As you continue to strive towards financial stability, tracking these 20 simple ways of saving money in your everyday life will just be helpful.
It’s more important than ever to be able to stay focused on saving money in any way you can as you embark on your saving journey.
This may include taking stringent measures to keep yourself not just in check, but also on track when the need to spend money you should save arises.
Importance of financial stability
A lot has been said about financial stability but how important is it when it comes to saving money in your everyday life?
Financial stability ensures you don’t fall victim to money-related stress and disorders. Money affords you healthy food and if necessary, medical care.
Even financially strong people experience stress, but for different reasons. And this stress doesn’t necessarily cause any form of illness.
The key to attaining financial stability is by implementing strong money habits such as budgeting your income, saving automatically, growing your emergency fund, paying off your debt, and monitoring your credit score.
Simple ways of saving money every day
Having gone through all these steps, you can be sure to make a decision on the right saving app for you.
The next step would be to find simple ways of saving money in your everyday life.
By following the steps below, you will be mopping up the extra cash you probably would have wasted and diverting it into your savings.
Make a weekly ‘money date’
Commit to sitting down with your money once a week for a money date. During this time, update your budget, review your accounts, and track your progress against your financial goals.
Like any relationship, if you want your financial life to improve, you must spend time with your money.
Plan your meals
Taking a few hours every weekend to create a meal plan for the weekend shop based on the meal plan will definitely help in saving money.
Dining out has been rated as the number one expense for most households. By eating at home, you save money that would otherwise be spent on cash withdrawal charges, transportation, and other little taxes.
Review your subscriptions
Yes, you need to stay entertained as a way of escaping life’s stress, but do you need to pay for that many subscription services?
Why do you need Netflix, Showmax, and Prime Videos in addition to one or two other cable subscriptions? Don’t forget that these also consume internet data. Why do you need that much data subscription? What are you spending it on?
Don’t forget the gym subscription that you hardly ever go to.
Pruning down those subscriptions and diverting the funds to your savings will help you achieve your goals faster.
Reduce your friends
It has been proven that the more friends you have, the more money you spend on lunch dates, birthday parties, and gifts.
You may want to tone down your social life, at least until you achieve your savings goals.
And where you can’t help it, instead of hanging out, host them at home.
Work more or, in local parlance, double your hustle. When you’re working a lot, not only will you be earning more, there’s not much time left to shop and spend money.
So stay busy and pursue a career you love. However, don’t forget to take care of your health.
Wait 48 hours
The golden rule of impulse buying is to wait 48 hours before you purchase that item.
If after 48 hours, you still feel the need to buy it, then it is a necessary purchase.
If not, add the money to your savings.
Do it yourself
Yes, you read that right. You don’t have to call an artisan to fix every problem.
Go online and learn how to do things yourself. Things like giving yourself a haircut, beauty treatments, or a little plumbing here and there.
Just make sure you don’t endanger your life or the lives of those around you.
Give creative gifts
Another way of saving money is to find creative ways to express your love to friends and family members with free, lower-cost, or handmade birthday and holiday gifts.
After all, a handwritten note explaining why you love someone can be more sentimental than some expensive gift he or she may never even use.
Quality over quantity
This can apply to food, clothes, electronics, and much more. Sometimes choosing quality over quantity will save you more in the long run.
Save up your money and get the best-quality product you can afford. That way, you don’t have to replace them in the near future.
Deal with your emotions
Excessive spending is often a way to avoid feeling certain emotions.
If you check in with yourself before you go on a major spending spree, you may be able to identify if you’re feeling bored, lonely, or stressed and are therefore spending money as a means to avoid the underlying emotion.
Stay on your lane
Stop trying to keep up with your friends and neighbours. You may be tempted to compare your financial life to that of others, especially celebrities, however, it is really important to be clear about what matters most to you.
Make sure you build a financial plan that supports that vision. This will keep you moving toward your financial goals and stop you from spending money on things you don’t need.
Read a personal finance book. When you learn about personal finance, you’ll learn even more strategies to help you save money for your goals in life.
Knowledge is power, and the more you know, the more you can save.
Avoid social media
Maybe not totally, but staying away from social media will, one way or another, help you save money and reach your financial goal on time.
With social media controlling our lives like never before, people often fall victim to the fear of missing out and instead go overboard with how they spend money.
Except your job requires you to, then this rule does not apply. However, you may need to do it in moderation.
Pay off your debt
If you’re trying to save money but still carrying a large debt burden, start with the debt.
Once you’re free from paying interest on your debt, that money can easily be put into savings.
Reduce your power consumption
We understand that the weather is hot but you really need to cut down on your power and other utility consumption.
Again, by cutting down costs on utility bills, you have more money to funnel into your savings account.
Create an interest-bearing account
Do not overlook this important aspect. The aim of having a savings account is to keep money aside. It is to your advantage if that money yields interest.
Most times these interests are calculated on a daily basis. By patronising a high-yield interest account, you are sure to be saving money in your everyday life.
Buy in bulk
From foodstuff to toiletries, some items are going to keep popping up on your shopping list.
When you know you’ll be buying these items repeatedly in the future, it often makes sense to purchase these items in bulk.
Bulk purchasing ensures you get them at a cheaper rate thereby saving more in the long run.
Map out your financial goals
Be very specific with your financial goals. You need to map out how much you need, by when, and by what you need to save every month in order to reach the goal.
When you know what your targets are, you’re more likely to stay the course and continue saving for them for the long term.
Keep your eye on the prize. It takes discipline and determination to stay focused on your goals.
To avoid veering off course, check in with your goals regularly and keep your eye on the prize.
Track your progress
As you continue on your journey to financial freedom by saving money, track your progress and continue to increase the number year after year.