There’s one simple rule in saving, INCOME > SPENDING, the difference is your SAVINGS. To increase your saving, you’d either have to increase income, which is sometimes difficult for some, or decrease spending, which is again, not that easy to achieve.
I’ve gone through my credit card statement for last month which is greatly reduced from the month before, but it’s still far from ideal – for example I found that on somedays I would spend up to 10 dollars on seemingly nothing, gum/bottled water/a snack. 10 dollars is not a whole lot but considering it happened more than once, it really added up. Better organization is needed. Still, I’ve been able to cut down on spending with these tips.
1. Ask yourself, “do you really need it?” – This is probably by far the best saving tip. Just not buying something. A lot of the times I look at something and I want to buy it but then I remind myself, I actually don’t need it at all. It’s only a want, not a need. Distinguish needs from wants, if you want to save money. Walk straight past the temptations if you have to.
2. Just drink ‘water’ – no juice, no alcohol, no fancy drinks. Just fill up a bottle with tap water and bring with you everywhere. You’ll stay hydrated without having to spend.
3. Bring your own – This goes with #2 includes, lunch, bottled water, gum…etc. If you’re prepared and buy your own, you don’t need to spend extra or waste time finding them when you need them.
4. Meal prep – this kinda ties into #3 and its not exclusive to fitness fanatics anymore. See what’s on sale at your local grocer and plan accordingly. Then, meal prep – make a whole batch on Wednesday and Sunday then prep for days to come in tupperware then grab and go. Food costs can be reduced greatly this way, not to mention you’ll eat healthier too knowing exactly what’s in your food.
5. Borrow – if there’s something you need but cost a lot, ask around. See if someone can lend you these items.
6. Fix things instead of replacing them – this is somewhat old school for me. I did used to see my dad tinkering away with gadgets trying to fix them as if he was a doctor and the gadgets were his patients. I never saw the need, since you could always find ‘new’ things out there. Then I realized, it was just an excuse for myself to spend more money. Now, I agree with my dad. If you could fix it, why would you spend extra for something you don’t really need? Plus, you’ll be doing your part in making sure something still usable is not going to the landfill, therefore helping the environment.
7. Cancel memberships and subscriptions – this goes for gym and magazines and anything you could think of. Gym, since it’s summer, its more practical than ever to go outside and get some fresh air. You could get the same gym workout, outside of a gym – i.e: run and do bodyweight exercises somewhere that’s as effective as running on a treadmill. There’s also other options such as a community centre or free meet up fitness groups, many options out there than joining a gym. Subscription wise, I just use the internet now for news. I don’t even watch TV.
8. Use a reward credit card with no fee – I know a lot of people recommend cash, but I’d rather use cash-back credit card that pays me a few bucks back at the end of the year.
9. Find free entertainment instead – get creative, there are many out there, better yet, call your friends, go outside for a game of frizbee or beach volleyball. You’ll get a workout in and will have fun and catch up at the same time.
So these are 9 tips I can think of off the top of my head. If you have any tips of your own, please feel free to share in the comment section!