What strategies are most effective for saving money? 9 simple ways
Every little bit helps, they say. These 9 ways to save money every day show that small changes to your daily habits can indeed make a world of difference.
Add these habits to your day. In this way, you choose every day to make saving a priority.
9 strategies to save money
Saving a small amount every day doesn’t seem to make a world of difference. But if you add up all those little bits, you end up with a nice amount in the long run. Do you find it difficult to envision that? This daily savings calculator shows it nicely.
Track your daily expenses
Take a minute every day to write down your expenses in a notebook or Excel sheet. You can also use a budget app. Saving is, after all, difficult if you have no idea where your money is going. And to be honest, most of us have no idea.
Are you about to make an expense? Then agree that you will wait 48 hours (or even longer). This way, you avoid impulse purchases. Because you still want to buy the product after 48 hours, you can be sure that you will not regret it afterwards. You don’t spend a lot of money in the end, so you can easily save daily.
Keep an eye on prices
Even if something has been on your wish list for a long time, you can save on this. Fortunately, many different tools monitor your prices and notify you when something is discounted.
Know your triggers
It’s tempting to treat yourself when you’re having a bad day. So think of other ways that make you feel good but don’t cost money to save daily. Think of a run, your favourite game, or meeting a friend.
Make coffee at home
How often do you get a coffee to go, buy lunch, or order food in the evening? All these costs can add up nicely on an annual basis. To illustrate: buying a coffee for 3 dollars once a week may not seem worth mentioning, but you still save 156 dollars yearly if you make coffee at home. Take a critical look at your spending and ask yourself if you can’t limit this kind of daily luxury spending.
Cook with seasonal products
Unfortunately, vegetables are quite pricey, but you can save on your groceries by buying mainly seasonal vegetables. These are often cheaper because they come from your country’s soil and are not imported. Seasonal vegetables in January are, for example, pumpkin, parsnips, Brussels sprouts, kale, and carrots.
Buy offers (that you need)
Another way to save daily is to check the offers at your favourite supermarket and plan your meals around that. Products that you can freeze (such as meat substitutes) are also useful to buy in bulk when they are on sale.
Be careful: only buy offers that you need. Otherwise, of course, you save nothing.
Learn about personal finance
Even if you watch one YouTube video every day, read one article like this, or read one page from a book, you make every day that you are just that little bit wiser in the field of personal finance. That not only helps you save daily but also builds wealth in general.
The way to save every day? That is by literally saving every day. Even if it is one dollar, you keep saving on top of mind this way. You can tackle this in different ways. For example, save your change in a piggy bank. If you don’t have cash, you can also do it digitally. Put a daily reminder in your calendar for this.