7 Easy and Effective Ways to Save Money Getting started is often the hardest thing to do when it comes to saving money. It can be hard to know easy ways to save and how to accomplish your financial goals. Below are 7 easy money saving tips that will allow you to develop a shrewd savings plan. Pay off your debt If you’re deep in debt, eliminate it first before you think of saving. If you need convincing, you’ll be surprised to find just how much goes into servicing your debt per month. Once you’ve cleared your debt, you can start saving money.
A 10-Point Plan for Resources (Without Being Overwhelmed)
Set saving targets
Savings – Getting Started & Next Steps
One great way to save is to visualize what you’re saving money for. To motivate yourself, set money-saving targets and a timeline so saving becomes easier. Want to move into your own house with a 20 percent deposit in three years? Once you’ve set your target, you’ll know what amount to put aside each month to achieve your goal. Take a “stayvacation”‘ While the term “stayvacation” can seem like a cool idea, there’s a solid reason behind it. Instead of spending thousands on air tickets for overseas travel, you can have a fun vacation in your own backyard or near your home. If you cannot drive to another location, find cheap air tickets in your area. Spend and save The truth is that utility costs usually go up with time, so take action now and make your home weatherproof. Find a certified home improvement contractor to give you a comprehensive energy efficiency audit or ask your utility company for an energy review. Making your house weatherproof may involve simple improvements like using energy-efficient gadgets and appliances, installing new siding, new insulation, as well as sealing your windows and doors. Over time, you’re likely to save a huge chunk of money. Utility savings Lowering the thermostat of a water heater can help cut down energy costs. Additionally, using an on-demand heater or tankless heater can reduce your energy bills by about 30% compared to opting for a regular tank storage water heater. Pack your lunch Finding ways to save everyday is one of the most obvious money saving tips. If you pay $5 for lunch at work, but packing your lunch costs just $2, opt for the latter. Then in one year, you can put your savings in an emergency fund or retirement fund or contribute to your tuition. Have a piggy bank While it might seem crazy, we sometimes overlook the value of coins. If you have coins in your purse or wallet, you’ll spend it more often than not. They can also get lost in your car or couch. To prevent frivolous spending, put your extra daily change in a jar. And when the jar is full, take the money to the bank.