6 Tips for Saving Money

Having savings to fall back on is deeply comforting. While working towards saving money is something we all aspire to do. Most of the time it is easier said than done.

Everyone wishes they had a way to get rich quick and make life easier. This is because saving money mostly feels like a struggle.

But over time we do come to a realisation. Making just a few changes in daily spending habits is all that one needs to achieve some saving goals. In fact, there are many ways to save on everyday expenses!

Here are a few quick tips for saving money that is easy to follow and completely doable.

1. Create a Budget and Stick with These Goals

Start with setting your priorities and defining what is truly important to you. Once you have these locked down you can weigh all your future decisions. You can check these priorities to gauge what is important and what is not.

This will help you walk away from impulse purchases. Most of which could burn an unnecessary hole in your pocket.

After establishing your financial priorities, create a budget with these goals in mind. You may want to use a pen and paper or an excel spreadsheet. It's easy to make notes of all your monetary outgoings and incomings. It will give you a clearer view of your financial position.

Thereafter, you can spot the areas through which you can drive savings. Some people lean on bank statements and mobile banking apps. This enables them to take stock of their earnings and expenses.

But, writing things down yourself in the form of a budget is far more effective. It’s a better way of getting to grips with your finances. Then you can start incorporating these tips for saving money in your daily lifestyle.

2. Manage Your Food-Related Expenses

Keep track of what you eat and be mindful of which foods you are purchasing. It’s an excellent way of controlling your expenses. Meal planning is the best way to govern your future eating. It will reduce wastage and save money.

Taking your eating habits into consideration is essential to meal planning. Make note of the things you enjoy and create a grocery shopping list accordingly.

While making your purchases, be conscious of the expiry dates. And, avoid buying things that will go bad quickly. This way you will also reduce throwing out food thereby saving more money.

During the week, stick to the meal plan that you have created. To make that easier, you can make the meals in batches and freeze them for future use. Now that you have food at home in your freezer. You can avoid ordering takeout meals that are usually more expensive.

3. Cut Your Energy Bill by Using LED Bulbs

It is, of course, impossible to simply cut out utility bills since they are essential. But, there definitely are ways in which you can reduce them. You can cut this expenditure by modifying some habits.

There are a few tips which you can leverage and it includes turning off the lights. At night whenever you step out of the room, turn off the lights. Unplug gadgets when you aren’t using your electronic equipment. Be aware of your air conditioning usage. And, cut out baths if you can and take shorter showers.

By following these tips for saving money. You can lower your electricity and water costs quite a bit. In addition to those, there are a few lesser-known tips for saving money.

For instance, did you know that you could replace your older incandescent bulbs? It's very easy to swap incandescent with LED bulbs if you know how too. This is a great way to reduce your energy bill.

While there is a higher initial cost with LED light bulbs. In the long term, you will end up using 80% less energy!

4. Cancel Unused or Rarely Used Subscriptions

In this day and age, most of us rely on numerous subscription services. For either convenience or entertainment there are quite a lot available. Some include Spotify, Netflix, Amazon Prime, Disney+ and Hulu. Ask yourself, do I really need them all or could I unsubscribe to a few?

A good place to start is to take a step back and check which of these you actually need. It’s best to cancel the ones that you do not use frequently. Or, the ones that you are ok to give up at least on a temporary basis. After all, there is no point spending money on something you are not using.

Another subscription that many people sign up for but rarely use is a gym membership. Keeping up with a gym membership is a tedious and expensive affair. If fitness is the ultimate goal there are alternatives. You can achieve the same results by exercising outside or going for a run.

This way you can not only save a good chunk of money. But, you can also get on a more flexible fitness schedule.

5. Cut Back on Phone Related Expenses

Mobile phones are becoming indispensable to our daily lives. Since we use them constantly we end up upgrading them often. So, mobile phone usage is a significant part of our monthly expenses.

Next time, whether your phone gets damaged or its contract is up for renewal. Why not compare the cost of getting a new phone with a ‘SIM only deal’. And, the fee for a year-long contract deal with your service provider.

On the basis of this comparison, pick the cheaper option. You’d be surprised how much you can save!

Additionally, another big expense that is within your control is data. Set a daily data usage limit for yourself. And get an appropriately sized contract with your service provider.

Be mindful that streaming services in particular use up a lot of data. But, there are ways you can avoid this excessive usage. You will be better served by downloading these things at home using your wi-fi network.

6. Little and Often is the key to big Savings

Always remember that no saving is big or small.

In the short term, get yourself an empty jar and use it to store loose change. At the end of each week, try and put all your leftover cash into this jar. You can also challenge yourself to put at least one bill or coin in it every day.

That’s a great strategy, you will be surprised to see how this mounts up over a year! It’s a good way of saving money to treat yourself or a loved one.

In the long term, consider depositing your money in a savings account. Or if you can find one, a high interest yielding account. This way, over time, you will see a considerably greater return.

These accounts are typically designed to help bank customers. They are for those who want to work steadily towards a saving goal. With a good interest rate, your money will not only steadily increase. But, it will also be multiplying with each passing month!

Final Thoughts

At times, saving money can seem like an uphill task. But, it doesn’t mean you have to sacrifice everything you enjoy to hit your savings goals. Start with being mindful about where your money is going. And be conscious of not wasting any.

Ask yourself if there are any minor tradeoffs to save a little bit more. Instead of rehauling your lifestyle completely. Try and pick just one or two tips for saving money. You’ll be surprised by how much extra money you have in just a few months.

Elizabeth writes all the articles for Cannon Electrical Supplies. They include lots of tips and ideas about home improvements and DIY. She also writes reviews about the many products in their online store.