When talking about finances, a lot of focus is put on saving. Whether it’s for retirement, an rainy-day fund, or any other financial objective, saving is a recommended practice for managing finances. Nevertheless, many of us fail to recognize the aspects of our lives where we overspend or the small ways we could reduce our costs. Often, we need to cut back in order to save effectively.
It’s not always obvious where to begin saving or how to trim unnecessary expenses for immediate results. If you’re unsure, here’s a list of ten simple strategies to save a bit more this year:
1. BE MINDFUL OF CONVENIENCE:
Often, purchases that make life easier cost more than doing things ourselves. Daily coffee runs, take outs, and happy hours can all pile up in the long run. Minimize these habits and you’ll see the impact on your savings.
2. PLAN AND COOK MEALS:
Eating out is costly. Preparing your own meals can end up costing significantly less. You could also curb waste and avoid resorting to takeout by planning your meals weekly.
3. REASSESS YOUR CABLE SUBSCRIPTION:
With the advent of platforms like Netflix, Hulu, or Roku stick, there might be cheaper ways to enjoy your favourite shows. Consider cutting cable to save more.
4. TRY ALTERNATIVE WAYS OF EXERCISE:
Gyms and fitness studios can be expensive memberships to maintain. Consider using free fitness apps, Youtube videos, and affordable workout equipment to exercise at a much lower cost.
5. ADHERE TO A SHOPPING LIST:
Impulsive purchases can ruin a budget. Always shop with a planned list to help fight off the temptation of buying unnecessary items.
6. ABANDON COSTLY HABITS:
Habits like smoking, gambling, and emotional spending can burden your finances. Each time you feel an urge to slip back, come up with an action plan that keeps you away.
7. DON’T SHY AWAY FROM PRE-OWNED ITEMS:
Not everything we own needs to be brand new. Depending on your needs, certain items like appliances, cars, books, or even clothing can be bought in a gently used state for a fraction of their original price.
8. ASSESS YOUR SUBSCRIPTIONS:
Subscription services may seem affordable at first, but having too many can take a toll on your finances. Regularly review and eliminate unnecessary subscriptions to cut down costs.
9. REDUCE WASTE:
Unnecessary energy usage can add hefty sums to your bills. Make a conscious effort to conserve resources like switching off lights when not in use or taking shorter showers to decrease your monthly bills.
10. RETHINK ENTERTAINMENT:
Fun doesn’t equate to high expenses. Opt for affordable alternatives such as renting a movie, attending free concerts, or plan a fun night at home to save money.
Saving isn’t always easy especially when many of us confuse needs with wants. A good approach is to identify areas that sap your budget and find innovative ways to save more.
Identify areas in your life where you’re unknowingly spending a lot. How have you managed to cut it down? Can you think of any other money-saving methods?
