Even though the cost of living are rising faster than your income, there are still ways to save money every month. The first step to increase wealth is a good level of regular savings and cutting unnecessary expenses. These money saving tips can help you reduce bills and wastage.
Are you wondering why it is so difficult to pay your monthly bills, while others with lower income seem to get by just fine? Maybe these money saving suggestions can help you to save money every month. If you have bad spending habits and do not plan your budget properly, you tend to use your money for granted thinking that you get some more cash anyway by the month’s end when the paycheck arrives. What if you lose your job?
By examining your day-to-day expenses, you can identify places where you are spending too much of your money and work towards lowering your cost of living. This will help you build up some savings to cope with any financial problems in future without having to take a personal loan.
Save on Household Goods and Clothing
Choose to buy used household goods from eBay or the local charity shop. For example, you can buy second hand patio tables and chairs or chests in good condition for less than 50% compared to a new one from the mall. Take your time to check for cheap bargains on eBay used furniture and home appliances. You can save several hundred of dollars easily. Look out for garage sales in your neighborhood and take the opportunity to buy essential items from neighbors that are relocating. Make sure to check the items for damages and price them accordingly.
Is Joining a Car Pool Cheaper?
With gas prices rising, driving to work is a major expense for many households. You can choose to form a car pool with co-workers living within the same area, so each person takes turn to drive everyone to work. You can save as much as 50% on commuting costs every month.
Remember to turn off any unused electrical appliances instead of leaving them on standby. It has been shown that leaving home appliances on standby wastes a lot of electricity every year. For example, turn off your TV, DVD player, microwave, modem when not using them.
If you love to buy and use branded goods, make sure you can really afford them and not buy on credit. Otherwise, it is easy to end up with a lot of credit card debts and you will find it hard to sell away your branded goods to get back even 50% of their original price.
Save Money on Groceries
All major retailers sell their own generic version of popular foods and groceries. Ask for a sample pack to trial whether it is suitable. then you can buy in bulk for even more discounts.
Reduce Heating Bills With Roof and Flooring Insulation
A lot of home heating is lost through poor insulation on our home walls and loft. Check your local state whether you can get a home improvement grant for making your home more eco-friendly and energy efficient. For example, installing a thicker 270mm loft insulation can save you a lot of heating bills.
The above are some ideas to help you start thinking about ways to save on your daily expenses. Each of the above suggestions can help to increase your savings every month. by making a few changes in your living and spending habits, you can easily end up with more cash in your wallet and spend less on bills.
If you really find it difficult to follow these money saving guides, then the next best option is to increase your income. There are many ways to make more cash, such as getting a weekend or evening job. There are also some self-employed work at home job opportunities you can try out to increase your income so that you can continue to afford your current lifestyle while having more spare cash for the bank savings.