Admit it – you must have some grand item on your to-purchase list, but your inability to save is keeping you from buying this gadget. A lot of us have been here, so don’t worry. You can always, slowly and steadily, learn how to save money.
Saving bills to spend or invest later is not only something you should do when you have a clear picture in your mind about your wants. In fact, you should also save money for unexpected rainy days. Unfortunately, a recent survey found that more than 21% of American adults are not saving any money for emergencies, retirement, etc.
And of those that are saving, they aren’t doing so much. Clearly, all the colourful ads and rich lifestyle bombarded to us on the internet every day is getting to us. But wait, there’s still time to correct your ways and save more money. Read on to find our top 10 money-saving hacks to learn to have a grip over your finances:
1 – Make your own coffee
Interestingly, 79% of Americans brew their coffee at home. While the digit seems favourable, there are still lots of folks out there who wake up to pick their morning coffee and bagel from the nearest coffee shop. And if you too have this habit, cut it. Make your own coffee at home and you’ll be able to save every penny you spend on it daily.
2 – Cancel useless memberships
From your gym to Netflix, you might have purchased memberships that you have not been using much. Cancel out your memberships so that you aren’t paying for something that you aren’t using. What’s more, if you have two or more of the same kind of memberships, keep one. For instance, if you have Netflix, Hulu as well as Disney Plus, its time to let two go.
3 – Be a flexitarian
You don’t have to be a total meat lover who doesn’t eat anything but fish, cow meat, and chicken. To save money considering the rising prices of meat currently, it would be good idea to be a flexitarian – someone who eats both meat and vegetables. Since veggies don’t cost much, switching up meals every other day between meat and vegetables will help save some cash.
4 – Walk short distances
Try not to rev up your car’s engine when you’ve to travel a very short distance. For instance, if work is near to your home or you need to shop at a nearby store, walk your way. Sure, it will take you longer on foot, but you can leave the house earlier. This way, you wouldn’t only be saving gas money, but you’ll also be doing some good for your health.
5 – Write down your accounting
Take a journal solely for the purpose of recording your earnings, savings, and expenditure. And fill it up every time you spend money. The next month, reflect on how to use money and make sure you only spend a particular sum only on the things that are necessary. Now, record your savings as well. When written in front of you, you’ll be able to handle budgeting better.
6 – Use those envelopes
If you’re anything like a typical person, you might have some envelopes lying around in some drawer. Put those to good use. Divide your earnings into expenditure and savings. You could keep a separate ‘untouchable’ wallet for savings. As for those envelopes, enter in them the money you’d need for groceries, cable, memberships, gas, internet bill, and the like separately.
7 – Find and use coupons
When you can, shop from the sale. And when you can’t, find and use coupons from those websites like ClothingRIC which are offering authentic coupons and promo codes. This way, you’ll be able to save some on every purchase. But be mindful to not shop more than you need when there’s a sale going on or when you’re getting a coupon code. Just get what you need and scurry away.
8 – Avoid dining out
There are so many ways you can avoid dining out to eat healthier and save some bucks as well. For instance, you can pre-prepare your meals for the week, so you don’t eat out when you’re not in the mood to cook. You can also set a small monthly budget for dining out, plan ahead, and not exceed your set amount.
9 – Wait before you buy
Don’t make impulse purchases. Follow the 72-hour rule. If you want a dress, wait for 72 hours and if you still want it, only then purchase it. Often times we purchase in the heat of the moment only to realize later that we’re not truly into what we have spent on. Likewise, when you make bigger purchases such as buying a cellphone or a laptop, even a car, consider waiting a month before purchasing.
10 – Sell stuff
If you can earn a side income by doing a part-time job, whether online or in person, you can save all that money and vow to not spend it. If that’s not possible, earn small cash by selling unused stuff at your homes such as books, old toys, old clothes, and even furniture. There are several online sites and there must be garage sales or the like in your area to make such selling possible and easy for you.
So, this was our list of 10 money-saving hacks. Which of these have you tried so far or are planning to try? Tell us in the comments!