You may not realize it at first, but saving money is a survival skill. The unpredictability of our daily lives requires us to save up for situations when cash is of dire need. Of course, apart from survival, we can also save up for a cozy house, a vacation, buy someone a great gift, or invest for a better future.
However, a lot of people are having a hard time saving up so we’ve listed 15 simple ways to save money realistically.
Make a budget for everything you spend on a daily, weekly, monthly, and/or even a yearly basis. Start stating an amount to yourself and make it a rule to not spend more than that amount every day. If you want it to be more flexible, you can set a budget for the month instead. List your expenses down in a notebook where you can keep tabs on everything you spend on. Make sure that your list includes monthly bills, food or essentials (groceries), and extra cash as an emergency fund which can be turned into savings if not spent.
Let’s place a scenario where you want to buy a $100 item. To make the purchase, strategize how you can save that amount for a certain period of time. For example, you can save $1 everyday for 100 days.
It is important to make this a habit on a regular basis. Set an amount every start of the week and work your way to larger savings after getting used to it.
Never stop looking for better alternatives of the products or services you frequently use. Learn how to compare prices and even if it is only a $1 difference between the brands, it can make a huge difference when added up.
Look for ways to cut your spending. Do you have online subscriptions or memberships you rarely use? Avoid purchases in the grocery that aren’t as needed, such as, milk cartons or bread that are always left untouched and expired. Adjust to a new spending list where you won’t be wasting food or unnecessary spending.
Avoid letting your debts pile up as this will only cause you more stress in the long run. This is specifically true to credit cards with interests. Use cash you have on hand as much as possible and don’t go over your spending limit.
By limiting energy or electricity you use at home, you can cut down a relatively decent amount from your monthly bill. Change your light bulbs to LED energy-efficient lightings or dimmer lights. Take quick or brisk showers or save water in general. If you have enough money, you can also change your appliances to those that are more energy-efficient. You can research about it yourself or ask for assistance from the appliance store’s customer service.
This is especially helpful to people who are too busy to cook or students who live in dormitories. Having a general idea of what you will be eating for the day will help you set a budget which you should try not to surpass.
If you’re having a hard time creating a budget plan, track your expenses first and work your way from there. List down everything that you have bought and every cent you spent. With the list, try to cut down your spending after assessing which of your daily expenses are unnecessary.
Much of our expenses are caused by our excessive spending on impulsive purchases of items we do not need. In most cases, they are even more expensive than our daily expenses combined. To avoid this, follow a 7-day or a 30-day rule. Don’t buy something just for wanting it at first sight. Allow yourself some time to reflect and think whether this item is truly needed. After a week or a month, if you still think that you want or need the item, then go ahead and buy it.
Every cent matters and that’s why you should have at least one coin bank at your home. Whenever there are spare coins in your pockets that you found at the laundry basket or a bunch of coins under your bed,save them up little by little. You’ll be surprised by how much you earn in just a month!
Learn how to make DIYs to prevent buying from malls or outlet stores. Whether that’s a DIY calendar, a DIY recycled notebook, or a DIY cabinet, you can save up to 50% in contrast to buying the branded furniture or item serving the same purpose as the one you made.
Apart from the fact that cleaning can be therapeutic, you can also sell some of your unused items for a bit of extra money.
While some things may be too expensive, they may be of better quality than their cheaper alternatives. Before buying a product, especially gadgets, appliances, or electronics, research about the quality of the brand first. Look up reviews from people who bought the same item from online shopping platforms like Amazon or eBay.
Most malls have sale days and they can get as low as 70% off on special occasions. So if you see an item you’re interested in but want to save up, try waiting for a sale instead of buying it on the spot.
Saving up money requires an immense amount of patience. Have patience in saving up for the new phone you’ve been waiting for instead of swiping your credit card again. Have patience in waiting for the next sale day. Have patience and commit yourself to goals you have set. You’ll be surprised by how much you’ve saved upon looking back at your old spending habits.
And lastly, always work around an inspiration, such as a better future. This can motivate you in changing your behaviors and can help you save money tirelessly