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6 Money-Saving Tips That Will Change Your Life

Posted August 25, 2020 by in Lifestyle

    

Saving money doesn’t have to be a huge, stressful endeavor, but it can often feel that way. What many people don’t realize is that it’s the little savings you don’t even notice that make all the difference in the long run—and you’ll be surprised at how much you can actually save when you make small, everyday changes. 

Without further ado, here are 6 money-saving tips that will change your life:

advice on how to save money over time

Why Save Money? 

You may work extremely hard and constantly wonder why saving money is so important when you would prefer to spend your hard-earned cash and treat yourself. While you certainly don’t want to work to never spend a penny of it, it’s also important to understand the key benefits of saving money. 

Reasons why you should save money include: 

  1. More financial freedom 
  2. Financial security in an unexpected emergency 
  3. Planning for the future
  4. Better treats over time (such as a special vacation with all the money you’ve gradually saved) 
  5. Security for other family members, such as your children 
  6. Helps to avoid debt, so that you can comfortably pay for everything outright 

Top Money-Saving Ideas to Help You Feel More Financially Confident

Here’s a list of great ways in which you can improve your savings:

Switch Off Your Electrics 

If you’re in the habit of leaving everything on at home, especially when you’re not using electrical items, this may run up your electric bill more quickly. 

Get into the habit of turning appliances off, such as lights when you leave a room, the television if you’re not watching it, and leaving items plugged in on charge for too long. 

Cut Out Your Bad Habits 

Money can easily be drained on bad, indulgent habits—more so than you realize. You may be spending more than you think every week on social drinks after work, or maybe you’re spending more on junk food or buying too many packs of cigarettes. This is where money can easily be lost. 

Saving money doesn’t mean cutting out absolutely everything that you enjoy, but it does mean thinking more mindfully about what you’re doing and what you’re spending on. You could switch to vaping instead of cigarettes, so that you can cut down on constantly buying expensive packs, for example. Alternatively, you could try:

  • Having a set day a week for social drinks, so you can save money on other days but still have a social day to look forward to 
  • Have a set treat day where you can indulge a little more in desserts or sweet items, which can then be avoided the rest of the week (also helping your health and your bank balance)

Consider Thrift Stores 

If you’ve spent too much money in high-street stores and with top brands, you may want to consider browsing thrift stores. There are great bargains to be found if you know where to look, and you could save a significant amount without compromising on your wardrobe. 

Be Strict With Your Grocery List 

Plan out exactly what you need and ensure that you don’t deviate from your grocery list, despite how much you sometimes want to. Be honest with what you need and don’t be distracted by the other items or shelves (and especially don’t go grocery shopping on an empty stomach). 

So much money can be wasted on food simply due to impulse buys. 

Re-evaluate Your Subscriptions and Memberships 

You may have a ton of memberships you don’t even realize you’re paying for. Be sure to sit down and go through your bank statements, and be honest about what you’re happy to pay for. Don’t pay for a gym membership if you can’t remember the last time you went, simply cancel it and find another exercise. Don’t pay for every streaming service if you only use one. 

This is money that can easily unnecessarily rack up each month. 

Take Another Look at Your Car 

Having your own car is great—but it’s not always necessary. Having a car is one of the biggest expenses a person can have alongside household obligations. If you simply don’t use your car that often, consider instead whether you could easily take public transport, or car pool when needed. 

If you absolutely need a car, be sure to plan ways to save money, such as: 

  • Downgrading to a more manageable, cheaper-to-run vehicle
  • Staying on top of regular maintenance to avoid bigger problems (and bigger bills) down the line 
  • Keeping on top of the correct tire pressure to avoid overusing fuel 
  • Comparing insurance deals to find the cheapest price 

As you can see, there are many ways in which you can save money, without actually have to compromise on what you already enjoy.