6 Tips to Save More Money
Do not save what is left after spending, but spend what is left after saving – Warren Buffet
Saving money is something that can benefit everyone. But it is easier for some more so than others. Below are some saving money ideas that almost anyone can implement into their lives today.
Create a budget
Look at how much you make and compare it to how much you spend. This will give you an idea of what kind of saving goals are feasible, and where you can make changes in your daily spending habits.
Don’t go out for dinner
We are an incredibly lucky society where we have the option to go out and have whatever our hearts desire made for us. But there is a cost associated with that. Cutting back on the number of times you go out for a meal during the month can have a great impact on putting extra money away. A meal at a restaurant for two people can sometimes equal the cost of half the week’s groceries!
Buy in bulk
Buying items in bulk that you will continue to use in the long run is a great way to save money over the long run. Items such as cleaning supplies, toilet paper, paper towel, bags, etc. can be bought in bulk. This helps lower the cost per unit, and makes these items much cheaper than their counter parts in the grocery store.
Clean with vinegar and baking soda
These two items are fantastic cleaners, and are much cheaper than name brand cleaners. They are also much healthier for you as they do not give off the same kinds of fumes that other cleaners can give off. Together, they work pretty good to get the grit off different surfaces such as a sink, flat stove stop, shower wall etc. You can also get cleaning grade vinegar in a spray bottle so it is easier to use. Side note: Vinegar is amazing when washing dishes in the dishwasher. Just splash a little in, and between that and your soap packet, your dishes will come out clean and shiny #winning.
Open a savings account!
Not everyone has a savings account, but they are important. This will be the place where your extra cash will go each time you forgo the dinner or drinks on a weekend. The point is, you need a place to put it, and a savings account will remind you first off, that its savings, and depending on what kind you choose, it might also make it less easy for you to spend the money. Which will help you stick to your savings goal.
Chequing accounts are generally used for day-to-day activities, and savings accounts should be looked at as a longer term account, therefore just having one will hopefully change the way you think about your money.
Check if your Bank is really working for you
We put our hard earned money into the bank to keep it safe. But if you are constantly getting hit with banking fees, then what is the point! Check your past transactions in each of your accounts to see if you have been paying any banking fees. Once you know what fees you have been paying, you can look into why you are paying them. For instance, some banks require you have a minimum amount in your chequing account (can be anything from $500 – $2000). Each time you have less than the required amount in the account, they will charge you a fee. Another area to check is if you have overdraft coverage, and if you actually need it. Some banks charge overdraft protection each month and you might not actually need it, so you could just be giving $5 away for nothing each month! If you do need it, then it is valuable to have.
Saving money is all about choices. Each time you make a decision to buy something, or further a habit, you are affecting your ability to save money. The best way to start saving money is to have a savings goal, but eventually saving money should become a way of life.
Saving money doesn’t necessarily mean your quality of life has to change. It just means that you are in control of what you actually want or need, and how you are choosing to get there, whether it be a paying for a vacation, a new vehicle or a college fund.
I hope you can incorporate these tips into your life, if you have no done so already. I have found these work pretty well, although I am aware everyone’s lives are different, and how we choose to prioritize spending money is different.
Let me know what has worked for you regarding saving money!