We all want to save money right? But how many of us actually succeed at doing that? Saving money can be a bit challenging when you don’t know where to start.
The first step to saving money is developing some healthy money habits. You need to determine what you want for your future versus what you want right now.
Set clear goals and prioritize them. Here are 5 tips that can help you get started on saving money.
1. Cut down on groceries | Make a plan before you go grocery shopping. Meal planning will allow you to plan your meals for the week and only shop for the necessary ingredients. Remember to always scan your pantry for ingredients that you already have on hand before you head out to the store. If your local grocer provides local pick up, try using that service instead so that you aren’t tempted to throw extra snacks into the cart.
2. Cut ties with cable | Do you really need cable anymore? The average cost of cable TV per month sits around $100. There are so many other options out there for you to choose from that are more cost efficient. You can pick from Netflix, Hulu, HBO, Showtime, CBS, etc. or all of the above and still pay less than a cable subscription.
3. Say goodbye to debt | Have you heard of the Snowball Method? Using this method, you pay off your debts in order from smallest to largest. You simply make minimum payments on all your debt accounts EXCEPT for the one with the lowest debt (you pay as much as you can on this one instead).
4. Cancel automatic subscriptions and memberships | Check your accounts and jot down all your subscriptions and membership services. Are you still paying for a gym membership? Subscription box? Spotify? Review what you are paying for and what you really don’t need. Cancel the ones that you do not use on the regular and cancel the “auto-renew” function. If you are paying for streaming services, think about splitting the cost with a friend or family member and then you both save!
5. Buy generic | Are you buying items solely based on the branding? In most cases, the only difference between a generic brand and a fancy brand, is that the fancy brand looks better. However, pay attention to the details. Are the ingredients the same? If so, you’re better off buying the generic brand and saving yourself a few dollars in return.
Stay tuned for more tips on how to save money.