Saving money can be so tricky. We do the things we thought can save our bucks, but still we find our pockets so empty. We keep our cash in safety, but still they seem to jump out from our possession. We also plan and hope to increase our savings, but instead we face losses. Sometimes we ask ourselves, are we doing it right? Are we heading to the right direction towards our financial freedom? Perhaps we just need to learn the secrets and tricks in making our money grow. Maybe we still need to further educate ourselves financially. Below, you will find a list of 10 tips to saving your money by means of losing it. Does it sound absurd? No… it just sounds tricky. Take a look and learn.
1. Remit your taxes
How you lose money: You lose money by paying to the government your current taxes due computed based on your income or sales. You also pay for licenses and other fees which are imposed on you as a taxpayer.
How you save money: If you pay on or before the due dates, you will save money from paying penalties, charges and interest. You will also save money from litigations and other civil or criminal liabilities caused by not paying taxes faithfully.
2. Pay your monthly bills
How you lose money: You lose money by paying your monthly billings (e.g., rents, water and electricity) on time.
How you save money: Just like paying taxes on time, you will save money by avoiding extra charges like interests and surcharges for not meeting your obligations on time. You will also save your cash in the future by avoiding the cost of disruption on your water, electricity and the space you are renting.
3. Give bonus to your workers
How you lose money: You lose money by paying more than what your employees should be paid in terms of hours worked. You also spend more on their benefits, such as training costs and health care.
How you save money: By investing on the welfare and the development of your workers, your people will become happy, inspired, motivated and productive. This will increase your productivity and will also increase your revenue and profit.
4. Pay your loan amortizations
How you lose money: You lose money by paying on time and not delaying your periodic loan obligations.
How you save money: Just like other financial obligations, you save money by avoiding extra payment in the future in the forms of penalties and surcharges. Moreover, by being a good debtor and payer, your credit score will be high, thereby increasing your financial capability.
5. Spend for a good diet
How you lose money: You lose money by buying nutritious foods, such as fresh fruits, vegetables and unprocessed meals.
How you save money: You save money by avoiding purchases on junk foods and other unhealthy foods. You will also save money from medical expenses caused by illness brought by unhealthy diet and lack of minerals and vitamins.
6. Invest for a fitness program
How you lose money: You lose money by purchasing gym memberships, buying running shoes or other sports and fitness equipment. You invest for any of those fitness costs to be more committed in improving and maintaining your strength, endurance and health in general.
How you save money: Just like in no. 5, you will escape the medical expenses brought by illness and other physical weaknesses. By gaining a stronger, more enduring and healthier body, you will be more energetic and productive in your work, thereby achieving higher productivity, profitability and more cash receipts.
7. Pay for cash and avoid the credit card
How you lose money: You lose money right away by paying cash in the counter instead of using your credit card.
How you save money: You will simply save money by avoiding the future charges or interest for using the money of the credit card company instead of using your own money.
8. Let go of other income opportunities
How you lose money: You lose money by rejecting other income opportunities, such as excessive projects, commitments and contracts of work.
How you save money: Avoiding greed will save you from overloaded projects. By being honest to yourself and becoming not so greedy, you can have just enough projects which you can concentrate and accomplish with quality output. You can also protect your integrity and build trust and confidence with your clients. This will save you from business losses, while maintaining long-term profitability and business stability.
9. Invest for quality
How you lose money: You will lose money in incurring more production cost to control and ensure the quality of your products or services. You also spend more money in giving value and satisfaction to your customers.
How you save money: Quality and customers’ satisfaction, these are what you will earn. You will build the trust and loyalty from your clients and customers. This results to more sales, in cash or in accounts. Just like no. 8, this assures your business profitability and stability in the long run.
10. Give for charity
How you lose money: You lose money by reasonably giving to the poor and legitimate charitable institutions.
How you save money: You’ve just saved your money by giving it a meaningful end. You also save your soul. Furthermore, you will earn yourself an inspiration, contentment, inner-peace and thankfulness. These things will keep you more motivated to earn more money for a cause. Finally, you will be blessed.
We only listed some of the common tricks and tips on saving money by spending it. There might be other tricks that can be added in the list. If you have one, please feel free to share it by making a relevant comment below.