Saving is the last thing in the mind of most fresh graduates who have just started their career. However, this is the perfect time to think about savings in order to accumulate wealth at an accelerated pace. Saving early will allow you to retire rich and enjoy a comfortable and even luxurious post-retirement life.
Taking the first step, however, can be the hardest part for most people.. A lot of people don't know the answer to one simple question: how can I save more money this month? That's why we have compiled a list of three important things that you can apply in your life to save more money each month.
1. Keep Utility Bills Down
Utility bills tend to account for a high proportion of monthly expenses for most people. You can save a lot of money by reducing your monthly energy consumption. Consider installing a thermostat with a timer that automatically lowers the temperature during certain times of the day. In addition, you should consider turning the lights off when not in use. You should also consider replacing energy saver bulbs with LED lights that consume around 5-10 times less energy. All of this combined will result in great savings on energy bills.
2. Drive Smartly to Save More
Not many people know that they can save a lot of money by being smart with their car. Keeping speed below 60 mph, for instance, can result in comparatively less consumption of fuel. Every 10 mph above this speed costs an extra 10 cents per gallon.
Apart from speed, hard accelerations also costs up to 33% in fuel efficiency on highways and about 5% in the city. You can save around hundreds of dollars in fuel costs each month by keeping your foot soft on the pedal and driving a bit slowly. Other ways you can save fuel costs include properly inflating the tires, getting your car tuned regularly, and replacing dirty air filters.
3. Limit Dine Outs to Once a Week
You can save a lot of money by limiting dine-outs to just once or twice a month. Considering that most Americans spend around $20 or more on dining out twice a week, you can save around $120 by limiting it to two times a month!
On a final note, by following the simple financial mantra of spending less than the income, you can increase your saving. The above tips were just some of the ways that answer the question 'how can I save more money?' to boost savings. You should focus on cutting down your existing expenses by using these tips and coming up with other creative ways to save more each month.