Finance Globe

U.S. financial and economic topics from several finance writers.
3 minutes reading time (515 words)

Have you Ever Considered these Five Simple Ways to Save Money?

For some people, the thought of saving money is something that never crosses their mind. They don’t care to save, don’t know how to get started, and/or are afraid of what will happen if they fail.

Are you aware of the relatively simple ways to save money on a monthly basis? Here are five ideas to consider:

1. Skip your morning coffee run. Are you the type of person who has to stop at Starbucks everyday for a cup of coffee (or another type of drink)? While this may be something you enjoy, it is also something that is costing you a lot of money.

Consider this: if you spend $5/day, 20 days per month, you are parting with $100 without thinking twice. Taking this expense one step further, over the course of a year you are spending $1,200 on your habit. What could you do with that money instead?

2. Refinance your mortgage. This may not sound simple on the surface, but once you have a qualified lender involved you don’t have to do much work.

Even if you don’t think you could benefit from refinancing, take the time to get in touch with a lender to discuss your situation. You may soon find that you could cut your monthly payment while also decreasing the term of your loan. Talk about the best of both worlds.

3. Cut back on your cable service. How many of those channels do you watch? Do you really need hundreds of movie and sports channels, just in case something good comes on at some point?

Contact you cable provider to discuss your current package as well as what else is available for somebody in your position. One call could save you $100 or more, based on the package you currently have and the changes you are willing to make.

4. Eat leftovers whenever possible. At first, this may be a big change to the way you are used to doing things. Over time, however, you will fall in love with the idea of eating leftovers.

Not only does this save you money, but it goes a long way in saving you time as well. After all, you only have to prepare the meal one time. The second time around you are typically using your oven or microwave to simply heat the food. Does it get any easier than that?

5. Shop in bulk. This is often times overlooked due to the higher upfront cost. Early on, it feels as if you are actually spending more money – and you are right. But remember this: since you are buying in bulk you are getting more bang for your buck. You will spend more when you do visit the store, but the items you buy will last longer. Once again, this saves you both money and time.

At this point, you have probably come to realize that saving money can be a simple task. If you implement one or more of the ideas above, it will not be long before you are saving big and enjoying yourself along the way.
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Friday, 31 March 2023

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