How to Save Money: 6 Possibilities to Consider

If you have a sneaky suspicion that you waste far too much money and are looking for simple, yet effective ways to save money, continue reading to discover 6 easy ways to save money.

One dollar banknote isolated on white background

How to Save Money: 6 Possibilities to Consider

1. Make sure that you pay all of your bills, before their due dates

Some companies may charge you a small fee if you fail to pay your bill before its due date. However, on a more positive note, some companies also offer small percentage discounts, for customers who pay their bills on time. Either way, it’s well worth paying your bills a few days prior to their due dates, in order to save money.

2. Consider canceling some of your monthly subscriptions

To work out whether or not you should cancel a subscription, simply divide the amount which you pay per month, by the number of times which you actually use your subscription per month. In order to find out how much you pay, to use your subscription each time.

3. When it comes to grocery shopping, ensure to stick to your shopping list

Get into the habit of writing a shopping list, ahead of each trip to the grocery store. If you can avoid putting impulse purchases into your shopping cart, you should be able to save 20% off your total bill. If you find it hard not to treat yourself, simply limit yourself to purchasing one surprise item, which costs $5 or less.

4. If you find it hard to keep to a budget, start carrying cash instead of a credit card

If you give yourself a budget of $60 for a night out with your friends, you’re guaranteed to keep to your pre-determined budget. However, if you carry a credit card, you may find it far too easy to swipe your card for numerous purchases and may end up spending well in excess of $100! So if you have a problem sticking to your budget, it’s well worth reverting back to using cash instead of a credit card.

5. Pack your lunch, instead of purchasing lunch at a cafe

Even if you kept to a reasonable budget of $7 per lunch, you’d still spend around $1,800 on work lunches per week. When you take into account that most cafe lunches are pricer than $7, by choosing to pack lunch from home, you should be able to save well in excess of $2,000 per year, which is a sizeable amount.

6. Consider selling one of your vehicles

If you live with a partner or spouse and currently own two or more cars, you may want to consider selling one of your cars and using public transport on a more frequent basis. In fact, the average family who sells one of their vehicles ends up saving around $9,000 a year. As you’d be surprised to find out how much you’ll spend on car maintenance and gas costs per year.

So if you assumed it would be a difficult task to start saving more money, think again!