Seven Easy and Effective Money Saving Tips
Getting started is often the hardest thing to do when it comes to saving money. It may be difficult to know how to save money easily as well as how to attain your financial goals. Here are seven easy money saving tips that’ll help you create a realistic savings program.
Pay off your debt
If you’re deep in debt, eliminate it first before you think of saving. If you need convincing, you’ll be surprised to find just how much goes into servicing your debt per month. Once you’re free of debt, you can begin to save.
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Set saving goals
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One great tip to start saving is to visualize whatever you want to buy using your savings. If you need inspiration, set your saving goals and a timeline to make the process easier. Want to acquire a home within 3 years with a 20 percent deposit? Having a saving target will help you determine how much you’ll have to save every month to achieve your aim.
Take a “stayvacation”‘
While the term “stayvacation” can seem like a cool idea, there’s a solid reason behind it. Instead of spending thousands on air tickets for overseas travel, you can have a fun vacation in your own backyard or near your home. If you cannot drive to another location, find cheap air tickets in your area.
Save by spending
The truth of the matter is that utility bills normally go up over time, so act now to make your home weatherproof. Ask your utility provider for a power audit or get a whole-home energy efficiency review from a certified contractor. Weatherizing your home can include simple improvements like sealing doors and windows as well as installing new siding, new insulation or energy-efficient products and appliances. Over time, you may save thousands of dollars in utility bills.
Reduce utility costs
Lowering the thermostat of a water heater can help cut down energy costs. In addition, opting for a tankless or on-demand water heater may cut your energy costs by up to 30% compared to using a regular tank water heater.
Pack your lunch
Trying to save everyday is one obvious way to save your cash. If it costs you just $2 to have packed lunch, compared to $5 for buying lunch, opt for the former. Then in just a year, you can have savings to put into your retirement or emergency fund or to help pay your tuition.
Keep the change
It may seem ridiculous but sometimes we forget ignore the value in coins. If there are coins in your wallet or purse, you’re more than likely to spend them. Or they may get lost in your couch or car.
To prevent frivolous spending, put your extra daily change in a jar. And when the jar is full, take the money to the bank.