Simple Ways to Start Saving
Some think saving is a tough task and in some cases that may be true, but it’s not an impossible task. In fact, we’re going to give you some easy ways to start saving, increase the money going into your bank account, and decrease the amount going out.
Spend more money at the grocery store
Wait. Spend more money? Yes, you read that right. Increasing amounts of people spend their money at restaurants, fast food chains, and bars. Bloomberg Markets notes, “Sales at restaurants and bars overtook spending at grocery stores in March for the first time ever.” It’s always easier to pay someone else to prepare and cook your food, but it’s also not the most effective way to save money. How much money have you spent on food not purchased at the grocery store? Make a grocery list every time you’re ready to restock your kitchen and stick to it. Plan out meals ahead of time for the week or start doing meal prep. Preparing your meals ahead of time isn’t useful solely for gym-goers and fitness gurus – you can do it to save yourself time and money.
Start using automatic transfer
Setting up automatic transfers to a savings account can get you in the habit of spending less money every month. You can increase the amount you transfer every few months or more frequently if you’ve been frugal and want to save more in a shorter amount of time. This is an easy tip because it requires almost no effort on your part. You have to set it up, which takes a couple of minutes, and then simply start saving. You’ll know you can’t spend that $50 at the store because you’ll need it for your automatic transfer to your savings. Remember to start small and don’t deprive yourself.
Break up with cable
*Gasp* How can we say something so horrific? To be honest, it’s becoming an unnecessary expense with the rise of Netflix and similar streaming platforms. Think about how often you find yourself sitting down to watch T.V. or a movie. Most people stick to less expensive platforms to catch up on their favorite shows and watch movies. Who wants to pay hundreds of dollars for cable when you can pay $8 a month for thousands of streamable shows and movies on your own schedule?
Become your own barista
We always seem to be engaging in coffee talk when we discuss saving money. Why is that? Because you can make your own coffee at home instead of paying $5 for someone else to do it and put it in a fancy paper cup. One cup of coffee a week will total over $250 in one year. That money is begging to be put in your savings account.
Remember what you want
It’s important to keep your goals in mind and remember why you’re trying to save in the first place. How badly do you want to get out of debt and bolster your savings? How eager are you to save for your retirement? Ask yourself these questions and remember what you want and how long it’s going to take you to get it. Saving money is not a speedy process; you’re going to have to be patient.
Simple Savings FAQs
Which simple savings tips can help the most during the summertime?
Simple savings come in many forms, but there are a few things that you can focus on more during the summer months to get extra mileage from your budget. This can include:
- Buying summer apparel at other times of the year. Clothing such as swimsuits, sunglasses, and other summer apparel are sold at a premium price in the summer, so the more of these items that you can buy during other seasons, the more you can save.
- Travelling less in the summertime. The summer months can seem like a great time to travel from a weather standpoint, but the cost of fuel can be significantly higher during this time of year. Both gasoline and electricity have elevated costs during the hotter months, so you can save a considerable amount on your vacation spending by planning it during the spring or fall seasons instead.
As a college student, what are some simple savings tips that can help reduce the total cost of my education?
College can present a tough financial hurdle to jump over with the rising costs of books, transportation, housing, and tuition, but there are a number of simple savings tips that can help reduce the cost of college living:
- Limit Entertainment Expenses: Cut back on expensive outings and entertainment. Look for free or low-cost events on campus or in your community.
- Utilize Campus Resources: Make use of free or low-cost resources on campus, such as the gym, library, tutoring services, and student organizations.
- Use Public Transportation: If available, use public transportation or bike to campus to save on transportation costs.
- Use Student Discounts: Take advantage of student discounts for various services, entertainment, and transportation.
- Choose Affordable Housing: If you have a choice in housing, opt for more affordable options, such as living in a dorm or sharing an apartment with roommates.
- Buy Used Textbooks: Look for used or rental textbooks instead of buying new ones. You can also explore digital or e-book options, which are often cheaper or even free.
New Era Debt Solutions is committed to helping families improve their quality of life by freeing them from the burden of debt. It is our goal to help people eliminate their debt as quickly and inexpensively as possible. Contact us for a free consultation today so we can get you on the road to financial freedom.