Making small changes in your spending habits will help you in the long run in gradually building your wealth. Every penny you save is your income. This 'saved income' may serve as your lifeline during times of financial distress.
Trying to save when on meager income may seem challenging, but it's certainly not impossible. You just need to come up with creative ways to cut expenses to save more. Whether you want to be a millionaire or just want to stop living from paycheck to paycheck, you will find these 5 creative ways to save money listed below helpful in achieving your aim.
1. Use Budget Tracking Apps to Set Goals
Whether you like it or not, technology has taken over our lives. And the fact is that it has changed our lives for the better. The technological wonders of today have literally brought the world at your finger tips as you can read news, connect with others, and gain knowledge by accessing various sites.
You can also manage your personal finances better and boost your savings by using budgeting apps. These apps offer financial barometers to help you set and achieve your saving goals. They allow you to set a realistic budget and also keep in check your expenses to ensure that you remain within the budget. Some useful budget tracking apps you can use include Mint, Learnvest, and BUDGT.
2. Hunt for Special Deal Sites
Another creative way to save money is to hunt for special deals on things such as electronic goods, grocery items, clothing, saloon, and various others. You can find many websites that offer special deals like Yipit, Groupon, Living Social, etc. Just make sure to read reviews about them on review sites like Yelp to ensure that you do not waste money on sub standard products and services.
3. Cut Down Expenses by Making Simple Lifestyle Changes
You can also reduce your expenses and boost your savings by making simple lifestyle changes. For instance, taking a shower for shorter duration will reduce energy bills as you will be using less water. You can also reduce energy bills by turning down the thermostat during the winters. Turning down the knob by 10° to 15° F degree will result in 5% to 15% savings in energy bills.
4. Shop for Groceries on Wednesday
Many grocery stores in the US have new sales on products during the middle of the week. If you go on grocery shopping on Wednesdays, you can save a lot from these sales. The stores release their new sale advertisements on this day and also honor coupons from the previous week. Moreover, the grocery stores are less crowded on this day, allowing you to shop with ease.
5. Save Money by Using DIY Products
Using DIY creams, lotions, and hair oils is another creative way to boost your savings. You can make many things at home like peanut butter, cooking oil, baby oil, hair or face masks, and others by reading DIY tips online. This will allow you to save more of your income as compared to buying these products from a store.
The above were just some of the creative ways to save money. There are many other ways you can cut down your expenses and boost your savings. However, even the most effective money saving tips will amount to nothing if you do not develop the saving mindset. By reading the blogs and articles on our site, you will be able to develop the attitude and skills that will help you build up your monetary wealth, and enjoy the pleasures and joys of life that only money can buy.