Creative Ways to Save Money!
“A penny saved is a penny earned” is an old phrase that encourages us to save money and become wealthy. But these days most people are spending more than they are earning, falling into debt, depression and anxiety. These feelings lead to more spending as they try to make themselves feel better. If you feel like you’re walking on a tight rope, balancing between just getting by and falling into a bottomless pit, read on for some great tips to improve your finances and your well-being.
Examine All Your Expenses
Write every single thing down that you spend money on in the course of a week or month. You will see patterns and some things may surprise you. Do you have expenses coming out of your account automatically that you no longer need? Do you spend more than you thought on eating fast food or coffee? Are you more generous than your budget allows when it comes to lending money to a friend or donating? Really examine those expenses and determine what can easily be cut or pared down. Sometimes even the chore of having to write down small expenses will be a deterrent to spending on little, draining things.
Bundle to Save
If you found that you were spending money on a lot of insurance, home services (such as internet, cable, phone), classes or magazines, bundle to save! Get a subscription to our favourite magazine instead of buying from a store, use the same provider for insurance and home services as they usually give a discount for multiple products. And get a membership to your gym, pool or dance studio instead of paying for individual classes. You can usually save a ton of money by being loyal to the services, products and companies you already enjoy.
If your attempts at bundling with current services didn’t work, shop around to get a better deal elsewhere. Shop around for groceries, clothes, shoes, home decor, car repairs and so on. Pretty much everything can be purchased second hand or at discount stores. Often the thrill of finding a deal can improve your state of mind as well as your bank balance.
Improve Your Health
Improving your health and mental wellbeing can greatly increase your cash flow. When you’re depressed you can’t work as well, you might even need to take time off work for your health which reduces your income and to save money. Poor health leads to taking costly medications for cholesterol, blood pressure and diabetes. Eating out at fast food restaurants instead of preparing meals at home is also a big knock to the bank account. Examine your health habits and find ways to cut costs as well as your waistline.
Seek Help from a Professional
Visit your bank or get advice from a financial advisor if you are serious about saving money. These are free services designed to help you get out of debt and into saving and living worry free about money. They will help you stick to your budget, save and pay down debt all at the same time. Do not be embarrassed by your situation.
Share Your Successes
It’s really motivating to share what’s going well! Comment below on how you saved money or increased your income.