Money Problems and How To Solve Them
Of course, the money you save on your electricity bill isn’t something to brag about, but it is still improving your financial well-being. Benjamin Franklin once eloquently said, “Beware of little expenses. A small leak will sink a great ship.” Saving on all your day-to-day costs is the first step to being efficient and wise with your money. Take a look at this list of money-saving suggestions and practical solutions to your money woes, so you can start saving thousands of dollars each year.
Change your saving strategy
Little amounts add up. If you find it hard to save $200 per month, aim for $50 per week. A different mindset can help a lot. Round up. Each time you spend $1.33, round it up to $2.00 to save the rest.
Stop buying expensive branded stuff. Buying goods produced by less promoted brands can significantly cut your expenses. Pay for the quality of a product, not for its brand. Before you buy anything, think about how long you have to work to actually buy it. Is that $200 gadget worth days of your time?
Save money on food
Buy groceries in bulk and save per item. Make sure that the cost per item is as low as you can possibly get it. Cook your food at home and pack a lunch for work every day. Find out which grocery stores have the lowest prices and plan your menu before you go shopping. Use restaurant coupons to save when eating out.
Automate your savings
Add an automatic transfer of, let’s say, $50 per week, so the money goes directly from your checking account to your savings account. It’s a super easy way to stop missing your money without cutting a single expense.
Skip the bars this weekend
If you still want to hang out with friends, throw or go to a house party. It’s cheaper. For the price of a few shots at the bar, you can buy a whole bottle or a case of beer. Having fun in a safe space where people are much more inclined to get to know each other better is another advantage.
Buy your plane tickets in advance
Usually, the lowest average fares are available between three months and six weeks before departure. Try to plan your travels beforehand because booking last-minute tickets is an easy way to pay an extra $100 or even more.
Refinance your loans
The primary reason to refinance a loan is to take advantage of a lower interest rate. You can refinance any loan, whether it’s a mortgage, student loan, or even credit card debt. An average homeowner could save $3,000 a year by refinancing their mortgage. However, always ask an expert whether refinancing is smart for you at the moment.
Change your cell phone plan
You can find out exactly how much data you use by looking at your monthly bill or by logging into your account on your carrier’s website or app. Adjust your plan to the amount of data you use.
Check the latest promotions as well. Cell carriers are fighting hard to win customers, so look for cheaper plans and don’t be afraid to switch.
Install a programmable thermostat
Instead of heating or cooling an empty house all day, program your thermostat to run only when you get home from work or when someone’s home. The average savings per year can easily exceed $1,000 if you use your thermostat wisely.
Save money on insurance
Scan the market for the best insurance rates. Always ask if you can qualify for any further discounts. You can also raise your deductibles. For example, you can raise them from $500 to $1,000 and save some money. Make sure that you have a well-funded emergency fund in a savings account somewhere and you can raise your deductibles without worry.
Cut the cable cord in favor of streaming sites
Get a Roku or Apple TV to stream countless movies and shows from various providers such as Netflix ($7.99 per month) or Hulu (as low as $8 per month).
Dump your gym membership
How often do you really go to the gym every month? You’re getting your money’s worth only if you work out there at least twice a week. If you only attend occasionally, jogging around the neighborhood, riding a bike, or doing exercise in the comfort of your home will give you the same health benefits. Of course, it is very important to stay fit, but you also shouldn’t overextend your personal budget.
Pay bills and credit card payments on time
Stop being late on credit card payments and kiss extra interest fees goodbye. If you are a bad credit card spender, leave it at home and only carry cash.