Saving money is the foundation of financial success. Saving will allow you to take advantage of certain opportunities that you were otherwise unable to take. You never know when a great opportunity will come up, and you may need some cash on hand. Recently I missed a great investment opportunity because I was unable to come up with the money. It was a terrible feeling to let such an opportunity pass by, and I never want to let it happen again. It can be difficult to put money aside when it seems that everything in today’s world cost money. Saving money doesn't have to be a painstaking process, which is why we came up with 10 simple ways to start saving money today.
Get a Piggy Bank
Although this may seem like a useless task, it is a step in the right direction to get a “money-saving” mindset. This $5, $10, maybe $20 you might be saving will give you a sense of how simple it is to begin your savings. Not only will you be saving a little spare money on the side, there is a little satisfaction you get every time you drop your change in the jar.
Budget, Budget, Budget
The importance of budgeting your expenses can’t be stressed enough. Knowing your exact spending will allow you to be able to save a little bit at the end of each month. There are many easy to use apps such as Mynt and Budget Boss that can make your budgeting easier than ever. At the end of every month I look back on what I spent, and figure out ways I can cut spending. Keep an eye out for a future post by me where I will share my budget I have been following!
Unsubscribe
It’s so easy to sign up for all of these subscription for companies that are constantly being shoved in our faces every day. From what seems like a cheap $4.99 per month, they start to add up after some time and are very easy to forget about. Check your banking statement every month just to make sure there are no forgotten subscriptions. I used a web-based service called Truebill and found I had over $50 in recurring monthly payments for products and services that I did not use! There are other services that work just as well like Trim, SubscriptMe or Bobby.
Skip the Sides
Going out to eat is one of the worst ways to throw out your extra money. On top of that, it’s difficult to not want to order appetizers, drinks, and so on at the table. If you are going to treat yourself to a meal, be mindful of what you are buying and skip the extra dinner snacks. The best thing you can do is try to avoid eating out completely, but if you do go out, stick to the basics!
Cash is King
If you are going to do some Saturday shopping, do it with cash. The process of handing someone a $20 bill will make you much more aware than mindlessly swiping a plastic card. Shopping in cash will also make it easier to budget. The next time you go out with friends, only bring $40 in your wallet and limit yourself to that amount.
Go to Bed Earlier
Going to bed just an hour earlier will decrease those late night cravings we all have. Not only will this be great for your health, but will save on your monthly grocery bill too! For the next 30 days, try and go to bed just an hour earlier and you will surely see a decrease in your monthly grocery spending.
Avoid Excess Driving
Gas adds up! Not only that, its costly to maintain your car. It costs about 55 cents per mile to operate your car! If you are going somewhere close, think about walking, or riding a bike. It's fun, and also a good way to get some exercise.
Stay in on the weekends
Going out with your friends to the movies or to a bar can get expensive! Next time you want to hang out with some friends offer cheaper alternatives, like watching a movie at home or playing board games. The main point is to hang out with the people you like, you don't need to spend money to have fun!
Learn to cook
Cooking at home is much cheaper than eating out, and with a little practice, is delicious. I have been learning how to cook recently and I am already seeing the savings in my account. I haven't quite got to the delicious part yet, but after only a couple months I am getting there!
Make it a competition!
Challenge yourself every month to save more and more. Saving will soon become a habit and you will regret you didn’t start sooner! Having a high savings rate is one of the key factors to early financial freedom!
Have some other way to save in mind? I’d love to hear it! Comment your favorite way to save below!