And Everything In Between
Trying to save money is not an easy task. Heck, there are so many things that we all need to pay for these days. The internet is open 24 hours every day of the year, and we can spend our cash faster than ever.
Sometimes it’s easy to find ourselves caught up in buying new shoes or electronics when our old ones are still working ok. Advertising and marketing are everywhere, on billboards, radios, television and even YouTube! We are constantly told to spend, spend spend!
How To Save Money Each Month
Saving money doesn’t have to be difficult, in fact, if you follow these simple tips you’ll be pleasantly surprised next month with a little extra in your bank account.
Tip #1 – Avoid Impulse Buys
Yes, we’ve all been guilty of it. We see something flashy on the TV and so pick up the phone to order our ‘free trial’. Then next thing we know we’re handing over or credit card details and buying a whole lot more than we intended.
If you’re prone to making impulse buys, then leave your credit card at home or hide it away for a rainy day. Studies have shown that buyers tend to spend twice as much at a vendor when they buy something using their credit card.
Another easy solution is to create a shopping list – and stick to it! That means only buying one item if you’ve only listed one on your list, ignore all those buy two get one three offers.
Tip #2 – Buy Groceries Monthly
The fewer trips you make to the store the better. Shopping malls are experts in increasing your spending money and getting you to buy even more than you had planned. So by going to the store less frequently you’ll be less likely to waste money on stuff you really don’t need.
Tip #3 – Price Matching
Almost every store will have a price matching policy. This means that you can save on extra trips to different stores by simply bringing in a catalog at your favorite store and having the manager price match their items to one of their competitors.
It’s good business for the manager because they still make the sale, and it’s good for you because you save on gas money and hassles.
Tip #4 – Avoid Eating Out
Eating out can be very expensive. If you bought lunch every day for a year you’d end up spending a little over $1,500. Bought lunches aren’t even that tasty! So take some time each day to prep your lunch for tomorrow and save a whole heap of cash.
Tip #5 – Buy Used Instead of New
New items come with a premium. You can end up paying almost double for a new item, compared to the same item that someone is reselling locally or online. For big ticket items, save hundreds by buying them second-hand.
Tip #6 – Pay Down High-Interest Debts
Yes, that means reducing your credit cards to zero. If you’re paying high interest on previous purchases then you’ve got a great big hole in your savings account. You’ll be far better off putting your savings into paying down expensive debt than keeping it in the bank.
If you want to find out more about teaching your children to save money as they get older, then check out Fran Christie’s debut book “101 Money Tips for Kids and Parents” here.