February 20, 2023
Sometimes it may feel like no matter how hard you try, you can never save enough money. You may have tried all the little things, like skipping the daily coffee, or not buying dessert. If it’s time for a more serious change, you should consider lifestyle changes that can help you save money. Rather than just saving a dollar here and there, lifestyle changes can help you grow your savings even faster.
When looking for ways to save, you must start viewing savings in terms of dollars, rather than in terms of percentage. Saving five percent on a $10,000 car is much better than saving five percent on a $20 shirt. However, your brain may equate the two, even though the first example saves you $500 and the second example only save you $1. Once you understand this, you can start focusing more on finding discounts on more expensive items such as cars and appliances, rather than cheaper items such as groceries.
To understand how much periodic payments cost you, convert them to a larger time frame. For example, a $100-dollar phone and internet monthly bill may not seem like too much, but that will cost you $2,400 over the next two years. Additionally, saving an extra $150 on rent may not seem like a big deal, but it will save you $1,800 over the course of the year. To figure out how much monthly subscriptions really cost you, always convert them to longer time frames.
According to the U.S. Bureau of Labor Statistics, the average American spends almost $8,000 a year on food. This number represents a significant portion of people’s income. To help lower it, you should start cooking your own food more often. Going out to eat, or even grabbing takeout, will often cost you much more than cooking your own food. To save both time and money, consider buying and cooking in bulk. You can always refrigerate or freeze the extra food for later.
While the measure may be too drastic for some, changing where you live can help lead to huge savings. Since Americans spend a large portion of their money on rent, you can cut down on expenses by moving to a cheaper apartment. If you want to save even more money, you could consider moving to a different city with a lower cost of living.
Buying used items will easily help you save money. For example, you can save hundreds of dollars on appliances by buying used ones. Many consumers worry that every used item does not work properly. However, people often get rid of appliances for aesthetic reasons, or because they need a bigger version. In these scenarios, the item works perfectly fine, but the owners still want to discard it. By buying these used items, you can save lots of money.
While this may be a drastic change, it can help you save thousands of dollars over the course of the year. Not only do cars themselves cost money, but they also lead you to spend money on gas, repairs, and routine maintenance. Depending on where you live, you may be able to get by with public transportation, walking, or biking.
When it comes to saving, every dollar truly does count. However, you may constantly feel as if you never save enough. To seriously increase your savings, consider making some fundamental lifestyle changes. Some may not work for you, but others can help your savings skyrocket. Figure out what works best for you, and determine how you can start saving serious money.