Some good ways to save money
We all want to save money. And whether it’s forgoing your once-a-week mocha latte or postponing an exotic family getaway, everyone has their own way of saving money.
Use these money saving tips to generate ideas on the best ways to save money in your daily life.
Get rid of debt
If you’re trying to save money on a budget but are still heavily in debt, start with debt. Not convinced? Calculate how much you spend on servicing your debt each month and you will quickly see everything. Once you are free from paying interest on your debt, this money can be easily invested in savings. A personal line of credit is just one of the debt consolidation options so you can pay it off better.
Set Savings Goals
One of the best ways to save money is to visualize what you are saving for. If you need motivation, set save goals along with a timeline to make saving easier. Want to buy a house in three years with a 20 percent down payment? Now you have a goal and you know that you will need to save every month to reach your goal. Use the regional savings calculators to reach your goal!
Pay yourself first
Set up an automatic debit from your checking account to your savings account every payday. Don’t give up on a healthy long-term savings plan.
No, it’s not easy to quit smoking, but if you smoke one and a half packs every day, that’s an impressive percentage of your budget that you can save if you quit smoking.
While the term may be trendy, the message behind it is clear: instead of spending a few thousand on flights abroad, look in your backyard for a fun vacation close to home. If you can’t travel that distance, look for cheap flights in your area.
Savings on utilities
Lowering the water heater thermostat temperature by 10°F can save 3 to 5 percent on energy costs. And installing an on-demand water heater or tankless water heater can provide up to 30 percent savings compared to a standard storage tank water heater.
Pack up your lunch
The obvious money-saving tip is to look for daily savings. If buying lunch at work costs 500 rubles, and delivering lunch from home costs only 200 rubles, then during the year you can create a reserve fund of at least 108,000 rubles.