Sometimes it feels like no matter what you do, how hard you try, it remains nearly impossible to save money. It is quite frustrating, especially when your expenses are increasing day by day and you feel stressed all the time. Life always surprises you with new chores like car needs tuning or your child’s new desire, or a family function.
Well, if you are waiting for some special time known as the “right time” to start saving, my dear friend, this isn’t going to happen because there is no right time. Eric Varvel is an accurate personality to look up to in the case of investment and savings. His strategies and financial plans to grow in the business field have benefited him worldwide. Similarly, you have to come up with a solid plan to save money now and right from this moment.
Please take a deep breath and calm down because the good news is we have come up with some solid tips and plans that will surely help you save money without spending extra shifts at the office or doing a second part-time job.
1. Prioritize Your Needs & Plan Your Monthly Expenses
The first and most important thing you need to do is develop a plan. If you keep spending money without keeping a check, you can never save some cash from your salary. Make a list of your essential monthly expenses such as bills, fees, groceries, etc. Then, write down your total expenses and stick to spending on necessities rather than following your wishes.
2. Open A Saving Account
The next step you need to take is to open a savings account and fix the monthly money you will add to that account. This will add consistency to your saving, and you will save a particular amount every month. Strictly make sure that you don’t withdraw cash from that account until an emergency.
3. Automate Bill Payments
If you are one of those lazy people who wait will the last moment to pay your bills, such as electricity bills or house rent, etc., you need an automated bill payments system. When you pay bills on time, there will be no late fee charges added on, and you can save some bucks from there.
4. Add A Spending Limit on Your Credit Card
If you tend to overspend and have no control over yourself, you need to have a higher authority check on you. Once you limit your spending, this will automatically tune you to spend staying within the range. This will help you save some more money.
5. Plan Your Expenses on Extra Stuff
If you constrict yourself to only spend on basic needs, you will be frustrated, and your life will become boring. To add some excitement in life, you need to have some extra bucks fixed for shopping, a movie, or dinner at some fancy restaurant. But all you need to do is fix a monthly spending plan for the fun stuff.
6. Cut Back Your Rental Expense
Paying home rent is one of the most expensive stuff you pay for. Well, of course, you can’t start living on the street, but the main purpose of this tip is that if you live alone, you can have a roommate. This will help you save half of the money you pay for rent. Or, if you are living in a bigger space, you can shift to a smaller apartment, which will help you save money.
7. Counter Check Your Expenses
If you check your monthly expenses, you can better understand how you can save more. You can see the expenses that were total waste and the expenses that were basic and necessary.
8. Cut Down Your Grocery Budget
Monthly grocery is the time when you overspend. We keep on buying stuff that we don’t need. Suppose you try to save money from grocery shopping that would be quite a success. Buy the stuff you use daily and avoid picking stuff you don’t need but wish to have in your cabinet. Such as of you buy plenty of snacks, try to pick half of them.
9. Call off Automatic Membership & Subscription
You might have linked your credit card details to monthly subscriptions like Netflix, Spotify, Amazon Prime, or Gym. You need to get rid of them if you are not using them daily. Instead of having a solo membership of Netflix, you can switch to a joint account which will help you save some more bucks.
10. Reduce Energy Cost
Electricity is quite expensive, and if you reduce your energy usage, you can save money. Instead of paying $90 for the electricity, you can try to squeeze it to $50. Start with easy things such as fixing the gas leak, taking short baths with hot water, washcloths with cold water, installing Led bulbs, or don’t leave the porch light on for the whole night. Try to use energy-efficient applications and this way you can save a lot of money.