Are you one of those people that procrastinates when it comes to saving money? Are you always putting off that decision to get serious about your own money? We present 8 great ideas to save money without putting a dent in your weekly night-on-the-town budget. Yes, it’s true. Even before you begin a regular investment plan, there are other ways to grow your bank account. And it’s not rocket science.
But first things first. To start saving, you must first learn to STOP: Stop spending so much.
Try these eight money saving tips to get you on your way to save, save, save.
And be rich, rich, rich.
1) DON’T SHOP ON AN EMPTY STOMACH
When walk into a store with your stomach growling, hungry and upset, you are more than likely to buy the first thing you see. And it might not be what you really want. It could end up being the worst shopping choice of the day… very expensive and the wrong size. Studies back up the claim that shopping on an empty stomach could make you buy something that doesn’t fit, is the wrong colour, is very expensive and something you regret the moment you’ve put some food in your mouth.
Studies show that this applies to food, clothing, electronics, shoes… just about everything
It’s a good idea to go shopping after lunch or breakfast. You’re likely to come back feeling much happier and spending less.
2) DO YOU REALLY NEED YOUR CAR?
If you live in a major city that has a good public transportation system, it may be time to rethink your car. What with traffic congestion, finding a parking spot, (ever been to New York City?) parking charges, parking tickets… the list goes on and on… it could be that you’re way better off using the subway or bus.
Sit down and crunch the numbers.
Even if you don’t live in a big city, there’s so much in the way of taxi services like Lyft, Uber and ridesharing apps that could make the business shelling out thousands of dollars on car payments, insurance, gas, parking and tolls unnecessary.
You may be surprised to find that you could be saving enough to rent a car for that road trip, and have plenty of spending money besides.
3) DON’T NEGLECT YOUR HEALTH
There are some expenses that are not only necessary, but can help avoid larger expenses down the road. A visit to the doctor or dentist may involve a payment or at least a co-payment. But it is prudent not to put these visits off. Neglect that cavity now and face a four-figure bill for a root canal in the future.
You’d think that spending money on your health is still spending money. That little recurring headache could mean something much more down the line. You’ll save money in the long term, and be healthy to enjoy it too. It’s a win-win situation when you are diligent about preventive care.
4) IS THAT GYM MEMBERSHIP GOING TO WASTE?
Some people are real gymmers. But a lot of us, for whatever reason, sign up for the gym, with all the extras like a personal trainer, the right clothes, sneakers… the whole nine yards… only to find that after a while, we’re are back to finding all sorts of reasons why we can’t make it to the gym.
To those people we say, cancel that membership.
Even if you’re good about exercise, you should examine that membership to see if it’s really benefitting you. Are there other less expensive options that you can find? How about an exercise app? Can you find a trainer online? Is there something on TV?
There are so many programs and trainers online who offer great workouts and training with minimal gym equipment at a fraction of the cost of a traditional gym membership. And then there’s always regular, power walking, walking with weights, using the staircase, jogging… or even using the equipment in your local park.
5) CAN YOU WORK FROM HOME?
Do you have to go into the office to work every day, or are you able, at least some of the time, to telecommute?
Working from home can save you commuting time, money for gas, parking, the stress of driving, especially if your area has a mean rush hour.
Besides all sorts of hidden extras like lunches, coffee breaks, fancy work clothes and more.
6) SHOP AROUND FOR YOUR INSURANCE
There’s life insurance (very important), car insurance (if you still have that car), home insurance, this insurance an, that insurance. Very often, you will buy a policy and meekly renew it year upon year, without question. Insurance companies love clients like you and hope you never remember that you have choices.
Here’s the good news. You can change policies. It is a wise thing to keep an eye out for offers. Maybe your circumstances have changed. And different companies have different criteria which may qualify you for a better deal. As the ads say, ‘15 minutes can save you 15% or more.’
If you require more than one type of insurance, remember that some companies offer discounts when you bundle policies with them.
Make sure you shop around for the best deal.
7) CATCH UP ON FREE READING AT THE LIBRARY
You don’t need to run out to buy your favorite best-seller (and in hardback to boot). Make a visit to your local library. You have choices to read there or borrow: books, audio books, e-books, DVD’s, digital movies and TV shows, and more. And it is all free!
8 BUY GROCERIES (AND AS MUCH AS YOU CAN) ONLINE
Unless you are one of those people who must squeeze the fruit or smell the bread before buying, why not do your shopping for groceries from the comfort of your home? Amazon and others have made it possible to get all the groceries you need without stepping foot into the store and without spending more than you planned. Your grocery bill will be sliced by up to 20% and you’ve saved gas, time, and money.