Keeping money within your perimeters for more than 2 months consistently has become quite a difficult task to perform for the past few years . Is it because you tend to use less energy to spend than to save? Or is it because you get lost in a financial trance as soon as money lands on our hands? It’s hard to tell. Money is spent almost everywhere and we need it as much as we spend it.
And to help you keep track of your expenditure and to improve the rate at which you keep the money to spending it as well, here are 10 easy ways to save money everyday you can work with:
1. Take Note of Your Expenditure
The very first step you should take towards saving your money on a regular basis is knowing first where it streams towards. What do you spend your money on? What are the things you purchase everyday? Sit down and write all of them down. Make a detailed list, starting from the things you buy frequently to those that you get monthly. This is going to give a crisp idea of what usually happens with your money.
2. Scoop out the Necessary Stuff
With the detailed list, start ticking the most important things you can’t do without, things like breakfast, car fuel for going to work, basic necessities and such. Bit be honest with yourself. You know how much you can spend if you are willing to save. From there, start eliminating the things that you spend on but are not that urgent or necessary. There are things that most of us spend on but are not of much worth in our lives. Maybe you pass by the “Baker’s” everyday and grab 2 chocolate bars or by convenience stores and take a bottle of beer. All these things are good but are not really that important, you can definitely do without them.
3. Settle All Your Debts
From there, go through all the debts you have from the least to the greatest. Make sure you clear the simple ones first. The debts that don’t require monthly payments can be settled immediately. Don’t procrastinate, if you have the money there with you, just pay it off. Then make sure that you pay in time the debts that are on a monthly basis. Keep to date and avoid going beyond deadlines because they are only going to add more expenses for you.
Having done that, you might want to go to the next step of cutting on your expenses little by little. This is going to involve sacrificing or finding suitable alternatives to some habits you have already cultivated. This is going to help you add the amount that remains in your pocket more than that which goes out. And these are the ways you should go about it:
4. Cut off High Cost Meals
If you were used to spending much money on dinner or breakfast or perhaps lunch, try to find cheaper alternatives for them. If you were spending $500 a day on meals only, look for food that has the same nutritional value but for a cheaper price. This way you are going to leave more money on you.
5. Cancel Membership From Unused Clubs
If you have membership of a gym or a country club and you know very well that you don’t get much out of it, just go ahead and cancel it. It’s not worth having to monthly fees cut off for something you barely benefit from.
6. Have Friends Over Instead of Going Out
Spending your weekends with your friends out of your home will cost twice as much as having them over. When you go to restaurants or bars, you are going to waste money on traveling costs, meals and tips. Instead, you can have your friends over at your place which will cut the expenses more. Hang out at your place with no crazy high cost plans. Just keep your mind on spending quality time not quality foods and drinks.
7. Check Your shopping List Again
Before you shop, try and go through the items you want to buy. Ask yourself whether it is necessary to buy everything that you have planned to. Sometimes, you will think you are going to need something when you in reality you don’t. Get into the habit of doing a look-through of the products you want. And work hard to get the products that are durable, cost effective and quality. This will help you save money more than you previously were.
8. Sell the Extra Appliances You Don’t Need
Many are the times we buy stuff especially appliances when we find discounts and offers on them. This happens when try to console ourselves or get enticed by merchants to buy “while stocks last!” Yes, this is not bad if you really need the product. But if you don’t just don’t do it. Firstly, you should rid off all the appliances and furniture you know you don’t need at that time. Sell them off at eBay and keep the money. Secondly, avoid buying things on impulse. Make sure you always buy stuff that you have only planned for.
These are just but to mention a few of those things that you might be spending so much money on yet they don’t have any financial gain to you. You should try and look for them and reduce them as well as any other stuff you might be giving away money on without any returns.
And then from there, here is what you should now do:
9. Open A Bank Account
Opening a bank account is very easy nowadays, you can even do it at the comfort of your home. It takes actually 5 to 10 minutes to get done with it. Take a bold step and do it. Don’t trust yourself with money all around you with all the sacrifices you are and will be making for quite some time. You might get tempted by your friend or any other thing to spend on. When money is in the bank, very far from you, you are going to get reluctant to go and get it to spend.
10. Track Your Progress
You need to look at everything you do and ask yourself if that is the best you can do to save money. Although you are going to have problems with forfeiting what you have always liked, with time you are going to get used to it. A journey of a thousand miles starts with one step. Progress is what is required and if you make good decisions on small things everyday, you are going to see a huge difference.
This whole saving thing is not a day’s task. It is a continuous daily effort to beat all the odds in order to achieve what you want, by saving. That means that you are going to have to go it everyday. Look at what you can cut costs on everyday and do it! and this will cumulatively bring you to a financial break and lead to its own breakthrough.