Saving money may be the hardest part of adulting. Unfortunately, there are people all over the United States who don’t even know how to create a spending budget. However, saving is essential to making sure you’re able to pay your monthly bills, handle life’s emergencies, and have a nest egg in case you’re unable to work for a period of time.
Saving opens a whole world of opportunities. You may not be able to budget your way to the Forbes list, but saving will help you buy a home, a new car, and pay debts. Continue reading to get some tips to help you be more thrifty and save some coins.
Put money into a savings account every pay period.
Saving money isn’t easy when you have to pay bills and manage your living expenses, but it’s possible. The first thing you should do with every paycheck is put 20% into your savings.
If you receive direct deposit, you can actually allocate a percentage of each paycheck to your savings account. The benefit of allocating a portion of each paycheck to your savings is that you never get a chance to miss the money. If you don’t already have a savings account, then do your due diligence to find the institution that will give you the best interest rate on your savings.
Buy a used car instead of a new car.
Automobiles are one of the most expensive purchases you’ll ever make. If you need a vehicle but are trying to save money, you should buy a used car. Not only will the used car have a more friendly vehicle price, but it will retain its full value longer than a new car. Your new car will start losing value the moment you pull it off the lot. After thirty days, once the vehicle return period is over, you won’t be able to fetch the full price for that brand new SUV that you mortgaged your kid’s college savings for.
Another one of the great things about buying a used car is that you may be able to afford it outright without having to become a borrower. If you go to an auto auction, then you may find a wide range of vehicles that you like and are also in your vehicle price range. You have to do your own due diligence before purchasing a car from an auto auction because there are no guarantees on them, but you won’t find better deals on used cars such as a Honda or a Toyota anywhere else, and certainly not at your local car dealership.
If you’re trying to find cars at a minimum price without haggling, then do an online search for used cars for sale near me. Once again, if you do your due diligence, you should find something that fits your sense of style and budget.
Shop around for your utilities.
One area of spending where you would undoubtedly like to save is on your utility bills. The good news is you can choose your electric supplier in many places. You can now get a great value on your electricity by finding the company with the best electricity prices, and even one that prefers renewable energy. Switching to a new supplier could save you and your spouse hundreds of dollars every year on utilities. With so many electricity suppliers in NI, doing your due diligence when picking a supplier will help you reach your savings goals.
Invest your money.
Investing is the best way to increase your savings by putting your money to work. If you’re interested in reliable investing with a low correlation to the stock market, you should try an alternative investment like real estate. One of the best things about alternative investments is that, due to their low correlation with the stock market, they aren’t as volatile and can be a safer option.
Alternative investments include a vast array of different physical assets like real estate, used or new cars that appreciate value, and expensive art. Truly, what makes a possession an alternative investment is its quality of being valuable to other collectors. For instance, if you have a classic Cadillac in excellent shape with its original parts, it could be considered an alternative investment.
Even if you don’t know much about investing, you can get your feet wet on the Yieldstreet platform. Yieldstreet is an alternative investment platform that aims to help beginners understand and make alternative investments. If you’ve never heard of it, then you may be asking yourself, “Is Yieldstreet a ripoff?” The best way to find out for yourself is to read through Yieldstreet reviews online and see what other people have to say about them.
Saving and investing are the best ways to secure your financial future. Put money away for rainy days and always do your due diligence before making significant purchases and investments.
Bring your lunch to work with you.
Leaving work to go out for lunch daily is the kiss of death to a smart budget. A great way to save money on food is to bring your lunch to work with you. By bringing your lunch, you could significantly cut your spending. Eating out once a week isn’t bad, but if you do it every day, that’s probably one reason you’re bleeding money.
One lunch away from the office will probably cost you what it would if you brought your lunch for a week. If you want to see your bank account grow, you should start taking your lunch to work with you.
Change the way you think about the money you spend.
Many people struggle with impulsive buying and careless spending. However, if you changed the way you thought about spending money, it would be a powerful deterrent to wasteful spending.
Instead of judging the value of something by how much money it will cost you, calculate how many hours at work it will cost you. For instance, if you make $25 per hour, a $100 purchase would cost you four hours of work. Now, ask yourself, would you work four hours knowing that fancy $100 coffee pot would be your payment?
Buy second-hand as much as possible.
There’s nothing wrong with having an affinity for the finer things in life as long as those finer things fit into your budget. If you like luxury brands, then you can save on them by purchasing them secondhand. With websites like OfferUp, where people unload perfectly good belongings for pennies on the dollar, you can clean up on the premium brands you love.
Buy in bulk.
Frequent trips to the grocery store cost you in more ways than one. Buying in bulk is an excellent way to increase your savings. The main thing it does is cuts down on store runs, which saves money on groceries and gas.
Shop around for your fuel.
The next time you’re out driving, you should look at every gas station you pass to compare gas prices. Even if your car is an MPG savant, fuel is something everyone can afford to save on. Even if the difference is only a few cents a gallon, those add up over time.
Don’t spend your loose change.
One of the greatest ways to save is with a good old fashioned piggy bank. If you resolve not to spend any coins and put them all away, you’ll probably save hundreds of dollars in a year.