You have always been so aware of your money, from tracking your income to strategically spreading out your bills across the month. You aren’t frivolous by any means, in fact you’d consider yourself to be pretty money savvy. No matter how smart you are with your savings there are always going to be things that quietly slip through the net. Perhaps you’re looking at
buying a car and you haven’t researched the finer financing details or your business is spending empty money on a particular marketing strategy that isn’t seeing the returns you’d hoped. It is these everyday small things which mount up into larger amounts over time. Assessing the small stuff is really going to help save you money for the long haul. You might think that some of the following suggestions are only going to save you pennies, but it is those pennies which add up to hundreds if you stay consistent. You need to understand that all of your tiny outgoings are adding up to huge amounts over a year or even five years. Get to grips with all of the finer details in your social life, business and home life. You obviously don’t need to jump in head first and try to change all of these things at once, but seriously consider implementing every single one of these handy hacks into your everyday life as soon as you can.
1. Be Smart With Car Payments
If your making regular car payments then you better make sure you are getting the best deal possible. Don’t waste your money buying brand new cars that lose their value as soon as you start driving it. Look into financing for used cars and you will be saving so much more money a month. You can find excellent quality used cars and just pay a fraction of the price per month compared to what you are already paying.
2. Check Your Mobile Phone Plan
You pay your mobile phone bill as if it’s just normal to be shelling out nearly a hundred a month for the privilege of making a few calls. If you’ve been with the same phone company for several years, they will want to keep your loyalty as a customer. Simply as them for a better offer and tell them you’re going to switch to another provider if they don’t decrease your bill. Nine times out of ten they will absolutely agree with you and give you a cheaper deal.
3. Cancel Your Gym Membership
The thought of having a gym membership is nice isn’t it? But when was the last time you stepped foot in your local gym? Your paying a lot of money a month just for the sake of a flashy member’s card you don’t even use. If you do enjoy working out then go for a run in the fresh air or do circuits in the park. Don’t throw away your money on a gym you don’t even go to.
4. Skip The Fancy Morning Coffee
We all need a coffee to wake us up in the morning, but your bad habit is having a serious effect on your bank balance. If you love the brown stuff then invest in a coffee machine for your home. It will work out so much cheaper in the long run and it’ll save you time queuing up in the shop every morning!
5. Expand Your Business
Obviously you’re trying to save money, not spend it, but you don’t actually have to put a tonne of money into your business to expand your horizons. Even if you just start targeting a slightly different demographic for a few months, that small change might just bring you a huge amount of extra income.
6. Partner Up
If your business is expanding, then so will your workload. You might want to consider getting a business partner to share the financial load. Obviously there are risks involved with this, but you could just be saving yourself a tonne of money if you started sharing your business costs with someone else with the same passions as you.
7. Tweak Your Marketing Strategies
You might not be getting returns on some of the marketing campaigns you are putting out there, if so then why are you still running them? You are losing a whole load of money by keeping something that simply isn’t working. Constantly tweak your marketing strategies and find something that it truly worth the money.
8. Reassess Your Commute
Your expensive taxi ride down the street or your unnecessary bus journey to work will keep eating a hole in your pocket if you don’t put a stop to it. Look at your morning commute and find the cheapest way around it. Sometimes things are far too convenient and we end up spending needless money on travel when we could’ve just walked.
9. Batch Cook Your Meals
Everybody loves a convenience meal, whether that’s a huge order from the local Chinese takeaway or a Friday night pizza after a long hard week at the office. The truth is, you are spending way too much money on food whether you choose to believe it or not. You might think you are only eating a sandwich for your lunch so it’s hardly putting you out of pocket, but over a year you are spending an outrageous amount of money by eating out. Do you grocery shopping online and make a meal plan which will set you up for the whole week. Batch cook your meals and make curries, soups and casseroles which you can throw in a Tupperware box and take to work. You will save so much money by doing this instead of forking out for an expensive sandwich or takeout meal every day.
10. Be Savvy With TV Subscriptions
Who doesn’t love switching on Netflix after a stressful week? Everybody has those evenings where we just want to relax in from of the television. But whatever happened to good old live television; we are missing out on the news, amazing documentaries and old school films because we spend all of our time trying to decide what to watch on Netflix or other paid subscription apps. Cancel all of them and see how your month pans out, the chances are you won’t even miss them and it will just become the norm.
11. Shop In the Sales
Sharp suits and business attire is your thing, but they certainly come at a cost. Try not to splurge on unnecessarily expensive clothing and gadgets when you can buy perfectly high quality goods in the sales or charity stores. You will save yourself a lot of money if you curb your shopping habits and start to be mindful about where you go to buy your clothing.
12. Get a Reusable Water Bottle
We all know that our planet is majorly under threat from the influx of plastic which is being tossed into our oceans. Don’t be blind to these problems and invest in a reusable water bottle. Not only will you be helping out the environment, but you will also be saving a lot of money on buying bottled water when you’re out and about.
13. Skip The Social Stuff
Obviously there are going to be social events you really want to attend, but do you need to go to every single thing you are invited to? Think of all the money you could save if your bypassed just one trip to a bar every month. Over a year it would add up to hundreds, so consider that next time you hit the social scene after work every Friday night.
14. Loosen The Luxuries
All of those little extra items you are constantly buying, such as magazines, games consoles, fancy haircuts, they aren’t completely necessary. See if you can go a whole month only buying the bare minimum that you need to get by for that month. That’s extra money in your pocket instantly.
15. Book Your Travel in Advance
You shouldn’t deny yourself the odd vacation now and again, after all you’re only human. If you do feel like you need to take a break then make sure you book it well in advance and get the best deal possible. Head to your local travel agents and see what the cheapest flight deals are. If you book a flight for mid week it’s normally half the price of weekend, so remember that too.
You might think that cutting back on these little luxuries isn’t going to impact your financial life at all, but if you manage to stick at it for an entire year you will probably have enough money to pay off your credit card, student loan or another mounting bill that has been hanging over your head for the last few years. Every little helps when it comes to sorting out your savings and becoming financially comfortable again. You can live the high life once you’ve made your first million, but for now it’s time to be smart, make some cuts and consider all of your money decisions carefully before reaching for your wallet.