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Most people began this year with the resolution to be wise in financial matters.
The previous year saw them struggling with maintaining finances. Having a decision is excellent if it works for you, but now you have to work to bring that resolution to life.
The best place to start on this saving journey is self-evaluation. Take some time and examine your lifestyle.
What do you do with your money once you get it? How do you spend it? It’ll surprise you that there are things you have that you could very well do without.
Money saving ideas are countless. There are major ones like opening an investment account. Smaller ones, like deciding to have only what you need, is also a valid idea.
Whichever one you’re comfortable with, at the end of the day, your goal should be to save a dollar or more.
You may have tried it before, but it didn’t work. You don’t have to consult some financial expert. The power is in your hands. And mind.
Having cash isn’t as hard as it seems. With these simple money-saving hacks, you can say goodbye to being broke. Get ready to say hello to the financially-prudent life that you deserve.
1. Rent out a Room In Your Home
It doesn’t have to be a room. You could rent out more, depending on the size of your house. Somebody somewhere is willing to pay big for that space.
A site such as Airbnb enables you to use your home to earn some cash. You might be skeptical about the whole idea of crashing with a stranger. It’s okay. You and your home are safe. The online marketplace uses the verified ID system to find out a person’s identity.
Plus, they’ve got the peer-review system which allows you to know whom you’re dealing with based on reviews.
A benefit of working with Airbnb is they make the stay with your guest easier. Should anything happen, they offer you a million dollars or more for compensation. What’s more, they’ve got a reliable customer support service in case you need any help.
To get started, register as a host on the platform , fill out the necessary details on your profile and be honest.
If you’re living in an apartment, don’t assume that your landlord will be okay with you renting out their place. Get in touch with them.
Or familiarize yourself with the laws in your local area to avoid inconveniences.
For extra points, offer your guest more than a place to sleep. You could include a discount if they wish to stay longer, serve them meals or show them around your area.
If they love your services, they might choose to drop by again the next time they need accommodation.
2. Have an Emergency Fund
If you’re planning to save money, your credit card may be one of the biggest hindrances you’ll have to contend with.
You can even the score by opening up an emergency fund. An emergency fund helps you prepare for the future and to face it with no worries.
How much you put into it shouldn’t be an issue. Every time you receive your salary or make some cash, be sure to save some money in it.
Never underestimate an emergency fund. It can be of use to you in more ways than you can imagine.
First, if you’ve got a job, you never know how long you’ll have it. Having an emergency fund helps you cope even after losing your job, as you wait to get another one.
It’s also a saving grace if you choose to lay low for a while.
Second, it helps you keep your shopping in check. You’ve got some money stashed up somewhere out of your reach. So, purchasing unnecessary items is impossible.
You may cringe at the thought of passing up that excellent offer. With time, you’ll realize that doing without it is beneficial to your financial health.
Third, an emergency fund helps you stay out of debt. Whether you have a medical emergency or you need some quick cash to bail you out of a car breakdown, it’s got your back.
You can take the amount you wish from your fund and replace it as soon as you get the chance.
3. Have Some Short-term Savings Goals
Great things often have humble beginnings. Start with a short-term saving goal. Set aside something from your finances. Have a goal to guide you, whether it’s $10 a week or $20 a month.
The most significant part about going for this kind of goal is you see results faster.
An advantage of it is it motivates you to do better. Once you’ve achieved your goal for the week or month, you feel inclined to put more effort. It also gives you a nudge if you’re lagging.
A short-term savings goal is also an excellent way to prepare you for a more significant financial future. Once you train yourself to save whichever little cash you get, it’ll be easy to put aside a more substantial amount.
It may not seem like a helpful strategy if you want to see fast results, but a great way to look at it is that it keeps you focused.
If you’re a person who has trouble completing a task to the end, a short-term savings goal is what you need.
The most significant part about a short-term savings goal is it keeps you stress-free. It provides you with a simple, effective way to grow your finances.
Without a goal, you’re bound to squander any cash you have and suffer the fate of being broke again.
If you’ve had one for a while and have mastered how to save money, there’s no harm in moving on to a long-term savings goal.
4. Yes to the Library and Online Movies
Taking a step towards the right direction means more sacrifice on your end — no more night-outs at the club and wasting money on cable. There are better and affordable ways to entertain yourself.
A common and helpful way is making a trip to the library. Identify a book that you fancy and read away. Most people have the misguided idea that a library is a dull place with tons of books.
On the contrary, they have books and other attractive materials like almanacs and encyclopedias. Or, if you choose to take a digital approach, you could use e-books, CDs and audiobooks that most libraries offer.
Most libraries also allow people to borrow items such as sewing machines and other things. You can occupy yourself in your free time.
If reading isn’t your first choice of entertainment, rent some movies instead. It’s got a few downsides, like strict timelines to complete the movie and take it back. Failure to do so attracts a hefty fine.
Going online and digging around is another good way to find what you’re looking for with minimal effort.
With online movies, you get more for less. Most sites charge as little as $7.99 every month for an unbeatable array of movies.
In contrast to movie stores, there are no charges on delayed returning of the movie. They’ll delete it from your online library though.
5. Make Your Stuff, Don’t Buy
Instead of buying stuff like bread, cookies and food from stores and the hotel, start making them at home . If you’re not so gifted in that area, ask a friend to teach you. Learning how to be self-reliant helps you set aside money.
You can also capitalize on your creations. Sell them at an affordable price. You can do business out of it or choose to sell them as a pastime.
You could go the extra step and choose to go minimal. Any stuff you don’t need cut off from your daily expenditure.
Here are a couple of other reasons why making food yourself is a better choice:
You stand to be healthier
Most foods from stores have unhealthy additives. They also contain a large amount of sugar, fat and salt.
Choosing to do your meals is better since you’re in charge of the ingredients. You decide what to put in and leave out.
If you’ve got allergies, making your meals helps you care for yourself too. Even though most packaged foods have assurances on the package, you never know how accurate they are.
You save on time
Ordering a pizza or stopping by a fast food joint seems to be a quick way to eat, but in reality, it’s not. Think of the time you waste waiting and making your way to the restaurant.
Whipping something up yourself offers a faster way to eat. This is because most meals take little time to prepare.
6. Have a Shopping List Whenever You Go Shopping
It’s alright to trust your mind enough to cram all you need when shopping. But, if you intend to save some money, it might not be too useful.
What’s more, you don’t know what or whom you might meet with along the way, and you’re bound to forget.
To be on the safe side, have a list of all the items that you need. A shopping list helps you save on time. Since you’re aware of what you want, you don’t waste time going from aisle after aisle admiring products. This is a practice that might make you foolishly spend that buck.
A shopping list is also a great money saver. You can walk into a store with the exact amount of money you need. This is because you’ve got an approximate cost of how much each of the products costs.
It’s wise to add a few bucks in case there’s a rise in the price of commodities.
With a shopping list, buying items on a last-minute practice will be a thing of the past. You’ve got a list of all the items, so you can counter-check and know what you have and what’s missing. Early purchasing saves you the stress.
Most important, a shopping list helps you stay focused. There are plenty of things that can capture your attention.
The main ones are junk food that you’re supposed to keep away from and a can of soda. It’s easier to resist the temptation when you’ve got the list to guide you.
7. Spend as Less as Possible on Entertaining Your Kids
If you’re a parent, you know how cute kids are and how impossible it is to say ‘no’ to them. A smile on their face is always your priority.
Deciding to save cash doesn’t mean there are no affordable ways to make them happy. Instead of wasting green on video games and goodies, choose the frugal option.
Spend a couple of dollars on a newspaper, take out the section with fun stuff and give it to them. Let them color it, cut out the pictures or do whatever it is they want with it. They’ll have a chance to be creative as well as have a blast.
You could also play a game with them, like hide-and-seek, basketball or a sport of your choice. Take them out too, to the zoo or park.
Or, spend a better part of the day with them in a boat and teach them how to fish. Come up with something fun and do it with them.
Getting an ice-cream for them as you’re out bird watching is a cost-effective way of having fun as well as being happy.
Children rarely focus on how much you spend on them. What matters is that quality time they get with you. If they’re toddlers, showing them how to ride a bike is a great way to bond with them.
There’s nothing wrong with spoiling your kids. After all, it’s a once-in-a-while kind of thing. Otherwise, they’ll grow up knowing that money grows on tress.
8. Repair Torn Clothes Instead of Buying New Ones
We all want to look good. Most people go the extra mile of achieving this by buying new clothes, whether it’s daily or weekly.
It’s cool to upgrade your wardrobe, but when it comes to saving, making do with what you have is the best way to survive.
Your philosophy should be, ‘As long as it fits you, don’t replace it.’ If your cloth tears, you should repair it.
There are many ways to fix torn clothes. If a shirt’s get ripped, or the legs of your trousers get torn at the knees, make a short sleeve shirt out of the long sleeve one. The torn pants can also make a nice pair of shorts.
If you’ve got no idea how to repair torn clothes, get someone to teach you. Cloth repair is among the skills that you should try as much as you can to learn.
Most repairs are so basic that you can get them done on your own. A perfect example is re-fixing a button on a shirt.
Once you’ve learnt, make it a point to practice as often as you can. Get some tatters and try making something out of them.
Putting on repaired clothes isn’t all that awful. They can be a fashion statement if you add a touch of flare is to them.
The only time that you should consider buying new clothes is when the current ones are beyond repair.
9. Keep Unused Lights Off In Your Home
If it’s daytime, why do you need the lights on? Opening up curtains or opening closed doors is a cheap way to illuminate your home.
It may not be a big deal, but some bulbs consume most of the energy in your home. Go for power–saving bulbs.
Some leave the door of the refrigerator open and leave a TV on even when they’re not watching it. These are some of the appliances that people misuse. The electricity bill goes up more when you leave lights on.
Plus, leaving lights on during the summer is a bad idea. It means that you’ll have to pay more than you’re supposed to, especially if you’re using an air conditioner.
To avoid this, any time you’re not using lights, turn it off. When you’re out of the house, or when there’s a blackout, turning off the switches is an efficient way to save power.
You can even save on electricity by investing in solar power. The good thing about them is once you buy them, they last for more than a year if taken care of well.
Solar panels store up electricity during the day when there’s sunshine. You can make use of this power during the night. If you’re tired of clearing those bills now and again, consider buying a solar panel.
Even if you’re using solar energy, wasting electricity is a no. Remember, it’s not every day that the sun shines. There’s where that stored electricity comes in.
10. Save Money By Having Your Pals Over
Being alone at home has a way of making the mind active. It’s bound to fill up with thoughts such as eating out or catching up with a friend at some fancy hotel.
The desire to have people around you is alright. But, instead of going out with your friends, why not have them over at your place?
It’s an excellent way of avoiding any strain on your entertainment and food budgets.
Most people argue that eating out is fast and convenient. There are no plates to wash afterwards and no food to cook. Though this may be true, the negative impact that such outings have on your wallet is scary.
Even if you don’t have any fancy food to offer your friends, the thought should count more than what you offer them. You could request them to each brings something that you can all eat together.
Think of what you and your friends love doing. If it’s sitting in front of the tube, get some movies and watch them together. Instead of ordering pizza, bake some cookies or make some juice.
You could also play cards with them, or video games or any other affordable game that you’re all into. Or, you could choose to sit and talk with them. Catching up is a great way to keep the friendship bond stronger.
11. Buy Durable Appliances
Before buying any appliance such as a refrigerator or any other device, take your time to go for the best. Learn all you have to about it before parting with your cash for it.
There’s no better place to carry out this research than online. Go for something that will last long. You’re not getting the item for free, so you have to make sure that your cash counts.
It also helps to check out several websites that offer that same device and compare prices. There’s bound to be a difference in costs. Once you’ve done the necessary research and identified a product, you can buy it.
If you prefer to buy appliances from the store, ask the salesperson as many questions as possible. Find out all you can about the machine.
The main advantage of making that wise buy is you won’t have to replace that device any time soon.
Anything Is Possible
No matter how far down the financial ladder you may be, it’s never too late to adopt a different lifestyle. Make the deliberate effort of setting aside something every time you make some money.
From the above points, it’s clear that financial restoration is straightforward. Being broke today doesn’t mean that you’ll be the same tomorrow.
Have a plan, believe in yourself and go for it. If you’ve already begun saving up, motivate yourself to press on by treating yourself.
Many others have been where you are, and they made it because they had determination. If they did it, you can do it too.
If you’ve read through this article, you’ve probably reevaluated yourself and realized that you need to make a major financial change.
Be sure to apply these tips and give it your all. You can never go wrong this way and in time, you’ll realize that all the self-sacrifice is worth it all.