1. Deposit Bonuses into Your Savings Account
There’s no better feeling than finding $20 in the pocket of an old jacket or while cleaning your car. Instead of putting that amount in your pocket and losing it again, automatically deposit it into your savings account. You can do this with larger amounts too, like your tax refund or year-end bonus. The same applies to your annual salary increase if you get a raise at work. Direct the additional amount towards your 401(k) plan to boost your savings faster.
2. Meal Prep at Home
It can be tough to find the energy to prepare a meal after a long day at work. Start with the habit of cooking a meal twice a week if you dine out frequently, and gradually increase to three or four times a week. If that’s not realistic for you, try to find some time on Sundays to prepare easy dinners for the week. This way, you’ll have a ready-made meal when you get home from work.
The same goes for coffee. Buying a cup of coffee every day may seem like a small expense but it significantly impacts your budget over time. Cutting this small expense can lead to savings of hundreds or even thousands of dollars a year.
3. Make a Shopping List Before Going to the Store
If you go to the store without a list or when you are hungry, it can be difficult for you to buy more food than you usually need. Plan what you’ll need for the week before heading to the store, to ensure you don’t forget anything and avoid purchasing unnecessary extra items. A list helps you avoid an unnecessary trip to the store and resist temptation. It can also aid in making meal preparation more cost-effective.
4. Set a Shopping Limit
Make it a habit to avoid buying things based on fleeting desires. If you find yourself wanting to buy an expensive coat you spotted at the mall, wait a day or two to see if you still think about it. In the meantime, search online for printable coupons or promotional codes from coupon apps that you can use to save money on the purchase.
5. Clean Out Your Closet and Sell What You Can
As spring approaches, it’s time to check your closet and get rid of the pieces you never wear. These clothes take up extra space and can earn you some extra cash. If you want to get inspired by minimalism, like Marie Kondo, check your home room by room for items you can part with. Once you’ve done some deep cleaning, see if you can host a garage sale or sell some of your items at a consignment shop.
6. Cancel Club Memberships or Entertainment Bills
It’s easy to forget our monthly bills that renew automatically. If you have a gym membership you never use, it’s time to cancel it. Additionally, if you have cable TV and find yourself mainly watching Netflix, see if it makes sense to cancel your cable bill. Spending $100 a month on cable may not seem like much on a monthly basis but that adds up to $1200 a year you could save! Cutting out extra expenses you rarely use can make a big difference in your budget.
7. Embrace DIY Projects
Instead of going out to buy a new face mask, see if you can make one using items you already have at home. Pinterest is a great tool for DIY enthusiasts. Use it to find free and easy recipes for dietary meals, cleaning hacks, and ways to make the most of the items you have at home.
8.
Use a Budgeting App
It’s easy to overspend when we don’t set limits or hold ourselves accountable. Some apps like Mint and Quicken can help track daily, weekly, or monthly spending to identify areas that need trimming and provide personalized advice based on your financial needs and goals.
What Will You Do With Your Savings?
As you work on saving more of your money, think about what you will do with it. Will you build your emergency fund, for example, or put it in a savings fund for a down payment on a house, or invest it for the future? Setting clear goals in your mind about your savings can help keep you motivated to continue finding ways to cut expenses.
Source: https://www.thebalancemoney.com/how-to-trim-unnecessary-spending-4129673
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