Below I put together a short list of simple money saving strategies that you can implement today. It can be hard to save money especially if you are living paycheck to paycheck. Even if you make small changes it can really help out in the long-run.
Do you ever find yourself feeling like no matter what you do, you still cannot seem to save any money? It can be so frustrating to work hard every day and still not be able to make ends meet. I promise you it is not impossible to save. Most people overspend in a few key areas. When you pinpoint those areas it is a lot easier to come up with your personal money saving strategies. You have to be willing to stick with some kind of plan or follow a budget and you will be very happy to increase your savings account. Here are my top 5 money saving strategies.
Top 5 Money Saving Strategies:
1. Never spend loose change. EVER! At the end of each day, put all lose change in a jar that you do not touch otherwise. Most people find that they can save about $30 per month this way. That’s $360 a year by making one simple change in the way you spend. If you are someone who uses a debit card all the time this may not be the best money saving strategy since you never have cash, but please consider to start using cash. It can really help to prevent you from overspending each month.
2. Make enough dinner so that there are leftovers. Have the leftovers for lunch the next day. If you buy lunch outside 5 days a week at $5 a day, this is a savings of $25 a week or about $100 per month. That’s $1200 a year saved by bringing leftovers to work. You could even start by bringing lunch from home just one or two days a week. You will still be saving a decent amount of money. Yes, you will need to cook extra to ensure you have food leftover, but since you are already making it why not prepare a little more. You might be thinking that the extra cost of the food would add up, but when you figure out how much you spend when you cook at home it is significantly less than eating at a restaurant.
3. Cut out your cable and subscribe to Netflix or Hulu Plus for a fraction of the price. This can mean a savings of over $500 a year for some households. I know this is a HARD money saving strategy, but making this kind of change can be huge when it comes to the amount of money you can save each month. I seriously cringe when I pay our cable bill because it is WAY TOO much money. My husband and I have been aggressively looking into alternative options that work best for us.
4. Are you addicted to Starbucks or Dunkin Donuts specialty drinks? Well that addiction can cost you over $500 a year if you buy them just a few times a week. The great thing is, you can recreate these drinks at home with coffee, some flavored syrups and whipped cream and it will cost so much less. You do not necessarily have to give something up if you can DIY for less! Again, this is easier said then done. You do not have to cut it out completely, but if you can cut back it will definitely help out your budget.
5. Shop at thrift stores or consignment shops. You would be surprised at the bargains available on designer clothing, shoes and accessories. This can save so much money, especially for large families. Speaking of kids, make sure to save clothes that your oldest has outgrown for their younger siblings, hand me downs are big money savers. I feel bad for my youngest because he gets clothing that has been worn by my older two kids and one of their cousins. I will get him new items here and there, but he grows so fast it is not worth it to purchase all new clothes.
Most households tend to spend unnecessary money in certain similar areas. By trying some of these strategies you can easily save over $100 each year without feeling like you are sacrificing anything. Even if you choose just one or two of these money saving strategies to start with, you should see your savings grow at a steady pace.