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Saving Your Way Towards a Better Financial Status

The current economy is so volatile that you don't know when you'll get hit with another financial crisis. Aside from saving money in the bank, there are other things that you can do to lessen your expenses. Here are some creative ways to manage your expenses and allow you to create savings.

Buy by bulk

Make a list of all household items that you use regularly like shampoo, bath soap, detergent, toiletries, etc. If you can't buy them at once, set aside a budget to buy each item in bulk. Aside from cheaper price, you free yourself from worries of not having an item you need for a month or two.

Use a cheaper substitute for common ingredients

True, there might be some slight difference in taste; but once you get used to the "cheaper" brand it will no longer be a problem.

MORE: Laundry bills going through the roof? Save money following these tips.

Save on insurance

Determine how much you spend on your different insurance policies. Find companies that offer bundled insurance and compare prices. If you'll get a better deal for the same coverage, choose to bundle your insurance.

Assess your communications and entertainment needs

How often do you use your internet? Do you really need a cable or satellite television subscription? These are hard questions you need to ask because these amenities eat a substantial chunk of your monthly budget. If you can sacrifice for a few months with a less costly subscription, do so until you are able to save a bit more.

If you already have an internet connection, don't use your mobile phone to access the internet (unless it comes with an unlimited browsing option). Data usage charges are often expensive and purchasing data pack is really impractical if you have internet at home.

MORE: What to look for when saving money. This how-to guide is a must-read.

Buy second-hand

Buying used clothing or furniture will not degrade you as a person. If this can help you save more, do so. There are items in the second-hand market that are still up to par. All you need is be a bit more discerning when buying them.

Saving is not only about keeping some money in the bank. How you use your financial resources has a big impact in your bottom line. By developing sensible purchasing habit, you will see yourself become more financially stable in the future.

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Jes is a teen from Australia passionate about money and success. He loves writing new articles each day, usually while on the train to school. Read more. Let's be friends: Facebook / Twitter

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