7 Simple Money Saving Tips That Work
Getting started is often the hardest thing to do when it comes to saving money. Knowing simple ways to save cash and how to reach your financial goals can be difficult. Below are 7 easy money saving tips that will allow you to develop a shrewd savings plan.
Pay off your debt
If you’re heavily indebted, start by clearing your debt before you can save. If you’re not convinced, calculate how much of your income goes into paying your debt every month and you’ll be surprised. Once you’ve cleared your debt, you can start saving money.
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Set saving targets
Finding Ways To Keep Up With Options
One great tip to start saving is to visualize whatever you want to buy using your savings. If you need inspiration, set your saving goals and a timeline to make the process easier. Want to move into your own house with a 20 percent deposit in three years? Having a saving target will help you determine how much you’ll have to save every month to achieve your aim.
Opt for a “stayvacation”
While “stayvacation” can sound trendy, there’s a solid idea behind it. Instead of spending a small fortune on overseas vacations, you can plan fun vacations in your compound or near your area. If you can’t travel by road, find cheap air travel in your area.
Save by spending
The fact is that utility bills rarely go down, so it’s time to act and weatherize your house. Find a licensed contractor and have them review your home’s energy efficiency or ask for an energy review from your utility company. 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
Lowering your water heater’s thermostat can help you save on energy costs. 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.
Have packed lunch
One obvious tip to save money is to find everyday savings. 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 there are coins in your wallet or purse, you’re more than likely to spend them. They can also get lost in your car or couch.
To avoid unnecessary spending, make sure to put extra coins in a jar every day. And once your piggy bank is full, take your savings to the bank.