Sometimes, saving money can feel impossible. Nearly 80 percent of us live paycheck to paycheck, and that’s a typical month when all we have to worry about is rent or our mortgage, food, other household bills and essentials. On the months when there’s an unexpected expense, like a significant car repair or something wrong at home, we can feel lost. Most of us get into debt just to cover unavoidable costs.
This can leave very little left over to save, or to live the life of your dreams, traveling the world and enjoying great new experiences. But, saving a little doesn’t have to be difficult. Let’s take a look at some of the easiest ways to save.
The very best way to save is to buy less. It’s easy, there’s nothing complicated about it, and it’s even good for the environment. Set yourself a challenge to only spend a fixed amount each week or to spend as little as possible for a month. Use this time to get into good habits like taking a packed lunch to work and walking instead of paying for parking or public transport. Even if you think you already spend very little, you’ll probably find that there are ways to spend less each day if you really challenge yourself.
When you do have to buy something, don’t just go out and do it. First, take the time to look for ways to get it cheaper. Look at coupon sites, shop around for more affordable prices or deals, and try to find cheaper alternatives. Give every purchase some thought, and you could save a lot.
Cut Household Costs
Many of us are guilty of sticking with suppliers and providers because it’s easy. But, this can mean that you are paying a lot more than you need to. Look into switching to see if you could save. Check your gas, electric and water providers, as well as other essentials like your internet and cell phone service. You could even save, or earn, by switching to a new bank account or moving your debts to a balance transfer card.
Once you’ve switched, don’t make the same mistake again. Free up a morning or two every 12 months to check that you are still getting the best deals.
Use an App
Apps are a great way to save without ever having to think about it. Some apps, will assess your finances and automatically save amounts that they know you can afford to do without, at the right times. Others, round up purchases and save the extra. So if you pay ¢4.95 for something, they’ll save that last 5 cents to make it a $5 spend. These small amounts don’t seem a lot, but it will all add up in time.
Get Financially Organized
A shocking number of us haven’t got a clue what is going on in our bank accounts. We don’t know what we spend, we don’t even know what we earn, and we don’t know how much we could afford to save. Get financially organized with spreadsheets and by spending some time studying your accounts. Get into the habit of checking your statements, and understanding your money.
Love & Peace