No matter your situation, everyone can benefit from saving more money. It may not come easily for everyone, but there are simple habits you can practice and small sacrifices you can make in your daily lives to help you reach your financial goals.
Below, we listed 10 simple habits you could practice to help you save money this year:
Time your purchases
Waiting to purchase an item until it goes on sale sooner or later can help save you a significant amount of money. This will also give you ample time to determine whether you really want to buy an item or if it’s an unnecessary purchase.
Make more home-cooked meals
You’ll save a great deal of money if you cook most of your meals at home versus regularly getting takeout food or eating out. This will also enable you to stretch your ingredients and use up all your leftovers.
Buy your essentials in bulk
You’ll often find greater discounts on bulk items, so if you have the means it’d be a great idea to bulk purchase essential items you regularly use or know you’ll need in the near future. This can include toiletries, nonperishable foods, household supplies, and many more items.
Directly transfer a portion of your income to your savings
Automatically transferring a portion of your income to your savings will force you to save your money rather than being tempted to spend it all once you see the money hit your account.
Search for coupons or promo codes before shopping online
When shopping online, make it a habit to always search for available coupon codes or discounts. Most retail stores will often have running promotions that could save you some money on every purchase you make.
Live below your means
A big way to save money is to determine a budget and live below your means, but within your needs – this means spending less than you earn and avoid going over budget. And just because you could afford a pricey item doesn’t always mean you should buy it.
Shop secondhand
Shopping for secondhand clothing or furniture is a great way to give those unwanted items a “second life” and save some money while you’re at it.
Grow your own produce
Planting your own garden filled with herbs, fruits, and vegetables is an excellent way to save money on groceries while also ensuring your meals will be made with the freshest produce – it’s a win-win!
Skip the salon
Everyone enjoys being pampered, however a trip to the salon isn’t cheap and all those fees could seriously add up. Learning how to do your own nails, trim your hair in between haircuts or dye your hair at home could help save you tons of money.
Resist tempting sales
Evaluate whether you really need to buy an item or if you’re buying it solely because it’s on sale and you don’t want to miss out on a great deal. It wouldn’t be a bargain if you didn’t need the item in the first place and you’d be wasting money on something unnecessary.