If you try so hard to save money only to find that you never really get anywhere, it can be pretty frustrating to say the least.
Somehow, no matter what you do, things always crop up to render your efforts null and void, and saving money seems so hard that you hardly know why you bother at all – sound familiar? It’s a common story, but it is a story you can change by employing these very practical ways to save money into your life…
Use the debt snowball method
If you’re in debt, those repayments are likely o be one of your biggest expenses, which means you need to get rid of that debt asap. A great way to do this is by using the debt snowball method whereby you plow any spare cash into eliminating your smallest debt. Once you’ve done that, you move on to the net smallest and so on. Once you’re on a roll, you’ll find it easier, see great results that spur you on, and ultimately get rid of that debt pretty fast.
Don’t buy anything new
Apart from food, medication and maybe underwear, do you really need to buy anything new? From used cars at edmunds to vintage clothing at the local thrift store, you can find everything you need preloved and save a great deal of money doing so. Just be warned: hunting out those pre-loved bargains can become addictive.
Make a shopping list
And stick to it. The average family of four spends in excess of $928 each month on groceries. This is something you can easily cut down on by making a list containing only the ingredients of the meals you plan to make. When you do this, you don’t throw in those tasty-looking Oreos or end up buying 10 different meat sauces that you will never eat, and over the course of a year, the savings can be pretty huge.
Save the change
Whenever you buy something for say $3.59, instead of keeping the change in your wallet or bank account, why not put it into a savings or investment account instead? There are numerous apps that will round up the change on your purchases and invest them for you, and although it doesn’t seem like saving the difference between $3.59 and $5 when you buy a coffee would make much difference, think about how many coffees you have each year and you can easily see how this could help you save a lot and that’s just coffee – think about all the other small purchase you make, which you could save the change from, too!
Get rid of subscriptions
From Netflix to Amazon Prime, most of us have a lot of online subscriptions, many of which we barely, if ever, use. Every month, audit your subs and if you haven’t used one in a while, cancel it and start putting the equivalent monthly cost into your savings.
These methods might not help you to get rich quick, but they’ll certainly speed up your savings success!
Thank you for reading!