The most difficult part of saving money is how to get started. Maybe you want to go on more adventures, save money to relocate abroad, pay off your debt, or save enough money to start your own business. It’s not really quick to come up with the spare cash to do all these things.
Although getting started with saving money can be quite difficult, it can be more challenging to keep up with the money-saving process. For this reason, a practical and straightforward approach for achieving all of the short- and long-term savings would come in handy.
Money Saving Tips you should try today
Here are 15 easy money saving tips that can help you save more money.
Start budgeting your money
This is a quick and easy way to evaluate your spending and see where you can save money. Budgeting gives you leverage for your finances by allowing you to see where your money is heading. Perhaps you’ll come across an unexpectedly high monthly bill or an expensive habit. Budgeting encourages you to have a savings schedule that guarantees you’ll still have enough money to pay for what you need while still saving for what you want. A budget will either keep you out of debt or assist you with getting out of debt.
You can make use of budgeting apps with features that can allow you to link your credit cards and bank accounts, as well as billing information for cable, utilities, rent, car payments, and so on, to get started with budgeting apps. Alternatively, you should simply make a chart of your own.
Learn to make payments with cash
Many people find it difficult to control their spending while using their card; it’s easy and fun to take out your credit card, swipe, and walk away until you start spending money on stuff you don’t need after tons of swipes. People tend to put great emphasis on letting cash out of their pocket when they pay for something with money rather than a credit card.
When you consider it, physically turning over your money and watching it vanish is a pretty traumatic experience. Try withdrawing a set sum of money for the week or month and committing to investing it all.
Cut down groceries
Groceries can consume a lot of money, especially in large homes. A lot of people are fund of shopping spontaneously, which contributes to inappropriate spending. Sticking to a shopping list and stopping those spontaneous buys you put in the cart when you don’t have a schedule will easily cut those costs.
A shopping list is an excellent way to keep track of your menus as well as your expenses. Take a close look at what you do have in your kitchen and make a list of what you don’t. You can also choose any meals for the week and buy according to the product list.
Buy Staples in Bulk
Not only does shopping in bulk save money than buying in smaller quantities, but it also saves you time by reducing the number of visits to the supermarket. If you aren’t in the checkout line, you won’t be around to impulse shop. Toilet paper, laundry detergent, wipes, and non-perishable food products like dried pasta and canned beans are good choices for bulk purchases.
Use a saving jar or piggybank
The savings jar’s idea is simple: you put money in it anytime you have change, and before you know it, you’ll have enough money to put in your savings account. You can put any amount into a savings container, but it could be best for those who use a lot of cash. It’s still exciting to find extra cash at the end of the month, whether it’s in the form of notes, quarters, or something else.
Make use of cashback offers
Signing up with services that offer “cash back” for shopping online is another fast way to save. Some online stores have cashback features that offer you up to 10% back on most payments if you use the apps provided on websites and credit cards. Plus, you won’t have to wait for deals or look for coupons.
However, this could be seasonal in some cases, like on events such as Black Friday, or probably if the store decides to have promo sales. Simply visit the place you buy online at any time after you’ve signed up. You’ll pay the full price when you shop, so you’ll get a refund for the difference.
Budget on saving
Another easy money saving tip is consciously setting money aside for the rainy days by including it in your general budget. When creating your budget, outline how your costs compare to your revenue; this will allow you to budget and avoid overspending. Do remember to account for costs that appear frequently but not every month, such as vehicle repairs. Figure out how much you can spare as a savings budget, and create a separate bank account for your budgeted savings.
Quit your gym membership
The gym isn’t the only place where you can work out. Instead of paying for a subscription, continue to think of new ways to keep in shape. Fitness coaches and yoga gurus routinely share workout regimens on their public social media accounts for everyone to try, and the internet is a great place to start. It gives them exposure while allowing you to exercise in the privacy of your own house.
Cut down cost on lunch
Groceries may already cost a lot, and the monthly cost of your food supplies probably doesn’t cover the money you spend on lunch. If you mainly buy lunch from restaurants, chances are you spend more money. An easy money saving tip, in this case, would be to make your own lunch from home and take it along to wherever you’re going that day.
Get a reusable water bottle
Why waste money on something that is already flowing from your faucet? People spend a lot of money purchasing plastic bottles of water daily. Unknowingly this could amount to a whole lot of money, which shouldn’t be as much with a reusable water bottle.
Save money by purchasing a reusable water bottle and fill it instead of using single-use plastic water bottles every day. However, water isn’t the only factor. Consider all of the plastic goods you use on a daily basis, such as utensils or lunch bags, and then do a basic cost-benefit analysis on purchasing a recycled edition.
Set saving goals
Setting a target is one of the most effective ways to save money. Begin by considering what you want to prepare for, whether you’re getting married, arranging a holiday, or putting money together for retirement. Calculate how much money you’ll need and how long you’ll need to save it.
Know more about: personal development goals for success and happiness
Set a modest, attainable short-term target for something nice that you aren’t likely to have the cash to pay for, such as a new smartphone or holiday presents. Reaching smaller goals and celebrating the enjoyable incentive you’ve been saving for can provide a psychological boost that makes the benefits of saving more apparent and encourages the habit.
Apps such as Piggyvest and Cowrywise can help you start a small saving plan or join group saving plans if you need motivation from other people. They also offer signup bonuses and incentives to keep you motivated.
Make saving automatic
Almost all banks allow you to switch money between your checking and savings accounts automatically. You can pick when, how much, and where you want to move funds, and you can also break your direct deposit so that a part of each paycheck goes into your bank account.
Splitting your direct deposit and setting up electronic deposits are easy ways to save money, so you don’t have to worry about it, and the desire to waste the money is reduced.
Sell your car if necessary
You might conveniently sell your car and commute on foot, bike, or public transportation, depending on where you live and your lifestyle. If you have two cars, sell one and rent the other. Cars are the greatest spenders – gasoline, taxes, parking, and repairs; the list goes on and on! Sell your car and use the proceeds to fund the next holiday or pay off loans.
Walking and cycling are excellent ways to get more exercise, and public transportation is both inexpensive and convenient. Selling your vehicle and going for a bus pass is still at the top of the list when it comes to the right money-saving tips.
Not only will you be able to deposit the proceeds from the selling of your car into your savings account, but your annual commuting costs will be significantly reduced.
Quit some habits
Some habits waste a lot of money, especially habits you’re addicted to. If you are a vaper, gambler, or heavy drinker, it’s time to give it up, or at the very least, cut back… a lot.
Cigarettes may seem like a cheap and affordable addiction, but it’s actually an avenue for wasting money. Let’s say a pack costs about NGN500. If you smoke a pack of cigarettes every two days, you’re wasting NGN90,000 per year. Alcohol can also be very expensive, depending on the brand.
If you are a heavy drinker, you can decide to stop drinking, cut down, or go for a less expensive alcohol type. You’ll be surprised by how much money you’ll save each month.
Get creative and make use of DIY stuff
Another way to cut down costs and save money is by reusing stuff you would normally throw away. Instead of buying gifts for friends and family, you can save up by creating something useful out of old stuff for them.
Also, try to fix broken stuff around the home, rather than throwing them away to purchase a new one. You can get various DIY content for different purposes on Pinterest, YouTube, and even here on Koleolat.