How many times have we been told or read that “saving is important”? We all get it. If we are not saving, we are not just putting our financial future in jeopardy, but we are also placing our current finances into quite a predicament as well. That “emergency” fund can sometimes seem more like a unicorn than a realistic goal when bills and expenses come calling.
But do not fear, saving is attainable, and you might surprise yourself how much you can save by putting in a little effort. Here is a list of some quick savings tips that I have found to put you in control of your finances.
1. Budget
This might sound simple, but I know many people who do not know where their money is going – and often they are broke more than they should be. Once you find out where your expenses are going, you can start to make adjustments. This is one of the best ways to take control of your finances. Honestly, if you have not made a budget, or know where your money is going, I would start here, and not even read the rest of the list. Budgets will generally help highlight where your individual expenses are creeping up. Make one.
2. Cut your own hair
Ok, this one may be easier for some out there than others, and you may need a little help to get that back of your neck, but hear me out on this. Even a cheap haircut can cost $15 or more, and if you get your haircut once a month, you could be looking at saving about $200 over the course of a year. In my case, I bought a simple hair trimming set ($40) over 4 years ago, in that time I have saved close to $1000 – I like my hair short. As an added bonus, I have been able to cut my hair on my own time without the need to schedule an appointment. If you have kids, it is easy to see where you can get even greater returns.
Now I will also admit, that some haircuts are harder to maintain than others. However, I contend you can still find a haircut that looks good, and it is maintainable by you.
3. Mow your own lawn
This is not applicable to everyone, as you might rent, or have a company that takes care of the landscaping in your neighborhood. However, for those that have the option, this is a no-brainer. Trust me, the costs of having others mow your own lawn can quickly add up. A cheap lawn mowing can run you about $30 or more. If you have it mowed every other week, you could be looking at $60 to $90 a month. Multiply that by 7 months (your area may vary based on weather) and you are looking to save around $500 a year (maybe more). That is a reasonable car payment or two.
Having someone mow your lawn may seem like a necessary convenience, but the savings speak for themselves. Looking at it another way, you may just be paying yourself $30 or more an hour just to take care of your own lawn.
4. Cut that cable
This might hit home with many. Those that are currently feeling the $100+ payment every month and those that have already cut the cord. It is simple math, by cutting out cable one can save over $1,200 a year on their bills. While cable seems like a necessity, one can easily live without it – in fact, you can do a lot better things with your time than watching TV. But for those that have to have their shows, there are so many more options out there to allow you to cut that cord for good. Maybe try YouTube TV ($40 as of writing), or Sling TV ($25 as of writing) or even just a simple Netflix or Hulu subscription? Anyone of these would save you hundreds a year.
5. Get quotes on your insurances
This one flies under the radar for many people. Insurance can be expensive – car, house, bike, or otherwise. Oftentimes, a couple of simple phone calls can get you quotes that can save you hundreds of dollars. If you feel you are paying more for insurance than you should, start giving some other agencies or insurance brokers a call. Independent brokers oftentimes can give you quotes from multiple different companies – which can save you time. You may be surprised at how competitive – or uncompetitive – your current insurance is. By personal experience, I saved close to $800 a year by switching my own insurance a couple years back.
6. Take your lunch to work
We have all heard of this, but many still do not. Again, understanding that a typical lunch now costs around $6-$10 (your neck of the woods may differ a little), bringing your leftovers or a simple peanut butter and jelly sandwich with some chips and an apple can quickly cut down on your weekly food expenses. Along with saving you some money, you can improve your health by bringing some healthier food – and it is quite hard to put a price on your health. This method can save close to $1,000 a year depending on what you bring for your lunch. If it is meal prepping that is the hindrance, maybe set aside sometime on a Sunday evening to put together your meals for the week. You can look at it as budgeting but for your food intake.
So there you have it- a quick list of savings tips. By no means is this list exhaustive. In fact, you may have thought of a couple more that you can try as you read this article. Whatever you do, know that saving is within your reach. It may require some creative thinking, but we can all hit financial goals. A good start would be to make a budget and aim to get your own “emergency fund” built to put some security into your current financial situation.
Please note: I am not a certified financial planner (CFP), however, my comments are made based on personal investigation and experience.
Quote of the day: Finance is not merely about making money. It’s about achieving our deep goals and protecting the fruits of our labor. It’s about stewardship and, therefore, about achieving the good society. – Robert J. Shiller
