You may be earning pots of money but unless you are making at least a handful of savings, you are less likely to live in peace. There is no end to how much a person may want to spend as there is no limit to expenses.
True you are earning to have a good life, educate your kids and travel. But what about the future, unforeseen medical emergencies or post retirement times? Savings money is a must and you can do that without any drastic changes to the way that you are living.
Making small efforts in a smart way can help you save a lot of money each month that will ultimately add up to large sums annually. We have for you the top 10 money saving tip 2018 that are big hacks to gain substantial saving for you.
Track your expenses
Begin with taking a hard look at what you spend for each day and per week that totals up to your total expenses at the end of the month. Go through it in details and you are sure to come across those cents or the odd dollar that you are spending each day that you do not need.
Apart from the large monthly budget that you have set aside, you should try also chalk out an action plan that will help you hold back any extra expenditure amount that you may have set aside. It is not to say that you start being austere, but just keep tick off that unnecessary expenditure that you made last week of picking up some stuff at the sale.
Carry your lunch
Independent studies made in the country shows that on an average an American spends about $3000 annually for buying lunch when at work.
Those few dollars spent for that savory lunch each day surely cuts a heavy dent in your pocket depriving you of your savings. Take some time off and make your own lunch that is sure to healthier than what you eat outside. In fact, eating homemade food is less likely to make you obese and sick. This way you will also eliminate the possibilities of falling ill and saving on unnecessary medical bills!
Plan your weekly meals
Groceries are surely among the largest expenditure that any family or even an individual incurs in the month. The best way to deal with the expense part is to plan your meal for the whole week. This will help you buy your provisions so that you have them in the right measure all through the week. This will also help you make use of any leftover on any given day and reuse it for the next meal. You will eliminate the possibility of any food wastage and also remain on budget making a good saving each week
Cut down on subscriptions
Take a hard look at the expenditure that you make on your entertainment subscriptions. Cut out those Netflix and other allied television cable subscriptions that usually come to about $200 per month.
With your internet providing you so much already, there is barely the need for this extra entertainment given that you are at work the whole day. Install a digital antenna instead and get access to the local channels for free allowing you to see that you want to. Else, choose a plan that allows you access to only a few selected channel at low costs.
Spend less on shopping
Digital marketing stresses a lot on initiating impulsive buying. You are probably being bombarded every day with mails, texts, messages and tweets about the biggest sale in town from every company that is in business! Understand that the marketers are creating a need within you for things that you really do not need.
Go shopping in moderation only when there is a real need to buy something. Once you stop spending those small amounts on that extra tie or that ‘oh so lovely’ nail-polish you will end up saving a couple of hundred dollars each month!
Maintain no-banking fee transactions
Watch out for the amount that is being deducted by your banks. Switch over to smaller fee-free bank services that have lower minimum balance fee or no fee at all. Also, check out for the number of free ATM transactions that you are allowed and limit withdrawals accordingly.
Try out online banking services from a host of banking names that offer free online accounting services. Most importantly, even if you have account with a large names, do not pay to know your credit score, you get them free either twice or thrice a year. Ask them for it!
Spend less at theatres
Limit your spending by going to the theatres. Movies will come on your favorite channel sooner or later. Theatre tickets don’t come cheap and you are most likely to add to the expenses by buying those overpriced snacks before entering.
Do away with all such splurging and you will see what a big difference it makes at the end of the month to the total amount debited from your account. Simple living never hurts but only enhances your peace of mind while being soft on your pockets too!
When travelling make sure to carry around only what is essential. Whether travelling on business or pleasure, make sure that you never pay those outrageous charges for the extra luggage. It will go a long way in making good savings that you can spend for other purposes.
Energy consumes a large part of your earning irrespective of the weather conditions. Make maximum use of alternative sources like natural heat and light during winter and in summer try natural cooling processes to reduce stress on the HAVAC. You will be surprised at how much you can bring down your energy bills by using the resources prudently. Switching off lights when not in use is another big way that you can contribute to your money saving.
Arrange a backyard/online marketplace sale
Clear your stuff regularly and arrange for a backyard sale and see how much space opens ups while you get some good money in hand too. Accumulations of things and items that you own and not using them is always counterproductive. While cluttering your living space they also block your resources.
If a backyard sale is not possible, look up one of the online marketplaces like Craigslist or Renting Street and sell them without any commission. This way too you can be assured of making good saving all through the year.
Go ahead, hold your purses tight and add more to them with these easy money saving tips of 2018.
Do let us know of your opinion and put in your suggestions that we can add in our next issue!