By Asfa Asad 


Money-saving methods are one thing that always stays in our minds. We try to look for different ways to save our monthly earnings. Saving money is as important as earning it. Especially, in Pakistan where each family member works hard day and night to make both ends meet. We need to know some efficient tips to save a good percentage of our earnings.

Let’s jump straight into a few known and not-so-common money-saving methods or approaches.

Money-Saving Methods To Ease Your Life

1- Plan a Budget

First, if we want to save money, we should know how much we spend on each thing. Let me share with you the five easy steps of budgeting.

To create a budget, you need to know exactly how much money, you bring in each month. 

  • Find and note down your monthly earnings.
  • Track how much you spend on different things such as bills, food, entertainment, studies, transport, etc.
  • Now assess where you should spend less and where more in a separate column. Set your financial goals.
  • You may also have to think about decreasing your spending or increasing your income according to your budget.
  • Stick to your plan.

Creating this plan allows determine in advance whether we will have enough money to do the things we want to do or have. 

2- Cut off from Credit Cards and instead Open a Bank Account

Opening bank accounts is one great way to save money. You just have to take the extra cash you have, deposit them into your account, and forget about it. Wait for the next salary and do the same. In this way, you will have a handsome amount of money saved in your bank account. Using credit cards is one’s choice but, I do not recommend it for two reasons. First, it makes us slaves to our unlimited cravings. Secondly, its interest charges payment can spoil your budget.

3- Spend Wisely

 Now, this is a crucial tip. One should know where to spend and how to spend. Buy anything that is of good quality so it can last for a long. If you are brand conscious, then wait for sales to show up so that, you can avail yourself of discounts.

4- Get Prize bonds

Prize bonds are something people are not aware of usually. A prize bond is a type of lottery bond proposed by the National Savings of Pakistan. Prize bonds are offered in the denominations of Rs. 200, 750, 1,500, 7,500, and 15,000. Every lucky draw is held four times a year. Winners are selected through lucky draws only, which makes the whole system more valid and transparent. But one thing should be kept in mind NO PROFIT or INTEREST is provided on these bonds. 

I got to know about Prize bonds recently through this site, and I believe it is one easiest ways to save money. Because you can cash your prize bond any time and if you win, what is better than that? It either becomes your saving or investment but no loss at all. 

5- Reduce Energy Costs

Recycling old items is not just a money-saving tip but also a useful spare time activity. A simple search on Google and Youtube can help you save money. Make it your hobby to look for different ways to recycle old items. The Internet is a landfill of DIY work

Don’t throw empty shampoo bottles or old t-shirts in the dustbin so quickly rather make a bin or carton and put them there. So you can use them later for your DIY activity. How creative the idea is!

Hopefully, these money-saving methods or tips will help you.

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