With COVID-19 ramping up again, it might be a good idea to start pinching those pennies and building up your savings! So I’ve compiled a few easy tips for saving money.
1. Limit Your Free Spending
Whether it be on fast food or random material items, if you don’t really need it, it’s probably a good idea to leave it on the shelf.
Now, I’m not saying you shouldn’t buy the food or other day-to-day essential items. But if you find a really cool item that won’t do much besides sit on the shelf in splendor, then pass.
If you really want something, try saving about $20 a week until you have enough to buy it. Remember when you were younger and had to do that with your allowance? Time to put that back into practice!
2. Save! Save! Save!
This is the obvious solution. Most people are taught to save at least 10% of their money into an account and not touch it until there’s an emergency or they’ve saved enough for a vacation. Leave that money be! You’ll be happier for it!
3. No Kitchen Like Your Kitchen!
It’s so easy to get off of work, dread cooking for yourself and your family at home, and resort to swinging through a drive-thru. This is an area that can save a lot of money. You already spent money on groceries, so don’t let that go to waste!
Another obvious one, but how many of us actually make a budget and stick to it?
Making a budget and watching your spending can really show you where your money is going.
For example, sit down and calculate all of your trips to Starbucks in a month. If you go every day and spend $5, you spend about $150 in a single month. That could go to savings or help pay bills.
5. Credit Cards
Thanks to society, credit cards look so enticing. They allow you to buy anything you want without immediate repercussions to your bank account. The only thing is that you will need to pay that back over time.
So I have a personal rule: Unless your back is up against the wall, do not use the credit card. That way, if something happens, you’ll have the money to pay it off instantly. And if you have a generous credit card company, then you can get rewards!
Now take these tips and put them into action. And watch your bank account look a little better by comparison!