7 ways to save money
In spite of all our efforts to save more, somehow life gets in the way or something we want goes on sale and POOF, our savings are gone.
Here are 7 ways to be able to finally save more money!
1. Track and analyze your expenses – do you know how much you are paying for all your subscriptions? What about eating out? This is the first key you'll need to start saving! By knowing where your money is going you then see your financial picture as a whole and can analyze where you can start cutting back in order to save more. DOWNLOAD MY FREE SPENDING TRACKING APP here.
2. Create a spending plan – you could also call it a budget. 😛
Some people don’t like budgeting and don't believe it works. I get it. Call it a spending spreadsheet instead or whatever you want but it's helpful to make one up! If you don’t know what is going on with your financial situation, you won't know where you can save on your expenditures.
Get clear on your income, expenses, and net worth in order to be able to determine how much more you need to put aside to reach your goals.
3. Try a "spending fast"!
This is the fastest way to save some quick cash. Do.not.spend.a.cent. for a whole day. Then try two days. Go for three! Buy only what is absolutely necessary to survive. Test how long you can go before you break!
It's pretty interesting to see what emotions come up here and how disciplined you really are. I guarantee that this is a very effective way to increase your bank balance.
Make it a game and play with your partner. The loser does the dishes for a week.
Be cautious not to justify a big expenditure after your fast unless that was the whole purpose of it.
Call the cable company and ask for a discount. Even if it's 20 bucks. That’s 20 extra dollars you could put towards something else. There is nothing wrong with asking for a discount and trying to save some money but it’s up to you to become intentional and think about this. Go through your monthly bills and see where you feel you are overpaying and get on the phone! It may take a bit of time to get through but you may be able to save up to $150+/month just by doing this, and imagine where you could put that money instead.
5. Wait 24 hours before making any purchase over $100
Do not click buy! Give yourself some time to think about if this purchase works within your budget or if will it be added to your credit card balance and “dealt with later”.
I like to do a quick review of my financial priority wheel before I make a purchase. This is to make sure it aligns with how I want to be spending. Then, I STILL wait 24 hours before buying anything. If you can walk away from something and not think about it for a whole day you don’t need it.
6. Meal plan
Food is a huge expense! Being unprepared for breakfast, lunch and dinner means you will rush to find easy, fast solutions in order to prevent becoming hangry. This lack of organization costs you money – lots of it! If you catch yourself eating out or ordering in quite a bit it's time to prepare a meal plan and watch your savings grow. Make your coffee to go at home and don’t overbuy and waste food. We all know this is the place we can really save some money!
Set up an automatic withdrawal plan for your emergency fund, fun account, retirement account, or "buying a new car account". This is so easy and allows you to save for the things you really need. If you establish this for yourself you will just get to live your life and not stress about your money.
Best of luck!