For many Americans, the prospect of saving even $1,000 for investing seems unattainable. Many people are living paycheck-to-paycheck with little, if any, savings for emergencies.
To many individuals, saving money means changing their lifestyle and giving up the things that make them happy. However, individuals can easily incorporate a few tips into their weekly routines to begin saving money today without making drastic alterations to their quality of life.
Ultimately, some sort of sacrifice needs to happen, but individuals do not need to live like hermits to see their savings account balances rise. Below are some tips for curbing weekly spending and beginning to save for the future.
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Always make shopping lists.
At virtually any retailer, but especially at the grocery store, companies try to make money by inspiring impulse buys. Too often, these impulse buys distract us from what we really meant to buy, which costs time as we return to the store and spend additional money.
Individuals can save on both gas and time by always bringing a list with them to the store. This list can also help cut down on how many extraneous products are purchased each week. With a number of great list apps available, including ones that sync across devices and between people, it is easier than ever to always remember the list.
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Spend time with coupons and price comparisons.
Not all younger people bother with coupons, but by purchasing a Sunday paper and working through the ads, particularly while creating a shopping list, individuals can save a lot of money. Additional coupons are also available online with a little bit of searching.
The Internet is also a great resource for figuring out which retailers offer the best deals, particularly on larger purchases. Memberships to warehouse stores like Costco can also save individuals a great deal of money in the long run. While these savings may seem inconsequential in the moment, cutting $5 from weekly spending adds up to more than $250 in a year, which is a car payment for many people.
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Pack lunch for the office.
One of many people’s greatest expenses in a given week is eating out for lunch. The typical lunch costs about $10, whereas individuals can pack a great lunch for a fraction of that cost.
Of course, packed lunches do not always seem as appealing as restaurant dishes, but people can try to spice it up by teaming with coworkers. Each day, one person brings in lunches for the entire group. This approach keeps costs down while keeping the rotation of food just as new and exciting as eating out for lunch.
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Unsubscribe from email deals and sales ads.
Individuals can easily fall into the trap of feeling like they are saving money by purchasing an email deal or some special advertised to their inboxes. In these situations, people need to ask themselves if they would have spent the money at all if they had not seen the advertisement.
If a deal comes in for something that is truly needed that someone was already looking for, then the purchase is justified. However, when individuals purchase something just because it is cheap or seems like a good deal, they are often wasting money.
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Look for used items when possible.
Not everything needs to be purchased new. Looking for items on eBay, Craigslist, and similar websites can save consumers a great deal of money.
Some people think that buying something used means that they are purchasing junk, but this is not the case. People often put lightly used or even new products on these sites because they no longer have a use for them or they were gifts that are going unused. Some things to buy used include furniture, household tools and appliances, sports gear, maternity clothes, and electronics, as well as games and toys for kids.
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Drive less when possible.
While this tip is not always feasible depending on where people live, virtually everyone can cut down on driving in some way. People in larger cities can opt for public transportation options or carpool options like UberPool.
Even people in more rural areas, however, may be able to turn to their bikes, their skateboards, or even rollerblades in some circumstances. The benefit of alternate forms of transportation is that they help keep the wallet full while also reducing greenhouse gasses and providing valuable exercise. Alternatively, people may be able to consolidate their errands to take fewer car trips.
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Assess utilities and services.
Individuals can often save money by becoming more conscious of the amount of electricity and water they use on a daily basis. By limiting use, they can see big savings on their bills at the end of the month.
The cost of many services, such as cable and Internet, can be reduced by calling providers and negotiating a new price. If the company does not want to negotiate, individuals can always look into other options. Many people are now canceling cable television, which can easily cost $100 monthly, for less expensive streaming options.