Everybody wants to save money! But how would you feel if you could save money on everyday expenses? Here are 10 ways to do just that!
Start With Debt Elimination
If you have debt, that should be the first place you start to try to save money. All of the money you spend on interest rates can really add up. If you finish paying for debt and its interest, then you will be able to use that money for savings. The more money you have to save, the better!
Set Goals for Your Savings
Setting goals for your savings is a good idea. If you can see it, you can make it happen! Looking at what you want to obtain (such as a house) and then deciding how much you want to save will set you up for success for the future. Once you have those goals set, you will be able to know how much you can afford for your long term goals.
Put Money in Your Savings
When you get paid, set up your accounts so that a percentage will go to your checking account and a percentage will go to your savings account. This will make saving easy because you will be literally saving money without having to lift a finger. Save smarter, not harder!
Quit Smoking
Smoking is not the easiest habit to quit, but it will save you money if you stop. If you smoke a lot of packs of cigarettes, then you spend a lot of money buying them. Kicking this habit is not only good for your pocketbook but is also good for your health.
Take a Staycation
Going on a vacation can cost quite a pretty penny. The plane tickets, the hotel lodgings, and the activities you do while away all add up. If you can, plan a staycation and save your money. You can do fun things in your own city and save money on transportation and lodging in the process. Having fun and saving money? That is the stuff dreams are made of.
Spend Extra Money To Save Money
Utilities are a necessity of life. You probably won’t get to save on them in the short term, but there are some long term things you can do that will give you savings in the future. You can invest in energy efficient things such as new windows or installing new insulation. These might cost you money now, but they will help you save later.
Save on Your Utilities
You can save on utilities by doing little things. You can lower the thermostat on your water heater by 10 degrees to money. You can also install a tankless water heater which can give you savings from the traditional one.
Bring Your Lunch
It is cheaper to bring your lunch to work than to buy it. If you opt to bring your lunch everyday, you can have savings for the year to go towards something else. This easy step of not buying your meals is one that you can do to save money.
Read More: Should You Save Money or Pay off Debt First?
Create an Interest-Bearing Account
Savings accounts can help you gain interest on your money. It is important to keep your checking and savings accounts separate. You also can invest in some longer term options like a certificate of deposit or a money market account.
Read More: 20 Tips for Early Retirement
Annualize Your Spending
Looking at your spending habits in an annualized way is a great way to save money. If you spend money on little things each week, such as buying a soda from a vending machine, then the dollars really add up. Doing the math of what you spend on those little things will help you know where you stand and potentially help you save.
Read More: Are High-Yield Savings Accounts Worth it?
