It’s amazing what we can save if we put our minds to it. I’ve implemented all of these strategies and am now living debt-free, have managed to set aside a six-month crisis fund, and have a much higher quality of life than before. It’s always much better if we learn about monthly expenses of ours and cut it as much as possible. Once you realize how easy it is to save money by applying some of these tips, you will likely be motivated to apply many of them.
Create a Budget
While there are many programs to help with this, an awesome self-repair chart or digital recorder is a great start and honestly all I’ve ever used. (I don’t want a program that tells me where I’m spending too much money). By tracking your monthly expenses, you can see where you’re spending too much money and where you can cut back to increase your savings.
Always Try to Negotiate
Many companies will reduce rates and prices if you ask. For example, if you discover a piece of furniture in a store that is a bit defective, ask the supervisor for a 10% discount. If you have an unusually high phone or medical bill, talk to the billing department to see if they offer you a reduction or at least an installment plan. If you are a tenant, don’t be afraid to ask your landlord if he or she is willing to waive your rent after your lease expires. Many people are willing to do this for responsible and reliable tenants.
Always Price Shop
Get used to shopping online for prices on services and products. Most brick and mortar stores will match the next lowest seller’s price for exactly the same thing just because they don’t want to eliminate a sale. If a store doesn’t match your price, buy the item on the internet where you’ve discovered the best deal, as long as it’s a reputable website. Some stores, like Petco, offer lower prices on their website for some things but will match their online prices at checkout if you ask.
Eat-In Your Home More Often
Planning your meals can help you save a lot of money and possibly help you maintain a healthy weight, which will reduce your medical bills down the road. The World Wide Web is full of easy and healthy recipes. Instead of going out to eat with friends, consider hosting a buffet.
Always Check Your Balances
It’s a great idea to test them every day or every other day for questionable activity. The longer you wait, the harder it will be to detect unauthorized transactions, especially if these transactions are at places you frequent, such as gas stations and grocery stores. Keep receipts for all purchases to confirm the accuracy of your account balances.
Analyze Your Record Book.
First, you should try to keep a record book and record your expenses each day. Then continue this for a month to determine where you spent your money each day. What money you squandered that week. Your task for another month is now not to buy any of these things. Areas you want to cut back on are takeout coffee, stationery, wasted food, unnecessary 2-for-1 deals, lunches, snacks, etc.…