Neelam T
One of the worst feelings in the world is the frustration of being broke. But what cuts even deeper is knowing that there was something you could have done to avert such shame and tragedy, yet you assumed it. If you would like to break the cycle of brokenness, these 30 simple, every day habits can help you amass wealth, one penny at a time. You just have to be consistent and disciplined to make it to the other side. Slide through and take notes.
Automate Your Savings
Manually transferring funds to your savings account might become tedious and, over time, make you forget the habit. Instead, set up an automatic transfer on each payday. This is the best way to build a saving habit without thinking about it.
Cut Out Unused Subscriptions
Always review your monthly subscriptions, as we might forget some apps exist after we’re done using them for a particular task. Even for streaming services and magazines, cancel the ones you don’t use anymore. Cutting just a few unnecessary subscriptions can free up money for savings or investments.
Pack Your Lunch
We all know how much money goes into eating out. Even though this might be the easier choice for many, it will cause a significant dip in your bank balance. Bringing your lunch from home instead can save hundreds of dollars each month.
Use Cashback Apps
If you are someone who shops online or at physical stores quite often, it might be smart to install cashback and coupon apps like Rakuten or Honey on your phone or browser. These small savings on everyday purchases can add up quickly and put extra money back into your account.
Make Coffee at Home
Who doesn’t like a quick run to a favorite cafe and enjoy the smells of coffee mixed with delicious snacks, right? However, this daily coffee shop run adds up quickly. Next time, brew your coffee or tea at home. It will still give you the energy you need to function through the day, and it’s a good feeling, too!
Set a Weekly Spending Budget
A good rule of thumb to follow is to always have a budget in place for every week or month. Allocating a set amount of money for discretionary spending can significantly help with impulsive shopping. This is a simple and effective way to control and grow your wealth.
Negotiate Costs
Take the time to negotiate lower rates on products you wish to purchase, as sometimes sellers are willing to let it go for less. This can be applied to recurring bills like grocery or food delivery services. A few calls to your providers could lead to monthly savings that accumulate over time.
Shop with a List
Plan meals in advance and write the required list of ingredients before making your grocery run. Going grocery shopping without a list often leads to impulse buys, so by sticking to your list, you avoid overspending, reduce food waste, and also keep more money in your pocket.
Pay Bills on Time
Late fees are not cheap at all, and sometimes accumulation over months can burn a big hole in your pocket. Keep track of the bills you need to pay each month and avoid missing them. You can even set up automatic payments or reminders to minimize these unnecessary charges.
Use a Water Filter
Water is an everyday part of our lives, so why not make it readily available in your homes instead of paying for bottled water every day? invest in a quality water filter as this small, one-time purchase can lead to significant long-term savings, and it’s better for the environment too.
Unplug Electronics
We often plug in our electronics to use or charge and then forget about them. But electronics use energy even when turned off. So remember to unplug your devices or use a power strip to lower your electricity bill. Small reductions in utility costs add up to savings over the course of the year.
Start a Spare Change Jar
Collecting your spare change in a jar may seem insignificant, but it adds up faster than you think. Over time, you can accumulate enough to deposit into your savings or pay off a small bill. This can be a fun task for your children, too, and might teach them a little about financial planning from an early stage!
Cancel the Gym Membership
If you’re not a regular gym-goer, consider switching to at-home workouts or free outdoor activities. There are countless online resources offering free fitness routines so you can easily get fit without the cost of a membership. Just a few small pieces of equipment at home can bring good enough results.
Buy Generic Brands
Non-branded does not necessarily mean bad. Sometimes, the quality of products remains the same in branded and unbranded stores. Therefore, it is smarter to choose the former, as a branded product may look fancy and garner attention, but it will also be a loss on the pocket.
Switch to a Cash-Only System
In this age of fast digital payments, overspending has become a constant cause of worry. Because the money is purely virtual, we cannot keep a tangible track of it. As an alternative, switch to a cash-only payment system, and you’ll become more conscious of how much you’re spending.
Buy Second-Hand
Instead of always buying new, consider shopping at thrift stores, consignment shops, or online marketplaces for second-hand items. Whether it’s clothing or furniture, you can save significantly by purchasing gently used products. Hand me downs from your family are a great option too!’
Limit Credit Card Use
Since credit cards offer a “Buy now, pay later” option, they make it easy to spend more than you have. It might look like an attractive option, but limiting the use of credit cards will ensure you only spend what’s in your account, hence bypassing your chance of accumulating debt.
Sell Unused Items
All of us have a surplus of items that we have gathered over our lifetime. Some of these items are no longer usable, like old electronics, clothes, and furniture. However, these may come in handy for others, and selling them might even bring in extra cash for you.
Use Public Transportation
A car only depreciates in value as it gets older, and driving is expensive, between gas, maintenance, and parking fees. If possible, switch to public transportation or carpooling. The money saved on commuting can be redirected into your savings, along with making a huge impact on our environment.
Buy in Bulk
Purchasing non-perishable items like toilet paper, cleaning supplies, and dry goods in bulk can save you money in the long run. You get more value for your money and make fewer trips to the store. This is also great in times of emergency and can aid in your disaster preparedness.
Track Your Spending
Use a budget-tracking app or spreadsheet to keep an eye on where your money is going. Sometimes, unknowingly, you end up spending a lot on a particular area, like eating out or impulsive shopping. Identifying these spending leaks and other possible bad habits pushes you to make the necessary changes.
Set Up Financial Goals
Having clear financial goals, such as saving for a vacation or an emergency fund, keeps you focused on your spending. So the next time you feel like splurging on an expensive bag or a watch, you will think twice and be reminded of your goals. Small behavioral changes can lead to significant savings over time.
Use Reusable Products
The world is already reeling under the effects of garbage accumulation, and fast fashion or use-and-throw products are a cause of constant spending as well. Switching to reusable products like water bottles, shopping bags, and food containers can help you save money over time by reducing the need to continually buy single-use items.
Participate in Free Activities
Instead of spending money on entertainment, take advantage of free activities in your community. Local festivals, parks, and museums all offer fantastic events that are interactive and can be a great bonding exercise for a community. You can still have a good time without breaking the bank!
Reassess Your Insurance
Take the time to compare insurance policies and shop around for better rates. For example, raising deductibles might require you to pay a higher amount upfront, but they can provide a lower premium, thus requiring you to spend less in your daily life.
Make Use of Loyalty Programs
Most stores offer free loyalty programs if you shop with them often. Sign up for these programs and make use of the perks they provide to their loyal customers. These perks may range from discounts and rewards to cashback that can help reduce the cost of purchases you already make.
Prioritize Debt Repayment
Paying off any debt you have that comes with a high rate of interest should be a priority. For example, credit card companies often have a high interest rate, and have steep late pay charges as well. The money you save on interest can then be funneled into your savings account, growing your wealth faster.
Use Price Comparison Tools
Before making online purchases, use price comparison websites like Shopzilla or Become to find the best deals. The same product might be listed on a different website at a lower price, and these web tools can help you find them. A few minutes of research can save you a lot of dollars.
Use a Shopping Cart Rule
This one is especially for those who shop when they are feeling low! Add items to your cart like you would do normally, but wait 24 hours before completing the purchase. This delay gives you time to reconsider impulse buys and can prevent unnecessary spending. It will also help you escape the guilt!
Participate in Free Trials Responsibly
Many services offer free trials, from streaming platforms to fitness apps. Take advantage of these, but be sure to cancel before you’re charged. You can experience premium services without paying a dime if you stay on top of cancellations. Using a calendar app or setting reminders can be useful for those who are forgetful.
Comments
Loading…