Are you looking to build up your savings for the future but don’t know how or where to start? Check out these money-saving tips you can apply today.
Whether you’re looking to save money for financial security, investment, a future purchase or retirement, the best time to start doing so is now.
However, saving money takes discipline and commitment. You need to keep your eyes focused on the future. By building up your savings, you can look forward to a more stable financial standing. With money in your pocket or the bank, you’ll also be better able to handle any financial obstacles or difficulties that may come your way.
To get you started, we’re sharing the top 10 money-saving tips you can easily start doing now.
1. Record all expenses.
The only way to know which expenses you can cut back on is by keeping detailed records of your daily, weekly and monthly expenses.
So, make time to record everything (e.g. three months’ worth of expenses) and review it to see what items are non-essential and can be stricken out.
2. Plan your meals.
A whole day of eating out could set you back by around $40 to $65 or more — desserts not included.
You can save a substantial chunk of your budget by opting to dine at home. For this, you need to plan your meals accordingly. By cooking at home, you not only save but also become more aware of the nutrients you’re getting in your diet.
3. Save water and electricity.
Everyone’s been told to save water and electricity at least once in their lifetime because it’s one of the best money-saving tips. Be aware of your water and energy consumption and take steps to conserve as much as you can. This includes unplugging devices and turning off the tap and lights when these are not in use.
4. Declutter and sell.
Once or twice a year, go through your possessions. Make it your goal to get rid of items that you haven’t touched for months (even when their use is not seasonal). Set these things aside and aim to either give them away or sell them.
5. Skip the credit card.
Adopt a mindset of buying only those things you can afford to pay for in cash. Ditch the plastic. If you can, gradually pay off your credit card debt and go plastic-free forever.
6. Make coffee at home.
Whether you’re an espresso lover or an occasional café-goer, it’s better to make your coffee at home. There are so many tips and videos about coffee making available out there. Plus, learning to make your own coffee can elevate your appreciation for it.
7. Create a grocery list and stick with it.
When you set out to shop for your groceries, write down what you need and make sure to stick with it. Carrying cash only (rather than a credit card) can also help eliminate or minimise impulse buys.
8. Bring your own bottle of water.
Instead of spending on expensive bottled water products that also add to the planet’s waste problems, get a reusable water bottle and fill it at home. Take it wherever you go and refill it at work or school.
9. Purchase what you can in bulk.
While giving in to every single sale is not a good thing, you can buy certain items in bulk during sales. These include laundry detergent, pasta, toothpaste, and toilet paper. Just make sure to purchase what you can consume within a reasonable period.
10. Invest in timeless fashion.
Rather than buying what seems to be cheap fast fashion, invest in a few quality pieces that you can wear and mix and match over and over again.
So there you go, money-saving tips and tricks you can implement right away to help secure your future.
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.