Want to know how to save money this year? A good first step to build your savings account is to lower your cost of living. Whether your savings goals include a down payment on a home, an emergency fund, you want to save for retirement, or you simply need more money each month to cover your expenses, these small but impactful saving tips can help you find money – potentially lots of money! – in the long run. Consider these tips to help you put money away and start saving!
How to save money in 5 simple steps
1. Start a carpool: Those who drive to work everyday end up spending thousands of dollars on gas each year. Starting a carpool is an easy way to spend less on gas every week. Not only are you saving money, but you’ll be reducing your carbon footprint at the same time. The more people in the carpool the better!
2. Buy non-perishable foods in bulk: Buying non-perishable items in bulk is an easy way to save lots of money. Look at the cost per unit of all of the sizes and choose the best deal. You can also use coupons, or take advantage of multi-buy deals at your local grocery stores, to save more money each month.
3. Consider buying no-name brands: No-name brands are strikingly similar and priced lower than most of their mainstream brand counterparts. Switching to no-name products can significantly reduce your weekly grocery bill and can save you hundreds of dollars over the course of a year.
4. Make your own coffee at home: Buying coffee on a daily basis can really put a dent in your budget. You may not notice it right away, but over long periods of time, it really adds up. By making your own cup at home every morning, you can add a few extra dollars to your savings plan and avoid the unnecessary waste of a paper cup!
5. Remove unnecessary features from your cell phone plan: It’s likely that there are unnecessary fees, or some features you’ve forgotten about that you’re paying for. Double check to ensure you’re not paying for anything that you don’t use often.
We bet you’re not the only one who’s looking for tips on how to save money this year. Try these money saving tips with a family member or friend to keep each other motivated and ensure you both stay on track.
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Lowering your cost of living doesn’t have to be difficult. By following these tips on how to save money, you can reach your savings goals in no time, and purchasing your next home can happen sooner than you think! Happy budgeting in 2019!