Financial advisers are always coming up with “easy” ways you can save big money – by making massive lifestyle alterations. Some of this advice is great and sound, but it neglects the power of the small change.
Small changes all throughout your financial life can still have an utterly massive impact on the success of your finances. The small change philosophy is one that will be represented throughout this entire article, the little things that will add up over time.
Let’s explore the differences you could be making, and show you how actually easy they are to make.
If you have the option to transfer your high interest credit card debt to a low interest balance transfer with a low interest rate, do it. Why waste money paying creditors interest rates that you don’t have to.
This not only saves you money, it helps you get out of debt faster, a change any one in debt will assure you is quite massive.
Cut back on bad habits like smoking and drinking
Smoking is not only bad for your lungs, it’s terrible for your wallet. Stop smoking, stop drinking. If you’re adamantly against stopping, try cutting back – your bank account will thank you.
Don’t spend $2 coins
If you simply start saving every $2 coin that you come into contact with, do you realize how quickly your savings would add up? Put a little piggy bank in the corner of your room and place every coin you get in there, watch your savings add up – and then have the fun of counting it.
Don’t buy new music or go to a movie for a year
You probably have amassed quite the music collection over the years, why let it go to waste by constantly adding and never re-using? Stop spending on new entertainment and take some time to enjoy the entertainment you have.
Find one thing in your house every day that you don’t need, for a year
Do you realize how much clutter we all amass? Try to move, you’ll figure it out fast enough. Take the challenge, and for a whole year get rid of one thing every single day. You’ll declutter your space, and you may just save your pocketbook by ridding yourself of hobbies you weren’t using anyway.
Implement one new saving strategy
Find a strategy you like, and implement it in your life. If you did this once a month, in a year you’d have picked up 12 excellent ways to save money, just by making one small change a month.
Forget brand names
Brand names count on brand loyalty, and once brand loyalty is built up the value of the brand goes up too – and the cost along with it. Try this simple rule: skip the brand name items.
Not everything has to be purchased out of brand, but by switching a few small things, you’ll save a few dollars immediately – and who knows how much over the long term.
Skip the daily coffee
Coffee adds up. At an average cost of $3.50 per coffee, and an average purchase of 2-3 per day, the cost of coffee can really add up fast. Try buying your own coffee machine, and see if it doesn’t just go ahead and save you hundreds of dollars immediately.
Stop ‘browser browsing’
It used to be that people would have to avoid window shopping if they really wanted to save, but now it’s a lot worse – people need to stop browsing online stores. The more we see something, the more likely we are to purchase it, so don’t waste your money just because you wanted to look at something you thought you might want.
Change doesn’t have to be massive to make a big difference. Small changes to your lifestyle make big differences too, just try a few of the ones we’ve talked about above and see!