Often you read in finance books to automatically save 20% of your paycheck and that’s that. Though it’s a good theory, not everyone makes enough money to justify losing 20% to a savings account. So how can you save money even on the tightest income? By getting a little savvy…
Don’t Eat Out
Eating out is the easiest and biggest expenditure anyone can cut. Not only does it cost money to eat there, but the gas to drive there costs money too. Start cooking at home and for the cost of one meal (even at a fast food establishment) you can easily create two meals or three snacks.
Brew Coffee at Home
One freshly brewed latte at Starbucks is the cost of a can of coffee beans and filters at the grocery store. So skip the lattes and start brewing some coffee at home. Need that extra jive? Then save the money each day you would have spent at Starbucks for one month and purchase your own espresso machine.
Buy Generic Products
There is nothing wrong with generic products. In fact, many major manufacturers are the same company that makes the generic product for grocery stores to carry. Ever notice the phrase “compare to”? That’s because what is in that generic product is the exact same as the name brand. So why pay twice as much for the same thing?
Pay Bills on Time
A late bill means a late fee. Some companies charge up to $100+ for late fees. How can you save money when you are paying additional money to a bill? Avoid paying bills online or through phone services if they charge a fee. A stamp costs under $1; therefore, any fee over that is not worth the added cost on the bill nor your budget.
Price Check and Comparison Shop
When buying large ticket items such as furniture and electronics, don’t buy the first one you see. Shop around and do a little price comparison. Have a smart phone? Most likely you can download an app for price checking and comparison shopping right there in the store.
Grocery Shop on a Full Stomach
Grocery shopping in a hurry or when you are hungry is never a good way to save. Not only will you not price compare, but you will buy on impulse due to hunger. Shop when you have the time and you are not starved.
