4 Simple Money-Saving Techniques You Should Start Using
There are different ways one can save money, however, it is the effort-effectiveness that counts, not just the potential for financial savings. For instance, you could save some money by rationing in a bit more frugal way but becoming malnourished in order to save a couple of extra dollars is seldom worth it. Moreover, you could try living like a hermit but this kind of lifestyle is not something a lot of people can maintain for a prolonged period of time. What you need are the simplest tricks possible. Methods that will enable you to save money while not having to change too much in your day-to-day behavior and patterns. Here are four such money saving techniques.
1.) Personal finance apps
Sometimes, all you need is a bit of awareness. You see, in a lot of cases, you spend more money than you can afford on items you don’t really need. Now, we’re not talking about the phenomenon of impulse buying (we’ll come to that later) but about the general lack of awareness of just how much some of these things cost you on a monthly or annual basis. With a personal finance app on your side, you will have an insight into the exact numbers you’re dealing with and it will be much easier to avoid some of these mistakes.
2.) Restrain your impulse-buying habits
The next thing you need to do is restrain your impulse-buying habits or, as we like to call it, learn how to stick to the list. Keep in mind that, while buying in bulk may be a frugal habit, this only applies to the items that you’re actually going to use. Here, we’re talking about non-perishable supplies like toilet paper, cleaning supplies and similar items. On the other hand, buying a self-flushing litter box just because it’s 50 percent off is a perfect example of the shopping behavior you need to avoid.
Nowadays, every major store has a website. This way, you can check the items that are on sale and make the list the day before you go grocery shopping. Next morning, while you’re no longer under the influence of all the discounts, you can re-examine the list and drop all the items you deem as unnecessary. Needless to say, you would be surprised just how effective this method can be, while still allowing you to save a small fortune by being able to turn all of these discounts to your favor. Being a bit more of a minimalist can truly change your life.
3.) Save money on your utility bill
The next place where you could try to save some additional funds is the utility bills. Here, there are several things you can do. The first option, a bit pricier one, is to replace your old appliances with new ones and, in this way, reduce your power consumption. As always, you have to spend some money in order to save some more. Another thing you can do is switch from incandescent to LED bulbs. Finally, you can find experts who can compare energy providers and ensure that you’re paying as little as you need to.
4.) Start a saving program
At the end of the day, your jar can become much fuller if you decide to gamify your savings experience. For instance, you can embark on a particular saving program like the 52-weeks challenge, where you are designated to increase the amount you deposit every week. For instance, if you start at $125 on the first week, deposit $150 on the second and raise by $25 every subsequent week. You stand to save as much as $10,000 in a single year. Still, you don’t have to set your goal this high. Even by starting at $1 and raising by a single dollar each week, you stand to save $1,378 by the end of the year.
At the end of the day, one thing that the above-listed four tips have in common is their ability to help you save some money while not feeling like you’re making any sacrifice to your lifestyle. This feature alone makes these methods more than self-sustainable.
Author Bio:
Diana Smith is a full time mom of two beautiful girls interested in topics related to finances and latest business technologies. In her free time she enjoys exercising and preparing healthy meals for her family. Follow Diana her on Twitter and Google+.
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