ways you never thought about before. So here goes, three unusual strategies that not only save money but also improve the quality of your life:
Take good care of your health
If you stop to think about it for a moment, you’ll realize that you can save hundreds of dollars if you’re healthy and not the kind to fall sick often. When you’re ill, you not only have to spend on visits to the doctor and medicines, you also have to take time off work and so lose out on both time and money (if you’re paid by the day or if you’ve exhausted your sick leave). Besides, you also have to spend more on nutritious food to bolster your health and get back to normal at the earliest.
The best way to save yourself both money and trouble is to prevent falling sick by adhering to good habits and leading a healthy lifestyle. Stay active through regular exercise (don’t spend on an expensive gym membership that you hardly ever use; instead, take a walk or jog in the park and strength train at home to work on your muscles), eat more fruits and vegetables and less of fatty junk food, and most important of all, swear off smoking and limit drinking to the rare social occasion.
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Use your credit cards
As much as possible, use your credit card to pay for your purchases. I know this goes against conventional financial wisdom where the experts tell you to use cash and cut up your cards, but there’s a kicker to my suggestion – you must set up automatic debit instructions for every account linked to your credit card so that your monthly balance is paid in full and you’re not charged interest. This way, you get to use money borrowed from the bank at zero interest for a period of 30 to 40 days. Your money in the meantime, earns a minimum interest from the bank, so you’re actually earning money even as you spend it. But be very careful when employing this strategy because you can never spend more than you have in your account; if you do, your finances are going to go haywire.
Maintain your assets
No matter how small or insignificant an asset, it gives you more value for money when you look after it well. When it comes to appreciating assets like your home, maintaining it well will pay off in the long run – its value goes up and your equity grows. If it’s depreciating assets like your car, your gadgets and appliances, you can stretch their life and extract more value for your dollar by taking care of them, keeping the clean, and attending to minor repairs before they become major ones. Don’t skimp on smaller expenses when they’re really necessary or you’re going to be faced with larger and more complicated ones.
This guest post is contributed by Omar Adams, he writes on the topic of online accounting degrees . He welcomes your comments at his email id: OmarA@onlineaccountingdegree.com.