Trying to save some cash? Here are some fantastic tips to help you save some money.
Trying to save cash Save Money Paydaywichita
Why is saving important?
We live in a society that requires monetary attention at every step. You virtually do not exist if you don’t have money. Saving is therefore essential as it protects you from financial emergencies. It gives you strength and acceptance in society. And above all, it gives you the freedom to do things otherwise you could not do.
Many people think that you have to earn a lot to be able to save money. This is not true. If you are not financially smart, you will end up in debt no matter how much you earn. Instead, if you are smart and follow the steps we show, you can have good enough savings even with your current earning.
Start a budget
The most important tip we can give you to cut down on your expenses is to start a budget. You can’t cut down your costs if you don’t know where the money is going. We recommend you write down every expense you have. This will be a great start to assess your financial habits and take steps no matter how little they are.
Now, writing on a paper or diary is fine, but we highly recommend using a spreadsheet. Don’t worry. We have attached a template here for you to follow along. Go ahead, make a copy and use it. (This can also be found as a template on google spreadsheet).
Why it is essential to use this spreadsheet is that we humans are not good at comprehending numbers. But we are good at visuals; we will use your judgment to cut down on excess spendings.
Check on your subscriptions.
You will be surprised to know how much people spend on subscriptions that they are not even aware. Evaluate your subscriptions and ask yourself if you can live without them. I am not asking you to cheap out on everything, but go for that if there are cheap or free alternatives. An example can be Spotify. Do you really need the premium option to get most of the features if you don’t mind some ads? Never underestimate even the smallest of payments, and recurring subscriptions do put a lot of strain on your wallet.
Reduce your utility bills
This may be counterintuitive, but if you live in an old apartment, changing to efficient light bulbs can save you a lot. You can usually look into your electricity provider’s website to learn the actual savings.
Also, create a habit of conserving energy when you can. Never run your washing machine or dishwasher without total capacity. Use an automatic thermostat and turn it down whenever you can. And make sure your house is well insulated, and heat does not escape through the roof or walls.
Lower your house rents
One of the most significant expenses for an average American is housing. It is a bit tricky to do that; one option for you is to get a roommate if that is possible. Or, if you don’t have a car, rent out the garage. But most importantly, considering moving into suburbs, house rents drastically decrease if you choose to live 15 – 20miles away from city centers.
Cut down on restaurants.
I should not stop you from giving yourself an odd treat. But carry food whenever you can. Most restaurants are highly-priced. Takeaway coffee is another way of saving your hard-earned cash, but if you are obsessed with coffee like me, try making your coffee and carrying it in a flask.
Evaluate your commute
Transportation is another giant hog at your expense. If you have a long commute, try using public transport. If that is not an option, look if you can ride a bike. Not only will this help you with travel expenses, but it saves your yearly gym membership fees as well.
Don’t upgrade gadgets every year.
No matter what the commercials say, your old phone does 90% of what the new one can. Do not fall into the trap of upgrading your gadget every year. Many argue that having powerful hardware makes you more productive. This is not entirely true; you can get quite a lot out of your old computer. Also, make a habit of repairing things before choosing to get a new one. And remember to sell your old device when you upgrade; this will cut the upgrade cost by half.
Don’t buy everything at a discount.
Discount is a great way to make you spend more than what you need. This is a strategy that marketers and shopkeepers use. So don’t rush out to buy every time you see a discount. But there are few things you may consider buying in bulk during a discount. For example, cleaning products or toothpaste, things that last long and you will need it regardless of the price. Purchasing these things at a discount can be a good saving.
An investment that will save in the long run
Here is the secret sauce that you have been waiting. You see, there are few expenses that no matter how hard we try, we won’t be able to escape. I mentioned earlier how I couldn’t go a day without coffee, and if I had continued my daily trip at the local coffee shop, I would have been losing money like crazy. So what I did is instead of recurring payments to get coffee every day, I bought myself a coffee machine at home. I can see your eyes popping. Isn’t this article about saving money? Yes, coffee is an expense I can not live without, so although it cost me $600 to get the machine, it keeps me around 12 bucks every day. So, in under two months, I made my money back and kept on saving on coffee ever since. So in just one year, you save $4000 just on coffee ( excluding the cost for beans and milk).
You may think that I don’t drink coffee, good for you, but you spend on something every day that you can otherwise save with a small investment. Find it out, and there you go, the biggest secret of saving money.
But this initial investment may not come cheap, and you may be a few bucks shy to make the purchase. Not to worry, the good people at paydaywichita will offer you 24-hour fast payday loans with no credit check. Get your loan approved in a day, the interest will cost you $10 – $15, but it will be worth the investment in the long run.
