Although saving money sounds complicated and nearly impossible for many of us, this doesn’t have to be a reality. More than this, people think that saving money means giving up small pleasures in life. But by implementing the money-saving process as specialists recommend and by using the tools they advise, everybody should be able to save money in a fast and sustainable fashion, without really struggling at any time. Below are some pieces of advice everybody can follow to boost their money-saving efforts.
Automate the process
Automated payments are a great way of knowing exactly what your money goes on. Set up automated payments towards your savings and retirement account as well. Whether you like it or not, whether you remember it or not, that money will systematically be drawn from your account on a monthly basis. Do the same for your debt-repayment plans for a more efficient approach on the matter. According to top money-saving experts, automated payments and accounts are a key-ingredient to never failing financially. You should ensure that you have the necessary funds in your account for these payments each month and money-saving will become a breeze.
This method is also a smart one if you want to have a smooth beginning in your money saving journey as there won’t be necessary constant trips to your local bank to make payments.
Use coupons and online deals
This can be a great strategy to save money on necessary expenses, in the long run. While you can’t simply neglect all your spending necessities out of the need for saving money, you can always find smart and innovative solutions to cutting down your expenses. For instance, platforms like curateddeals.com offer incredible discounts and deals on different products & categories. The product variety on these websites is astounding and can meet very specific needs and desires. Users of similar platforms can find with ease deals on VPN services, baby formula, web hosting service provides and so on. Sometimes, you will find 10% off types of deals, on other occasions, the discounts can be even higher.
Ultimately, using reliable platforms and surfing the web for discounts and deals will always be a great aid in your money-saving journey.
Measure money in time
Spending money won’t be such an appealing habit once you start thinking about your expenses in terms of time spent to win that money. People should never overlook how much a change of perspective can influence their spending habits. Want that new iPhone? How much does it cost? Well, somewhere around $800. In fact, it costs approximately 60 hours of work to get that smartphone. This will put things in perspective, like never before. When you think if a single item is work working yourself a week and a half for it and nothing besides, this will change the way you think of money completely.
Of course, you don’t want to implement this mindset for each little expense that you make, only for big ones.
Don’t worry about every little expense
While keeping close track of your expenses is always a great thing, you don’t want to sweat too much every little expense. After all, one small cup of coffee won’t bring you to bankruptcy. Tediously tracking all your expenses won’t bring you too much joy or even savings, in the long run. Make sure that you mindfully focus on major expenses, without worrying excessively about a small treat you invest in, from time to time.
Focus on the following when trying to limit your expenses: housing, transportation and food. After all, cutting off some of your housing expenses can make a real difference, in the long run.
Overpay your mortgage
Switch to a more frequent mortgage payment plan and make overpayments, if possible. While this might look like an extra effort, you can always think of it as a good method of saving important money, in the long run. For instance, over the course of your mortgage payment plan, you might be able to save thousands of dollars if you make early payments and avoid paying interests. According to a series of experts in the US, making more frequent payments means that you end your mortgage sooner than anticipated. On the average mortgage, you will be able to save as much as over $40,000.
Another approach might also help you save money. Think of it the following way: assuming that your mortgage costs $1,000 a month instead of making a single $1,000 payment, you make two bi-monthly $500 payments. Over the course of a year, you will end up making an extra payment. This can also help you save considerable amounts of money over the course of your mortgage plan.
Give up your car for a bike
Focusing on more eco-friendly transportation solutions will help you not only pay more attention to the environment, but also to your bank account. Fortunately for you, eco-friendly transportation methods are also more affordable than personal vehicles are. According to money-saving experts, you can save thousands of dollars each year by simply replacing your personal vehicle for a bike. You will not only eliminate the expenses with gas but also insurance and maintenance expenses.
Depending on the model and year of your personal vehicle, the average commute might end up totalizing somewhere above $2,500. For a metro pass, people pay on a yearly basis somewhere around $1,000, depending on their location. This might seem a more affordable solution to personal vehicles, but considering the extremely low prices of maintenance and insurance available on bikes, it still is an expensive solution.
When people are serious about getting on the right track with their finances, they can always use the pieces of advice above. Building up a savings account is not as difficult as many of us guess. The whole process only needs a little more planning and attention to detail, as well as a sturdy research process in place before making any financial decisions, including making moderate and big expenses.