5 Tips for Saving Money This Year
Making money can be difficult and figuring out where to invest that money can be every trickier. Your hard-earned money requires a lot of planning to make sure that it’s being invested in the right places at the right time. Whether you’re planning to retire at the age of 60 or you’re planning to visit every country by the age of 35, your money still requires some saving. Consider these following tips for saving money so that you can cut on costs and save money overtime:
Set short- and long-term goals
Setting goals for where you are hoping to be financially in the future is crucial when trying to save money. This is because when you are able to picture what it is that you are actually saving for, it can really increase that money-saving motivation.
Knowing the target amount of money you’re hoping to save in the next five, ten, and even twenty years is a great way to inspire you to stop spending and start saving.
Buy generic brands
We can’t always believe the labels – oftentimes two different brands actually have the exact same product inside. This is often the case when comparing higher-end brands of over-the-counter medicine, pantry items, and some food products to their generically-branded competitor. Instead of spending extra for a name-brand, consider going generic and saving some money on your next shopping trip.
Go green at home
By making your home more energy efficient, it’s not only benefitting the environment, but your wallet, too! It may feel like the initial investment into energy-efficient appliances and other home products is high, but the savings overtime is worth it.
Switch out your normal bulbs with some LED lights that are built to cut on energy usage and last longer. Go green in the bedroom with an organic mattress, sheets, or duvet that are free of harsh chemicals to reduce your chances of chemical-related illnesses while also lasting longer than regular bedding products. If you’re really feeling green, think about installing a smart thermostat that allows you to set the temperature within your financial and scheduling means.
Get rid of unused subscriptions
It may feel necessary to have five different movie streaming services attached to your credit card – but believe me, it’s not. Instead of racking up the payments every month from subscriptions that you hardly use, consider looking into all of your monthly expenses and getting rid of the ones that you hardly ever use.
This is a quick and easy way to save a few bucks every month – and maybe more, depending on how many subscriptions you’ve signed up for over the months!
Cut down on gas consumption
Rather than taking your car to the farmer’s market two blocks down, think about instead walking, taking public transport, or carpooling with your friends or neighbors. When you are ride-sharing and reducing the amount of gas spent in your car, you’re not only cutting down on your monthly gas-costs, but also keeping the miles lower on your vehicle – it’s a win-win!