The average western person spends roughly $50k a year. A good portion of that amount could be saved and used for better alternatives.
Avoid Spending Money On Eating Out.
Its really easy to come home after a long day of work and say “screw it, I’ll just order food”, but is it really worth the money in the long run? Spending $10 on eating out may not seem like a bad idea, but once you eat out 10 times, that’s $100 dollars gone. That $100 could’ve instead been $20 of food that you cooked yourself at home. Save yourself the extra money, and make your own meals. it’ll save you money, and who doesn’t want to become a better chef?
If you’re terrified of spending money at thrift or department stores, you’re definitely not in the right mindset to spend less money. Oftentimes, people see thrift stores as this filthy place with old junk, but many thrift stores usually sell high quality products. some of the clothes that you find at thrift stores may still even have the price tags on them, and are sold for a fraction of its retail price. Electronics in thrift stores are also a huge money saver. Need a new T.V? Thrift stores can save you hundreds of dollars on a television. And (not surprisingly), the T.V will achieve the same purpose than if you were to pay $200 more for a brand new one.
Cancel Any Monthly Subscriptions That Are Not In Use.
Without even realizing it, you’re probably signed up for monthly subscriptions that you don’t even know about. If you’re not checking your card transactions every once in a while, you probably should, just to make sure that there are no transactions that you haven’t made, or even just a $5 subscription to a yoga class that gets charged monthly, that you don’t even know about! It’s not unheard of to find multiple monthly subscriptions that you’ve completely forgotten about. If you’re serious about saving money, it’s important to cancel any subscriptions that you don’t use regularly.
Don’t Shop For Clothes If You Don’t Need To
You go to the mall and you see these sexy, flavorful, nike shoes. you’ve gotta have them, and add them to your collection of 15 pairs of shoes, but then you only wear them once a month. If you’re tight with money, and you need to cut back on some expenses, shopping is definitely one of the first things you need to stop spending on. I’m not saying “don’t buy clothes. Be naked!”. Of course it’s important to have clothes and shoes and shop every once in a while, but when you begin to shop, and you buy clothes that you rarely ever wear anymore, it’s time to take a step back from shopping and analyze where that $200 for the gucci crop top could’ve went, now that you only wear it every 6 months.
Buy Only The Groceries That You Need
We’ve all done it. We go to the grocery store, we have a list that we are going to follow STRICTLY. upon setting foot in the store, we see all kinds of things that we didn’t even know we needed! It’s totally normal to want to buy everything in the store, but at some point, you have to realize; if you didn’t go to the store with the intention of buying it, you probably do not need it. It’s imperative to only buy what you need at any store, because once you buy things that you only realized you wanted while at the store, you’re more susceptible to not even use the product you bought, when you arrive home.
If you’ve seen the show Extreme Couponing, you know how much you can save from only coupons at the grocery store. Many times you’ll even see that the store owes people money, if they’ve used enough coupons. A lot of people i know, don’t like to use coupons because it makes them feel poor. Would you rather feel poor while saving money, or choose to spend more money so that one day you may actually end up poor. There’s no shame in using coupons. They’re a safe way to save money on groceries, and in the long run, save hundreds or even thousands of dollars.
Decrease Your Monthly Bill Payments.
if you own a home, pay rent, or just have any monthly bills to pay, chances are you can lower your monthly payment. If you’re currently paying a cell phone bill of $100, it’s probably in your best interest to switch to another service provider, and save yourself at least $10 a month.
If you own cable television, you can even negotiate the price with your service provider.
oftentimes people who want to save money, start by calling their cable company, such as Verizon, and negotiate a comfortable price that they can afford, while being able to enjoy all the channels that they love. You can negotiate you’re cable company, internet service provider, cell phone bill, and sometimes even your rent if you have a good reason.
Buy A Water Filtration System
If you don’t drink tap water at home, you’re probably drinking bottled water. If you’re not drinking water, i think that’s probably not good. bottled water can cost thousands of dollars a year. A better investment for yourself would be a good water filtration system. With a water filtration system or water purifier, you’d spend less money on water. On amazon you could hug a water filter to last you 3 months, for only $20 dollars. That’s a massive save compared to how much you’d spend in that same amount of time, on bottles of water.
Pay With Cash Rather Than Card
Studies show that it is much easier to spend more money with a credit or debit card, rather than cash. The reason for this is that with a card, there is no clear visualization of exactly how much money you are spending. Cash on the other hand, is a materialistic visualization of how much money you are spending. physically counting your bills, and handing them over to a cashier, tends to show you how much money you’re really spending. Switch to cash if you want a slap in the face to how much money you really spend.
Track Your Expenses To Find Out What Else You Could Spend Less On
It’s important to know what you are frequently spending your money on, especially when you are trying to save up. For years i’ve used the app “Dollarbird” on the app store. Every time i make a purchase or transaction, i write it into the app, and it categorizes my expenses for me, so over time, i could tell what the majority of my money goes to (such as food, or transportation). This allows me to figure out what expenses i could cut down on, in order to save money. Any way to track what you’re spending money on, would be beneficial in the long run.