When you’re in a tough spot financially, saving money can sometimes feel like an impossible task. For a lot of us, we spend much more than we think on little things which can really add up over the course of a year. Are there any expenses you could live without that aren’t benefiting you in the long term?
Here are a few numbers to think about:
- Buying lunch five days a week could cost roughly $3,000 per year
- A soft drink or beer every day could cost close to $2,000 per year
- A coffee every day during the workweek could cost $1,000 per year
- Just $27.39 of random daily spending adds up to $10,000 per year
Be honest with yourself and take a good hard look at what you spend your money on. If your goal is to save up a significant amount for a big purchase like a house or new car, it may be worth making a few lifestyle sacrifices to reach that goal.
Ideas to save extra money.
👖 Only shop for the clothes you need.
📄 Use a spending tracker app or spreadsheet to track your daily expenses.
🥕 Buy seasonal vegetables and fruit.
🥪 Meal plan and make lunch as often as you can.
🍽 Avoid grocery shopping when you’re hungry.
🌴 Book trips during off season.
🌡️ Keep an eye on your heat and air conditioning use at home.
🍷 Buy affordable wine or research discounted subscription options.
🚰 Use a reusable water bottle and avoid buying plastic bottles.
🗞️ Share a newspaper subscription with a friend.
📱 Use a round-up savings app.
🧦 Buy multiple pairs of the same socks so they don’t get lost.
👜 Bring reusable bags to the grocery store.
🍞 Bake your own bread.
💰 Sell household items you no longer need.
🏠 Negotiate the interest rate on your mortgage if you can.
🎅 Do your holiday shopping in January while there are Boxing Day deals.
📺 Use comparison services to find the best internet plan.
📦 Buying directly from a wholesaler can sometimes save money if you buy in bulk.
💡 Use energy-saving light bulbs.
🤾 Take advantage of any fitness or wellness benefits from your work.
🗓️ Get creative with finding fun, free activities on the weekend.
🐜 Check if what you need is available used at a flea market or through an online marketplace.
👬🏾 Consider splitting the cost of a big purchase with a friend.
☕ Make coffee at home.
We deep-dive into savings in Week 5 of WisrCredit Bootcamp. Check that out here to learn more and test your savings knowledge.