8 Tips for saving money.
As I transition into adulthood, I have acknowledged the importance of taking control of my finances. Here are some tips I have adopted into my life to save money and slowly build wealth.
I hope that you can follow these tips to make better financial decisions.
1. Budget, budget, budget.
We have to face reality when it comes to our financial habits. So making a budget is essential. A budget will help you know your monthly expenses and make it easier to allocate money accordingly. Make a list of your monthly payments such as your rent, car payments, student loan, utilities, food, gas, and credit card bills, to mention a few. Start writing down all your expenses on paper, so you can keep track of where your money is going each month.
2. Pay yourself first.
I cannot stress enough the importance of paying yourself first. We are quick to waste money on eating out, clothes, or nicknacks- but not anymore. We will start putting money in our savings account for future emergencies or opportunities. We have earned the right, so start putting money away for our future self while still having money to allocate for our monthly expenses. Start building your emergency fund, even if it means saving $50 per month.
3. Cut down on monthly expenses.
Unnecessary shopping and monthly subscriptions cost so much money in the short and long term that otherwise could be used to help you build wealth. Evaluate what you need v.s what you want. Look at our budget and cut down unnecessary items to decrease our monthly expenses. Cutting down on your monthly expenses means putting extra money towards your emergency fund or a potential sinking fund!
4. Cook at home.
Constant coffee shops and food runs have become a part of the American lifestyle, but how much money do we spend on our daily unhealthy food habit is worrisome. Make conscious decisions to reduce how much you spend on eating out. Brewing your coffee and cooking at home can be fun and will for sure save you hundreds of dollars yearly. Budget your groceries and look for sales and season foods to purchase.
5. Do at-home self-care.
A self-care routine to make you feel more confident and motivated can add up monthly, but doing at-home self-care will make you feel rejuvenated, improve your mental health, and also save you money. Schedule a day that works for you to take a long bath, do a facial, paint your nails, and sing your heart out in the comfort of your home.
6. Buy affordable, high-quality clothes and products.
I admit this tip is a hard one. However, spending so much money on brand-name or unnecessary items will hinder you from meeting your financial goals sooner. Let’s shift our focus on buying more quality pieces at more affordable prices that look good and can stand the test of time. Look for sales when you go shopping so you won’t regret your purchase.
7. Rearrange and Repurpose.
I have to admit I used to spend so much money going to Homegoods and Target to shop for home decor, but now I have a greater appreciation for beautiful home pieces I find at home. I tend to switch art/decorative pieces and furniture around for every session without spending any money.
8. Workout for free.
The gym can add up every year, especially when we are not using our membership consistently, like during the holiday sessions. So why not use the comfort of your home to get your daily workout. Youtube has become a resource for great workout routines. If it’s raining outside, why not put on a 30-minute HITT workout and get your sweat on.
If you follow these money-saving tips, you will slowly see your savings grow yearly.
