Let’s face it, everyone is looking for ways to save money on a daily basis. A good portion of society is working very hard but hardly has much money left at the end of the month to save, or so they may think. I would like to share with you some tips I have learned on how to save and keep more money in my pocket at the end of the month.
Saving money does not have to be as daunting as it sounds. Many people worry about paying everyone first before paying themselves. If you think about it, the first person you should pay is YOU! Always make it a habit of paying yourself first!
Money Saving Tips
1. Save by Paying yourself first
As mentioned earlier, paying yourself is the best tip that I can share with you. It is common to see how many people focus on paying all the other bills first and then realize after that what remains is very little. It’s is very important to prioritize yourself first and treat yourself as a bill. Afterall you work very hard for your money, so reward your self by paying YOU!
There isn’t a set a self-payment amount that is right or wrong. As long as you start this habit is what counts. Remember you are in control on how big or how little you pay yourself. Work with what works best for you at the moment. Later you can adjust the amount. You can also set automatic withdrawals from each pay to your savings account or just have a secret jar set aside at home that you can contribute to on a daily, weekly or monthly basis.
2. Eliminate Cable service
Over the past few years, cable service has become very expensive with all the extra channels and premium services. I use to spend $230 a month on cable services which included renting devices from the cable company. Most people didn’t even get a chance to watch all the channels that they are paying to watch. In this case, they are throwing away money every month. Consider moving to basic service or canceling altogether.
I made that decision two years ago to cut the cable cord, and I have not looked back since! I now get my shows on my android box or Amazon Firestick without a monthly cost. The only out of pocket price for the devices to work is my unlimited internet service plan from my local internet provider.
3. Cut back on habitual daily Spending
Spending includes things like coffees, lattes, Lunches, cigarettes, and alcohol. We know that old habits are hard to break, but let’s think about how much money you can save if you just do these simple tasks. Saving $5 a day and not spending it on a Latte would save you $25 a week or $100 a month. Think of what you can do with an extra $100 a month.
Packing lunches, spending less on coffees, and cigarettes will not only help you save money but will also keep you healthier.
4. Phone services
Nowadays almost everyone has a cellphone. More and more individuals have decided to cancel their home phone landlines and just use their cell phones as their primary service. Most people hardly use their home phones anyways as it usually gets bombarded with unwanted sales calls. Eliminating this service is a great idea and another way to save more money.
To help reduce costs with cellular service, make sure to cut out extra features or excess data that you may not use. There are sometimes extras functions that are attached to the plan that you may not need or is not necessary. So always ask for a detailed plan layout and see if the plan you have suites your needs. Another saving tip is to inquire about your eligibility for corporate discounts through your employer or company. You will never know if you do not ask.
5. Cancel Gym Memberships that you do not use
We are all guilty of doing this at one time or another. We sign up for gym memberships that we may only use for the first few months of the year and then end up paying the gym and not attending. If this is the case, just cancel the membership and stop wasting money. Just beware that in some cases you may have to pay the penalty if you happen to be locked into a contract.
If you know that going to the gym is not going to work out for you, just find alternative ways to exercise for free. Taking walks around your block or do home workouts. Staying active doesn’t have to cost anything!
6. Coupons
Coupon clipping may seem like a tedious task, but it is a task that puts money back in your pocket. You don’t have to clip every coupon you see, but save the ones of the items you use frequently. Treat coupons like money. Companies are always giving out cash via coupons. Many people including myself have a habit of overlooking them.
For more significant saving with coupons, pair them with sales. For an item that is on sale for $4 ( regular price $5) plus a coupon that you have for 75cents, your item price works out to only $3.25 ( savings of $1.75). It may seem small in numbers, but the main point is that you did not pay full price and you saved. Always keep an eye out for sales and coupons.
Many coupon and rebate apps can help you save even more. I like to use the Flipp app on my phone to check local sales and Checkout 51 for online cash rebates. Check it out!
7. Cut down on Impulse purchases
Our society today is living in a world of materialistic needs. We are always wanting the latest gadgets and have the urge to keep up with the latest fashion and trends. We tend to be emotional spenders who can end up burning holes through our pockets.
To help save money, we need to avoid impulse purchases. Included are large ticket items. We should always reevaluate if the purchase you are about to commit to is a need or a want. Never make immediate purchases. It is a good idea to sleep on it for a few days before making that decision. Think before acting is the best option.
There you have it! These are just a few tips to get you started on saving extra monthly. Get into a habit of tracking your expenses and creating a budget for yourself. Remember your SMART goals. They can be applied to savings as well. These simple steps can help you save more and make you wealthier by keeping more of your hard earned money in your pocket and not in the hand of retailers.
Happy Saving!
