How many times have you sworn that you will make a financial change and actually save some of your hard earned money? Saving money is one of the most popular goals to set. Ironically, it is also one of the most commonly abandoned goals.
Give These Five Money Saving Tips a Try and Actually Reach Your Savings Goal!
Savings Tip #1 – The Art of Budgeting
Face it; most people cannot grasp the concept of budgeting. Their effort doing it is commendable but evaluations are commonly not done properly. As for you who are new to budgeting, it is best for you to start now!
When evaluating, include the following categories:
• Utility Gas
• Personal Items
• Vehicle Gas
• Credit Card Bills
• Loan Payments
• Also include other expenses that you incur daily, weekly or monthly.
Once you have your set expenses in place, set aside some time each month to evaluate them. This will allow you to recognize unnecessary spending habits, spot negative spending trends and stop it.
Savings Tip #2 – Cut Expenses by Doing it Yourself – DIY
Identify the amount of unnecessary expenditure. First, consider food. The average fast food lunch starts at $6.00. A daily $6 lunch bill can easily turn into $30 a week, $120 a month. Instead of surrendering $120 every month to a chain establishment, bring leftovers from home or prepare your own food. By preparing food from home, you can easily cut your monthly lunch bill in half. This DIY tip can also be used for lawn and garden care, many personal care luxuries, small scale home maintenance and even party/event planning.
Savings Tip #3 – Reject Expensive Drinks! Choose Water.
Aside from the numerous health benefits of drinking water, it is a financially beneficial choice. After all, it is free! This particular money saving tip can be difficult for some, especially after a life time of drinking anything but water. If this sounds like you, consider purchasing a low-cost water enhancer in the flavor of your choice.
Savings Tip #4 – Kick Bad Habits – Regain your Health and Wallet
You can save a substantial amount of money by kicking a few bad habits. Take smoking for instance. Your average smoker will go through a carton of cigarettes a week. At an average price of $55 a carton, based on your location, this can lead to upwards of $200 a month. Help your health and your wallet, by kicking bad habits such as smoking, alcohol, junk food and sodas.
Savings Tip #5 – Live Green, Slash Utility Cost
Utility bills can be high, but they do not have to be. Consider gradual replacement of old appliances for energy efficient ones. You can also reduce electricity bills by replacing cooling appliances with heat-resistant films over your windows. Not only will you cut your monthly bill, the government may also offer tax refunds for qualifying “green” purchases.
Water bills can also be lowered by installing shower heads that can be switched on and off as needed. Another often overlooked cost cutting solution is recycling. Based on the amount that you recycle, you may be able to start using smaller, less expensive trash cans, thereby reducing your trash pickup cost. Implementing these utility saving strategies will not only help your wallet, but the environment too!
Start Saving Money the Easy Way
Saving money can be quite easy with sound budgeting and the implementation of a few lifestyle changes. Making decisions to cut hired costs and DIY and breaking old habits can easily reduce recurring monthly expenses worth thousands. If you want to see a financial change in your life, then you need to practice financial responsibility with purpose. It can be fun to switch things up and try them in a new and less costly way. Give it a try!
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