If you’re like most people on the planet and are constantly wondering where your money is going, consider asking yourself how much your daily habits are costing you. Do you ever casually spend $10-$20 on dinner every night? Or are you quick to buy something you may not actually need?
If the answer is yes to either of these questions then we’re here to tell you that YOU ARE NOT ALONE, this is something so many of us struggle with from time to time! These seemingly small habits and others could be keeping you from saving hundreds to thousands of dollars a year! Below are some of my biggest money saving tips I have learned throughout the years. These tips have truly helped change my relationship with money.
BUDGET MONTHLY AND WEEKLY
I like to sit down at the beginning of each month to map out any mandatory bills or expenses that may be coming out that particular month, as well as setting a goal for how much I would like to spend on food, gas, etc. You can do this on either an excel spread sheet, or simply just write it down on a piece of paper the old fashioned way 😉 I also like to sit down at the end of each week to track how much I may have spent on either food, gas, or other expenses. Doing this allows me to be more aware of where my money is going as well as what how much of it is being spent. Keeping this monthly and weekly budget balanced can really teach you how to be mindful with your money!
USE THE 24 HOUR RULE
I don’t know about you but I am such a sucker for buying things on impulse. Wheather it’s some new yoga pants, makeup, skincare, or even jewelry, as soon as I see it I want it! Growing up my mum had one rule for my sister and me when shopping (which was more like a suggestion), and that was: “Don’t pay full price for anything and NEVER buy on impulse.” As a young girl I remember rolling my eyes thinking how silly that was, but now I find myself inspired and doing something similar. The 24-hour rule. Unless it’s a true necessity, I try to wait for 24-hours to make that purchase. This rule helps avoid purchasing unnecessary items on impulse and allows you to truly think about what you’re going to buy.
I love subscribing my email to different companies for a little daily inspiration. Wheather it’s a tea company, fashion or health blog, or even some type of business guide, it’s so fun to see what different companies are selling and how they’re marketing themselves! Although the more fun, inspirational emails I see, the more tempted I am to spend the extra money… Avoid this temptation by unsubscribing to any marketing emails, or stores that you’re more likely to spend money at. Most email subscriptions have to have an ‘unsubscribe’ button usually at the bottom of each email.
SET UP A SAVINGS PLAN
Make a goal to set aside $20, or whatever amount you like, either once a week or once a month. Getting into a consistent habit of saving money will end up being more successful in the long run, rather than saving money whenever you feel like it. I like putting anywhere from 20%-30% of my monthly income into an untouchable savings account. At first, it may seem daunting putting that much away, but trust me when you see that savings account continue to grow you’ll be so inspired to keep going!
PLAN MEALS IN ADVANCE AND STICK TO A GROCERY LIST
Whenever I plan out meals for the week, and grocery shop according to that list, I save so much more money than I would if I just bought food whenever I felt like it! I was never a huge fan of actual ‘meal prepping’, but have found that trying to follow a menu for the week really helps when trying to save extra money (and is pretty easy too!). Simply sit down at the beginning of each week and write out the meals you would like to eat and then grocery shop according to that list. I typically only do this during the week, because I love eating out on the weekends! Knowing exactly what you’re grocery shopping for will not only help you spend less money on unnecessary things but will also help implement healthier more mindful habits in the kitchen 😉
Interested in learning more? Join our FaceBook or Instagram community to connect with more like minded and inspiring people! We hope these tips and tricks have inspired you and your wallet in some way 😉 Let us know in the comments below what some of your money saving tips are!