5 ridiculously easy ways to save money
Let’s face it. Saving money is tough, and it doesn’t always feel attractive when we’re faced with an inordinate amount of stuff we can buy right now. But fear not. Saving money is actually not all that hard or boring (for lack of a better word). These are the 5 habits I have found to be extremely helpful in allowing me to save more money.
1. Know when to go cheap
Going cheap doesn’t always equate to saving money in a smart way. When looking at what to buy cheap, be smart and selective depending on the product item you’re purchasing. For example, buying a whole heap of cheap clothing items may not benefit you in the end as you won’t use them for long enough.
You’ll more than likely leave them stuffed in your drawers after a couple of wears, and then go out shopping for more cheap clothes again. This is counterproductive as it will only cost you more money to replace the low-quality clothes your bought earlier and will just lead to frustration having to look for new outfits at a cheaper price.
So try to invest in good quality items that will blend in with similar colours you already own so you can get the best long-term use out of them.
2. Plan your purchases
It sounds simple but how often do we buy clothes and even household items that we really don’t need? Plan on what you’re buying before visiting the shops instead of buying on impulse.
If you see an item that you had not planned on buying and now think you need it because it’s on sale or you think it may come in handy, think again. If you didn’t think of it before that visit, chances are you probably don’t need it in your home.
3. Place a limit on toys for children
This is one area I find that I struggle with, and I think most parents do. If you have children, you know what I’m talking about. When it comes to toys, it’s hard to put a limit on what and how much to buy for your toddler.
Add to that, the birthday gifts, Christmas and random gifts from family and friends, and you have yourself a house full of toys.
First, start by setting a goal of how many toys your child should have at any given time. I think 20 is a good number for us. It could be less for some of you. Stick to this number and it will change your life, trust me.
Second, clean out and organise their rooms for toys that need to be thrown out, donated or sold. Only keep 20 useful and essential toys that your child still plays with regularly.
If there are toys your child no longer likes or that they have outgrown, then get rid of it.
4. Save on grocery
Grocery is one of the largest expenses for most families and most of the time, there is heaps of room for saving money.
Take stock of what you’re buying from the supermarket. How much of it do you actually need and use? Do any food items get thrown out because they never get used up?
It could mean you’re buying too much of certain foods or not meal planning effectively.
It’s helpful to make a list before you go to the supermarket and stick to that list rather than aimlessly wandering around and picking up items just because they’re on sale or you think you’ll need them.
Get good at buying the right bargains.
If a non-perishable item is on sale and it’s something you know you are guaranteed to use, like toilet paper, buy it in bulk. Look above and below your eye level when looking for sales – the cheaper priced items tend to be placed strategically out of direct sight in supermarkets.
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5. Review your household bills.
When was the last time you checked whether you’re paying too much for certain products and services within your home such as gas and electricity, or phone and home internet?
Utilise comparison websites to check how much you’re paying and don’t be afraid to change providers if they provide a better deal. There are a lot of providers who offer great discounts, especially for new customers.
It’s also a good idea to review whether you still need some or all of a particular service or product you’re paying for. Think pay TV subscriptions, for example, do you use it and how much of it and what channels do you watch? Is it possible to cut it out completely or downgrade to a different plan?
At the end of the day, every dollar saved adds up.
I hope these money saving tips are helpful to you. I certainly have noticed a difference in my savings account when I’ve been more intentional about where my money is going. Now it’s your turn to share.
Would love to know if you have tried any of these tips in the past? What other simple ways do you save money?