The truth is, saving money is extremely difficult whether you are an adult juggling daily life demands or a college student trying his or her best to balance out both tuition and recreation. However, saving does not have to be an extreme sport; if we begin to pay closer attention to our life choices which result in us spending a lot of money we should begin to make some headway. For the purposes of this article, we’ve included a few tips which may well help you save much more on your next paycheck.
Cut down on grocery purchases
Most times when we are shopping for groceries we can get a bit carried away, even purchasing food items that are still in stock at home. To avoid this, carefully plan ahead before going shopping and ensure you jot down the necessities, eliminating what you already have. This can help you drastically save money on groceries.
Buy generic items
It goes without saying but more often than not, generic brands of medicine, staple food items for example rice, beans, cleaning supplies and paper products are relatively less costly compared to brand-name products and work quite well. So next time, don’t be afraid to buy generic.
Cut back on your cell phone bill
Lower your cell phone bill by cutting back on unnecessary data plans, phone insurance and unnecessary warranties. Think about it; the money you save can be used for so many other things that you actually need!
Cut out the cable
This may sound drastic, but more and more people are going this route. It’s evident that cable prices have been drastically increasing every year and as such it could really take a toll on your monthly income when it needs to be paid. There are also other readily available options such as streaming apps and services which work excellently and are cost effective.
Set up your bank account to automatically save
It’s become very easy to save with your bank. As such, all that is required is ensuring you set up your bank account to automatically transfer funds from your checking account into a savings account every month. You can also set up your direct deposit bank account to automatically transfer 10 percent of each monthly deposit into your savings account. Simple and easy.
Reduce your month energy costs by making small changes
There are many ways to save money on your electric bill and these include making choices such as taking shorter showers, ensuring that no pipes are leaky, doing your laundry in cold tap water and even installing dimmer switches and LED lightbulbs. A little goes a long way.
Eat in
It may appear that buying lunch out would cost less but statistics have shown otherwise. Therefore, ensuring that you’ve prepared yourself a well balanced and nutritious meal can definitely save you a lot of money in an average week when compared to buying lunch. Not only that but you can often purchase a week’s worth of groceries for the same price as two meals out. So next time, eat at home and watch your money pile up!
Cancel unnecessary memberships or subscriptions
Quite often we end up signing up for multiple subscriptions one by one without even noticing that there are at least a total of six or more subscriptions that we are paying for. For example, Hulu, Netflix, Spotify, Amazon Prime and even gym memberships which we do not even use on a regular basis. Also, there is always the option of membership sharing which allows you and your family collectively to stream on sites such as Netflix and Hulu which helps everyone save.
Try DIY before purchasing new items
You can create so many things yourself at home! So, next time before rushing out to the store to buy a flashy new light fixture or bench think about doing it yourself. At most you will require some materials but DIYs will definitely save you a lot of cash.
Sell unnecessary items
Don’t let the clutter pile up; get rid of things in your home that you do not actively use or that you have stored in a room most likely collecting dust. It’s time to let it go while also making some extra cash for it! In this case, don’t be afraid to sell out!