7 Easy and Effective Ways to Save Money
When it comes to saving cash, it’s usually very difficult to get started. It can be hard to know easy ways to save and how to accomplish your financial goals. Here are 7 simple money saving tips to help you create a practical savings plan.
Eliminate your debt
If you’re deep in debt, eliminate it first before you think of saving. If you need convincing, you’ll be surprised to find just how much goes into servicing your debt per month. Once you’re free of debt, you can begin to save.
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Have saving goals
A Simple Plan: Savings
Visualizing what you want to buy is a good way to start saving your money. If you’re short of motivation, set your saving targets as well as a timeline to make things easier. Want to move into your own house with a 20 percent deposit in three years? Once you have a target, you’ll know how much to save per month to reach your goal.
Opt for a “stayvacation”
While the term “stayvacation” can seem like a cool idea, there’s a solid reason behind it. Rather than spend thousands on overseas holidays, you can enjoy great vacations near your home or in your backyard. If you’re unable to drive to your destination, look for cheap airline tickets in your home area.
Spend and save
The truth is that utility costs usually go up with time, so take action now and make your home weatherproof. Find a certified home improvement contractor to give you a comprehensive energy efficiency audit or ask your utility company for an energy review. Making your home less susceptible to weather can include simple improvements such as installing new insulation, new siding or energy-efficient appliances and products, not to mention sealing doors and windows. Over time, you’re likely to save a huge chunk of money.
Save on utilities
You can cut down your energy bills by bringing down a water heater’s thermostat. In addition, choosing a tankless or on-demand heater can reduce your energy bills by up to 30 percent compared to heating with a common tank water heater.
Carry packed lunch
Finding ways to save everyday is one of the most obvious money saving tips. If you pay $5 for lunch at work, but packing your lunch costs just $2, opt for the latter. Then in one year, you can put your savings in an emergency fund or retirement fund or contribute to your tuition.
Keep the change
Although it may seem ridiculous, sometimes we do underestimate the value of loose change. If you have some loose change in your purse or wallet, it’s more than likely you’ll spend them. You may also lose them in your car or cushions.
To prevent frivolous spending, put your extra daily change in a jar. And when the jar is full, take the money to the bank.