The best money-saving tips that you put into practice today could mean a better tomorrow. And these tips do not have to entail deprivation and austerity.
You don’t have to eschew your daily coffee to save more. Many people are under the impression that saving is possible only if you give up things you really love. That’s not true.
To save more, you only have to give up those things that do not provide real value. Since coffee boosts your mood, provides antioxidants and several other benefits, you can enjoy that daily cup guilt-free.
Here are the best money-saving tips that you can put into practice.
1. Keep Looking for Better Deals
You might feel comfortable buying from the retailer or grocer who is closest to you. Some people even spend decades buying from the same source. But that is not the smartest way of doing things.
Competition is so intense that grocers, stores and supermarkets are continuously rolling out new deals, discounts and promotions to lure customers. You should look for discounts and switch to a better deal wherever you find it to save more.
The same thing applies to insurance, subscriptions, internet service, etc.
If you don’t know where your money is going, the lack of budgeting may be to blame. If you don’t have a budget, it may be much harder to meet your monthly savings target.
In fact, the budget helps you to decide the monthly savings target and tells you how much you need to spend to achieve this monthly goal.
You don’t have to be a financial genius or Warren Buffet to make a budget. A simple spreadsheet or even pen and paper may be enough to track your spending and income.
First, you should track how much you spend each month on various categories like shopping, dining out, leisure, groceries, supermarket, etc. However, knowing how much you spend on various categories may be tricky. You will need to track your spending for a month or two to get a realistic amount. Spending estimates are notoriously low. Hence they are unreliable.
You should then set the budgeted spending amount that is somewhat lower. It should not be drastically low; otherwise, you may not be able to achieve budgeted targets. The trick is to set targets that are achievable.
You can then set lower and lower budgeted costs each month to save more money this way. Within a few months of budgeting, you will find that you are saving substantial sums of cash.
3. Free Entertainment
When you make that budget, you will naturally be looking to make the greatest cuts and savings on leisure. But that does not mean your life has to be dull, dreary and boring.
There are many opportunities for free entertainment, especially those that provide value. For example, instead of throwing cash on watching movies, you can follow gym or exercise influencers on YouTube and social media to work out. Some of them are really hilarious and a joy to watch – trust us. This will keep you entertained, motivated and help you to make good use of your time while having fun. Yes, you enjoy yourself and boost your health in the process. Who said you couldn’t have your cake and eat it too?
4. Is Dining Out Eating Your Money?
Speaking of eating, instead of dining out, why don’t you arrange backyard barbecues or simply try your hand at new top-rated recipes you can find with a click on YouTube, Google or social media? YouTube has tons of amazing videos on recipes that are as scrumptious as they are easy to make. The epicurean escapades in your kitchen may be more fun than dining out.
So get inventive and resourceful. There are many ways to have leisure in ways that add value instead of draining cash. Google and YouTube can be your best friend to this end.
Travelling no doubt incurs the highest costs. Instead of travelling to far off locations, why not explore the hidden gems and wonders in your own locale, city, county or state? You don’t have to travel far and wide to enjoy seeing the world and splash that cash on tickets and hotels. It makes more sense to see the world closest to you first and foremost.
Once again, Google and YouTube can help you to find good spots nearby that you should explore. You can even travel to other states if you really want to travel widely in your car/SUV.
6. Cash Saving Plugins
You can use plugins and software like Rakuten, Amazon Assistant and Honey to find the best deals when shopping online.
You might think that you can find the best deals simply by looking around, right? But time is money too! You should save your money AND time by putting in the effort to find a good plugin or app that will help you to save more when you buy online.
7. DIY Learning
Why not become a DIY expert to save more money? You don’t have to call in a carpenter to drill a hole in the wall to hang that portrait. You can learn many minor tasks with ease on YouTube. Otherwise, you will have to call in experts and pay their high bills.
Some hazardous jobs like roof repairs and electrical repairs are best left to experts. However, wherever possible, try expanding your skill set by learning more so that you can at least do the minor stuff on your own.
DIY learning can also be a fascinating and entertaining journey.
8. Money-Saving App
Perhaps the easiest and best way to save by far is to install a smart app designed to gradually improve your saving habit. The Doctor Money App can help you do that.
Using the app, you can set yourself higher savings targets to ultimately reach the monthly savings amount to help you save enough money in time for retirement.
Thus, a stable, prosperous and happy future starts with the Doctor Money App –which helps you save smartly today for a better tomorrow.