Are you looking for ways to trim a few bucks from your monthly budget? It can be tough especially with the cost of living expenses rising. There are two ways to look at saving money: as a punishment, or as a reward. If you opt for the former, it will feel like a series of painful sacrifices. However, if you embrace the latter, making small budgetary changes will help you reach your goals sooner. You have to find the ways that work for you, and slowly start incorporating the strategies into your life. Here are a few points to help you get started.
Invite friends over instead of going out
Going out to eat has a way of completely destroying both your food budget and your entertainment budget. Fact is it’s always cheaper to stay in with friends and come up with your own ways to stay entertained. Host a fun pot luck dinner, play cards, sit around a fire pit, or watch movies! You’ll all save money – and have a good time.
Avoid dining out and fast food
Try making simple and healthy replacements for fast food and junk food. An hour’s worth of meal preparation one weekend can leave you with lots of meals and snacks for the following week. There are plenty of phone app’s or websites that can help you get started with meal planning and recipes. Over time, you’ll find that cooking at home is much easier than you think – and way cheaper than take-out or dining out.
Make a grocery list before you go shopping
An easy way to save money is to only shop when you have a list. Majority of the time you’re without one and typically end up making unplanned purchases – all things that cost money. Create a list before you go the grocery store. Not only will you avoid buying food that you may waste, but it can also help you buy items that fit within your meal plan.
Review your cell phone bill
Review your cell phone bill to see if there are any services you aren’t using or if there is a better and lower cost plan available. Another option can be to look at a smaller service provider for better pricing and monthly plans.
Move bank accounts to take advantage of perks and earn more interest
If you’re paying a monthly fee for your chequing or savings account, you will benefit from researching some banking offers out there. Certain banks offer sign-up bonuses simply for opening an account, setting up direct deposit, or even free banking for a year. Some of the best free chequing accounts and best savings accounts can be found online. PC Financial is one, and also offers free cheques!
Drop the credit card
If you have a habit of racking up your credit cards, leave them at home, not in your wallet. If you need to keep a card for emergencies, that’s okay. By not having your credit card on you all the time, you won’t be tempted to use it. Always use cash which will allow you to better track how much you are spending.
Consolidate your student loans
Interest rates are low right now, so depending on the type of loans you have, it can be worthwhile to consolidate your student loans into one low-rate package. Even a 1 percent reduction on a $10,000 loan saves you $100 a year.
Cancel unused memberships
Unused gym memberships, magazine subscriptions, small monthly expenditures like these can add up over the year and by cancelling them you free up some of your monthly cash flow and can allocate it towards debt or savings.
