Save money and get more air in the economy. It does not require the big changes in everyday life. How to get started easily.
Save money and afford more of the fun
Rent, food and insurance eat up a large portion of your income. It can be hard to get the money to go – especially if you also want to be able to afford some of the fun.
Saving money does not have to be difficult or tedious. Here are 13 great savings tips that can make your finances a lot healthier with a snap.
1. Make a budget
A budget gives you an overview of what you are spending your money on.
The budget therefore allows you to review your finances so that you can easily find out if you can save money on some of your expenses.
Are you paying for something you can live without? Or are there expenses you can downsize – for example, by finding a cheaper subscription?
I’m personally a big fan of automation and zero based budgetting.
2. Save money on food
Food is one of the big expenses on the budget.
The food budget grows especially fast if you impulse buy food from day to day. On the one hand, you can easily be tempted by easy solutions such as fast food and take away. On the one hand, you can end up with a lot of leftovers that go into the bin.
Food waste costs an average family with 2 adults and 2 children 1150 usd a year. But you can easily save money on food if you plan your purchases.
If you plan your grocery shopping and e.g. Only buy once a week. You can buy more bulk and you avoid all the unnecessary small purchases.
3. Cut down on blob purchases
Chocolate, chewing gum and other small items can quickly be smoked in the basket in the supermarket, just as to-go coffee can easily tempt on the way to work.
Small purchases here and there, can easily run up to several thousand a year.
Avoid clutter purchases by collecting receipts for 1 month, or use your online bank to get an overview of how you spend your money.
4. Find the cheapest insurance
Insurance is a big item in the budget. Check regularly to see if you can save money by getting better and cheaper insurance from another company.
You should also review your insurance policies to see if you are paying for coverage you no longer need. Here consider you got an emergency fund in place of 3-6 month of expenses. This mean you can consider increase the self paid amount when claiming money from your insurance, because this can save you a ton of money.
The hull insurance on your car you may want to consider dropping if your car is old. It typically does not pay to have a hull insurance if the car is not worth much anymore.
5. Find the cheapest bank
The bank is not a free service – you pay for loans, deposits, pensions and insurance through fees and interest.
A bank change can save you money because interest rates and fees vary from bank to bank. There can be a lot of money to be saved if you find a better deal with another bank. If you are currently obtaining loan from your bank, always check the rates against a few other banks and bring the discounts to your own bank for the conversation. Bank rates etc. Is negotiable .
6. Check your mobile subscription
Mobile subscriptions are a regular item on most budgets. Save money by checking if you can get a cheaper subscription.
For example, do you pay for more data than you need? Or do you have a subscription that provides access to movies, music, or reading material that you do not actually use? I suggest make it a habit to perform a self-audit of all your subscriptions on a half year or yearly basis. Some mobile providers run promotions if you can jump carrier when they have great promotion you can save a ton of money.
7. Save money on TV and music
TV packages and streaming services for music and TV run up easily – especially if you have many of them. And you may pay for the services several times, for example through both your mobile subscription and your broadband.
Are you paying for something you do not need? I suggest make it a habit to perform a self-audit of all your subscriptions on a half year or yearly basis.
8. Save money when buying electronics and airline tickets
Price portals can help you find the cheapest items when buying airline tickets, refrigerators, smartphones, mobile subscriptions and many other products.
However, the price portals do not always show the cheapest items. Browse a few price portals and try enabling incognito browser mode to hide your past search history, because it is known certain website bump up the price for people ‘tagged’ with desire to buy e.g. vacation.
9. Make a good purchase with the online test reviewers
Which electric bike, robotic lawnmower and drilling screwdrivers are a good buy? And how do you avoid making a mistake when buying a smartphone, flat screen or refrigerator?
Do your research at home before buying a product can save you a lot of regrets and money.
10. Save money with energy-labeled products
The freezer and refrigerator run all year round – and many other white goods such as flat screens, ovens and washing machines are also frequently used.
Keep the Electricity costs down by choosing products with a good energy label. There is a lot of money to be saved.
11. Switch to LED bulbs and save money
Light bulbs use power. And it certainly does not matter whether you have the house filled with incandescent bulbs or LED energy-saving bulbs!
If you change all the home lamps to LED energy-saving bulbs, you can save a lot of money.
12. Save money at the dentist
The visit to the dentist runs up easily if you need to have a major treatment done.
But the price of the treatment you can negotiate. And it can save you a lot of money. Make sure checking with your employer as well if they got a dentist check up program, I realized I can go to dentist twice a year for check up for free through my employer benefit program.
13. Buy used
You can often find clothes, furniture, books, cars, electronics, bicycles and many other items at a lower price if you buy them second-hand.
Used items can be easily found online. But watch out for yourself. You may not always be able to undo your purchase or get your money back when you buy used.