The Ultimate Guide of Money Saving Tips
Saving money is like giving yourself a raise. And the truth is, it’s easy to do without much of an impact on your lifestyle. Keeping track of spending, downgrading various services, and seeking out cheap car insurance can save you money – moving you closer to financial freedom. With the cost of everything going up, up, up, you’ll want and need that raise!
Water vs. Water
In this corner, we’ve got a 16 oz. bottle of spring water, ready to quench your thirst. And in this corner, we’ve got tap water, who’s thinking bottled water is pretty needless, and in another corner there’s filtered water which represents the best of both worlds.
The average person will spend over $100 a year on bottled water, so why not buy an inexpensive water filter instead, and use your own tap water. Fill a reusable water bottle and you’ve got savings in your pocket.
When we feel out of control of our lives, we are more likely to spend money on things we don’t need. Accumulating “stuff” makes it difficult to keep track of what you already have, so it’s easy to go out and purchase duplicates of tools, crafts, just about any item.
De-cluttering and making a commitment toward becoming more organized will solve some of this issue. Living a minimalist lifestyle involves abundance for the senses, not materialist abundance.
Scrutinize Big Purchases
Most people get a ‘buyer’s high’ when they make a purchase. Unfortunately, sometimes big purchases that aren’t thought out are then accompanied with regret. If you’re thinking about making a big purchase (read: one that is above your usual spending limit) follow these steps to make the right decision for you:
- Can you afford it? Think about this as objectively as possible
- Are there peripheral costs involved? (Examples of this might be additional software, tools, etc.)
- Where else could this same money go?
- Can this item be borrowed from a friend?
- Wait 24 hours before making the purchase and then re-evaluate the situation to determine if it is a want or a need.
Get Your Birthday Freebies
Companies love giving away samples, coupons, and desserts on their customer’s birthdays. You’ll find websites online that will send you free items and remember to ask at restaurants like Applebees, Dairy Queen and Dunkin Donuts for free food when the big day comes around.
Pick a Different Cell Phone Plan
Long gone are the days when cell phone plans cost hundreds of dollars. There are a variety of companies that charge a fraction of that amount (think $15, $20 a month) for the same coverage and same options.
Saving $100 a month is the same as giving yourself a $2.50 per hour raise (if you work full time). Before getting sucked into the newest and fanciest iPhone or Android phone, think about why you’re making that purchase to begin with – is it simply to be on the cutting edge or do you really need it?
Rent Out that Extra Space
Are you an empty nester? Maybe you have an extra bedroom or some space in the garage that isn’t being used. These days, space is just as valuable as location.
Consider renting that spare bedroom out to a college kid. The garage space might be particularly useful for someone who is renting elsewhere but can’t quite afford usual storage fees. You could be enjoying several hundred dollars more a month circulating through your savings.
Quit Smoking. Forever.
Smoking is insidious; it eats away at your body as well as your savings account. A pack of Marlboros costs $10 in Los Angeles. The average smoker spends nearly $200 a month on smokes.
Imagine the savings incurred by quitting. If you’re an hourly worker putting in 40 hours every week, that’s a $4.50 an hour wage hike just by quitting smoking. And that doesn’t even mention what happens to your brain, lungs, and heart when you quit.
Switch to a Programmable Thermostat
The beauty of a programmable thermostat is that heat or air conditioning doesn’t have to be running when nobody is in the house to benefit.
When you’re sleeping, away on vacation, etc. you can program the thermostat to reflect the needs of the house at the time, and then schedule a gradual warm up or cool down for your family’s return. It’s a great way to save energy and money.
If you’re ready to start saving money and living life more simply, employ these money savings tips to put yourself back into the financial driver’s seat.
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