Making use of money-saving strategies can make it easier do things like buying a house, go on vacation, or retire comfortably. Reaching the point where you save money every month, however, may require planning and discipline. This is especially true if you and your family grew accustomed to a specific lifestyle and if you are in the habit of wasting a little money every now and then.
When embarking on a money-saving journey, it is important to have goals and to work deliberately towards achieving defined results. This will help you save in a structured manner and grow your savings account every month. Let’s take a look at 6 ways to save more money every month.
Draw up a Budget
When you draw up a budget, you create a plan that you use as a blueprint for saving and spending money. This is one of the first steps you should take when you want to start saving money. A budget gives structure to your finances and forces you to prioritize your expenses. It also enables you to work mindfully with your money. Furthermore, a budget ensures that you always have money for the things that you need while saving.
Emergency savings are very important. When you draw up a budget, you have to make provisions for unforeseeable expenses as well. As a way to keep your finances on track, budgeting can be a valuable tool. There are thousands of budgeting templates and tools available online that you can use to make this part of your saving strategy as quick and effortless as possible.
Make Your Food at Home
By preparing you and your family’s food at home, you’ll be able to save a lot of money. Stopping at Starbucks every day for a coffee and sandwich can amount to a ton of money per year. It may be better to invest in thermal coffee mugs. Eating out and buying takeaways can also have a negative influence on your saving efforts. By simply planning your grocery shopping and preparing everything your family eats at home, you will be able to save a significant amount of money.
Get a Grip on Your Impulse Buying
Impulse buying can be detrimental to any savings account. If you are a compulsive buyer, there are some things that you can do to stop buying on impulse. Firstly, give yourself a 24-hour cool-down period before checking out your cart or returning to the store to complete your purchase. Promise yourself that you will come back after a day to buy the item. This will make it easier for you to walk away from the transaction.
If, after the 24-hour cool-down period you still objectively feel that you need this item in your life, go ahead and check out or complete your purchase. After a day’s consideration, chances are that you won’t be feeling the need to buy the item in any case. Another thing that you can do is to leave your card at home and only take a limited amount of cash for the groceries you planned on buying.
Get Alternative Transport
Do you ever get into your car to drive down the street? Fuel, toll fees, and things like tires can cost a lot of money. Buy walking, riding a bicycle, or making use of public transport, you will save a lot in terms of automotive costs. Walking, even if it’s just to the nearest bus stop, or riding your bicycle to nearby places is also a good form of exercise.
Cancel all Unused Subscriptions
Make a list of every single subscription that you are paying money for every month. If you can’t remember all of them, get your banking statements in front of you and look at all your payments. This includes every e-reader magazine subscription, blog hosting fee that you never got around to use, and book club membership fee that is not a source of explicit value to you.
If you are paying for a gym membership and you only go once in a while, cancel it. In fact, even if you are a gym rat, it may save you money to buy home exercise equipment rather than paying a membership fee every month.
Cable and satellite tv subscriptions are also a waste of money. By canceling these subscriptions and making use of on-demand streaming services, you will get the same entertainment value, but at a much lower monthly cost.
Having luxuries is always nice, but if saving is a priority to you, consider downsizing. If you and your partner don’t have kids, for example, it may be worth it to move to a smaller place and save on rent. An economic and reliable car that is fuel efficient may also be a better alternative than luxury models if saving money is your main goal.