Saving money is tricky and a lot of us find it so difficult that we often wonder how come our salaries never seem to be enough. Most of the time, making the slightest change in your habits can do wonders for your personal finances. Also, it pays literally to know where and how to find better deals.
If being thrifty is not exactly one of your greatest strengths, then try to be a smart shopper and consumer. Develop a healthy mindset about money and spending in general, which could start by assessing your current lifestyle. Here are some ways to help you start saving some dough:
Save Money on Food
By my research, studies show that Americans spend most of their money on eating out and new cars, most of the time at the expense of their retirement savings. While there is nothing wrong with occasionally treating yourself and your loved ones to a nice restaurant, but save money by dining out only on rare or special occasions instead of making it a regular event.
Bring a packed lunch to work and enjoy a healthier, less expensive meal. Then put the money you save in a savings account, retirement fund, or insurance where it has a better chance to provide you with the best return on your personal finances. You can also cut down on the frappuccino or soda expenses. Drink more water instead. Not only does it help you save more, it is also much healthier.
Take advantage of rebate programs and online coupons. On Amazon, for example, there is a Subscribe and Save program wherein buyers can purchase items on a flexible subscription basis and get up to a 15% discount off the regular price. Before going to a store to shop, prepare a budget and a list of items you plan to buy to avoid any impulsive purchases.
See if your credit card annual fee is worth the rewards and benefits your provider offers. If it is not, try to find a way to maximize these benefits or better yet, consider switching your credit card for a debit card. A debit account is a wise choice if you wish to simplify your finance management and start on a life free of debt. To know more about how to maximize credit cards you can read more at How Credit Cards Can Limit Your Strengths.
On Energy Bills
There are plenty of ways to reduce your energy consumption and save cash on electricity bills. Check how energy-efficient your current appliances are everything from the lights you use to your air conditioning or heating system. Installing a weatherstrip around your front and back doors can save you up to $30 a year on energy costs.
On Car Expenses
The average American spends too much money on car-related expenses, including insurance. Do a thorough research on the most affordable car insurance plans that meet your needs adequately. Do not be content with your current provider. Shop for insurance regularly as this is the only way for you to find better deals on your insurance bill.
The same thing with what I advised about car insurance, shop round for health or life insurance packages from time to time and discover ways on how to get the same, or even better, coverage for much less than what you are paying for. Fortunately, it has become much easier to look for the best insurance providers wherever you are in the world with the help of the internet. To get more tips you can read Smart Ways to Secure Your Money on Insurance online.
Earn Extra and Save More
The very basic principle of saving that even a third-grade could understand is to spend less than you earn. So in theory, you get to save more if you get more income. Perhaps there are items at home that you do not use anymore but other people would find useful. Online platforms like eBay make it easier for individual sellers to find interested buyers online.
Do you spend several hours a week being idle? If you think you have the capacity to be more productive, make every hour count by making sure it is spent on endeavors that add value to your personal finances and life. if you still doubt your capacity or ability to save, read more on this at: How to Save Money Monthly.