10 Simple Tips for Saving Money
Updated: Aug 28, 2019
People generally want to experience financial freedom in their daily lives. The sad thing is, we aren't all prepared to make the sacrifices necessary to truly transform our lives. If you are willing to make these little changes however, you are one step closer to achieving all your financial dreams. Regardless of where you are financially these tips can definitely point you in the right direction. Let's get started with these 10 tips for saving money.
Tips for Saving Money
1.Always bring a grocery list to the supermarket-
Who doesn't like to try new things? I know I do, but it can get out of hand sometimes. The grocery store or supermarket always has something new every time I shop. At one point in time, I felt that it was my duty to try them out. It took a while for me to realize that I didn't sign up with any manufacturer as a beta tester. What am I getting at? Take a list with you whenever you go grocery shopping, and stick to the list. You don't need that new brand of cheese snack or that new drink. In others control what you spend and remember self-discipline is key.
2. Avoid watching too much television-
Advertisements generally have a way of telling you that you need something that you do not need. They pop every few minutes and they have really good selling points. Don't fill up your garage or basement with items that you'll probably never use. Keep the TV off sometimes! I have a theory that if you watch less television, you'll spend less and save more (ps. the same goes for online shopping- curb your spending). I challenge you to test it out for at least a week.
3.Take a break from restaurants (Eat-in!)
Now, before you convince yourself that you have no time to cook, answer these questions.
How long does it take you to get to your favorite restaurant?
How long does it take you to get your meal?
How long does it take you to get back home?
During this time, you could have created a cost-effective, healthy, home-cooked meal. I rest my case!
4. Purchase based on quality, not just the brand-
Popularity is not always a good sign of quality. Instead of buying solely based on a brand name, weigh your options. There are tons of brands out there, that are less popular, and they carry unique and quality pieces that you can match with other items in your closet or your home. You can also focus on getting items that are functional and multipurpose.
5. Avoid the trends-
The trend is not always your friend. Keeping up with the trends is time-consuming and costly. If you truly want to save more, you have to stay in your own lane. Be deliberate with your spending, and avoid purchasing the latest shoes or shirt each week, because the internet told you to.
6. Buy in bulk-
I figured out the value of buying in bulk about 4 years ago, and it was a life-changing experience for me. You probably know this already, but I'll reiterate, there is an additional markup on single items, so it costs more to purchase them over time.
For example, if a pack of bathing soap with 5 bars costs JMD $1500/11 USD, a single bar can cost $400 JMD or $3 USD. In addition to this cost, there's also the transportation cost to get to and from the supermarket each time. When you add everything up, you spend way more in the long run.
7. Carpool or take a cab on some days-
Carpooling is a great way of saving money on gas. If you have friends or family that live close by, start a carpooling clique. It will not only help you to cut down on your expenses but it will also help your friends and family out as well. Furthermore, you will have a few coins left over each time that you can add to your savings. You can also explore the option of taking a taxi on some days. It might work out as more cost effective solution.
8. Shop around for the banks that have the best investment plans-
Always endeavor to get the best return on your investments. Before you select a bank to save with, be sure to shop around and check out the plans being offered by other banks. It will help you to make an informed decision that will likely have greater returns on your investments.
Saving money is not the easiest thing to do! In fact, I believe that it is ten times easier to spend your coin than to save it. You need to remind yourself daily of why you started saving in the first place. Maybe your reason is financial freedom or starting your own business. Whatever it is, use it to help you stay on track!
10. Leave the credit card at home sometimes-
Sometimes we forget that the money on our credit cards does not belong to us. Credit card debt is a vicious cycle and it can consume every dollar you earn within seconds. If you have a growth mindset, you will understand how important it is to eliminate debts. Credit cards often confuse us that we have money to spend whenever we go out. Leave them at home some times when you head out and this will force you to stay on budget.
Try to implement as many of these tips as you can in your daily life. The road to financial freedom or financial independence is not always an easy one. Remember this, you cannot save if your expenses are constantly outweighing your income. These ten tips for saving money are sure to help you to reduce your expenses and build on your savings.
"Success is not the key to happiness. Happiness is the key to success. If you love what you're doing you are doing, you will be successful."- Albert Schweitzer