If you’re trying to save some cash for a rainy day, or so that you have a little nest-egg for the future, you’ll may need to make some changes to your daily sending habits.
There are some small changes you can make and little things that you should avoid in order to help you to be more economical in your day-to-day life. This guide will help you to identify those things and provide you with an insight into the best way to save money!
- Saving money doesn’t have to be difficult – you can save money whilst shopping, travelling and eating without having to change too much at all!
- The personal saving rate in the United States amounted to 13.7 percent at the end of 2020.
- Some easy ways to save money whilst shopping include being wary that a sale sign doesn’t always mean you will be making a saving, and browsing less!
- If you cook more and meal prep instead of getting takeout, you will save huge amounts of money very quickly.
Don’t Be Fooled By That Big Red “Sales” Sign!
Although we are all often drawn to that big red “sales” sign in the shop window, sometimes we’re guilty of buying things we don’t actually need. Particularly around the holidays, we can quickly get carried away with the great deals offered in online sales, explaining why 33% of Americans are anticipating entering debt this Christmas (2021).
Sometimes, stores offering sales and huge reductions aren’t, in fact, truly offering a much lower price-point as they would have you believe.
Therefore, if you are in the market for a new pair of shoes and fancy hitting up those sales racks, make sure you don’t buy them without doing your research – they may be available elsewhere for a better price!
Don’t let yourself break the bank just because it is Black Friday or Cyber Monday!
Everyone has their overspending weaknesses to tackle. But for many, purchasing unnecessary clothes, shoes, or handbags is a significant challenge!
If you are someone who often can’t resist when you walk past a storefront with newly released sneakers or a bag, avoid walking past the stores that are the most tempting. One of the biggest mistakes fashion-lovers make is going in just to browse!
You may find the brand new collection for a great price, or see a sales rack, or even the dress you wanted is back in stock. Going in just to browse is never a good idea when you’re trying to save money.
If there is an item that you want to buy, put money aside and buy it purposefully. This way, you’ve made the conscious decision to spend your money, rather than being drawn in at the store.
Food and Alcohol
If you’re an average American, we can probably make two more assumptions:
- You eat out more than you ought to, and
- Those meals away from home are significantly more expensive than ones you could make at home.
There are quite a few very good, very valid reasons why you might prefer to have a trained stranger cook dinner for you tonight. You may be tired. You may not like cooking. You may be very bad at cooking. You may like cooking and be good at it, but hate grocery shopping.
If you dine out or stop at fast food restaurants regularly, don’t feel bad. As noted, Americans have been forsaking the kitchen for the local chain restaurant with increasing regularity. You’re not alone.
However, saving money can start with doing as little as reducing the number of takeouts from one per week to one per fortnight. It is usually far more cost-effective to buy a few ingredients and have a home-cooked meal rather than ordering takeout.
It may surprise you to hear that recycling foundations report that almost 75% of the food that households throw away is still edible.
If you’re trying to save money, or be less wasteful in general, make a conscious effort to use what you buy. If you manage to plan ahead and eat all of the food you purchase in your weekly shop, you’ll save a heap. Plus, if you make extra, you can always pack it in a tupperware and eat it for lunch the next day!
A quick tip to remember is you should not eat food after its’ use by’ date, but it is safe to eat food after a ‘best before’ date. See our other tips on saving money around the house.
Drink Less Alcohol
Alcohol is expensive, and reducing your drinking could save you a surprising amount of money.
If you frequently drink at home or any kind of premises cutting down could release a large pot of money to be put towards other expenses. If you go to the bar once a week and spend an average of $30, that’s $1560 per year.
Better yet, you’ll gain substantial health benefits!
Travel costs are somewhat unavoidable when getting around your city, state or nationwide. However, you can adjust your travel habits and find more economical ways to get around.
For instance, in New York, a monthly Metro pass costs $121, but if you’re moving a walkable distance everyday, you could be making great savings. You could also consider cycling or purchasing an electric scooter. While the initial cost for these may seem high, you will save money in the long-run.