What if you had an extra hundred dollars at the end of every month? By the end of the year you’d have $1,200 – that’s enough for a vacation, mortgage payment and all those little bills that need to be taken care of. It may seem like saving is tough enough these days with budgets so thin but this article will help you to identify different areas you can begin cutting back on in order to save an additional $100 each month.
♦ Tip 1: Cut back on frequent impulse purchases ♦
Impulse purchases are hard to control because our emotions are in the mix. Usually, one of the area’s most people are subject to impulse buys are when they stop at a convenient store during the day; even though you may have only meant to pick up one item you walk away with a bag full.
Coffee, candy, drinks and more are all little purchases that quickly add up over the month – if you can avoid the convenient store you’ll quickly see just how easy it is to save an extra $100 each month.
♦ Tip 2: Smart shopping for groceries ♦
People usually ‘pig out’ when it comes to grocery shopping mainly because we start to feel hungry looking at the food which results in us buying many things we crave but don’t really need. Whenever shopping for groceries, go with a list and stick to it; don’t go on an empty stomach and even try out the cheaper branded products – it’s often the same quality for half the price.
♦ Tip 3: Unsubscribe from unused services ♦
There are tons of small subscriptions you may have online or offline that eat away at your budget such as cable, magazines, online services or memberships. Do an audit of all the things you subscribe to and get rid of any of those that you can live without.
♦ Tip 4: Go out less frequently ♦
Many people go out a couple times a week for food, entertainment and other reasons. Even at just one less frequent outing, you can save that money by staying in and entertaining from your home. Imagine, one less dinner out and you’ll have $100 in no time – and you’ll be healthy!
♦ Tip 5: Make money work for you ♦
Whenever you have extra money on you try saving it in a high interest savings account or even reinvest it in small programs that help you manage your money. Simple systems like using envelopes to track your spending, writing out lists and scheduling your time can help make your money work for you; you’ll find that you’ll be spending less time on money-wasting activities and more toward those that leave an impact and money in your pocket.