You can save money in more ways that one, and it’s easy. No secret tips or detailed strategies are needed.
You don’t even need to change the way you live or drastically cut back on your spending.
All it takes is a little motivation and know-how.
The below easy ways to save money outlined below show you how to sock away more cash each month without being cheap.
A recent Gallup poll shows that only one-third of Americans use a budget plan.
Yet using a budget plan is one of the top time-tested money-saving tips. Creating a budget plan takes your income and expenses into consideration so you know exactly how much money you have to spend on certain things.
A budget plan, as well as tracking your expenses, helps you see exactly where your money is going. It allows you to make necessary changes. It also keeps you honest.
The Bureau of Labor Statistics lists groceries as the third top expense among Americans.
Yet all too many people go about their grocery shopping willy-nilly. Utilizing smart grocery shopping habits is one of the best ways to save money.
The number one smart grocery shopping tip is to plan ahead. Check your refrigerator, freezer, and pantry before writing a grocery list so you don’t buy any items you already have.
Using a list at the store helps ensure you only buy what you need.
The Energy Information Administration lists the average monthly electrical bill as $110.21 in the United States.
Like grocery shopping, changing a few habits can greatly cut down on that figure. Chief among them is actually using less electricity.
Turn off the lights when you’re not at home, invest in a smart thermostat (like Nest), and limit use of the AC in the summer.
Another of the easy ways to save money on utilities is to invest in energy efficient appliances.
Sure, replacing your washer and dryer might be expensive upfront, but it will save you huge amounts of money in the long run. Zillow estimates swapping out an old-fashioned washer and dryer with a new energy saver model saves roughly around $110 per year on utility bills.
Impulse buying is one of the worst spending habits of all. Fortunately, it’s relatively easy to replace with better habits.
The Simple Dollar suggests using the 10-second rule for small purchases. Whenever you pick up an item at the store, spend at least 10 seconds thinking about whether you actually need it.
You’ll often find that you don’t need it nearly as much as you originally thought you did.
LifeHacker recommends pairing the 10-second rule with the 30-day rule. Wait at least 30 days before making a big purchase.
Use that 30 days to reflect on whether you actually need that item or not. You’ll often find that the urge to buy that item passes after a month of waiting.
Automatic transfers are one of the easiest ways to build up your savings account. Many people describe it as “paying yourself first.”
Set up automatic transfers so that a set amount of money is transferred to your savings account each month without thought. It ensures that money is actually saved and helps build better financial habits in the process.
Saving money is easy when you break it down piece by piece. Implement one or two of the top easy ways to save money discussed above and you’ll notice immediate changes.
The key is to stay motivated and not to overdo your efforts.
Trying to do too much at once will only have negative effects in the long run.
Glenn Carter is a sharing economy expert and is sharing his passion for side income through new digital platforms with his readers.