Trying to save money on a limited budget? It sure does sound a little impossible. But hold on there. Have you already tried some of the best tricks in the book? Think again before you give up on financial freedom and wealth. Here are 11 powerful tips on how to save more money everyday.
1. Keep an Eye on Loose Change
It sounds old-fashioned, but saving your loose change is one of the best ways on saving money. Regularly check your pocket, purse or car tray for coins. Saving the coins you find by putting them in a jar can make a lot of difference. It’s also important that you constantly look for ways to add money to your coin jar. For example, every time you withdraw money, try to put 5% of the amount into your jar savings. You’ll be surprised by how much money you’ve accumulated every month or quarter.
2. Shop EXTRA Smart
When you enter a store, it’s easy to be tempted by things with “best deal” or “on sale” written on them. Always make sure to do a comparison while shopping. Chances are there is a better deal than what you initially thought was the best. You can also save time and money by making use of available apps that automatically price-match for you. All you have to do it scan your receipt or tag and the better price will be shown to you. Put into your savings account whatever amount you save by shopping smart.
3. Begin and End with a Purpose in Mind
Ask yourself this simple but important question: why am I saving? This question can be life-changing. Bear this question in mind for each expense you make and for financial decisions like a cash loan. For example, are you saving up for an emergency fund or for that dream vacation with your partner? Beginning and ending with a purpose can make your saving efforts easier and clearer. Without a purpose, you risk losing track of your savings.
4. Make Saving Feel Natural
Making saving feel automatic and natural can be a challenge. However, it can be so much easier if you don’t have to rely on yourself all the time when transferring money to someone or to your savings account. To do this, ask your employer to divide your paycheck into a savings and a checking account. You can also create an automatic deposit system on your own to accommodate your multiple accounts and financial goals. For example, your checking account can be for your bills and quick loans payment, while your savings account can be subdivided into short-term and long-term savings.
5. Create a Budget Plan
To be a disciplined saver, you need to set a budget. At a loss on how to go about it? Start with your fixed expenses such as rent. Then, look at your other “needs” expenses such as food, clothing, and gas. Always challenge yourself to always stay within your budget. And as with all smart budgets, allocate money for emergency situations. There are also loan companies online that can help you make ends meet should your budget fall short. What’s important is you try to grow accustomed to living on a budget to reach your goals.
6. The “Savings First” Rule
Many people have the wrong notion that saving should come after everything else has been paid. Some experts, however, advise that you reconsider this strategy. If saving is not prioritized, if you only consider it as an afterthought, then you won’t be able to reach your financial goals. It is smarter to strictly allocate money for savings alongside other fixed expenses. You can also consider putting most of your paycheck into your savings account first, and then make weekly transfers to your checking account to pay for necessary expenses.
7. Say Hello to Smart Living
Smart living has come a long way to help you cut down utility costs. From preventing food from spoiling to programming your thermostat, there are a lot of smart devices on the market to help you save money while modernizing your life. For example, you can control your home temperature depending on the season by using a programmable thermostat. If it’s summer, you can lower the heat at night and allow your house to be at room temperature once you’re in the office. Investing in smart devices can help you save a lot in the long haul.
8. Know Where to Borrow Money
It’s important to know where to borrow money when in need. There are loans that you can consider to help you during tough times. Relying on your credit card is not advisable because it can be dangerously addicting. Loans can be better because you are more in control. In this connection, avoid burying yourself in debt by abstaining from using your credit card. Remember that your plan to reach your saving goals will be compromised when you are trapped in credit card debt.
9. Consider Going Meatless
A carnivorous lifestyle can be very expensive. When done excessively, it can also lead to serious health problems that require medical expenses. If you can’t commit to being a full-fledged vegetarian, try to cut back on your meat intake. You can try eating more vegetable more often. You also save a lot by nixing meat for a couple of days per week. What good is saving if you don’t get to reap the future benefits because of health reasons?
10. Prepare Your Own Meals
Eating out often can take so much from your savings. Preparing your own food at home is still the cheaper and healthier option. And honestly, once you get the hang of it, you’ll realize that you can whip up really deliciously meals on your own. If you want to treat yourself and your partner to eating out, consider having it at lunch. A lot of restaurants offer lower-priced menus for lunch and costlier meals for dinner.
11. Keep Your Head Above the Challenges
“Through thick or thin, for better or worse.” It’s not only in marriage that you should try to remain committed. Consider your savings as a vital aspect of your life. Certainly, there will be moments when you go astray. Or there will be times when you have to make financial decisions like borrowing cash from a loan company. These are perfectly fine, as long as you continue with your saving goals and keep your head above any challenge that come your way. Commit to your goals no matter the hurdles, and you will find yourself better prepared to deal with future challenges because your savings are on track.
While saving money can be tough, it should be clear that it’s far from impossible. Employ these 11 smart tips to reach your savings goal and increase your wealth. Before you realize, you’re already reaping the rewards of your effort.
