Living in a world of instant gratification, where everything you desire is available at a click of a mouse, it’s easy to end up making purchases you don’t need. Spending your disposable income instead of saving it can lead to a financial nightmare when you eventually want to make that big property investment in your first home or fund your retirement.
It’s important to develop firm spending and saving habits that help you to control your finances and plan for investing and saving in your future. Here are twelve easy ways to save money and get you closer to achieving financial freedom.
#1 Do a Mini-Audit on Your Finances Every week
Sit down and commit to going through your finances every week. Look at your previous weeks’ budget and analyze where you spend your money. If you overspent on your budget, take note of the reason why. Collecting all your slips and noting where you spent the previous weeks’ budget will help you adjust the coming week’s budget and tighten up on areas where you may be overspending.
#2 Eat at Home More Often
Instead of relying on fast food, or going out for meals every night of the week, invest your time and money in eating at home. Leaning to cook healthy meals will cost a lot less than eating out all the time, and it's good for your health and well-being.
#3 Cut The Cable
Do you really need it? If you do need your media, then consider using streaming online services to get your daily dose of media stimulation. The cost of an internet connection and a few subscription services is a lot cheaper than a cable bill.
#4 Exercise Outdoors or at Home
Training at a gym is pricey and if you need to cut back for a while, consider letting your membership relapse instead of renewing it. Take your exercise to the streets or the local park instead. If you are not one for the great outdoors, then think about inventive ways to workout at home.
#5 Do More Dinner Parties
Just because you are trying to save by not eating out, doesn’t mean your social life has to suffer. Instead of dining at a fancy restaurant, organize a dinner party and have everyone bring something over. This idea is a great way for everyone to save cash while they have a great night with the company of good friends.
#6 Rent a Room in Your Home on Airbnb
If you have a large house and lots of free space, then consider renting out one of the rooms to travelers on Airbnb.
#7 Skip the Starbucks
Coffee on the way to work every morning can end up costing a fortune over the course of a working year. Rather make your coffee yourself at home for a fraction of the price.
#9 Create A Second Income Stream
If you need more money in your life, then increase your income. Spend a few hours browsing opportunities to use your skills in the online marketplace.
#10 Become Your Own Beautician
Save on the beauty parlor treatments by reviewing videos of modern and traditional beauty treatments on social channels like Pinterest and YouTube. You can find instructional videos, complete with ingredients and methods, to any beauty treatment available.
#11 Free Your Time
Time is money; it's possibly the most important commodity that all of us own. Reduce the time you spend on minimal tasks and organization by delegating these responsibilities to a virtual assistant. Use them to do the small stuff and focus on thinking big.
#12 Create Personalized Gifts
Instead of spending hundreds on gifts for close family and friends, design them something home-made and personal that they will treasure forever. A framed photo collage of all your best memories is a great gift idea for a family member.
#13 Use Coupons for Software Purchases
Use coupons from CouponBuffer to save money on a broad range of software products available for your PC. From virus protection to data recovery and design, save money on these online tools.
Using these few tips, you will be able to save a fair, decent chunk of your income in the coming year. Apply them and note your results in your weekly self-audit session.12 Easy Ways to Save Money