simpcity Money’s tight. You know you need to cut back, eliminate some debt, and fill up your savings a bit. At the same time, who wants to live a life of austerity? That’s miserable. Worse, it isn’t sustainable. Instead, you need to find ways to save money without making yourself miserable. Here are some tips to help with that.
Cut Back on The Streaming Services and Subscriptions
It’s great to have options. But, it is quite likely that some of those streaming platforms you have subscribed to go unused for some months out of the year. This results in money being wasted. Of course, it never seems like much at the moment – so much for Disney, so much for Netflix, so much for Hulu, and so forth. They are all deducted from your account at different times of the month, and you barely feel it at the time. If you have just these three, however, you are paying about £430 a year.
Now add to that other subscriptions that you have added over the years – that time management app or that “hotSchedules” app that you set up automatic renewals for.
Or how about that monthly subscription for a gourmet coffee of that “wine of the month club?” Are those products gathering a bit of dust as they accumulate in your cupboards? Can you find comparable products at the local grocery and purchase as you need them?
Maybe it’s time to download a free app to manage your subscriptions. There are plenty of free versions that will serve you well. Once you have all of your subscriptions loaded into the app, you’ll have a much better idea of which ones you don’t need or no longer use. Time to start canceling and keeping those that you actually use and are low-to-no cost.
For example, if you are using an online dating service such as the Hily app, it is likely that the free features allow you to meet and connect with possible partners. But even if you decide on the paid version of such apps, you are still saving money. How many “dud” dates have you had that cost time, energy, and, yes, money while you seek Mr. or Ms. “right?” Online dating lets you screen matches and make wise choices before an in-person date.
Take a Hard Look at Your Food Budget
Prices on food items continue to rise, and it’s time to get more frugal at the grocery. This may take a bit of planning on your part, but the savings will be worth it.
How many expensive convenience foods are you grabbing, simply because they are easy meals when you get home from work? They are expensive, not to mention the fact that they are not all that healthy. How much impulse buying are you engaged in? If you shop for food when you are hungry, studies show you engage more in impulse buying.
Perhaps it’s time to eat the way most of the rest of the world does – cheaper protein sources, such as beans, rice, and smaller portions of meats.
Another trick is to set aside time on days you are not working to cook up large batches of meals, divide them out into portions, and freeze them for meals on the other days. This will cut down on trips to the grocery and reduce those impulse buys.
No one is asking you to eat foods you dislike, of course. Just try some recipes that will cost less than what you are eating now – you may surprise yourself! And choose to splurge once a month to reward yourself for being a frugal eater, with a pricier meal out with friends.
Lower Your Energy Costs
Energy costs are also rising. Do some small smart things to pare those costs.
- Unplug appliances when not in use
- Turn your thermostat up in the summer and down in the winter when you leave for the day.
- Keep your space a bit cooler in the winter and put on a sweater or use a small blanket while watching TV. The same goes in the summer. Turn that thermostat up a bit and wear lighter clothing.
Over the course of a year, you’ll save.
Use a 30-Day Cool Down Rule for Purchases
You are out shopping or you are online “just looking.” Your emails and social media feeds are filled with new and exciting products. It’s so easy to get caught up in the “I have to have that” mindset.
Make it a steadfast rule that you wait 30 days before making the purchase. This gives you time to get over the initial emotional response to a product and think about whether you really need to spend the money. Chances are, you’ll scrap that purchase.
Set Up a Savings Plan
A wise person once said, “You save on the little things so you have money for the big things down the road.” Whether you do it via a savings plan at work or an automatic deduction into a savings account from each paycheck, you need to begin to build up savings for rewards down the road. If you have the will power, stash away every £5 note you get. You’ll be surprised how this adds up – enough for a nice vacation in your future!
In the End, It’s Personal
Each of us has priorities regarding how we spend our money. The money saving tips and strategies above are meant to be guidelines and suggestions. And you may discover other ways that work better for you. The goal is to save money without being miserable while you do it. Find the right balance for yourself.
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