Saving money can take a lot of willpower, especially if you don’t already have a strict budget in place. But any large expenses in your future take planning and saving.
There are plenty of great strategies you can implement to cut costs and start saving more money. Here are 8 suggestions to consider.
1) Save Automatically
A lot of people neglect setting money aside each month because they don’t have an automatic money transfer set up. To build healthy saving habits, plan for a portion of your paycheck to automatically transfer into your savings account.
Making consistent contributions like this is the first step to growing your savings account.
2) Shop Using Promo Codes
If you shop online frequently, you should never complete a purchase before searching the web for coupon codes. There are many sites that post promo codes from various retailers so you can save money on your purchase.
However, it’s notoriously difficult to find coupons for apps and retailers that you already have an account with. Some sites publish promo codes for existing users in 2020.
3) Avoid Debt at All Costs
Many people fall into debt by not keeping track of what they spend. To avoid debt, pay off your credit cards each month and only spend within your limits.
Once you start building your savings, you won’t have to put unexpected expenses on a credit card and start racking up debt.
4) Live by the 30-Day Rule
Any time you are thinking about making a large purchase, take some time to contemplate whether you really need it. Write down the price and sit on it for at least 30 days.
If by then you decide you really need it, go ahead and purchase it. If not, forget about the purchase altogether, or at least until it feels more realistic.
5) Invest in High-Quality Products
A lot of people think that the trick to saving is spending less on products. Actually, it may be better to invest in high-quality products because they’ll last you longer.
If something inexpensive gets damaged after only a few uses, you’ll end up spending more repairing or replacing it than you would by buying something pricier. Keep that in mind next time you go shopping for clothes.
6) Take Advantage of Your Employer’s 401k Match
Many employers match your retirement savings up to a certain percentage of your salary. Try and contribute enough to max out this matching benefit. If you don’t max it out, you’re missing out on free money.
7) Plan Grocery Purchases
Before you go grocery shopping, make a detailed list of the food you plan to eat for the week. Have some recipes in mind so you can make sure to buy ingredients that are versatile.
Try to stay away from impulse purchases and look for cheaper alternatives to your favorite foods.
Another thing to keep in mind is that the expiry date on most foods isn’t actually when the food expires. Rather, it’s the date when the food isn’t at peak quality anymore. Most foods actually expire weeks after the date printed on the packaging. So, those discounted produce items due to a close expiration date are a great deal.
8) Inflate Your Tires
Did you know that the fuel economy of your car increases by more than 3% when your tires are properly inflated?
Always check to make sure that your tires are at the correct pressure. Their lifespan will be much longer as well. If your car doesn’t have sensors, purchase a pressure gauge, and routinely check the pressure yourself.
