Want to save money and live better? Here are a few tips on how you can save money without sacrificing too much.
In this article:
- Avoid Unnecessary Purchases With the 30-Day Rule
- Look for Discount Coupons and Gift Cards
- Do a Monthly Review of Your Budget
- Don’t Neglect Your Health and Wellbeing For Your Savings
- Remove Unhealthy or Wasteful Expenses
- Transform Expensive Hobbies Into Inexpensive Ones
- Learn About Finances From Experts
- Increase Your Revenue
- Organize a Yard Sale or Buy From One
- Save Money Faster With Tax-Advantaged Accounts
- Try Paying and Saving up for Annual Plans
- Make DIY Projects Into Hobbies
Save Money and Live Better: 13 Ways to Do It
1. Avoid Unnecessary Purchases with the 30-Day Rule
One practice that can help you save money and live better is following the 30-Day Rule. If there’s something you want, don’t buy it immediately and let 30 days pass before you reconsider.
When you see something you want to buy, note it down. If you’re still interested in 30 days, then that’s the only time you should consider purchasing it.
Through this exercise, you can improve your self-discipline, avoid impulse buys, and learn to control your urge to shop. More often than not, if the item isn’t something you need, you’ll probably lose interest after the 30 days are up, which saves you money.
2. Look for Discount Coupons and Gift Cards
In some cases, gift cards have a higher value compared to their price. However, these are only valid for a certain period, so avoid getting one unless you need something to avoid unnecessary spending.
Time your purchase of gift cards only to when you need it. For example, you can use gift cards to get holiday gifts at lower prices, but be sure to buy them only when you’re about to buy the gifts to avoid spending them on something else.
Coupons can also help you stretch your money. You can use them to spend less on items you regularly purchase, such as groceries.
3. Do a Monthly Review of Your Budget
Reviewing your budget can help you understand more about your finances. With a budget review, you can find out things like:
- Your current financial standing
- Areas of improvement in your finances
- Expenses you can cut down on or remove completely
The earlier you start doing a monthly review, the easier the next reviews will be. You can talk to a certified public accountant or a bookkeeper for the first few monthly reviews since they can give you pointers and a professional’s take on money.
4. Don’t Neglect Your Health and Wellbeing For Your Savings
Before you start saving, you should plan how much you can realistically save first. While saving up for a rainy day is important, it’s also essential to plan realistically to avoid feeling too constricted in your budget.
If you prioritize saving to the point that you’re neglecting your health and wellbeing, your savings might just end up paying for medical bills, or you can end up impulse shopping. When doing your budget, check how much money is coming in, prioritize the non-negotiable expenses like bills, then create your financial allocation from there.
It doesn’t hurt to add a bit to your budget for fun and entertainment. In this way, you get to treat yourself a little without breaking the bank.
5. Remove Unhealthy or Wasteful Expenses
Those who have a budget already have an advantage when it comes to finances. Since they have accurate records, they can pinpoint which expenses are unnecessary.
These can include:
- Having different cable and entertainment plans when consolidated plans exist
- Smoking and drinking
6. Transform Expensive Hobbies into Inexpensive Ones
Having passions, interests, and hobbies can make life more interesting. However, some hobbies may not be worth the price tag.
This doesn’t mean you have to stop pursuing your hobbies. If there are more price-efficient alternatives, then you should consider switching to them.
- While health and fitness are important, an expensive gym membership may not be worth it if there’s a cheaper gym near you.
- Unless you are a collector of books, having digital copies of books are usually cheaper.
7. Learn About Finances from Experts
When it comes to finances, knowing is half the battle. Knowing where to search for the answers is sometimes even better than knowing the answers.
While you can learn from having your own bookkeeper or tax preparer, you can choose to go a DIY route, which won’t cost as much. Look for online resources and courses to help you improve your knowledge about optimizing your finances.
8. Increase Your Revenue
Another way to save money is to increase your inflow of cash.
If a second full-time job is too much to handle, you can look for part-time or freelance jobs that can help you boost your savings. You can even do some of them from the comfort of your home if the role allows you to work remotely.
Some examples include:
- If you love dogs, you can offer dog walking services.
- You can write blogs and other online articles.
- You can also drive for a ride-share or deliver items.
These days, a lot of jobs have the added benefit of having flexible hours. It’s easier to earn more money on the side even if you have a day job.
9. Organize a Yard Sale or Buy from One
A yard sale is a win-win for both the buyer and the seller.
- If you’re the seller, you can make more money and turn unwanted items into cash. Just gather all of the things you’re ready to let go of and pick a date.
- If you’re the buyer, you can save a lot of money by buying typically expensive items, like furniture and appliances, from yard sales.
10. Save Money Faster with Tax-Advantaged Accounts
There are several types of tax-advantaged accounts you can consider investing in to boost your savings. The more money you deposit in these accounts, the faster your investment growth and the more efficient your tax reporting will be.
Growth in these accounts isn’t taxable. You also have the added bonus of being in a lower tax income bracket because contributions to these accounts are tax-deductible.
Some tax-advantaged accounts you can consider investing in include:
- A Traditional IRA
- 401(k) plans
- Roth IRA
- Coverdale savings accounts
- HSA or FSA
11. Automate Your Savings
Sometimes, saving money can be difficult if you have to do it manually. The good news is you can automate your monthly savings, so you can be assured you’re setting aside money each month.
- Some banks can automatically transfer money from your savings account to an investment account.
- Your HR and Payroll department at work can also automatically deduct part of your salary for an investment account.
12. Try Paying and Saving Up for Annual Plans
If you’re paying monthly subscriptions for services, you can ask your provider if they offer an annual plan. Usually, an annual plan costs more upfront but saves you money in the long run.
This can apply not only to online subscriptions but also to physical plans, such as a gym membership. You can also wait for promotions as well as discounts (e.g. seasonal offers) before subscribing to anything.
13. Turn DIY Projects into Hobbies
DIY projects can be a fun way to de-stress and can also be profitable. It can also help you save up on certain things you’d normally buy.
- Gardening can be a great way to decrease your stress levels. It also allows you to lower your grocery expenses, and you can even sell the excess produce for a profit.
- Rather than buying gifts, you can make your own gifts. This allows you to minimize your expenses and make your gifts more personal.
We hope these tips on how to save money and live better can help you stretch your income without compromising too much. Remember, always try to strike a balance between saving up and maintaining your health and wellbeing.
What are some of the things you do to save money and live better? Share them with us in the comments section below.
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