ways to save money : How to Reduce Unnecessary Spending Habits

ways to save money : How to Reduce Unnecessary Spending Habits

A lot of us make certain purchases that we can really do without. When we spend money on unnecessary things, our financial planning goes for a toss. Over a period of time, it can even become a habit which may be hard to get rid of. Thankfully, it is never too late to cut down on unnecessary spending habits, and this article will focus on some tips to achieve that.

Most of us want to have adequate savings for our rainy day fund. To achieve this goal, certain things need to be ensured. First and foremost, we need to earn well, so that even after paying the bills, we are left with a substantial amount, which can be diverted to the savings fund. Secondly, we need to ensure that we are spending to take care of our needs, and resisting the temptation of our 'wants'.

If we do a bit of retrospection, we will find out that we make a lot of impulsive purchases. When we go shopping, armed with a credit card, there is an increased likelihood that we end up buying things on a whim. Eventually, our whims and impulses become a habit, which like other bad habits, take a toll on our financial health. Thus, it becomes very important that we get ourselves out of the mire of unnecessary spending. 

Also, it is important to note that unnecessary spending comes in many forms, only one of which is shopping. Services - like a gym membership that goes unused, or an extra DirecTV connection, are also forms of unnecessary spending. 

In the following paragraphs, we give you a few options and suggestions which can help you to save, and fatten up that rainy day fund. 

Plan a Budget and Stick to It

If you are living paycheck-to-paycheck, it is important to plan your money allocation systematically. Before you receive your salary, make a detailed entry of the expenses that are due, such as your monthly EMIs, electricity and phone bills, groceries - basically everything that you cannot do without. Once you have a fair idea of how much you are going to be left with, you can plan how much money you can save or invest in a month. Allocate adequate money for recreational activities, but once you have fixed a figure, do everything in your capacity to ensure that you stick to your plan. This way, you will have a fair idea of your finances, and hopefully, it will dissuade you from spending unnecessarily.

Prepare a List Before You Shop

Making a list before entering a shopping mall or a grocery store is a good way of ensuring that you don't spend on unnecessary items. Carry a pen along with you, check the items you have put into the cart, and move on to get the next thing on the list. There are numerous distractions at the mall, thanks to the careful structuring and placement of commodities, but if you act like a blinkered horse, and head only to those sections which house items on your list, your job is half done. Another tip that can be helpful while shopping for groceries is to avoid using carts when you are in to get a just few things. Store owners think that people will shop more if they see that their cart can still hold more items, which is the prime reason for shopping carts getting bigger.

Take the Help of a Frugal Friend While You Shop

If you have a friend who knows that you have poor spending habits, it will be a nice idea to get him to accompany you when you are out shopping. He can assume the role of a critic by restricting you when your impulses start to get the better of you.

Use Cash Instead of Credit Cards

Well, I guess everyone has experienced, or knows, how quickly debt accumulates on a credit card. When we buy on credit, we are essentially spending beyond our means. As we are not dealing in hard currency, the realization that we might have indulged in unnecessary spending only hits us when we receive those huge monthly statements. If you find it extremely difficult to rein yourself when you have a credit card in your wallet, try 'forgetting' it at home and step out with cash to buy the required things.

Never Shop to Keep Up With Someone

A lot of times, we shop just to 'Keep up with the Joneses'. Peer pressure, or a desire to fit into a group, can blind us into spending unnecessarily. Letting our emotions take control of our spending habits is the first step on the way to financial doom. I have seen a couple of friends engage in one-upmanship, and at the end of it, both were in serious debt. We should try to understand that our friends and competitors may have a passive source of income, or they might be free of financial liabilities, and hence they have all those extra dollars to splurge. Spending solely to prove a point to them may provide a brief moment of satisfaction, but in the long term, it definitely bogs us down with debts and no savings. To get off this habit, we should do a bit of introspection and engage ourselves in other constructive pursuits. Resisting temptation is very important in controlling frivolous and wild spending habits.

Get Rid of Bad Habits

Unnecessary spending habits has also got a lot to do with bad habits. Yes, smoking and alcoholism are bad enough for our health, and spending our hard-earned dollars on them only compounds the problem. If we really keep a record of the money splurged on cigarettes and alcohol, we will realize that it could have been used for something more worthy. If we really want to get rid of our habit of spending unnecessarily, it is extremely important that we quit, or limit, smoking and drinking. Going cold turkey can have issues of its own, so it is advised that you gradually reduce your dependence on intoxicants. This will not only help in saving you some money, but also diminish the risk of running huge bills at the hospital in the later stages of our life.

Small Things That Can Make a Difference

• Brown bag your lunches and cook dinner at home. Not only will you be saving a good amount of money, but this will also reduce the instances of eating junk food.
• Check what you are paying for your phone contract, data plan, and cable. Analyze whether you really need all the services that you are paying for. By expending a few extra, unused services, you will be able to save some money.
• Given the ever-increasing costs of gasoline, a significant portion of our monthly expense is spent on transportation. Try to minimize the use of your personal vehicle and give public transport a try. If you have colleagues in your locality, see if carpooling can be an option.
• Many people like to pick up a cup from the drive-through at Starbucks, but you can save considerable money if you brew your own coffee at home.

Many people may argue that people who spend frugally never know what it is to live life to the fullest, but there is a lot of difference between spending wisely and being a miser. The important thing to remember is that some people spend for just the heck of it, and spending money on unnecessary things becomes a way of life for them. This is where it becomes a bad habit, which can have serious repercussions in the future. Everybody loves to indulge in shopping, or going on a spending spree once in a while, and it is absolutely fine to do so, but overdoing it creates financial issues and bad debts, which I am sure, nobody wants in life.

Source http://www.buzzle.com/articles/how-to-reduce-unnecessary-spending-habits.html
Cr. Rahul Pandita

ways to save money : Top 10 Things That We Waste Money On

ways to save money : Top 10 Things That We Waste Money On

Before the hangover of spending fresh, crisp currency subsides, we all have one common question - "Where the heck did all that money go?" Take a look at the top ten things that we commonly waste our money on.

How happy we are when we get our paycheck? We are on top of the world. Well, but just like the good old saying, this too shall pass; for most of us, this happiness is short-lived. Before you enjoy the secured feeling of having a good amount of money. . . Poof!! It is gone! No, you still have not bought that tempting pair of Jimmy Choos or that leather you always wanted to carry to work! Where does all your hard-earned money go? Is it the necessities that empty your pockets? In certain cases, yes. We all earn to live and 'food, clothing and shelter' are the main streams where money needs to flow. But in other cases? Well, no. For any person with an average income, managing the budget can be a task, but not an impossible thing to do.

Spending money is perhaps sinful bliss, and why should it not be? There is an entire world of sparkling shops, expensive brands, vacations, dining in the lap of luxury, gorging on fast food, diners, and takeaways. Retail therapy definitely makes us feel happy and high on the psychological ground. A shopping spree or spa treatment does wonders, when one is feeling low. But on the downside of it, we end up spending unnecessarily. With so much to do and wander, more often than not, we end up spending more money than planned. We take you through an interesting list on the top ten things that people waste money on. And yes, we use the term waste, because these are the things that we can cut down or avoid easily.

 The Top Ten Things Money is Wasted On 

Dining Out, Fast Food, and Coffee...

We love to eat, but hardly find time to cook. Or perhaps, food away from home always tastes better! We could say that, because most number of people spent the largest chunk of their mint on eating out. The lunch that you didn't cook because you were feeling lazy, probably costs you 10$, on an average. Now calculate that at least, 4 days a week. People also spend excessively on fast food and takeaways. That downpour of one caffeine-fueled coffee and a bagel, makes a good breakfast, but it costs you bad. Eating out and spending on exclusive coffee tops this list for money wasted on.

Alcohol and Tobacco...

Did you know that you were actually wasting money to get wasted? Yes, we are talking about alcohol. Even after the expensive tags on alcohol served in restaurants, people spend a large chunk of their money on alcoholic beverages, in restaurants, watching a game or socializing at home. Along with the money gone down the drain for alcohol, there is also money gone up in smoke for tobacco. So at the end of the day, smoking costs you, health- and wealth-wise too!

Clubbing and Similar Invites...

As mentioned above, drinking and smoking literally damages your budget every week. Whoever said, 'work hard, party harder', probably missed out on the financial perspective of it! Going to parties, concerts and clubbing, is a much-needed change at the end of a workaholic week. However, this lifestyle costs a lot. Right from cover charges, to beverages and food served, most people spend a lot of money on clubbing and similar invites. Who needs a cure for the hangover? The bills are awakening enough!

Shopping, Clothing Rentals and Maintenance...

When we say shopping, we don't mean to be sexist. Shopping is no longer a woman's world, men are equally conscious of what's the 'new black' for them! Buying clothes, spending on expensive brands, and at the time when you do not need them, is waste of money. We agree that our dressing sense makes an impression, but sometimes we just go overboard. Also, the cost of maintaining expensive clothes, clothing rentals, adds up to excessive spending.

Expensive Spa Treatments, Cosmetics, and Botox...

Expensive treatments, botox and cosmetics are next in line for precious money being wasted on. People, (and we mean men and women alike) spend excessively on beauty treatments and therapies. Not forgetting the 'trending now' status of cosmetic surgeries, much money is wasted, for getting the perfect look. Spending on cosmetics and spa treatments is steadily rising and with it the money that is wasted.

Electronics and Gadgets...

Technology and its addiction is widespread and ever-increasing. Right from video games, high-definition television sets, home theaters, play stations to cell phones and tablets. Well, we cannot say spending money on entertainment and gadgets is an absolute waste. But many times the temptation to be updated with the latest technology, makes people spend money unnecessarily. Most people opt for data plans they never end up using entirely. People also spend much more on downloading various apps, extended warranties, latest technologies, and other features. Half of these are never actually used, making them a waste of money.

Lodging, Vacations, and Club Memberships...

Finding solitude in luxurious resorts, and fun-filled vacations, ranks seventh in this list. Relaxing away from home comes at a heavy price. Surveys have found that people did not hesitate to shell an extra buck whenever it came to taking a luxurious break. Vacationing at classy hotels with extreme amenities (half of which we would never use), and choosing exotic locations was convincing enough for an average-income person to spend a handsome amount of money.

Gym Memberships and Premium Cable Subscriptions...

It may be hard to believe, but more than half of the people who opt for a completely loaded gym membership, keep waiting for tomorrow, to start using it. So all that money in most cases, goes wasted. Opting for unlimited channels, expensive HDMI cables and premium subscriptions also keeps your expenses a little above your budget. These are small things, but they do count in the long run.

Infomercial Purchases ...

Marketing strategies will make you believe, the weirdest of all theories. Maximum number of people spend unnecessarily on infomercial purchases, pseudo health products, which in many cases are not worth the purchase. People simply buy them and never use them at all.

Bottled Water...

Another common thing that money is wasted on is bottled water. It is easy to overlook a small amount spent on bottled water everyday, but bundle that cost with a month's supply of bottled water, and you might want to trust a home filter and the city's clean water supply!

There are a few more things that we would like to enlist, where money is wasted on. These include:

 Parking Tickets

Yes, you were getting late or you were too tired to hunt for a decent parking space. Parking tickets is one of the things that we waste money on.

 Books, Magazines, and Entertainment

Reading books is definitely a good thing. But buying a dozen books solely to decorate the library is a waste of money.

 Vending Machines

They may not be the most beautiful of objects, but they sure do attract you! Vending machines tempt you to at least buy that one can of soda or one bag of chips. You neatly give in. Waste. Waste. Waste!

 Bets

That innocent 5 or 10$ bet probably is okay once in a while. But if it tempts your gambling instinct every weekend, it is a complete waste of money!

 Luxury Cars

It is thrilling to drive one of the best cars; unfortunately it hurts your budget a lot. Especially if you pay in the so-called 'easy installments', which are not so very easy. Luxury cars are another thing that most people spend money unnecessarily.

 Premium Gasoline

As if the madness for luxury cars was not enough. People spend money on pampering their cars with premium gasoline. Well, your car may run just fine with normal gas, while you end up saving a decent amount of money.

We are almost done with the list, but we could not afford to lose on a bizarre fact. How about purchasing property on the moon? And as bizarre as it sounds, opportunists have already started hunting for their official space on the moon. Whether true or not, this one definitely beats the rest.

By enlisting food and other necessities on the list, this Buzzle article does not intend to encourage living like a miser. But some things are just not worth spending your hard-earned money. So make a list, work on what could be avoided, at the end of it all, you will be happy to find a good amount of money in your savings account!

Source http://www.buzzle.com/articles/top10-things-that-we-waste-money-on.html
Cr. Dhanashree Patane

ways to save money : How to Start a Social Savings Club

ways to save money : How to Start a Social Savings Club
Starting a social savings club will not only help you to save regularly but will also aid in getting a better return on your investment. However, you should be completely aware of the procedure before initiating such a club. This article will give you in-depth information about starting a social savings club.

In today's fast-paced life when people are just too busy to socialize with others, initiatives like a social savings club not only help in interacting with others but also help in saving a considerable amount of money. These clubs are formed by people to collectively save money and utilize it for a personal cause. Many people save money through such clubs for an entire year to spend during Christmas. Some even save money to reap its benefits in their post retirement days, or for the education and marriages of their children, where a lot of expenses will be incurred. 

Like other clubs, a social savings club also gives its members a reason to get together once a week or a month at a café or a restaurant for socializing. The money collected during these meetings is kept in a high-yielding bank account, so that it provides impressive returns after a certain period of time. 

Starting a social savings club is easy provided you adhere to the formalities of the bank and IRS. There have been cases where people have been duped by fraudulent members. Hence, it is essential that you start the club by involving people who are already known to you. Here is the process of starting your own social savings club.

Choosing Members

Fix the number of members for the club. For example, if you choose a 10-member team, it will be easier to manage. However, if you start with a 50-member team, it may get difficult for you to handle so many members. Search for people who have common and realistic goals for saving, like those who are planning to save for their retirement. This will also help them to bond easily. As mentioned earlier, select people whose background is known to you. As a lot of money is involved, it is always better to give entry to trusted members only.

Deciding the Amount

After choosing the members, you must review the financial goals of each member. Determine how much each member can contribute and prepare a schedule for payouts. While deciding the amount, ascertain the financial capability of each person. Make sure the objective of saving a certain amount at the end of the year is clear to the members. For example, if you want to save $1200 by Christmas, you will have to chip in $100 every month. It is easier if all the members contribute a specified monthly amount to the club, as varying amounts can be confusing. Maintain a record of all the contributions made. You can take the help of audio-visual aids to describe where the group aims to be in the next few years. This will motivate the members to save their personal income.

Members Agreement

Once you decide the members, you will have to draft a membership agreement and take the signature of all members. It is better to get the membership agreement prepared by an attorney. The agreement should give all the details of the members, their name, address, contribution, etc. It should also clearly state the terms and conditions, and the payout date. The agreement should also speak about clauses, like how to send the money if a member is not present for the meeting, an exit strategy if a person leaves the social savings club, etc. It should also state when a member will receive a refund and what will be the amount. This decision can also be subjected to a vote by members. It is better to get the document notarized as it will be an acknowledgment that the members will contribute towards savings. It can also be treated as a promissory note.

Forming a Committee

Select members from your group to form a committee. As many people are involved, there are chances of conflict. So, it is better to have a voting system in place, especially for determining the post of the president, treasurer, secretary, etc. who look after the proceedings of the social club. These people can also take help from other members if required. For example, a member who is working in a bank can definitely help out the treasurer with the formalities of opening a bank account and depositing the amount. However, ensure that the selected committee is honest and trustworthy.

Arranging Meetings

You will have to arrange for meetings and decide the venue for the same. It can either be same throughout the year or can change according to the convenience of the members. It is better to host the get-together at someone's place, as meeting at a café or restaurant will incur additional cost for the members. You may ask the members to host the meeting turn-by-turn, so that the burden of the expenses do not fall on a single person. You can also host get-togethers at various restaurants if you are ready to spend for it.

Depositing the Money in Bank

You need to deposit the money in a FDIC-insured bank by opening a high-yield account. It can be either a personal account or a business account. You can set up one account or multiple ones depending on the money you are aiming to save. The committee members should have access to it for depositing money and monitoring the transactions. You will also have to be aware about the tax applicable on the interest of the savings, which you will have to pay. It is best to take the help of a tax consultant to calculate the exact amount.

Your group can also act as a microlender by offering personal loans with attractive interest rates. However, verify the background of people you lend money to and maintain the appropriate records. Also, avoid investing your group's hard-earned money in stocks, as it can be a huge gamble. Consult an investment expert to understand how you can redeem maximum benefits from your social savings club.

Source http://www.buzzle.com/articles/how-to-start-a-social-savings-club.html
Cr.Madhushree Kelkar

ways to save money : How to Save Money on Cell Phone Bills While Traveling Abroad

ways to save money : How to Save Money on Cell Phone Bills While Traveling Abroad
A lot of people run the risk of receiving a huge bill if they use their phones on roaming. However, there are some ways in which people can keep their cell phone bills in check, even while using their phone in foreign countries. This article on Buzzle will take a look at some of these money-saving tips.

Take that for a phone bill!
Celina Aarons, a South Florida resident, got a bill of $201,000 from her service provider in 2011. Her two brothers, who are deaf and mute, used texting and data services on roaming while they were on a vacation in Canada. Although the bill was disputed by Celina, she still ended up paying $2,500 to her service provider.

You might have heard or read about a similar story about people who came home from a foreign trip, only to know that they had racked up a phone bill bigger than their mortgage payment. Yes, over the past few years, especially since smartphones have become an indispensable part of our existence, these stories are everywhere to be found. Despite knowing that roaming charges are on the higher side, many people still end up paying considerably higher phone bills, even when they are away for just a couple of days.

One of the main reasons why people pile up thousands of dollars in phone bills while traveling is the exorbitant data charges on roaming. Other factors such as high calling rates, charges for receiving a call, and costly text messages, also add up to the bill. While some may advise you to switch off your phone as soon as you set foot on foreign territory, doing this will completely cut you off from your friends, colleagues, and relatives. If you don't want to go that far in order to save some bucks, the following tips can prove to be useful.

(Disclaimer: The mention of companies/products/services in this article is not intended for promotion or sponsorship. Rate plans have been listed solely for illustration purposes.)

Buy a Local SIM Card

Buying a local SIM card can considerably diminish the risk of running up a huge phone bill. You can buy a local SIM card from an outlet at an international airport, or from the local market of the country you are visiting. There are certain caveats in doing this though. First and foremost, you should have a phone that is compatible with a new SIM card. If you have a GSM phone (usually AT&T and T-Mobile), and it is unlocked (you are not in a contract), you can go ahead and use a local SIM. For people with a CDMA phone, (usually Verizon and Sprint), the phone will still work in some countries (around 35), but it may not work in Europe, and in some countries of Asia.

Both GSM and CDMA telecom providers do offer a global phone to their subscribers who are traveling abroad, for a small fee, and the phone needs to be returned to them after a stipulated period of time. Buying a new SIM card will mean that you will have a new number, so do remember to share it with people back home. Also, browsing the Internet, and making local calls will be cheap, but international calling rates will be on the higher side, both for you and the people who are calling you. However, the money spent on using a local SIM card will definitely be lower than using your phone on roaming.

Buy an International SIM Card

Buying a local SIM card is an effective way of cutting down on your phone bill if your travel is restricted to only one country. However, if you are globe-trotting, buying a new SIM in each country can be a tedious exercise. An alternate to this is to buy an international SIM or a global SIM. These SIM cards are offered by several providers in US. One of the biggest advantage of these global SIM cards is that they come in different rate plans and offer affordable services to international travelers.

For example, with a Explorer™ SIM card for $59 from Telestial, users can receive free calls in over 75 countries, and make calls at 39c/min. There are other service providers who offer global SIM cards at competitive rates to people traveling abroad. In case you have forgotten to buy one in US, you can check with the dealers in the country you are in.

Buy an International Plan from your Service Provider

Well, to be honest, there is some sort of hassle in buying a new local or international SIM card, and most importantly, with these, you end up getting a number. If you don't have time on your hands to wait until you get a GSM phone, or you aren't sure about the ease of getting a new SIM card in a country where not everyone can understand English, you might be better off making a call to your service provider to add an international roaming package to your existing plan. 

All the major service providers in US offer international packages to their consumers. You will be able to save some money while making calls and browsing the Internet with the help of these international packages. For example, Verizon offers an international Internet pack for $25 with which you get 100MB data, whereas standard data charges on roaming are to the tune of $20 for 1MB. With the help of these international roaming plans, you can save around 30%-40% on a phone bill.

Look at Alternatives for Using Mobile Data

Although many service providers offer data bundles for overseas use, it is highly advisable to look at other alternatives of using data. As mentioned previously, global data plans offered by mobile companies are on the higher side ($25 for 100MB), and when you are on a vacation, you would definitely want to use more data than you normally do. Therefore, looking at other alternatives of using data can be a good idea. First and foremost, you should try to use data services on your phone while you are at a free Wi-Fi hotspot. Several reputed hotels and cafes offer complimentary Wi-Fi services to their customers. Else, you can rent a MiFi, commonly known as personal hotspot, which allows Internet access on up to five devices at a time.

For example, XCom Global's MiFi offers a flat rate of around $14.95/day (excluding shipping and handling charges). So, if you are in, say, England for a couple of days with four other family members, all of who want to use Internet on their smartphones, you will be able to keep the charges below $100. However, you also need to remember that MiFi providers charge heavily for shipping and handling (XCom Global - $60) and they often restrict Internet usage by implementing the Fair Usage Policy (400MB for 3 days for them) It is still a lot of money considering the low cost that you pay for using unlimited Internet in US, but it will certainly ensure that your phone bill stays in check, and you are aware about what you are spending.

If you feel that using data while you are traveling is not a good idea because of the high charges, you can restrict your usage with the help of the following tips.

• Uncheck the data roaming tab on your phone. On those rare occasions when you desperately need to check that email from work, you can turn on the data roaming feature for some time, but remember to turn it off again. Also, you should never download an attachment, upload a picture, or for that matter, open a webpage while you are using Internet on roaming. Going by the current rates, if you upload a picture on Facebook, you would have already added $100 to your bill.
• While you were used to unlimited data in your home country, you might have never given a thought on how quickly apps eat a massive amount of data, especially if you have turned on the 'Automatic Update' option. Well, if you are using data services on roaming, and one of the apps decides to update itself in the background, you can only pray to God that your bill doesn't cost you more than your return ticket. Therefore, do remember to turn off the automatic updates before you set foot on foreign shores.

These were some ways in which you can save some money on your phone bill while you are traveling abroad. It is extremely important to keep these things in mind before you leave for your trip, as otherwise, you run the risk of joining the ranks of countless people who have had a nightmarish experience with their exorbitant phone bills. Bon Voyage!

Source  http://www.buzzle.com/articles/how-to-save-money-on-cell-phone-bills-while-traveling-abroad.html
Cr. Rahul Pandita

ways to save money : Tips for Saving Money on Business Travel

ways to save money : Tips for Saving Money on Business Travel

For any professional, life is already a task when one is juggling meetings, client calls, and project deadlines incessantly. On a business trip, dealing with these tasks is even more stressful. Between managing time and handling work demands, keeping a check on expenditure is quite difficult indeed. In this Buzzle article, we've given you 10 great tips for saving money when traveling for business.
Be 'Money-wise'!

Instead of exchanging currency at the hotel desk or at airport exchange counters, use foreign ATM machines for better exchange rates. This way, you can safely withdraw smaller amounts. Credit cards are also a great option, but inquire about transaction fees before you use them.

Business travel is very different from traveling for pleasure. Traveling for work has its limitations with respect to duration and expense. Since economic viability is of importance when it comes to any business undertaking, one has no choice but to consider ways in which unnecessary outflow of cash can be harnessed without much ado. Fortunately, there are several things you can do to make your business travel easy, affordable, and smooth. We have mentioned these things in the form of simple, easy-to-understand tips. Once you're equipped with these tips for saving money on business travel, you can effortlessly save hundreds to thousands every year. Shall we start noting them down?

#1. Evaluate phone charges.
Thanks to the perpetually skyrocketing roaming call and data charges, one of the most exorbitant bills you pay after a business trip is your phone bill. An intelligent way to tackle this problem is to buy a local SIM card every time you visit a new place where you are likely to spend a substantial amount of time. By cutting down on roaming charges, you'll save a LOT of money by paying for only local outgoing call charges. As far as internet data charges are concerned, the best advice I can give you is to use Wi-Fi. Mostly all airports and hotels now offer free Wi-Fi services, so this shouldn't be a problem. Finish as much work as possible using the Wi-Fi connections at these places; it'll drastically reduce your costs later on.

#2. Carry enough reading material.
This may look like a weird, quite unconventional a tip that may not really be of any help, but before you jump the gun, hold your horses. Think about it, don't we usually end up buying a magazine or a book at the airport in order to keep ourselves entertained throughout the journey? While working on the flight is a good option to finish pending work, sometimes you only want to unwind. Instead of spending a few dollars here on reading material at the airport, load a few articles, books, and even movies on your cell phone. This way, you won't add to your luggage and your expenses.

#3. Say yes to public transport.
By using the public transport in any city, you can further reduce your business travel expense exponentially. How does this work? Seek details of the area of your travel for the day from the hotel reception. Ask them to provide commutation details, such as modes, alternative routes, and approximate charges. This way, you can cut back on almost 80% of your commutation costs when compared to the amount you would have to shell out for a cab. If the hotel doesn't have these details, use Google Maps. It's one of the best apps for such kind of information. You might pay for Internet data charges, but they'll still be lesser than the cab fare you would be required to pay.

#4. Lookout for deals.
There are a million travel deals you can tap and cash in on if you keep an eye out for them. The best and most profitable of the lot is the frequent-flyer program (FFP). Almost every airline, old and new, offers this loyalty program. Under this, you become entitled to several discounts, privileges, and offers, especially if you fly quite often. The best places to find these deals are airline magazines. Always go through these magazines, usually kept in the seat pocket in front of you, and you'll be surprised to find some of the best deals you've ever come across. Apart from this, you can also apply for a debit/credit card that has a tie-up with an airline.

#5. Never fall prey to luggage fees.
The most unforgivable mistake you can make is to create situations to pay luggage fees. It's not always possible to weigh your luggage at the last minute, but it's always possible to save a lot of money in this area by being a smart packer. Business trips don't need much luggage and there are a few tips you can follow to reduce your luggage just in case you're combining meetings or planning on a long trip. You already know how you need to replace magazines and books with eMagazines and eBooks. In a similar way, cut down on multiple gadgets and instead carry one that functions as an all-in-one cell phone, music player, tablet, camera, and laptop. Apart from these, don't carry too many clothes, food items, and/or stationery. Calculate the number of days you are going to spend at a place and pack the exact number of clothes in keeping with your itinerary. Fill the empty spaces inside your shoes with jewelry, socks, handkerchiefs to save on space. Keep things as minimal and compact as possible.

#6. Go for rooms with kitchens, not minibars.
Though a business trip may not give you time to cook, it's advised that you pick hotels that have rooms with kitchens. This way, you can cook your own meals even if you choose to make just an omelet. Minibars seem tempting; all you have to do is open the door and serve yourself. However, bills that come with the usage of minibars are usually far from attractive and highly inflated. Items available at a minibar are always charged at a higher price, sometimes as much as 30% more. A room with a kitchen will also enable you to save the money you would otherwise spend on eating out. By choosing this option, you can work, eat, and rest in just one place.

#7. Befriend locals.
The best people to help you when visiting another city are not guides or agencies, but locals. They know the city the best and have no hidden motives; they don't gain or lose anything by cheating you. They're the best people to approach when you need help with directions, prices, or suggestions. Just by asking a local for something as simple as directions, you save on Internet charges by not using apps, on money you may end up spending while commuting via wrong or longer routes, and in the end, time - the most crucial element while on a business trip. They also come to your aid when you're looking for inexpensive places to eat, relax, or work.

#8. Club trips to save thousands.
Most of the time, an executive travels to a specific place to work with a specific set of clients. In such cases, it is always advised to combine trips. For example, if you're meeting a client in Italy, you might as well make arrangements to meet another one in Spain right after your schedule in Italy. Imagine the amount of money you will be shelling out if you go to Italy, come back to your original country of work, and then fly out to Spain again! You can actually save yourself a lot of money by avoiding at least two extra to and fro trips by planning your travel smartly. This not only applies to places that are located in the same geographical area but also to places that are halfway around one potential business area. For example, if you have to travel from India to France, you might as well also plan meetings in New York and finish it off at one go. This way, you can save thousands. By planning multiple meetings in the same city, you save on both traveling and staying costs. The basic tip is to get maximum work done in one single trip in order to economically use financial resources in the best possible manner. Of course, it is not always possible to club your trips because the schedule of different clients may not always match. The point is to try and schedule trips in such a manner as frequently as practicable.

#9. Understand taxes and use them to your benefit.
Taxes levied on income from any source are waived off to a specified extent when certain stipulated types of investments/expenditure made can be shown. Travel expenses are one of them. Though only a portion is eligible to be waived off, the sum still amounts to quite a lot. So, educating yourself about how these benefits can be reaped optimally can result in saving money in the long run. Similarly, a lot of things come with additional taxes while an individual is traveling. These include food at the airport (sometimes), items at the minibar, services like laundry in a hotel, etc. Though a person learns more about these from experience, it's good to at least know the basics in theory.

#10. Look out for opportunities to make multiple bookings together.
Always remember that there are certain advantages and incentives of booking more than one ticket, especially in flights. It is always better to book tickets together in order to avail group discounts. This way, your company poses as a potential customer to the airline - a reason why they'll always offer you certain privileges that they won't offer other passengers. A company is a more respected entity with a higher brand value and credibility score than an individual in the eyes of airlines, hotels, and other business houses. A company is always more trustworthy than an individual. Also, in many ways, having your company as a client works in the favor of these houses when it comes to building their own brand value.

It's very easy to save money while traveling for business. Think twice before you spend. It is a common observation that we tend to shell out a lot of extra cash when traveling primarily because there is no time to evaluate and understand how little things can contribute to unnecessary expenditure. Sometimes, we also opt for convenience by throwing money at a problem instead of racking our brains over tiny little details due to lack of time. These tips for saving money on business travel and a little prior planning will not only reduce your overall expenses but also help you to travel smarter in future. Believe it or not, a few smart choices in the beginning will lead to your paying fewer bills later on. g for business.

Source http://www.buzzle.com/articles/tips-for-saving-money-on-business-travel.html
Cr. Neha Joshi