Easy guide to saving money for beginners


Posted on: 24 January 2019 by Zeina Thomas

Here are a few different saving tips for beginners you can try once you've created your savings plan.

After college, when I got my first job I was overwhelmed; I was happy and relieved because I could afford everything I had dreamt to purchase ever. In the college, I used to do odd jobs but the non-existing wage only paid day-to-day expenses. On the other hand, this wholesome salary could buy millions of things at a time. So I began to spend on everything and everything; it was only a few months when I spent the last dollar and was notified that my credit card is empty although I had a good amount coming every month as a steady income. I had no money left to spend, my bills were due, my loans were due and I had one more week to go before I get my next paycheck!

This made I realize that I have been in a financial pothole since I started earning, this question that tormented was how? The answer was simply that I did not have any saving. I did not save a penny, and that is when I also realized the importance of saving. It took me months to get my financial plans straight and found every possible method of saving. In the beginning, it was not easy. There were times when I did want to give up on the whole idea but I was motivated and kept on going. If you are a beginner and want to study some easy methods to save money which I followed, then keep on reading:

No take-outs

When you are working full time you tend to get lazy and depend on cooked meals aka take-outs, whether you are dining out or surviving on take-out meals it is attributing to half of your monthly expenses. Starts cooking at home, the groceries are way cheaper and long lasting then take-outs, you can prepare and freeze meal and stretch it for two to three days. Avoid coffee, lattes, and sodas as well, you might think that they only cost a die but you could save a considerable amount of dimes by avoiding them. You can go for freshly squeezed juice at home and home-made coffee instead. Reserve eating out for the weekend only in this way you will enjoy food while saving some.

Save and tally receipts

This is a great method to cut down unnecessary expenses, keep the receipts from your purchase and write down the cost, this will help you to determine if the purchase was actually worth it, did you really required that articles, also it will help you to keep record where and when you have spent money, so at the end of the month you will not be scratching your head thinking where did all the money go?

Cancel subscription ASAP

How many subscriptions you are currently utilizing now? Are you going to the gym every day? Do you read the magazines that drop by your day every week? Are you going for brunch every Sunday to the breakfast club? Are you watching movies on Netflix or on the computer? Are you using two phones? If you are not using all these subscriptions then you are simply wasting your money by paying bills of these subscriptions. Cancel them as soon as possible and save some dough.

Repairing and reusing

There is no concept of repair today, if your coffee machine is not working toss it out if your toaster is not working toss it out, iron not working? Get a new one, we do not realize you these items can be easily repaired and their repair and maintenance will cost you the fraction of the amount of original retail price. Sometimes the old ones are kept forgotten at the back of cabinets while we are using new ones on the counters, do sale the machines which you are not using, and if you have any broken machine in your house instead of buying a new one get it repaired and save the cost.

Avoid malls

It is true whenever you visit malls you tend to spend more than you intended, there are dozens of shops with unlimited variety, you may unconsciously pick up things that you like and forget that you actually don’t need it, avoid malls as much as can and you will yourself see a difference. Also whenever you are going for shopping make sure you make a list of things that are required and stick to that list only, this way you will not stray and will not spend on miscellaneous stuff just because it was cute.

Price comparison

I did not realize the same things can cost different in two different stores, often the prices of the products are increased at marts associated with bigger brands and are more popular, I started comparing prices and found out the stores which were not that big or glitzy but they had everything I need on much more affordable price. Even the slightest difference can make a difference and your goal here is to save as much as you can, you can compare the prices of products online as well.

Swap, swap, swap

Do you need a tux for the company’s annual dinner? You don’t need to purchase it just for one time you can as an alternative borrow a tux from your friend, you want to go for cycling and looking for a mountain bike and gear instead you can borrow it from your friend. This borrowing can save you the expense of things that you are going to use at most twice and thrice then they will be sitting in your house. You can likewise swap your things with your friends and help them to save some.

Look out for sales

The store always put seasonal and clearance sale, when you go shopping always check out their clearance section, the selected items on this section are discounted as much as 50-70% of its original price. Same goes for seasonal sale, when the summer is over the stores put sales on summer collection, you can avail this sale and stash the items for next summers. You can purchase countless items from sale and use them later.

Promotional codes

Whenever you are shopping online always make use of the promotional codes. The promotional codes are discount codes that are entered when checking out and gives you a discounted rate on your purchase. There is a promotional code for everything and anything, you can get it from the store directly or look for the codes on the internet, there are many websites that offer saving coupons for every category. Since I have started using promotional codes I have not only saved amount on my purchase and availed other services too, such as free shipping and free service.

Escrow account

If you find it very difficult to follow all these steps then you can simply set up an escrow account which is also known as saving account, direct your bank to reduce ¼ of your salary and transfer it in your saving account, this way despite spending your entire salary you will be able to save some money. you can adjust the fraction of this amount according to your salary and monthly expenses, I have set 50/50 ratio for my escrow account, which forces me to spent only half of my salary and because of this I have been able to cut out my all unnecessary expenditures.

No matter how good you earn, saving is a must. You might never know when you fall down the wagon, these savings will help you to prepare in advance and encounter unexpected financial emergencies. All of these tips and tricks helped me to save money as a beginner and maintain my budget. It is not easy to follow all these steps but once you get used to it, it becomes way easier. If you cannot follow all these steps try with the ones that you can do easily, once you are adapted to those, then start incorporating other steps. It may take you a few months to transform your lifestyle and savings to actually show on balance sheet but you will get there nonetheless.

You can further ask your friends and family for their trial and tested tips which have helped them to save money and you can also share those tips with us by writing them down in the comments. Let us know which of these tips you are going to follow as a beginner and why?


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Sergo Dinero posted 17 October 2019

Hey. I agree with some points in this article, but I can say one thing. If you do your business, you should never save on marketing and analytics. Only thanks to them can roi be magnified. how to calculate roi and how to work with it correctly I studied in this blog https://www.owox.com/blog/articles/how-to-calculate-roi/. Personally, everything was clear and understandable to me.


Asko Linna posted 24 November 2019

I agree with the article, it is very useful. But there is one more point that is not indicated here. Very often, people buy a car with their last money, while it is cheaper to rent. In London there is a company that provides a very cheap and profitable rental https://van-suv-rental.com/en/uk/london-city. It will be much more correct spending money than buying a car.


Amir Kazimo posted 27 November 2019

It seems to me that if you save, then there is nothing good in it. It is better to try to earn more than save more. It’s better to take Lonan and discover something of your own all the more so now there are more than enough companies that provide very good services. I just use ElcLoans. And for all the time of cooperation there were no problems with them.


Hugo Madgur posted 22 January 2020

First of all, it is not to buy expensive cars and housing. After all, all this can be rented, especially with a car it is much more comfortable. You only take a car when you need it. Moreover, there is a fantastic service from https://myrentacar.com/en/cyprus/. This is the smallest saving option for your budget. Also, you do not need to buy yourself various unnecessary things and stuff.


Dikka Maron posted 10 March 2020

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