We all need to save money, especially in this economy. These frugal habits may seem small, but they will save you thousands a year! SO give them a try!
Make a Written Budget
The first step to saving money is knowing where your money goes. Start by writing down all your regular bills for the month (using your bank statement can help): housing, utilities, car payments, groceries, subscriptions, etc. Once you’ve added up every expense you can think of, subtract that number from your monthly take-home salary or estimated earnings.
The amount left over likely won’t be the amount you save. There are always expenses beyond our usual living costs, such as a fun evening out or an unexpected flat tire. But look at the number and use it to help you determine a reasonable amount you could set aside each month.
Start with a goal, whether it’s $5 or $500, to put in savings each month or week, put it in your budget, and stick to it. Treat that goal like any other bill; a non-negotiable that has to be put toward your savings account, no matter what.
Cook at Home Most Days
Restaurants and drive-thrus are charging for more than just the cost of the food they provide. You’re also paying for service, preparation, cleanup, building costs, and more. When you take the extra steps to prepare meals at home instead of dining out, it shows in your wallet.
Cooking at home is one of the most practical ways to save money. Skip the takeout menu and instead head to the grocery store – or, better yet, make something using ingredients you already have at home.
Use a 24-Hour Wait Rule on Purchases
If you are ever tempted to buy something, its ok to put it in your cart. Just don’t buy it right away. Insist on a 24-hour waiting period. If you do that, one of two things will happen: either you will see that you don’t actually need the item and decide to skip it, or you will make a mindful decision to purchase it after 24 hours and feel happy with your decision.
Bonus: You might get an abandoned cart email from the retailer offering you a discount after you leave it in the cart for a bit, so you’ll get that extra savings!
Buy Store Brands
Switch to store-brand or generic products for everyday items. They often have the same quality as name brands at a lower cost, helping you save money on groceries and household essentials. This works for most medications as well, so choose generic if you can, and ask your doctor if you can switch your expensive name-brand drugs to a generic version.
Automate Savings
One of the most practical ways to save money is to automate it. Many banks and apps allow you to automatically put a portion of your income into a savings account.
Tip: Try not to use a paid app or service that claims to help you save money. You can do it yourself for free.
Keep Utilities Tightly Controlled
Consider calling your utility companies to negotiate your bills. Some companies are willing to negotiate one-time rates or even recurring rates. You do this by calling and telling them you might cancel.
Plan Purchases Around Sales
If you don’t need a product urgently, it’s worth waiting for a bargain to save some money. Amazon Prime Days and Black Friday are known for their massive sales, but you can also wait for items to go on clearance.
