We all know it’s vital to save money – having savings means you can be ready in case of an emergency, and you can buy larger items without having to get into debt on a credit card or through a loan, for example – yet it can be challenging because we know that saving money would mean sacrificing the lifestyle we’ve become accustomed to.
No matter how much sense it makes to save, the idea of having to go without something is just too much, and the money continues to be spent.
It would probably surprise you then to find that you don’t have to sacrifice anything when it comes to saving money, and you can maintain your lifestyle in just the way you like it but still put money aside for a rainy day. Here’s how you can do it.
Rethink Your Grocery Shopping
One of the biggest outgoings anyone has, after their accommodation costs, that is, is their grocery bill. Even if there is just one person in the house, it still costs a lot to buy food and toiletries, and it often adds up to many hundreds of dollars every month.
If you know you spend too much in this regard, or you think you could work on reducing the amount you spend, you might be concerned that you would have to stop buying your favorite foods and never treat yourself or your family again. In reality, it might be possible to buy the same items you buy now for less money at a different store. Take a look around and compare prices because unless you already shop at the cheapest store, this is sure to be the case.
Not only that, but you can search out coupons to get extra money off the things you usually buy and look out for in-store offers that will save you money too. You can put any money you save on your weekly shop into a prize-linked savings account; not only will you build up savings, but you might win some money too.
Buy Second Hand
A lot of people love to go shopping. They might buy clothes, shoes, books, movies, or even gadgets for the kitchen. Although it’s fun, it can also add up to something costly, and that’s where the problem lies, especially if you’re using credit cards or other borrowed money to purchase the items.
If you don’t want to stop buying things (although this might be a good idea in the short term so you can think carefully about what you really need), then switch to second hand goods rather than brand-new ones. In most cases, these used items will be much cheaper, and you’ll save a lot of money.
Cut Out Recurring Monthly Waste
This task might not sound like a lot of fun, but it can actually be very therapeutic, especially when you’re saving money as you go. Put some time aside to check through each bank account you have and look at every outgoing you have. Some will be necessary, but some you might not even realize you’re paying for, and these can and should be stopped.
Examples of this kind of payment would be a gym membership when you never go, or you’re paying for car insurance on a car you sold a long time ago, and so on. These payments are automatic, and unless you stop them, they will continue to leave your account. When you add up how much money you’re wasting on them, you might be surprised.