10 Ways to Save More Money. If saving was a song, then we would all know
the lyrics to it, because let’s face it, who doesn’t want to save money?
By now, you have probably learned the most basic ways to save money.
Create a budget and stick to it, save at least 10% of your income, open a savings account,
plan for retirement early, having a savings goal, and pay off your debt and so on are
some common tips on saving money.
However, these methods although great may prove unsatisfactory.
Saving more money can be achieved by carefully observing our habits and identifying places
we can cut back on.
All ways remember that pennies add up, and you will be surprised just how much more you
will have in your savings account at the end of every month if you simply saved those few
dollars you think are miscellaneous.
Also, making small financial tradeoffs will help you reach your savings goals faster.
Whatever your savings goal or income maybe, saving money will always be beneficial in
the long run.
In this video, we are going to discuss ten more ways which you can use to save money.
1.
Carry Lunch from Home The average American spends between $7 and
$10 to eat out.
This is an average of $8.5 every day, which amounts to $3102.5 per year.
That’s more than $3000, especially if you spend more on eating out.
According to CNBC, you spend an average of $6.30 when you bring your lunch from home,
which is almost half your usual spending rate.
Unfortunately, cooking does not sit well with a majority of Americans, with almost 90% of
Americans professing that they prefer eating out.
Here are the hard facts; eating out only during lunch is costing you more than $3000 annually.
If you choose to add the average amount of money you spend eating takeout during dinner,
well, the amount will probably double or triple.
It’s not easy to carry food from home because let’s face it.
Why should you seat at your desk and eat a sandwich when you can hit the food truck outside
with your co-workers right?
However, if you cannot afford these expensive habits, take time and plan to cook at home.
Take a cooking class if you have no idea and smile all the way to the bank at the end of
the year.
2.
Cook at Home Having discussed the previous tip, it makes
sense to start cooking at home altogether.
Eating out is costing you more than it should.
Do your grocery shopping at the beginning of the week and make a comprehensive plan
for everything you plan to eat during the week to prevent food wastage.
Studies show that Millennials spend more than $3000 eating out annually while Generation
X spend up to $4000 on eating out.
Make an elaborate plan to learn how to cook and keep your meals interesting.
More importantly, be disciplined and avoid getting lured into eating out with your friends.
We know it’s hard but with self-discipline and commitment, you will get there.
However, cooking at home does not mean that you cannot treat yourself once in a while.
Apply the principle of paying yourself first by planning your night outs.
This will ensure that you spend within your budget while still saving more money.
3.
Skip the Latte A daily cup of coffee or latte is perhaps
one of the most common purchases people make, but over time, your “pick-me-up coffee”
will cost you.
A latte will go for as little as $2.
If you take one cup for five days of the week, assuming that you work for 250 days during
the year, then that amounts to $500.
What else can you do with $500?
Sometimes, you may take more than one cup, or even have another in the evening just before
you get home.
Take control of these small purchases, whether it is coffee or soda.
Buy your coffee, and brew it at home.
If you are not sure how to brew coffee, ask for help or find an online tutorial.
4.
Save Money on Grocery Shopping A lot of people make simple mistakes during
monthly grocery shopping that cost them fortunes.
To save money during grocery shopping, first, ensure that you go on a full stomach.
Yes, being full will prevent you from adding unnecessary snacks to your shopping cart,
which will save you money and keep you unhealthy at the same time.
Purchase wholesale items for non-perishable items.
Perishable products can be bought weekly to avoid food wastage, but non-perishables are
easier to stock up and are also cheaper in wholesale.
Mark Cuban, the billionaire famously said "It's so hard to make a return on regular
investments that … you're better off buying two years' worth of toothpaste when it's on
50% discount," he says.
"There's an immediate return on your money.”
Also, avoid picking expensive brands because they will cost you more.
Generic items work just as well as branded items, and there is no need for you to be
over the top with your shopping.
Lastly, try and visit the farmers market instead of buying vegetables at the supermarket.
The vegetables and fruits at the farmers’ market will be fresh and less costly.
You get to save money and still enjoy fresh food all week.
5.
Review your Cell Phone Plan You need your cell phone to conduct business
and ditching it may not be a sustainable idea.
Instead, review your current cell phone plan.
Are you using all the data and talk time at your disposal, or are you merely paying more
for no reason?
There is always a cell phone plan on offer, with better rates, more data and an overall
better cell phone service package.
Be on the lookout for offers and free services to save on cash.
Cancel your current subscription if it does not offer value for money.
When you qualify for a free phone upgrade, your contract is probably about to expire.
Take that moment to review the options and find a less costly cell phone plan.
6.
Hold Back on the Credit Cards One of the best ways to save money is by avoiding
debt.
Your credit cards are one of the easiest ways to fall into debt, and as we all know, debt
comes with interest.
That interest is costing you precious money that you can save and invest in generating
interest.
You can also use balance transfer credit cards, which offer 0% or low APR on the balance that
is moved over but for a limited introductory period.
However, be careful before executing this plan because most credit card companies now
charge a fee on balance transfer.
Hold back on using your credit cards by using them only for emergencies.
Pay off your debt as soon as possible to cut down on the interest payable.
However, if you cannot pay off the full amount, always pay more than the minimum on time to
reduce the interest and avoid penalties.
Also, please avoid picking more credit cards no matter how lucrative the offer may be.
If you have credit cards that you are not using, then cancel them and only stick with
the necessities.
7.
Stay Healthy Staying healthy is an excellent way to save
more money.
As long as you are healthy, then you are spending less on hospital visits and medication.
New medical regulations require that you have medical insurance.
Ensure that you go for annual checkups and receive treatment for illnesses before they
progress.
Avoid spending more on medication to avoid expensive insurance bills.
Thanks to a thriving online community, staying healthy has never been easier.
Carry out extensive research on consuming healthier meals and also joining members of
your community for joint workout sessions.
Staying healthy also means avoiding drinking and smoking.
Those drinks you enjoy with the boys every night and the pack of cigarettes you smoke
every other day cost money.
Why not do away with smoking and drinking altogether, stay healthy and save money?
It does not matter where you live, find some jogging shoes today and go for a run and necessary
stretches in the morning.
By working out consistently, you get to stay healthy, feel good and still save your money.
8.
Use Coupons It may seem trivial but coupons are one of
the best ways to save more money consistently.
Be on the lookout for coupons, whether on newspapers or online.
Most stores have online coupons nowadays.
Postpone shopping from a specific store until you can find coupons to cut down on the cost.
You can also sign up for newsletters and constantly check your mail for coupons that you can use
in your favorite stores and restaurants.
9.
Cut-out Cable We live in a Netflix and Hulu generation.
Why pay for cable when you can stream at the comfort of your home?
Why pay more for entertainment and still pay for an internet plan?
Cut out your cable subscription and utilize your internet plan fully.
Subscribe for cheaper options such as Netflix or Hulu and stream your movies, or you can
get your entertainment right here on YouTube for free.
10.
Find Cheaper Entertainment Options Spend less on entertainment by taking advantage
of free entertainment around you.
Attend free community based concerts instead of spending thousands on tickets.
Alternatively, try making a list of activities you can do during the weekend with your friends,
such as board games to avoid going out.
Also, take advantage of parks and nature trails which are cheaper than going to the theater.
Lastly, wait until ticket prices on new movies have gone down to avoid paying exorbitant
prices.
By applying some or all the tips above, you will end up saving more money.
Thanks for watching.
Please like, share and subscribe.
And as always, I will see you in the next one.