- Personal Finance
What I do to save money
A question was recently asked "What do you do to save money" and instantly it occurred to me there are two answers to this question. One answer would be how my day to day living habits and financial management save me money everyday and the other answer would be how I am able to save money, as in a savings or financial fund.
The worry of having enough money to pay the bills, to buy groceries, gas, and the necessities of life is constantly on the minds of most of us; after all, we find and keep jobs to earn money to pay those bills. Those few who spend their days loving what they do are the richest of us all.
Day to Day ways to spend less
1. Think before you spend
- Everyday on your way home from work you stop in to a convenience store and buy a beverage instead of waiting until you get home. You have just spent $2+ that you could have kept in your wallet; now calculate 5days a week x 24 (two weeks of for vacation). Over the course of a year you have spent $240 that you could have used for expenses. This is just an example but you get the point, wait till you get home instead of stopping by expensive convenience stores to buy items.
- Lunch out, even when it is specially priced, still will cost you more than it would to pack a lunch. It doesn't have to be a boring bagged lunch, use your imagination and pack something you look forward too. Not only will you save money but you will more than likely eat healthier foods. Microwaves at the workplace make it possible for a warm lunch using leftovers from home.
- Combine your errands and make one trip, saving money for gas and wear & tear on your car.
- Convenience Products such as paper towels, plates, napkins are so much easier to use but each time you use those you have to spend money to buy more. When cleaning around the house try using old hand towels or wash cloths, then throw in the washer to be reused again. Paper plates are great once in awhile but it is far cheaper to wash dishes than to constantly buy new ones.
- Note Paper can be created by saving and using the backs of envelopes.
- Turn off those lights in every room you are not in.
- Turn down the temperature on your water cooler, your room thermostats.
- Take those bottles back! Most beverage bottles now have a nickel deposit. it can be a pain to rinse each bottle then take big bags of bottles to a redemption center BUT the cash you get in return can be the spending money you use during a week.
- Lastly, and by putting in a plug for one of my own hubs, learn to make your own laundry detergent. It saves you bundles and works fantastic!!
Putting money in a bank account can be difficult when the bills are due and with all the daily demands on your money.
One way is to have a small amount taken out of your paycheck each week. You will never see it and over time it can add up. Just make sure the amount won't hurt your ability to meet expenses.
One way is to save all of your change. Each time you use paper money put the coin money you get back into a bucket, a bottle, whatever works. Over time the coins will add up.
Join your employer's savings plan or investment plan. Often the employer will match your amount. If you begin early in your worklife you will save a significant amount during your years of working.
I think the point of these ideas is that over time your savings will add up and you won't feel the pain of trying to save large amounts each paycheck.