Life-hacks to save money

 

The best life-hacks to save money.

Saving money does not necessarily mean not spending money at all. Saving money is the act of self-willingness of setting aside the money not spend for a specific purpose or goal. Saving is the income that you don’t spend. The benefits of saving money are numerous and cannot be understated. 

Importance of saving money

Emergencies.

Everyone’s wish is for emergencies not to come but emergencies are inevitable and they always come. Emergencies such as medical issues, emergency trip or you may have a car breakdown may come anytime. Rather than becoming a potential victim of such emergencies, it is wise to prepare for them because most likely you will encounter some of the emergencies which may be costly for your regular income thereby resorting to extra money. This will be easy for you if you have saved some money.

Education.

Your career prospects can be improved by higher education and furthering education can be a major expense but when you have accumulated some savings, it will enable you to further your education without a lot of hiccups or sourcing your funds elsewhere.

You can as well set aside some savings for your children’s education too.

In case you lose your job.

Your job can suddenly come to an end, you can get an injury, get so sick to continue with your job or your business can even dry up. Any of these can happen to you and you do not want to live on credit for a period of at list 6 weeks before your employment insurance kicks in, therefore if you have savings you will be relieved off from involving in debts.

Debt limits.

If you have an emergency that requires some money then rather than taking an emergency loan which will be a debt requiring you to payback with interest, you can resort to your savings. The money you have saved can be used to finance expenses instead of using your credit card thereby limiting the debt liability and again saving you from the money you could have spent on interest.

Below are some easy but best approaches of life to save your money.

Reducing your power consumption

You can reduce your household’s energy consumption through many different ways which range from a simple adjustment of your behavior to extensive home improvement. The greatest aim for conserving power energy is to conserve bill utility and also protect the environment. By minimizing energy consumption in your home you can perform some household tasks manually, and it is the best behavior to develop. Reducing daily power consumption means you will have to pay less amount of money for your power bills and it will help you save your money.

Install long-lasting compact fluorescent light (CFL) or light-emitting diode (LED) bulbs. Imagine changing from one 60 watt bulb that is on for about 10 hours a day to an 18-watt energy saver bulb. That will mean you will save at list 1 dollar or even more a month. 1 dollar each month for one year multiply by the entire bulbs in your house or your entire business. You will realize that in one year, you will have saved a good amount of money.  Energy-saving bulbs have extended service life and besides helping you reduce your electric bills, they will also help you save in long term by not having to purchase new bulbs frequently since LED light bulbs can last 50 times longer compared to average incandescent.

Cut out phantom energy in your house since 75% of energy usage is caused by electronics that are turned off. An example is your internet router, kitchen appliances, Television are continually working even when you switch them off. To reduce your power consumption and reduce your electric bill, you can use power strips which you will turn off when you are not using your electronics.

Use a programmable thermostat. In most homes, the largest source of expense is cooling and heating but you can cut down the energy you use which will in return reduce your electric bill by restraining or regulating the need to turning up the heat and also turn the thermostat down. If this is not working well for you, then you can opt to install a programmable thermostat. You will, therefore, program the temperature depending on the time of the day so as not to adjust it manually every time. A programmable thermostat will automatically make changes thus helping your house to be highly energy-efficient, you will also be able to circumvent the traditional costs of cooling and heating. You will be able to save some money since you can program your thermostat to set things right for you when you wake up or arrive at home.

Start using line drying laundry because dryers use a lot of energy and by switching to line drying method, you are going to save some huge amount of money. For example, if your drier 3,000 watts per load which you are paying for 0.10 dollars per kWh and it runs for 30 minutes drying a load. You will be saving 2.74 dollars in a month and 32.85 dollars in one year. That is a good amount of money to save.

Wash your clothes using cold water and save electricity. Washing clothes entails a lot and regarding energy, you can make it efficient. You can do this by adjusting your water temperature for washing your clothes. Using warm water requires you to turn on your heater which is going to use electricity that requires you to pay at the end of the month. Meanwhile, you can use cold water to wash your garments and it is still an efficient way you can prefer to clean your wardrobe that will not cost you anything.

Getting an energy audit from a utility company that offers a free business energy audits. The audit will tell you how efficient your electricity usage is and energy auditing will help you know areas where you are spending a lot of electric energy so that you can cut back those energy usages to save your money.

Managing your food

You know food is a human need and we all need it to stay alive. However, it is an expense at the same time. Every year, every month, every day you may be spending a lot of money on foodstuff. For most households and families, grocery shopping is a great expense but you can make it more affordable through smart strategies on how you use food, buy food, and store your food. There is going to be a great impact on your financial bottom line.

Drinking a lot of water not only has greater benefits to your health but also financial benefits. Taking a good amount of water before you eat will make you stay full for a long time and eat less food. You will, therefore, save on food costs and feel great for being fully hydrated.

Eating at home instead of opting for the drive-thru foods or take away which will is not only healthy but also will save you some money. Eating simple food at home like rice and beans, eggs and toast, spaghetti, and even chicken soup will save you some money.

To save money during your grocery shopping, you need only to buy what you can afford. Planning for your food so that you have leftovers for your next day’s lunch or you can freeze the leftovers for a quick meal for the next day will also minimize the daily waste meaning you will minimize the regular purchase of fresh food hence you will be saving some money.

Coffee can be addictive and buying it from a cafeteria daily is going to cost you a lot of money per month. For example, if you are buying a cup of coffee at 3 dollars each day, in one month you will be spending 90 dollars in coffee alone for yourself but this amount can even be more if you will take a friend out for coffee twice a week or even once each week. Brewing delicious coffee at your home is the remedy to save the amount of the money you are spending on buying coffee from the coffee shop which is expensive compared to if you just make it at home. 

An ethnic grocery store is a perfect place to do your shopping to save money since ethnic stores offer the best discounts on staple foods that are of that particular ethnicity. But even in big supermarkets, you will find a low price if you check the ethnic foods aisle.

Creating a grocery budget is a great step to start saving your money spend on food. You will stay on track and also keep your money spending on food in check if you set up a weekly or monthly grocery budget. You can download prior your favorite grocery store flyer then use it to figure out the type of meals that fall in the sale price products. With a grocery list in your hand when you are in the store, you will not be adding at random to your cart items, wondering and staring at shelves or down the aisles. With the shopping list, you will not be tempted to buy unnecessary items that will help you save your money. 

Making a small garden outside your back door where you can grow some vegetables and herbs. You can plant perennials in a sack, big pot, or an empty spot next to your back door or on your balcony. You will save money when you grow your vegetables since you will not need to buy them but rather get them fresh from your garden. Taking charge of your food spending will help you streamline your expenses thus enabling you to save money. 

Save on the services you get

Do away with your landline telephone. 911 services probably are the best reason you have a telephone in your home, but if you comfortably rely on your cell phone then you don’t have a good reason for keeping a landline because all you want to do with it you can perform using your cell phone. Having both a cell phone and a landline is expensive because if you want to cut the cost of the communication system.

Slow your internet services down. High-speed internet will cost you more but you can perform the normal task via the internet with reduced speed internet and you will not notice it unless you want to play high-definition video games or constantly stream.

Change your mindset about money

Without changing your daily spending behavior, you are likely to go back to poor money spending habits even when you have a budget in place. Changing your mindset about money spending, for example, delaying gratification. Whenever you feel the urge of making an impulse buying, you need to first evaluate if you really need the item or just want it, but if you need that item then give yourself a whole day just to evaluate if the item is still appealing to you before making any purchase.

 You should not play the comparison game but always let your budget guide you on how to spend. You should also not buy your items according to trends but instead, buy items that are meaningful to you and not the high-priced fad goods. You will be saving more money each day because you will only be concerned about how you are spending.

Try and avoid instant purchasing of your items by implementing the 30-days rule. You will notice that after a month has passed, the urge to buy an item will go away and you will save the money. Waiting longer will definitely give you the best perspective on if you actually need the item or just want it.

Manage emotional spending. Temptations of buying a gift when you are so happy or upset can be high but if you can direct the feelings to do something that requires no spending of money like exercise or set up a small garden behind your backdoor, it will help you save that money. 

Bargain your bills. You can save some money if you negotiate your bills because most companies never want to lose their customers. That is a better opportunity for you to ask for a discount on the services or goods they give to you. Most companies know the high cost of getting a new client, therefore they will rather choose to retain customers they already have. If you take up the task and contact every single account you hold and negotiate the best deals you can get, then in a month you will have managed to save a good amount of money. 

If you don’t own a car, then definitely you will not need car insurance. Therefore you should not renew traveling insurance automatically if you don’t intend to travel for a holiday. You should wait and restart your cover the next time you intend to book a trip.

Practice saying no to some demands of your screaming child. By saying no, you will save the money spend on impulse budget and you will be surprised how much you will save in one year.

Open a savings account which will give you the highest interest rate compared to basic transaction accounts. With a savings account, you will be able to put all the amount of money left after funding your personal necessities, your discretionary income, and tax refunds. You will eliminate the temptation to use the discretionary money by creating automatic transfers of money to your savings account from your main account.

Take a keen look at your recurring expenses by going through your bank statements and focusing on activities that you spent on over the previous year. Take enough time going over it carefully and then you can then refinance some of the budgets like your mortgage loan, comparing your insurance providers and the other services.

Be a promiscuous customer who is price sensitive. If you are loyal to brands, there is a possibility that your vendor may take advantage of you for being less price-sensitive and overcharge you or change for your prices which are non-competitive. Never allow your connection feelings with a vendor stand on your path, consider looking for a better deal somewhere else. Losing an existing customer to win a new one is expensive compared to retaining one, therefore they will consider giving you a discount just to retain you.

Start using direct saving goal planner to realize the discretionary spending that you need to cut and how much you frequently require to set aside in order to meet the target savings goal you need. Saving goal planner will also enable you to upload the pictures of the items you are saving for.

Pay down your debts

Debts will always consume your money reserves, making it hard for you to maintain your daily expenses and to save. There are tricks on how you can pay down your debts such as paying off the debts as soon as possible. If you embrace this habit, you will be saving hundreds of money in interest over time.

Setting your debt-payoff deadline with timeline and amount will help you trace your improvements. If you maintain being accountable for paying off your debts you will feel good to have pay that final debt you have. You can also consult with your creditors and ask if they can lower your interest rate if you are using credit card debt.

If you are owning a home, you can consider refinancing your home loan. This will lower your monthly payments at a lower interest rate.

Adjust shopping behavior

Some shopping is unavoidable, from gasoline to your groceries. However, you can still save by buying less at retail shops. Always focus on purchasing a few high-quality items because high-quality items last longer and often don’t get out of style soon.

Buy your groceries in bulk from the store at wholesale and you can plan for your meals that take you for a week so that you will buy only items that you need.   

Save your transportation cost

Consider telecommuting to work. Working at home by hooking your office through a computer, fax. Paycheck, modem, and telephone. Most institutions are considering telecommuting in order to accommodate workers who are also parents so that they can be at home with their kids. You can choose to telecommute so that you save your money from buy lunch, commuting daily, and dry cleaning.

Keeping an automotive log is the best habit you can practice because it will provide you with a valuable diagnostic tool. An automotive log is a comprehensive book that contains the record of entire things done to your car together with the exact date and odometer reading when it was performed. Always remember to include the amount of oil you put in, the amount of gas you fill at every fill-up, replacement of tire, tune-ups replacements and repairs, and also distance miles per gallon you get at every fill-up. All these car records will save you from enormous repair money since most fleet operators use the car records.

Walk when you want to do local tasks because when your car’s engine is cold, short hops will cause your car to have an automotive tear and wear plus poor gas mileage. Just moving around with your car within a distance you can cover by walking will cost you the money you will spend on fueling the car yet you can save that by walking which is very healthy for you.

Using public transport is always cost-effective especially when you always pay for parking space. It will also help you in cutting down the amount of money you would have spent fueling your car. If you minimize going to work or downtown with your own car then in one month you will cut the cost of wear and tear.

After comparing auto parts, consider buying them by yourself. The spare parts for your car will be expensive if you buy them from the official factory, therefore you should consider acquiring the rebuilt parts. Rebuilt parts last long enough just as new parts. Therefore you can do phone-shopping with the model, make and your car year at the auto supply store, the part number handy and part name if possible. Always before you purchase any part don’t forget to negotiate the price to save some money. You should also consider repairing your old car and keep it instead of buying a new car. Buying a new car will cost you more to pay for insurance but the older your car is the lower its insurance rate. 

Try and learn the basics of automotive maintenance. You can enroll in an automotive maintenance adult education class. You will learn how to perform simple and safe procedures with the supervision of an automotive professional where if you make mistakes, they can be averted and also corrected.

Breakdowns will be so less if you regularly perform maintenance and it will help your car too. Regularly changing your oil and tune-ups will increase years to your car’s life. Your car will always respond well just like any other machine to tender loving care.

Living expenses

The most costly budget you can have monthly is the housing budget. You may be tied to a job so as to be able to facilitate your mortgage but you can get out of this bondage by rethinking about your housing cost. Renting out your vacation home will generate for you some extra income.

The economy of numbers will lower your expenses by either sharing your life with people who have the same values as yours through cohousing cooperative, under the same roof, the international community, planned community, or land trust. Exploring living in an intentional community is a great way to cut your living cost.

If you own a home, do your house repairs by yourself because paying for workers that cost upwards of 50 dollars per hour for maintenance can strain your saving habit. Learning how to fix a leaky a faucet that runs up a tab by yourself terrifying as you may assume because there are excellent guides books for home-repairs at the library or via DIY videos.

You can as well borrow the videos of how to do your home repair free from your local hardware, building supply, or from the library but again this illustration information is available online through YouTube for free.

If you have a job that doesn’t lock you up in the city, you can move to a less expensive place where you will spend fewer dollars and save the rest. It is always expensive to live in the main cities therefore for you to save some cash, opting to stay out of the city is a great idea and cost-friendly.

Imagine paying over 1,000 dollars per month for your mortgage or more when you can buy a piece of land and erect a used mobile house for a total amount of 10,000 dollars or less. You will be living very cheap and comfortable without worrying about much to pay your mortgage every month.

Your vocations

Whenever you are comfortable with your handling of money and life gets very satisfied for you, you will not feel the urge or reasons to vacate but if you have to, then you can try a volunteer vacation. In this way through different organizations, you will be able to travel as a diplomat around the countries that have built a friendship and trained with your country.

It is not guaranteed that your traveling agent will find for you great deals always, therefore you should consider being your own traveling agent. Just like any other item, you are able to phone-shop for tickets and then later buy them via your traveling agent. Your agent will be able to get his commission and provide for your best services in the future.

You can get the best deals if you buy your airline tickets one month prior to the time you intend to fly. Fly on midweeks and stay over a weekend when the prices are low. There are different policies in different airlines but mostly it is cheaper spending Saturday night at your destination.

Your hobbies

Hobbies are good, it makes you have fun and relax after a normal routine.  Always avoid the kind of hobbies that expensive and that do not involve traveling and buying equipment but develop hobbies that are cost-effective. You can involve yourself in crafts activities like table lamp making on a wood-turning lathe which can be fun and your work might turn out so beautiful which you can sell at a cost or save that money if you were to buy one at 2 dollars or more.

Try making your service out of your hobby or hobby out of service by finding a way to support your values such if you always love baking, bake sales for a worthy reason or run to cure cancer or end world hunger if running is your hobby.

If you are a sport shopper, turn your skills to get a bargain on household goods for halfway homes and also shelters for those who are homeless. You will often receive a special kick out for doing your hobby out of love for others.

Dating and entertaining

The great impotence of dating and entertaining is to enjoy other people’s companies. In order for you to do this cost-effectively, you can invite friends for documentaries, discussions, and dessert. You can then share with your friends a movie or a documentary that you enjoy together then engage in a discussion thereafter as you have a cup of coffee as a refreshment.

Switch to writing letters from making long-distance phone calls. If your loved one dwells outside your calling zone, long conversations via phone calls will cost you more than just writing letters or emails which can be stored and cherished for a long period of time. Cut medical costs

Being well is great, you will not spend money treating illness and that will be excellent for your pocketbook and maintain your health is also good for your body to carry out your day to day activities without any hindrance. Maintaining good health begins from home and you can change some of your habits to keep sickness at bay. Always ensure you are eating a proper diet and obtaining all the necessary nutrients.

Self-limiting amounts to 85% of all illnesses. With enough rest and proper nutrition, your body will heal from illnesses by itself. You may need an expert’s attention because you are paying for a full medical cover premium coverage but time, patience, and nature are the greatest physicians. Try considering major medical insurance with 1,000 dollars deductible and you will save some money.

Aerobics, bicycling, Yoga, jogging, walking fast and swimming are the kinds of exercise your body needs. You will not need to pay for a fitness club. Natural exercise will keep your body fit and keeps you away from the doctor and more importantly saves your money.

If you do smoke cigarettes, consider quitting smoking. Assuming that you started smoking at the age of 20, buying a pack at 50 cents. By 2017 the average price of cigarettes per pack was below $6. Alter you go for one pack and a half days at $1.85. You will spend approximately $6,800 in total. If the price of cigarettes per pack continues increasing at the same rate, at the age of 75 you will be buying a pack at $75 if you will continue smoking. You have will by than spend $186,708 for buying cigarettes alone. By the time you reach 35 years old and quits smoking, consider putting your cash into a tax shelter where you can earn 9% and you will receive 1,851,313. This is calculation is great for you to consider applying to any unproductive habit you may have such as candy bars addiction or consumption of alcohol.

Keep maintaining a proper attitude because you not only need to be physically fit but also the psychological and emotional part of your health is very important. You should know your emotional and mental diet because thoughts, attitudes, and feelings which are unhealthy cause stress which later generates illness, and illness will cause you money to treat.

You can save the cost of an operation room which varies from one hospital to the other if you ask your doctor if he can see you at a different hospital. Most doctors have the advantage of attending to patients at different hospitals. You can choose a low rate paying hospital where you can still get the best services of your doctor cheaply.

Final verdict

There are lots of easy and best tips/tricks/life-hacks to save money that don’t hurt. Looking at your budget, you may feel that it is impossible for you to save while the truth is you can always find unexpected ways to save money.