Beware of little expenses; a small leak will sink a great ship. – Benjamin Franklin
As much as saving is something a couple of us struggle with, it should be incorporated into our daily lives. It may not seem like it at first, but those few coins you set aside can help you in times of need or elevate your financial status. You just have to be very smart about it. The recommended trick for saving requires that one set aside the funds they intend to save the moment you get your hands on your salary. As opposed to waiting until all your expenses are covered so you can save the rest. However, there are other ways one can save money each month as you go about your daily life.
Buy quality, not price
As is often said, cheap is expensive. In a bid to save money, most of us sometimes opt for the cheaper option as we go about our day-to-day expenses. As much as this may seem cheaper at the moment, it can end up costing you more than you had bargained for. The thing is, you may end up buying that cheaper product a couple of more times. This is because cheap products are not always of the greatest quality. So you may end up spending more than you would have if you had opted for the more expensive quality product.
Reevaluate your expenses
When you create a budget to help you track your expenses, you stick to it for a pretty long time. Probably the last time you set a budget was when you moved into your new house. You should definitely check on this. Learn to reevaluate your expenses every once in a while. You may realize there are things you had budgeted for earlier that you no longer need or you can do without.
Remember that gym membership you have been paying for but never seem to get to the gym? Yes, that one, cancel it. It can also include things like mobile phone subscriptions. Mobile phone service providers are always coming up with better internet subscriptions. So keep a lookout for such improvements. You might end up saving a pretty penny.
While this may not be something that most people love doing, it is important that you master the art of negotiating. As you go through your day-to-day life negotiate for the products or services that you can. According to The Stick Vacuums, it’s best to call this ‘negotiate’ but replace it with ‘ask’. It is simply asking the vendor, internet, insurance providers etc. if they have better pricing available. It is not so much as hackling as it is checking to see if there are any discounts available at any given time.
Avoid money leaks
Money leaks are simply tiny expenses that you may not be taking too seriously. They are so small and taken in such tiny doses, that one does not even include them in the budget. These money leaks may also include costs you may not be aware of. Examples of money leaks include that cup of coffee you get most mornings or that random day out you went without with friends. Money leaks also include bank fees which slowly eat into your savings account without your knowledge. Always ensure you do ample research before investing in any savings account.
This normally works when you do not mind living with someone else. It can be your friend or relative. Whatever you are comfortable with. This arrangement almost slashes your expenses in half depending on your agreement. This way, you are able to save up on food, rent, water etc. expenses and you can invest that money elsewhere.