Are you looking for ways to save money?
If so, you're in luck! In this article, we share the easiest and most realistic money saving tips.
Whether you're looking to save on your groceries, your utilities, or your for your expenses, we've got you covered.
1. Keep track of your spending
If you want to be in control of your finances, you need to keep track of your spending. This means knowing where your money is going and what you are spending it on.
You can do this by keeping a budget or tracking your spending using an app or financial software (e.g. robo-advisors). This will help you see where your money is going and what you can cut back on.
It can also be helpful to set up a system where you automatically transfer a fixed amount of money into savings each month.
2. Save regularly
The most important thing to remember with your finances is to be regular with your savings. This will ensure that you are always ready in case of an emergency.
It can be extremely difficult to set aside money every month, but you should try to put away at least $50 each month to give yourself a little nest egg.
Consolidate your debts if you have any outstanding debts. This will make it easier for you to keep on top of your finances and ensure that you don’t get into further debt.
3. Seperate wants from needs
Some people have a difficult time understanding the difference between wants and needs.
Wants are things that we would like to have, but they are not necessary for survival or happiness. Needs are things that we must have in order to survive or be happy.
Could sound stupid, but actually it is really helpful to write your needs and wants down and prioritize them in categories. This will help you to make more (relatively) rational decisions before you actually spend on something.
4. "Keep the change"
Well... That one is pretty straight. We all know that most companies make a lot of extra profit from $0.01 everytime someone simply doesn't "keep the change" for itself.
Every cent counts!
5. Cook & eat at home
The average American spends about $50 per week on eating out. If you eat out 3 times per week, you can expect to spend about $150 per week, or $600 per month, on eating out.
Eating at home can save you a lot of money.
Plus, when you are cooking at home, you can also control the amount of salt, fat, and calories in your food. Double gain!
6. 30 Days Rule
Use 30 days rule: wait for 30 days before buying something that you see and want.
After waiting 30 days, if you think you still want it, then you buy it. With this rule, you can avoid any type of impulse and feel-good, fast-dopamine spending.
Easy said, but needs a moderate level of impulse control.
7. 50/20/30 Budget Rule
Senator Elizabeth Warren introduced and popularized the 50/20/30 rule with her book that was published in 2005, named "All Your Worth: The Ultimate Lifetime Money Plan".
The 50/20/30 budget rule is a simple guideline that helps you save money over your lifetime by spending up to 50%, saving 20%, and investing 30% of your income.
By following these three simple rules, you can create a financial plan that will help you achieve your goals and reach your full potential.
Eventually...
When you keep up with that, it somehow works for you to save some money from your income.
But a little disclaimer: these tips are not going to make you rich!