Most people think that saving money is a difficult task. Although it may seem daunting, if you put in some time and effort, you too can save up money to pay down debt, put money towards your retirement or to enjoy life a little more.
Here is my list of the top 5 ways to save money today:
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1) Create a budget
If you start now, you won’t regret it. Once you have created a budget, you can determine where you are overspending and create a strategy to reduce those costs and save you money.
>HERE IS MY POST ON HOW WE CREATED A BUDGET AND PAID OFF OVER $4000 IN DEBT IN 3 MONTHS<<
2) Grocery shopping
Everyone needs to eat, am I right!?! Once we reduced our grocery budget we had to get creative so we didn’t go over each week.
- Look for no name brand items will save you a tonne of money. Chips can be $4.00 and up, we were buying them for $1.00.
- You can also use coupons or apps that give you money back for certain purchases. (Try Checkout 51 App)
- Make a list and stick to it. This helps so you don’t purchase items that you don’t need.
3) Cable and internet
This is a large expense and most people don’t even question their bill. If you ask anyone, they will pay a completely different amount than you. Why is it so different?
- Call you cable company and start negotiating. Be firm that you cannot afford what you are currently paying. If you are willing to leave the company, they will eventually come down in price.
- Look at other options. Netflix, Amazon Prime and more companies are becoming more competitive at a lower monthly cost. This may be a great alternative to your large monthly bill.
4) Transportation
Driving around in your vehicle can be expensive as the price of gas and diesel keeps going up.
- Take the bus. Look into a bus pass that will reduce your fuel expenses.
- Bike or walk. Are you close to work? This will also save money.
- Sell your vehicle. This seems extreme, but you just need a vehicle to get to and from work. Maybe your vehicle has monthly payments or is just too expensive. You could sell it and buy something cheaper that doesn’t require monthly payments or is expensive to fill up.
6) Cut down on daily expenses that aren’t necessary
You still want to enjoy life, but there are things you can live without or just cut down on that will save you a few dollars.
- Clothing: $25+ savings (daily, weekly, monthly)
- Dining Out: Lunch $10-$15 / Dinner $35+
- Coffee: $1.00 to $5.00 savings (per day!)
- Hair, Nails, Make-Up: $20+
- Drinks, Smokes, Lottery: These add up
If you cut some of these items out a few days and slowly reduce your indulgences, you can take that money and save it.
HERE IS MY POST ON HOW WE STILL HAVE FUN ON A BUDGET TO GIVE YOU MORE IDEAS<