Saving while you live
While saving can mean sacrifice, it doesn’t have to. Just because you’re not looking to make any big lifestyle changes does not mean you can’t do anything about your spending and expenses.
Just knowing what it is that you’re spending, and what you’re spending it on, can go leaps and bounds towards helping you see where the savings could come in. Create a budget that tracks your expenses and your spending, and consider alterations you could make from there.
2. Always save, even just a little bit.
Saving is a great habit to develop, even if it starts slow. Start by putting away 10% of your salary every time you get paid, and watch the savings add up.
3. Expect the unexpected
Be aware that emergencies do happen, and they will indeed happen to you. Put away money every month into an emergency fund, to ensure that you’re not caught unaware by an hours cut, or a job loss. Experts tend to land on around 3-6 months of your salary being put away at any given time.
4. Organize the house, and keep it that way
Organizing your house makes you feel better, and while that’s valuable, it’s not the reason that organization saves you money. The hidden secret of financial success? Knowing what’s already in your cupboard so you don’t double buy it. Or having all your hobbies out in one place, so you know you don’t need another.
5. Reuse and recycle
This doesn’t just mean recycling things when you’re ready to throw them out, but also re-purposing unused things around the house. This is a great way to save money, avoiding spending on things that you don’t need.
This can doubly go for reusing lunch containers, saving on packaging is a little cost that really adds up.
6. Shop all year round
If you know you’re going to buy a Christmas present for your Uncle Dave, why not keep it in mind when you see the perfect thing for him in July? You can save a lot of holiday money just by shopping off season items year round. Added bonus? Less holiday timing stress.
7. Shopping alone (or without the children)
Don’t bring your kids shopping with you. If avoiding impulse buying on your own is hard, avoiding it with kids there is almost impossible. Children always have to bring home SOMETHING from the store, so don’t bring them with you if you want to save cash.
8. Use coupons and discounts
Every time you decide to go shopping, look for a way to save money with it. Do you have a coupon? What about a company discount, or daily discount? Always maximize your savings and bank it if you’re feeling extra ambitious.
9. Renegotiate interest rates
Do you know the easiest way to get a lower interest rate on a debt repayment? Call and ask. Not every one will say yes, but if they do just think of the savings every single month – all for asking.
10. Compare insurance rates before locking in
NEVER buy auto insurance without comparing several different companies and plans. Every bit of savings on such a regular monthly expense can add up to huge savings.