As the cost of living rises, people across the globe are looking for ways to save more and spend less. There’s no quick fix to magically erase your debt and build up your savings, but thankfully there are several easy steps you can take that will put you on the road to financial freedom. The small lifestyle changes you’ll find listed below can make a big difference in your finances over time if you stay consistent.
Downsize
If you’re paying a fortune on rent and feel like you’re constantly struggling to make ends meet, it might be time to consider downsizing. You don’t have to live in a cramped space in a bad part of town to save money. Simply choose an older building, smaller floor plan, or rent a room instead of an apartment if you don’t have any kids. Making sacrifices now will help you save money every month, pay off debt, pay off your car, and eventually set yourself up to afford a bigger place. You have to ask yourself if more space and prettier cabinets are worth the stress your current residence is causing.
Sign a Longer Lease
If possible, sign an extended lease. Signing a lease for 12-15 months ensures that your rent won’t increase for at least that long. Plus, a lot of apartment complexes or landlords will give you a deal, such as one month free or a discounted rate if you’re willing to sign a longer contract.
Save on Water Costs
If your water bill is higher than you’d like, there are a few things you can do to lower the cost. Avoid baths and long showers if you can, since they consume far more water than necessary. You should also turn the water off when brushing your teeth, as it’s literally money down the drain. If your dishwasher has an economy (or water saving) setting, always use it. And never run a load of laundry unless the washing machine is completely full.
Save on Transportation
If you don’t currently own a car, try to use public transportation, walk, or bike instead of purchasing/leasing a car. If your lifestyle requires a car, it’s always best to purchase a used one. Buying a car that’s only a few years old will save you significantly compared to a brand new model. To get better gas mileage, make sure your tires are inflated and don’t speed. The faster you travel, the more gas you use.
Use Cash Instead
Instead of taking your credit cards with you when you shop, use cash. It’s easier to spend money when you don’t physically see it leaving your hand, which is why people frequently overspend when using credit cards. If you have to physically part with your money, you’re less likely to buy anything you don’t really need.
Another good rule to follow when trying to save money is to never buy new unless it’s on sale. Shopping at second-hand stores or on buy/sell apps can save you a fortune on clothes, furniture, and home decor.
Save Money on Food
While Keurig coffee machines are widely loved, you can save a lot of money by making coffee the old fashioned way. Plus, it’s far more environmentally friendly.
Couponing is another great way to save, but it can be time consuming. If you want a faster way to save on groceries, download an app that gives you rewards for scanning your receipts. Fetch and Ibotta are both popular choices. It’ll take a while for the points to add up, but when they do, you’ll get a free gift cards for simply spending money you were already going to spend.
Eating at home versus going out can save you a ton of cash, but there’s no harm in going out every now and then when you’re smart about it. If you’re meeting your friends at a restaurant, go during lunch and take advantage of their specials. If you’re meeting for drinks, schedule your outing during happy hour instead of paying full price. These small changes can make a significant difference when the bill comes.
Make Smart Decisions
It’s easy to buy into the belief that new is always better, but unnecessary upgrades do nothing but burn a hole in your wallet. You don’t need a new phone every year. Instead, use yours for as long as you can. Only once it stops functioning properly should you get a new one. You don’t need multiple streaming services either. Yes, there are certain shows you’ll have to do without it you choose Netflix over Hulu or vise versa, but paying for Showtime, Netflix, Disney+, and Hulu is not worth the variety. Choose one, and enjoy the shows they provide.
Saving money will require small sacrifices, but if you’re willing to put in the effort, you’ll find that the rewards far outweigh the cost. Even something as simple as how you spend time on Social Media. There’s an App called The TIZR App that allows you to sync your Social Media timelines all in one place; and it also shares platform revenue with its users.
Use this list as a guide, do what you can, and focus on your goals. And remember, there’s nothing shameful about cutting back now in order to set yourself up for a stable financial future.
