If you’re like most people, saving money isn’t always easy. Regardless of how much money you earn, it’s still a good idea to have funds set aside for an emergency. This can often be accomplished by making a few small changes that will have a significant impact over time. Check out the information below regarding tips for saving money and being more thrifty.
Shop with a List
How many times have you gone to the grocery store and purchased a lot more than you anticipated? The number of times is probably too many to recount. To some degree, this happens because of effective marketing. Companies know how to grab your attention so that you buy more than you need. The best way to combat this issue is by shopping with a list. This will need to be a rule that you don’t break. What’s great about having a smartphone is you can keep your shopping list with you at all times so that it’s available whenever you stop by the grocery store. You’ll be surprised by how much money you save in a month.
Create a Strategy
What is your strategy for spending money? Do you have a philosophy on saving money? If not, it’s time to create one. It can be as simple as only buying what you need or saving at least $100 every month. You can also identify the stores where you’ll shop. This should be places where you can get the biggest bang for your buck. It might also include skipping fast-food restaurants and preparing meals at home six days out of the week.
Track What You Spend
How much money do you spend every week on non-essential items? A great way to answer this question is by tracking what you spend. You can start by keeping every receipt whenever you make a purchase. At the end of every week, look at where your money was spent and decide what can be eliminated. Most people don’t realize how much money they waste every month.
Develop a Budget
One of the first things you want to do to save money and become more thrifty is to develop a budget and stick to it. Many people use what’s called the 50/20/30 rule. This is where 50% of your income goes to housing and food, 20% is saved, and the other 30% is used for personal expenses. This is just one example, and the percentages that you choose should be based on your financial goals. Perhaps you can afford to save 30% or 40% of your income.
Don’t Let Food Spoil
Millions of dollars are wasted across the country because food that’s purchased ends up spoiling before it’s eaten. It might be necessary to buy less perishable food if you’re unable to eat it before it spoils. You can also learn how to freeze certain items. This is really beneficial if you enjoy making smoothies because you can freeze a lot of fruit that would otherwise be wasted.
Make Saving Automatic
Saving money is so much easier when you have it automatically transferred into your savings account. For instance, you can have a portion of your paycheck deposited into a savings account instead of having the full amount sent to your checking account. After a while, you won’t notice the difference.
Pay with Cash
Credit card debt is one of the main reasons why people have a hard time saving money. Unfortunately, credit cards are often used for unnecessary items.
A great way to become more thrifty is by using cash for your purchases. In fact, with few exceptions, it’s best to only use credit cards when absolutely necessary.
Implement a Waiting Period
Before making any large purchases, it’s a good idea to give yourself time to think about it. Some people have a 7-day waiting period, while others have a 30-day waiting. Instead of making impulsive purchases, it’s best to wait for some time to see if you still want it down the road. There’s a good chance that you’ll feel differently about the item later on.
Join Loyalty Programs
Many grocery stores have loyalty programs, which allows you to save money on items that you purchase often. This is something that’s definitely worth looking into because it’s a great way to be thrifty and still get the things you need.
There’s a good chance that you’re throwing money away by keeping appliances plugged in when they’re not in use. Although it might not seem like a big deal, it can add up. The same applies to turning the lights out when you’re not in the room.
Choosing to save money and be thrifty is wise. These tips can help you make progress towards your financial goals.