Preview

Ways of Saving Money

Good Essays
Open Document
Open Document
595 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Ways of Saving Money
WAYS OF SAVING MONEY In the present economic situation, the prices of different goods and services are always increasing everyday. Money has become quite hard to earn. Therefore, many people are looking for ways to save their money. In my opinion, as a housework, I think saving money at home is one of the best ways to save our money. According to our monthly income is high or low that we can have the good ways to save money at home.

First of all, to people with high income, living standard is also higher. In the home, they use many equipments that maybe cost a lot of money for them such as: television, refrigerator, air-conditoner.... . One of the best ways to reduce their home costs is saving money on their energy bills. Monthly, they have to pay a large of money for water, electricity, gas bills, ... . To reduce monthly payments, they must decrease the quantity of using energy at home. They should turn refrigerator, air-conditioner down by setting temperature as suitable as possible. Don’t open fridge doors for longer than necessary . To clothes washer, they can wash economically by only using washing machine when having collected a full of load and setting clothes washer to the warm or the cold water setting, not hot. If they need to wash a part of load, they should use the half load setting to save electricity. Besides, to electrical appliances and lighting, they had better turn any appliance off that they are not using, especially by switching lights off , turning the computer off or put computer to “sleep” automatically when they are not using or leaving the room...These method can help them minimise unnecessary energy. If they can save energy, this also means they can reduce their payments and save more money monthly. On the other hand, people with low income, saving money seems to be like a challenge. They have make difficult decisions about what they spend money for and how they cut out daily expenses at least wherever possible. To do that,

You May Also Find These Documents Helpful

  • Better Essays

    Cash Flow Analysis Paper

    • 935 Words
    • 4 Pages

    Saving money is extremely important however; some people do not have healthy savings thus leading them to financial instability. Therefore, being a good steward over your finances should be consistent and begin at an early age and progress as you age. This will provide an effective growth pattern to allow future financial security.…

    • 935 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    End of Course Summary

    • 382 Words
    • 1 Page

    When explaining the value of financial planning to my family and/or friends, I would begin by explaining the importance of having security blankets to fall back on if something tragic were to happen in your life where you would all of a sudden need money, for instance; losing a job, medical emergency where insurance only covers a little bit or waiting for the result of a lawsuit. Also, I would explain the importance of living below your means, but not within your needs.…

    • 382 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    EVS Week 4

    • 443 Words
    • 3 Pages

    Coming from a family of 9, I’ve learned throughout the years, now that I ‘am 19, how important it is to learn to save on water, energy, and food, so that my parents don’t spend so much money each months to provide for the whole family. We all love to take baths (which means use way to much water), consume a lot of energy (so much room in the houses, and must be careful of how much power we consume), and finally by less food but of better quality instead of buying so much of the same food that we are getting tired off, and that sits in the fridge for weeks!…

    • 443 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Some of the ways I will conduct my investigation, is to compile a list of all our wants and in another list, all our needs. Out of the needs list I will look into ways to cut back spending on each of those bills. For example: if our internet is a need, but the cable is a want, we could possibly look into cutting back our cable package or eliminating it all together until our finances get back on track. Another possibility to look into is making the internet a want, and using the library as a resource to do schoolwork until finances get back on track. For the bills that are needs, such as electric and other utilities, possibly trying to conserve and look for ways to save on those bills may also benefit our family. There are also some companies that offer budget bills, where they take the average of your monthly bill for a year and break it up throughout the month. The wants, while they are nice, are not needed to be able to live comfortably. Instead of spending $40 going out to eat, you can spend half of that and still have a nutritious meal at home.…

    • 334 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    I. INTRODUCTION Many low- and middle-income American families save little for retirement or for other purposes. Families with income below $40,000 are unlikely to participate in employer-provided pensions or Individual Retirement Arrangements (IRAs) and in 2001 had just $2,200 in median net financial wealth outside of retirement accounts.1 Researchers and policy-makers have long considered ways to raise saving among these families. The conventional…

    • 14452 Words
    • 58 Pages
    Powerful Essays
  • Good Essays

    Riverpoint Writer

    • 832 Words
    • 4 Pages

    The United States leaves a huge carbon footprint through energy use, this can be reduced by: building energy efficient homes, reducing motor vehicle use, and recycling more. Some energy related activities were the lowering energy costs in the home. People sometimes think this to be hard but here are some good steps to follow to make it seem it easier. Reset the water heater thermostat, people do not always realize that most water heaters heat water to a set temperature and then hold it there, meaning that throughout the day and night the water heater cycles on and off, just maintaining that already set temperature. If we were to go the water heater and lower the setting a few degrees it can often save half as much energy and the chances are turning down the temperature won’t even be noticeable to most members of the family. Another way to lower energy costs in the home is with a programmable thermostat for heating the home. Just like the water heater maintains a set temperature even when it is not being used a thermostat does the exact same thing for your entire home. When we are just letting it cool off (or warm up) when there is no one awake can save energy and money as well. By letting the house cool on its own and not turning up the thermostat this can save you money. This change will usually pay for itself in around three years. We also have attic and wall insulation where there is a difference between the indoor and outdoor temperate, the more energy this will take to maintain a temperature of comfort in our homes. By adding insulation between the indoors and the outdoors we are reducing the energy demand. This of course depends on where you live, because the savings from insulating your walls and attic could almost double the savings. This will pay back in 3 ½ years to 12 years…

    • 832 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Being able to afford heating bills will prevent illnesses such as respiratory problems, this will be caused to lack of heating and this will amount to increase in damp. Unnecessary household problems from lack of income can cause debt. More processed foods will be in the diet as they are a lot cheaper than fresh fruit and vegetables for example. Health will plummet dramatically if sufficient heating and health care is not in place. Heart attacks, stress and depression are all part of having an unhealthy life style. Having a low income makes it difficult to get about; using public transport or walking tends to be the only option, so to take part in further education it may be difficult and will put a…

    • 373 Words
    • 2 Pages
    Good Essays
  • Good Essays

    In Debt We Trust Summary

    • 476 Words
    • 2 Pages

    Places such as Rent-A-Center drawing them in and once they owe the money then they must pay them and not save. Everywhere lower income people go they end up paying more. They cannot save because once they put a small payment down on their debt then the interest is what really gets them. After they pay for their essentials and probably are paying more to rent to own a home, then they have no money left to save. This means they have no advantage to pay their debt off faster so their interest grows.…

    • 476 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Money management and financial planning is an aspect of life that everyone encounters. Despite one’s income or financial status, every adult and child has a concept of money and how to manage finances. Learning effective tips for financial success is very important to ensure future prosperity. For students especially, it is vital to be exposed to money management advice to learn and adopt good spending and saving practices early in life.…

    • 644 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Before becoming a parent, many people probably think that they have their finances all figured out. They expect a baby to cost a lot of money. Saving money for a baby is a great idea since there is a considerable amount of data about how much college will cost in eighteen years, what the cost of living will be over the next twenty years, and how much raising children costs every year. So many people work hard, get a good job and save, save, save. Some people save for years to become parents. They plan out how much is needed and save until it is time to have that baby they have been dreaming about.…

    • 1093 Words
    • 5 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Low Income Community

    • 257 Words
    • 2 Pages

    The low income families experience significant higher levels of material hardships than families one rung father up the economic ladder – families with incomes two to three times the poverty level. They tend to skip meals or not being able to pay for food. Most of them have low economic positions and are more likely to have large families with three or more children. Considering that they don’t earn that much, they still have to meet their basic expenses.…

    • 257 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Inadequate Savings

    • 128 Words
    • 1 Page

    There are consequences for having inadequate savings for families. If your monetary personality is reckless, that could potentially be the cause of your children not having sufficient clothes, food, or housing. Saving money should not start right when you have the kid but beforehand. If you save in advance, you will be more prepared for when your child comes along and you are able to provide them with the necessities. The saving will lead you to have even some extra money saved up and then if you have an accident or your child has an accident then you are able to pay the money for the hospital bill. You can also have money saved up for future expenses for your child such as a car or school…

    • 128 Words
    • 1 Page
    Good Essays
  • Good Essays

    Money management is a very important part of life. Usually once high school students start working they begin to learn the importance of money and how to spend it. Saving money is one very important life lesson that high school students can learn once they start working. Saving money can help the students save up for their future, helping with bills and possibly buying their own car. Owning a car comes with expenses oil changes, unfortunate accident, tires, gas, etc. To pay for these expenses there has to be money. There also comes a time when parents may need a little help. While working, students can help their parents with a bit of money every month. Having all of these expenses students will have to learn how to manage their money so they have some left over for themselves.…

    • 480 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Yes It Is True

    • 1425 Words
    • 6 Pages

    When spending is more than the income usually people tends towards saving. Though there are many ways to save but hiding it is not enough as its not worth full and remain same but if you want to enjoy it more than today then you have to invest it somewhere and get the profit in long run. Where as some people don’t meet their ends so that they need to borrow from different sources and pay back in future.…

    • 1425 Words
    • 6 Pages
    Good Essays
  • Good Essays

    10 ways to save money

    • 305 Words
    • 2 Pages

    Those are just a few words guaranteed to scare you to death or fill you with guilt. But if you can step back and look at your patterns of behavior, your dreams for the future and the real impact of your choices every day, you'll be surprised how painless -- and fun -- saving money can be.…

    • 305 Words
    • 2 Pages
    Good Essays