I want to share with you a few of the money saving tips that I have started incorporating into my life. These tips can save you up to a total of 1000 US dollars per month, which is, as far as I know, a lot more than the average American household spends on food for an entire month.
Frugal living can help you save money in the long run. If you are not able to spend less, you should start by identifying your expenses and see if they can be cut down.
When you have certain financial goals it is important to turn saving money into lifestyle, try frugal living for a while and save money for future needs. Not only you can improve your current lifestyle, but also build a better future for yourself and your loved ones. By following these simple money-saving tips, you will be able to minimize spending while saving more.
Figure it out first. Fix it later
Track your spending habits and figure out where your money is going
It’s important to keep track of your spending habits to know where your money is going. Simply make a list of all your expenditures and divide them into categories like food, clothes, bills, entertainment, etc. The goal will be to track your expenses for one month. You should also take note of how much you earn per day and how much you have left at the end of the month after paying all.
You absolutely need to figure out where you spend the most money, and where you spend “unecessary” money; only then will you be able to pick up a money saving tip that works for you.
Example: most of your money goes out to rent vs your money goes all out to food and groceries; you can clearly see that saving money will demand two different approaches in here.
Switch the cup for the mug
Buy a travel mug and refuse paper hot beverages at coffee shops and restaurants if they are not automatically included in the price.
In a world where coffee is king, many people do not hesitate to spend a bit of money on a cup of joe. When going to coffee shops and restaurants, be sure to bring your own travel mug and refuse the paper hot beverages if they are not included in the price. Not only will you save money but you will also help save the environment.
Sell it instead of storing it
Start by selling your unused items on eBay, Craigslist or facebook marketplace. You can also try to find someone on Gumtree who is willing to buy your old furniture, appliances, electronics or even clothes and sell them off as well. These sites enable you not just to make some money from your old belongings but also get rid of them for good so you don’t have to worry about storing them any longer.
Apart from these famous and generic websites, there are other sites that are dedicated to buying specific second hand items. If you’re a collector, you just have too much of one thing or just want to raise your chances at getting a good sale, make sure to research those kind of places.
Cash it back
Start using coupons and cash back apps ASAP.
Coupons are a great way to save money on all of your purchases. You can use them for food, clothes, personal care items, household items & more. The best part is that many stores allow shoppers to combine coupons with other discounts for even more savings.
Cashback apps work like coupons except a bit easier. When you purchase something at the store with your app’s coupon code, you’ll get cash back in the form of an app credit for next time. So you earn a bit of cash on things you’re actually already buying like gas, groceries and other stuff
Some notable trustworthy cash back apps are Ibotta, Dosh and Rakuten.
Remember: things always add up. What you think may be a small discount, ends up saving you a lot.
Set up an automatic transfer of funds into your savings account each month
In order to save for a future goal or purchase, many people turn to their savings account. But what happens when the money in your account isn’t enough? Setting up an automatic transfer from your paycheck to your savings account each month can help you save more.
Become a minimalist
Become a minimalist.
Minimalism is the act of purposely paring down one’s possessions to only those things that are necessary or bring happiness. If you adopt this habit, then your living costs will be reduced significantly.
Spend less on consumables
By cutting back on items like food and toiletries, you ensure that your savings increase month-by-month. For example, instead of eating out every day for lunch or coffee, pack your lunch.
Cut down on grocery bills by buying in bulk
Try markets and shops where you can buy in bulk. Most of these type of places have also the benefit of being environment friendly. You can take your own boxes, jars and baskets to store your food.
Cancel subscriptions for services that you are not using so often
Take some time and make a list of all the subscriptions and services you’re not using anymore. You would be surprise at the amount of money going to waste just because you can’t find half an hour to deal with this.
Eat oatmeal for breakfast instead of cereal
You save about $5-$10 per week. You could eat healthy with this change.
Use cloth diapers over disposables
They cost about $20 per month, but you can use them for several months before disposing them. Disposable diapers didn’t last long as far as I know and they can be an expense that adds up really quickly to take away quite a chunk of your income.
Pay off credit cards
You pay interest every month just so that you can buy things sooner. With debt free credit cards, you can accumulate rewards points to use toward future purchases.
You don’t have to apply all of these, nor do you have to try and save in every area of yout life.
Learn to prioritize and give some of these tips a shot.
If you have some other money saving tips please share in the comments, I’m quite passionate about this subject!Recommend0 Simily SnapsPublished in