We all have heard the famous phrase ‘drop by drop becomes the sea’. And that is true in every aspect of life. Whether it is a morning habit, a healthy diet, walking a few steps every day to something as basic as spending money on everyday items. That being said, spending money is something we do every single day. From small items like bread or milk to big once in a while purchases, those cards are swiped on a daily basis whether you like it or not. Thus if spending money is an everyday task then why shouldn’t you pay attention to saving money as well equally? After all when done every day, it gets much easier and more beneficial in the longer run.
And, one of the most important components of sound financial management is saving money on regular costs. It enables us to create a safety net, reach our financial objectives, and lead more stress-free lives. But a lot of people think that reducing expenses equates to lowering quality. The fact is that you may save money without sacrificing the things that are important if you take a calculated approach.
Is it Possible to save Money without Compromising on Quality?
The short answer is yes, indeed. Saving money doesn’t always mean you have to opt for hands me down or preloved items (nor that it means those items are poor quality always), but money saving is all about finding the sweet spot between quality and cost. It all comes down to being smart and figuring out how to save expenses without sacrificing the things that are most important. Now, let's get started with some useful tips and tricks that will enable you to reduce your daily spending without sacrificing anything.
Planning your Meals
There is a reason why we are putting this trick on the top of our list. Because having and making meals is a task done every day for the rest of the life. Which is why the most money spent is here and the most saving gain you can get, is also from here. Our advice for saving money with groceries is to plan your meals ahead.
Spending some time organizing your weekly menu will help you cut down on food waste and prevent rash purchases. Making a grocery list based on your scheduled meals can keep you focused and stop you from adding pointless things to your cart. Also, cooking at home is more economical and healthier than eating out. Only purchase the ingredients that go with multiple recipes or only choose recipes that don’t ask for any one of a king ingredients in them.
Keep a Record of What you spend
What you spend on and how you spend on it matter equally. But how will you know what you spent on if you don’t keep a track? Determining your spending is the one of the initial steps in starting a savings plan. Keep a record of every penny you spend, including normal monthly payments and the cost of every coffee, home item, and gratuity. Whatever method works best for you is how you keep track of your expenditure: pen and paper, a basic spreadsheet, or a free online app or spending tracker. After you have your data, total each sum and arrange the figures into categories like groceries, petrol and mortgage. Verify that everything is included by consulting your bank and credit card statements.
Money Date
Read the above tip to keep track of your expenses? Now if you are a busy someone, you don’t have to do it every day. But once a week is enough. Make a weekly commitment to have a money date when you sit down with your money. Update your budget, check your accounts, and monitor your progress towards your financial objectives throughout this period. You need to spend time with your money, just like in any other relationship, if you want your financial situation to get better.
Couponing like a Pro
Only pro shoppers’ coupon and that is why we want you to coupon more like a pro rather than a beginner. And don’t you worry if you are just at the beginning with your coupon journey! After all couponing is something you learn as much you dive into it. When it comes to cutting costs on food, retailer loyalty programmes and couponing may really make a difference. Make use of the loyalty cards and digital coupons that your preferred retailers are offering. The amount of money you may save by just scanning your phone at the register or cutting out a few coupons could surprise you.
To Bulk Buy or not
When planning your money saving journey you must have come across the ever popular bulk buying advice. Well in some cases, it works and in some cases it doesn’t. Just like everything else, Purchasing in large quantities has its drawbacks. Even though buying in bulk might save you money over time, you should consider whether bulk buying fits into your lifestyle. Purchasing in bulk might be a fantastic method to save money if you have a big family or use specific items regularly. Purchasing in lesser amounts, however, can be a wiser move for perishable goods or commodities that don't match your usual consumption habits.
Cost-cutting Purchases
How can spending money be cost-cutting? Well it is, when done in the right places only. Purchasing energy-efficient appliances and gadgets can have a big influence on lowering your power costs. Seek for Energy Star-rated appliances and think about switching to LED lighting. The upfront costs of these investments may be high, but they will pay off in the long run in savings. Use the discounts even if buying appliances appears like a huge expenditure that you are not now able to endure. Numerous coupons and promo codes are available, particularly for large retailers like Walmart, Target, and Amazon who are providing significant appliance discounts.
Save First, Spend Later
Old is gold and this is definitely and old-gold advice. Every month as you get your paycheck, consider a certain percentage of your income as the saving portion. Before you pay that bill, or purchase that grocery or even think about that vehicle oil change, transfer that savings amount into a separate account which you won’t even touch. This will help you have a pile of savings as the time passes. And make sure the amount saved is a certain percent rather than a certain dollar. If saving money manually is hard for you, a direct transfer from each paycheck to your savings account is another option. In this manner, you just save money without even considering how much you're saving.
Cut that Cable
Cable times are gone but this doesn’t mean we are asking too much of you. Nor do we mean to have you an entertainment less lifestyle. After all there are many other (read: better) ways to have entertainment which obviously cost much less. However, thanks to services like Hulu, Netflix, and Amazon Prime, you can now watch your favorite films and TV series for a far lower price than you would pay for cable TV. Also, you can get many coupons for these services right on Hashtagsavings.com which offer packages like subscription discounts to recurring monthly discounts as well.