7 Simple Ways to Start Saving Money
Whether you have never struggled to manage money before, or are constantly looking for new ways to save some extra bucks, it doesn’t hurt to get some extra tips to help you manage your money! Here are 7 simple tips you can use to assist your finances.
1. Buy In Bulk
It may feel like a huge expenditure to pay upfront for items in bulk, but the long-term savings will definitely add up! You can visit whole-foods stores which are likely to have items packed in larger units. Another option is to primarily buy your dried goods in bulk, taking your own container to avoid packaging costs.
Warning: Supermarkets and grocery stores can sometimes take advantage of the mentality of “bulk-buying” shoppers. So, be careful to check that the products you’re buying in bulk actually do work out cheaper per unit. If it would alleviate some anxiety, take note of the price per unit, and then you can easier compare different products and whether they are worth buying in bulk.
2. Compare Prices
An incredibly important money management skill is to learn how to compare different prices. Though there are many special, deals, and vouchers at various shops, this would be almost impossibly time-consuming. With online purchasing sites really taking hold, though, there are now platforms that enable you to easily compare and scan across different sites or platforms. One interesting application, CheckAFlip tool, has been developed specifically to get more pricing information on eBay products. As the site has hundreds of thousands of items, this independent company helps you find details that will quickly inform your purchasing decision.
3. Plan Ahead
Planning ahead can take many forms, but it primarily allows you to plan for events, a special date, or even a treat once in a while when you know you’ll be spending more. Planning ahead of time works with your monthly schedule, and will make sure that you have money available for the occasions you’re choosing to prioritize.
Budgeting your meals for the day, week, or month is a great way to know your limits. Recognizing immediately when you are spending too much on going out, order-ins, or even luxury food items can help you stay on track and live within your means.
Budgeting is an easy way to help develop some spending guidelines, as you can work out exactly what is a ‘normal’ meal expenditure, what is expensive, and which meals are saving you money!
5. Meal Preparation
Though meal preparation may not be what most people are used to, it is worthwhile exploring whether meal planning in advance could save you money – and time! Taking one day a week to think about the next week’s meals, people usually use one weekend morning or afternoon to fit in some valuable meal prep.
It is true that many people do meal preparation to assist a new nutrition plan and stay healthy, but it is also a fantastic way to cook in bulk and to plan your meals ahead of time!
6. Eat Out Less
If you plan out your meals in advance, as well as budget what is within your means, this will definitely help you resist eating out at restaurants as often. Eating out, in general, is a quick way to spend your precious cash!
Though it is delightful to sit at a restaurant, choose your desired meal, and await excellent service, this is going to cost you! A great tip is to eat at home and if it is within your budget, perhaps choose a special occasion to indulge in a celebratory drink or dessert.
7. Buy Previously Owned
From pre-owned vehicles to second-hand furniture – buying second-hand is an excellent way to save money! As an item usually devalues quite quickly over time, depending on the popularity and availability of the item – you can find extravagant bargains! Search online and you can find some interesting places to find previously owned, but one of the best places would be estate sales and auctions through established estate sale agents near you.
Money management is a sensitive subject for most people, and it would be remiss to ignore this. But, having an open, honest conversation about money expenses with your partner, family, or even with yourself, is the best way to help you save your bucks. Chat to those around you, particularly those who impact your money spending to see if they might also some interesting ideas to add! Perhaps you could even instill a financial or savings goal, incentivizing each of you to be careful with those dollars.
JR Dominguez is the technology, finance and music editor for MiLLENNiAL. When he's not writing, you can find him day-trading stocks, playing video games, or composing commercial scores.