We all wish we could save more money, sometimes it seems as though the cash goes out as quickly as it comes in. But saving a little extra each month doesn’t have to be difficult. Check out our list of five simple, savvy money-saving tips you can start doing right now.
Ditch the Credit Card
Alright, so don’t ditch your credit card entirely, but consider swapping it out from time to time with your trusty debit card instead. You see, the issue with credit cards is that it is easy to get complacent, you simply tap your card for a quick transaction and your bank balance stays the same. It doesn’t feel real.
But credit card debt is a hidden cost that can quickly sneak up on you if you let it, and with over $756 billion in outstanding credit card debt in the U.S. alone, the costs can be crippling.
Using a Visa debit card, coupled with online banking or mobile budgeting apps, means that every purchase has weight, and it is much easier to stop and consider the consequences of frivolous buying if you can see your balance diminishing before your eyes. It sounds simple, but merely being more aware of your money is one of the best ways to get in the mindset for saving it.
Explore Price Comparison Websites
Price comparison websites let you compare hundreds of suppliers for your financial products, ensuring you get the best deals on your energy bills, car insurance and broadband, among other things.
Cost can vary hugely between providers, and most people have no idea if they are getting the best price or not for the services they require. A quick 15-minute browse on your phone or laptop could net you hundreds of dollars in savings on your household bills.
Cancel unwanted subscriptions.
Yes, Netflix is a mainstay for most of us, but the chances are there are more subscriptions you do not use that are diminishing your bank account each month.
By not regularly checking your bank statement, it can be easy to miss direct debits that you have forgotten or simply not thought to cancel. Simply logging in to your bank account each month will make it much easier to spot unwanted subscriptions that are flying under the radar.
Save on Your Grocery Bill
Carefully planning your meals for the week is one of the simplest ways to save money whilst cutting down on food waste.
In the US, 30-40 per cent of the food supply is estimated to go to waste, so knowing exactly what you are going to have each day and only buying the necessary ingredients could save you hundreds of wasted dollars each year.
Invest in some good-sized food containers and make the most of your fridge and freezer. Frozen leftovers make for a quick and easy meal on days when you do not feel like cooking, and food that is stored properly in the fridge will last far longer than the estimated shelf life.
For example, storing salad in a container with kitchen towels keeps the leaves drier and crisper for longer, while wrapping a cucumber in a tea towel can stop it from going soft.
Carpool to Work
Simply driving to and from your place of work each day can add up to hundreds of dollars of gas a year. By simply sharing the load with a carpool or car-sharing scheme you could halve your fuel costs.
Better yet why not swap the car for an eco-friendly bicycle? Saving money and the planet at the same time.