Saving money has become synonymous with words like “adjustments”, “compromise”, and “sacrifices”. But here’s the truth – Saving money isn’t a killjoy. There are people out there who actually enjoy saving money.
Although, It’s true that even the phrase “saving money” can sound like a daunting task, but it doesn’t have to be. There are a number of easy ways to save money, build your funds, and meet your personal financial goals. You are probably already doing a few, but it’s always better to remind you of some time-honored tricks to keep you at the top of your saving money game.
Here are some of the best ways to save money:
1. Save all your $5 bills
The $5 bills jar/box is possibly the best way to save money without going an extra mile. The trick is to save and put a $5 bill away, every time you come in possession of one and, every $50 or $70, transfer it to your savings account.
Alternatively, you can also start an envelope system by stashing every $50 collection towards a potential expense goal like presents and new appliances. Make sure you keep separate envelopes and stick to your own set of internal money rules to create a powerful emotional barrier between you and the $5 bills.
2. Calculate your monthly expenses
No financial guide is complete without a mention of calculating your monthly expenses. Use already available templates to track your expenses, look back at the last two months and see where has your money going – except for the monthly bills of essential things, where else has it been flowing into?
Once aware of the cash flow, create a budget in alignment with your potential expenses for the coming months. You can use already available saving money calculator and other personal finance tools to cut excess expenses like shopping, and dining out.
3. Pay attention to clearance sales
Need a new couch because your current couch looks like it’s days are numbered? Instead of buying expensive household goods, look for end of season sales and clearance sales at stores. You will surely find something that needs a little retouching, without having to buy things at full price.You can save money as well as turn this into a fun project of DIY-ing ordinary household items into personalized furnishing or beddings.
Additionally, You can do the same with clothes and footwear by shopping at factory outlets during national holiday sales. Bonus tip: Items put up in the display window retail for way lesser than the actual price if you wait patiently.
4. Unsubscribe from mailing list
Another way to save money is by unsubscribing from newsletters, daily deals, and special email offers that are stacking up in your inbox. Their primary function is to tempt you into buying things you may or may not need but will end up wanting just because of how great the offers look.
5. Cook more often
It is a universally known concept, If you cook more instead of eating out, you can save money as well as focus on your health. So, invest money in a crockpot or a slow cooker to whip up one pot recipes in an instant.
In case, cooking every day is not for you, make a huge batch of food on the weekends , and freeze the leftovers by dividing them for the five weekdays. Pack these leftovers for lunch, reheat and eat them rather than buying carb-filled starchy foods from the office cafeterias.
Simply cutting some corners here and there, keeping track of the budgeting strategy and employing the help of tools like a saving money calculator can help save a few extra bucks without much effort. Remember, having to save money is a necessary evil, but a beneficial one.