10 Super Savvy Money Saving Tips Everyone Should Know
Every single one of us wants to build a nice little nest egg to make sure that our families will be comfortable, to help with possible future expenses like education, and to ensure that we have a protective cushion should something untoward happen.
But we feel your pain because with many temptations that lure you to spend your hard-earned cash both online and offline, it is now harder than ever to save money.
However, for the sake of the people we love, we have to be vigilant about saving; and here’s how we can get that done:
- Quash Away Your Debts
Paying your monthly debt is one of the largest obstacles to saving because a huge chuck of your income goes into the interest. Of course, all of us need a roof over our heads with our mortgage and we need to get to work with our car that we acquired through auto-loans. Those are necessary debts to cover essentials of daily life.
However, credit card debt is something else because those are items that you can control. Sometimes, they are nonessentials and based on wants more than needs, so they escalate out of proportion. If you are intent on saving, then eliminate as much debt as you possibly can.
The quickest way of paying off debt is known as the debt snowball method. Once you’ve got this part down pat, much of your income will now be freed. This means you can allot more money to your savings goals.
- Set Your Savings Goals
In order for you to actually save money, you have to set a target that you will plan to work on achieving. As the popular saying goes, failing to plan is planning to fail. If you want to save more, then you must start with a concrete goal.
Pick a number that you will work with and come up with a strategy to get it done. It is critical for you to know the big picture, but it is also vital to understand how you will get there.
If you are saving because you intend to buy a house in the next five years, then knowing how much your planned budget is will give you month figure to work on.
- Make Yourself the Priority
You have to learn how to pay yourself firstwith your monthly paycheck. This means allotting a portion of it just for you, so that you can set it aside for whatever purpose it may serve. You can set an amount that will be auto deduced and put in a different saving account each month.
Doing auto-deduction and having the money placed in an account you can’t access right away means there is less chances for you to dip your hands into that cash. It is critical to invest in yourself and your goals. Make your healthy long-term savings plan a top priority.
- Buy Cheaper Items
Increase your savings by choosing to buy cheaper items. Designer pants sound nice, but a ten dollar pair of jeans will work just as well as a four hundred dollar one. When you need to buy something, canvass around for a better price and check if there is a promo or discount code you can use.
Grocery shopping for the family is a necessity, but even there you can mitigate expenses by opting to buy generic brands for non-critical stuff like toilet paper and cleaners. You can also choose to do couponing to save more. There is no shame in looking for discounts.
- Curb Non-Essential Spending
Do yourself a favor and stick to the basic essentials when it comes to buying stuff. The biggest savingswill come from resisting temptation to buy stuff that you don’t need. Don’t buy those jeans just because they are on sale, but instead, ask yourself many times if the item is really crucial for your life before you buy it.
On top of that, you can quit smoking because not only is it expensive, it is bad for your health, too. Smoking a pack and a half a day will cost you around $3,000 a year. Making smarter choices, like ditching the designer coffer, will help you save more.
- Save on Utility Costs
During winter, check for any possible drafts that are letting cold air into your house. Making sure all the seals are intact so that you’re not losing money because the heater will constantly engage. Consider lowering the thermostat by ten degrees Fahrenheit because this can save you as much as 5% in your bill.
On top of those, you can opt for a tank-less water heater, which will only work when you open the tap, or install energy savingLEDs. More importantly, don’t forget to turn off lights when not in use and the faucet while brushing your teeth. All of these may seem like small things, but remember these all add up.
- Brown Bag to Work
Buying lunch at work can cost you $10, but bringing lunch from homewill only set you back $3. That’s a total of $35 dollars saved in five days that you are at work. Do that math and that will lead to more than a thousand by the end of the year.
On top of that, brown bagging from home means you know exactly what goes on in your food. The stuff that you put in your mouth will be safely prepared and will be more delicious. Eating this way is healthier and will mitigate any possible health problems, and its impending costs, because good health is based on good nutrition.
- Create an Account with Bigger Interest
Putting your spare money in a CD or a treasury bill will have higher interest and will help you save more. This will also keep you from touching the money because it is tied up safely. If you are serious about saving, you have to find simple ways to make your savings grow even more.
- Cancel Subscriptions
Cancel multiple subscriptions that could be eating up your monthly bills. You don’t really need Netflix, Viu, Hulu, etc all at the same time. Just stick to one provider and don’t waste our money on the other stuff that you don’t even use.
If you have gym memberships or other subscriptions say in Kindle that you don’t even use, then be merciless in cutting them off. All of these are money drains that don’t benefit you, so make the good choice of ceasing them. Only keep those that add value to your life.
- Sell What You Don’t Need
As stated above, only keep things that add value to your life now. Chances are your house packed to the rafters with material things that you don’t even use or need. Consider selling them away to earn money.
Remember, one man’s junk is another one’s treasure, so don’t be guilty about letting go of things. Aside from giving you additional money, which you can put into your savings, this will free up your space. A clean and neat area will attract more positive energy into your life.
What Tips Will You Try?
There are many ways to cut spending and begin saving money. The important thing is you have to stay committed to it. Savings is not just a one-time thing that you will do, but a lifetime habit.