7 Awesome Money-Saving Tips For This Year
As it stands, we live in a world that is high on instant gratification. As a result, it can be very hard to fight the temptation to give in to certain purchases in the hopes of saving later. This is actually a terrible idea.
However, the real secret to not becoming a slave to money is to simply save and invest wisely. Saving is all well and good, but there is a significant difference between just saving and saving smartly.
Let’s take a look at seven awesome ways to save more money this year:
1) DIY
Become the master of DIY as it will pay a whole lot of dividends. Create your own style by revamping those old boots of yours, or get colorful by repainting your home yourself. Not only does it cost less money, it also improves your handy skills and can also be more fulfilling for you.
2) Maintain separate bank accounts
Having separate bank accounts will assist in structuring your spending and savings. You could dedicate a fixed account for routine savings, also have a second account devoted to emergency funds, and then have your normal account for daily expenses.
3) Conserve electricity
Start by switching out the bulbs in your home to Compact Fluorescent light bulbs. These bulbs use very little energy and will help lower your electricity bills. Another trick to reducing your electric bill is to turn off all non-essential appliances before leaving your house.
4) Cell phone plan
Sure, there is a lot of quality yet inexpensive cell phone plans. Take time to do your research and choose one that best suits your needs. Your cell phone plan might seem small in the grand scheme of things, but every penny counts. I can recommend Cricket even though it was tricky to transfer my number.
5) Purchase quality products
It pays to avoid cheap things and to always buy quality products. Quality products should be viewed as long-term investments. This is because, while quality stuff might be an expensive purchase, you will be getting full value for your money.
6) Always have a plan
When saving, it pays to have a plan of action for your money and assets. Thoroughly research different opportunities in which you can invest your savings. Erik Gordon notes that this will not only help you make more money, it will also give you that much-needed savings template.
7) Eliminate your debt
It’s very hard to have any savings if you’re always in debt. Make it a priority to stay as far away as possible from debt. Debt is the most debilitating factor when it comes to saving money.
