In the present-day economy, living can be very expensive. It may be difficult to plan for the future, and you’ll notice that the overall cost of living tends to increase as the years go by. If the idea of saving money for rainy days, investments, or pleasure sounds appealing to you, then this article provides lifestyle hacks that will help you save more money.
Make a Budget and Stick to It
Budgeting is a great way to enforce a strict spending habit and money saving discipline. The idea is to list out the necessary expenses and apportion a certain cash amount to each expenditure monthly, preferably based on opportunity cost. You can either keep this cash in separate envelopes or create a savings account for these expenses. You also set cash aside, which goes to your savings. And once you’ve exhausted the monthly allocation, don’t spend a dime more until the next month.
Keep a Record of Your Expenses
Writing down and recording your expenses is an easy way to keep a close eye on your spending habits. Reviewing the records after a given period lets you see how much you’ve spent, what expenses were necessary, which ones were not really needed. You can use a budgeting app like Emma for this. You’ll just have to connect your bank accounts and your expenses will be categorized automatically. You can also set budget pools and track your progress with Emma. This will help you gain more visibility over your spending to save more money and reach your financial goals.
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Carry Larger Bills Around
Carrying larger bills like the $50 or $100 bills is another smart lifestyle hack to save more money, especially when you pay in cash. Research has proven that when a person pays in cash, instead of using a credit card, spending is usually less. The trick with carrying larger dollar bills is that it reduces impulse buys, which is an extension of the feeling that comes with breaking large bills.
Go Grocery Shopping with a Prepared List
If you hit the grocery store to buy items simply because you’re out or short on supply, there’s the chance that you’ll spend cash buying just about any item that catches your attention. However, if you make a list of all the items you need to buy before going to the store, it helps you stay focused and controls your spending.
Save The Change
Decide to save every change that comes your way every day instead of spending them off. Don’t take that spare $5 for granted. You’d be surprised how much you’d have accumulated over 1 year. The beauty of this money saving hack is that it’s a simple and great way to pile up cash in your savings daily without altering your regular lifestyle.
Buy in Bulk
The last but not the least of the seven lifestyle hacks to save more money is to look out for discounts on items that you need and buy items in bulk, especially necessary perishable items. Most stores offer promos and discounts on every day buys, with an offer to save some percentage on bulk buys. Take advantage of this. By stocking up your home with these necessary items you use almost daily, you save more money.
Of course, it all begins with the decision to take control of your finances and save more money. And by applying these money saving tips mentioned above, you’re at an advantage in regards to meeting your financial goals. You can also download Emma to help you set budgets and track expenses going forward.