(ThyBlackMan.com) If you’re trying to save money this year, the most important thing financial experts will tell you to do is start planning. Sometimes, it is not easy.
So here are 8 money-saving strategies that can help you save more without any stress.
Do not try to impress people
After five years, you’ll regret caring about the opinions of strangers. You’ll regret overspending on things that you didn’t need. The simplest way to save more money this year is – build wealth and chase financial independence. Care about these two things more than you care about having a high social status or the “rich” image in front of strangers. People burn a lot of money in trying to impress others. Don’t do that even if you do it unknowingly.
Plan your meals in advance
With smart food shopping, you can spend less money than those who decide late. Cooking not only requires effort and time, a lot of food often goes to waste. People who buy grocery with a list, spend less and the annual savings could reach hundreds of dollars. Meal planning helps you buy only what you actually need. You can create a simple two-column list and write about your plans for breakfast, lunch, and dinner with a list of items you need.
Stay out of debt
A loan sometimes can have a serious negative effect on your entire life. It starts from a small purchase on your credit card and soon it becomes a habit. When you sign a loan application, you feel that free money is coming to your bank account, but it’s not free. You end up paying more than what you get and if the interest rates are higher than average, your debt load will increase. Debt hurts, no matter how small or big it is. It will take some of the biggest opportunities away from you and your loved ones.
Bulk buy when you can
Track prices of products you regularly buy from your local grocery store. Remembering the prices of all items may not be possible, so keep a list in your wallet and the next time you hit the store, you can compare the prices and get a good deal. Some products begin to lose their quality as they have a short shelf life, but for most of the items, you can save money if you buy in bulk.
Find inexpensive ways to treat yourself
You don’t have to spend a lot of money to treat yourself well. There are many things that you don’t get to experience every day and those things can still be considered good treats. Things like “me time,” breakfast in bed or a new, but the reasonably priced meal, can save a ton of money and give you new experiences. The simplest way to treat yourself is by packing some snacks and enjoying nature.
Don’t calculate purchases by cost
Instead of calculating your purchases by cost, consider the work hours you’re investing. For example, if you’re thinking of buying a $100 gadget and you make $20 an hour, divide the cost by your hourly earnings and you’ll realize how much time you’ll have to work just to cover that purchase. Ask yourself if that gadget is really worth that many hours of work.
Check your credit report (It’s free once a year)
You can check your credit score for free at least once a year. Get your credit report from bureaus and identify the opportunities to raise your score. Read your reports carefully and check if errors exist. By checking your credit report, you can not only reduce the amount of interest you pay for loans, but you can also get qualified for better offers.
Create a weekly spending limit
Start placing spending limits on everything. You can also ask your family members to participate in this new system or you can set these limits for yourself. These limits help people increase savings by reducing expenditures. With less financial flexibility, you are forced to stick to a budget and buy only what’s necessary.
Staff Writer; Jay Brown
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