With inflation and prices increasing everywhere, finding small and simple ways to save money wouldn’t be the worst idea.
Managing your finances can be tedious, but it really isn’t as difficult as you think. With that said, in this article, we will be suggesting five practical ways you can save money starting now. Trust us, your future self will thank you!
1. Create a Rough Monthly Budget
Creating a budget and having all of your expenses laid out in front of you can be overwhelming, to say the least. But it gives you an idea of how much you have to spend for the month and will allow you to allocate money accordingly (this is especially helpful if you often find yourself mindlessly spending money on things you don’t actually need). If you unknowingly consume too much in one area, you’ll be instantly aware and be able to make adjustments for the following month.
If you don’t know where to begin with making a budget or have never used one before, millions of online templates are available.
2. Avoid Eating Out
Take a moment to think about how often you eat out weekly. Now, think about how much you spend eating out each week and multiply that to calculate how much you’d be spending in a year.
Eating out may not seem like a considerable expense, but it adds up very quickly over time. If you’re a busy person who’s always on the go, purchase food in bulk (it’s cheaper) and a meal plan. That will help you control what you eat and how much you spend.
Try to only eat out on special occasions or when you’re really too busy to cook for yourself - it’ll not only save you more money but will also feel more rewarding.
3. Get Creative With Activities
Just because you’re saving money doesn’t mean that you have to miss out on all the fun. Yes, going downtown for drinks with friends is fun, but if you do that every weekend, it’ll certainly add up.
With that said, get creative with your activities - go on hikes, visit local galleries/museums, and have a cute sunset picnic. You’ll find that those types of activities will allow you and your friends to bond even more. And hey, you guys can be saving for a big annual trip that your future selves will love you for.
4. Find Coupons or Discount Codes
Before you purchase something, whether that be a product or tickets to an event, check if any discounts are available online. Yes, it may only save you a few dollars, but that money will add up over time, and you’ll notice significant difference years down the road.
Honey is a Google Chrome extension you can download that will automatically find and apply promo codes at checkout - it’s free and will definitely come in the clutch as you shop.
5. Invest in High-Quality Items
This is especially helpful for those of you who love shopping. Shopping for high-quality items means that you won’t have to repurchase the same things for a while. At the moment you’re making the purchase, it may seem like you’re spending a lot, but over time, you’ll see that you’re actually saving money.
There you have it! Those are five ways you can save money now. Remember, the sacrifices you make now are investments for your future self.