Saving money remains a big challenge for many people. The setback is that by the time the mortgage, car, utilities, and when credit cards are paid, there is always little money left to put aside. This leads to the pitfall of planning to save when things get better, which often never happens.
Irrespective of how much money you earn, it is possible to save money and it is really not that hard. It is a matter of learning all the different options and being creative. Here are 7 quick and easy ways to save money:
What Are The Best Ways to Save Money?
1. The good old piggy bank
You walk into a shop and make a cash purchase. The shop attendant gives you so many coins and the idea of carrying around coins is not too appealing. So you either tell the attendant to keep the change, or you look for something to buy so that you get rid of the coins (that explains the chewing gum at the checkout counter).
2. Buy off-season
Plan your expenditure far ahead in the future so that you can have more control over seasonal prices. When is the best time to buy a Christmas tree and Christmas decorations’? How about the week after the holidays when all the items are discounted by 50% to 75%? Think of this as next year’s investment.
3. Shop after you have had a good meal.
Studies have shown that shopping while hungry, stressed or tired can cloud your thinking, causing you to spend more on unnecessary items. Groceries are packaged in the most appealing way to trigger your taste buds, most especially when you are feeling hungry.
4. Scrutinize receipts and financial statements
Do you ever verify your grocery receipts,credit card statements, phone bills and bank statements’? If not, chances are you are being overcharged. This happens all the time and in many cases, the amounts involved are substantial. Always check for errors and keep your financial records in order. In most cases, the errors can be rectified.
5. Learn how to cut your own hair.
Have you ever imagined how much money you spend on a haircut annually’? Let us suppose you spend $30 a month to cut your hair. That turns out to $360 a year on cutting hair that is going to keep growing (maybe until you start balding). Learning how to cut your own hair and your children’s hair can save you a small fortune. 6. Separate money from your emotions.
Are you in the habit of spending money to cure sadness, loneliness, depression and anxiety? Or perhaps you shop out of excitement or boredom’? You need to learn how to plan your expenditure and avoid mixing your feelings with your finances. You’ll need to discipline yourself, but it is well worth the effort.
7. Generic brands
The next time you go shopping for groceries, compare the prices of different brands of the same item. You will be surprised that you are paying almost double for a brand name. This is especially true for canned food. Go generic and see whether the price difference is worth the extra money.
Learn to save money that may seem insignificant by dropping all your loose change in a piggy bank or a jar. At the end of the year, count how much money you have accidentally saved up and believe me, you will be surprised.
Saving money requires desire, determination, creativity and patience. Once you get in the habit of saving money, you will be able to see your bank balance grow to a point at which you have enough to start investing.
Have some more ideas? Contact me here and let me know!