Today’s population has lost sight of how important and beneficial saving money truly is. Some people lack money management skills and, like all others, may need help in learning how to save. Saving money is very important, especially with a crumbling economy and employment layoffs. Here are some great tips on how spending can be limited!

1. Homeowners

Mortgage rates are currently low. Therefore, homeowners should consider refinancing their current mortgages for better rates. If a homeowner is paying 6.25% on current mortgage, a 6.00% will make a different. Refinancing will also help individuals achieve great credit scores. Furthermore, refinancing from a 30 year mortgage to a 15 year loan might be smart. The payment may increase, but the extra money will cover the difference, allowing a homeowner to pay off the mortgage sooner.

2. Food and Drink

Purchase a good water filter system that will provide clean drinking water. This will help save money on expensive bottled water limit recycling, and perhaps save you money down the road on medical bills.

On a different note, eating home-cooked meals will assist in saving money and provide an intimate home felt atmosphere which one cannot get at a restauran (restuarants are SO EXPENSIVE anyway). Lunch can also be very expensive. Consider making lunch and bringing lunch to work, instead of eating out every day. Daily lunch purchases don’t seem like much, but if you look at your credit card statement and calculate the amount of all lunches purchased, you’ll notice a HUGE problem.

3. Transportation

This one is simple. Having to pay for transportation from home to work and work to home can be costly. Therefore, explore the options of monthly or weekly pass. Try biking or walking, if possible. Carpooling is probably the best option, if you absolutely must drive to work.

Posted by Igor Ovsyannykov

I'm a digital nomad and entrepreneur bouncing around South East Asia. When I'm not working here, I'm out taking photos for Follow me on Instagram: @igorovsyannykov

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