Everyone want to save money. Whether you are on a tight budget
or not, saving money is beneficial to your financials and future. Saving on
expenses each month can help alleviate financial stress or provide you with an opportunity
to put money into your savings account.
Join us as we look at three ways to cut everyday costs, as
well as other practical ways to save money, regardless of your budget.
3 Ways to Cut Everyday Costs in Your Life
If you look at your budget from a monthly perspective, then
it’s hard to see the everyday purchases you’re making. Instead, consider taking
it one day at a time. Here are three ways to cut everyday costs and save on any
budget:
1. Make Changes Around the House
From unplugging high energy appliances, to changing out high
energy light bulbs, or investing in proper home insulation, you can save
hundreds each year by making small changes. Unplugging items such as coffee
pots, electronics, and microwaves when you’re not using them, can lower your
electric bill.
2. Swap Brands
Buying store brand can save you a ton of money each month on
groceries and household products. In many cases, the store brands are actually
the exact same products. You can also save money by shopping and buying sale
items over non-sale items.
3. Eliminate the Extras
Extras expenses are things such as monthly tv or music subscription, buying coffee every day, and other extras. For an example, if you have Netflix and so does a family member or roommate ask to split one plan as opposed to both of you paying for two plans. You can also eliminate a large expensive cable bill and switch to Amazon Prime, Hulu, or Netflix.
5 Money Saving Tips to Grow Your Savings Potential
1. Have a Plan
There’s a saying, “If
you fail to plan, then you plan to fail”. There is a truth to this when it
comes to finances. Set up a budget and stick to it; make a plan for your
finances, savings, and spending. Make a grocery list before going shopping, and
use coupons if you can for more savings.
It is important to be in control of your money and make sure
that you are aware of all of your expenses. By having a budget you can have a
realistic plan in order to save money.
2. Assess Your Debt
In the same way having a finance plan is important, it is also
vital to asset your debt. If you have credit cards with high interest rates, it
may be financially beneficial to apply for a debt consolidation loan with a
much lower interest rate. This will save you money on interest in the long run.
The same goes for credit repair companies, which can help you
get better interest rates by helping you get your credit score back where it
needs to be. If you’re interesting in companies like Sky Blue Credit,
definitely check them out to see what they can do to help
your long-term financial future.
3. Use the 24 Hour Rule
The 24 hour rule is used when you want to purchase expensive
or impulse items. You may be surprised at what you may not end up buying after
waiting for twenty-four hours. It gives you time to see if you really want
something, or if it’s just an impulse buy.
This will also help you decide if you really need the latest tech,
or if it can wait until a sale later on.
4. Unsubscribe
We all subscribe to email lists. Most of the time these
subscription are for our favorite places to shop and they are filled with sales
and clever marketing. However, by unsubscribing to these emails you eliminate
the temptation. If you never knew about the Macy’s sale then you were never
tempted to impulse spend.
The same goes for services like cable TV, or streaming
services like Netflix. You can save a lot of money by minimizing the services
you subscribe to. For example, you may not need Netflix and Hulu if you
primarily use one or the other.
5. Deals and Coupons
Coupons are becoming easier to use with the increase of
digital coupons. I guarantee that you will be surprised will how much you save
if you try shopping with coupons. Another great way to save money is by taking
advantage of deal sites such as, Groupon or LivingSocial.
These deal sites usually have deals for just about everything,
from oil changes for your car, to hotel deals, to dinner and movie tickets.
There are many ways to save money, and you can realistically
save money on any budget by making a few changes. From small changes to large
one, they all add up to more money in your pocket or savings account.
Final Thoughts
Saving money isn’t easy, especially when your budget is tight.
Even so, you can cut costs and save money at the same time with these tactics.
How do you save money in your budget? Let us know in the comments!
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