1. Set Savings Goals
One of the best ways to save money is by visualising what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal.
2. Take a Staycation
Though the term may be trendy, the thought behind it is pretty damn solid. instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home or choose an alternative ticket site or seating option. If you fly business, try choosing Economy to save a couple bucks. If you can’t drive the distance, look for cheap flights in your region.
3. Spend to Save
Let’s face it, utility costs seldom go down over time, so take charge now and weatherise your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or ENERGY STAR high-efficiency appliances and products. You could save thousands in utility costs over time.
4. Utility Savings
Lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs. And installing an on-demand or tankless water heater can deliver up to 30 percent savings compared with a standard storage tank water heater.
5. Pack Your Own Lunch
An obvious money-saving tip is finding everyday savings. If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.
6. Choose Something To Save For
One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it. If you have a Bank of America account, you can use the Picture My Goals tool to set up and track your progress toward your goals in the mobile app.
7. Choose Your Priorities
After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Learn how to prioritise your savings goals so you have a clear idea of where to start saving. For example, if you know you’re going to need to replace your car in the near future, you could start putting money away for one now.
8. Lose Weight, Not Money
Gym memberships can be pricey, with an average monthly cost of $60 plus initiation fees and 67 percent of memberships go unused. But there are a number of cheaper options out there for staying fit.
Streaming exercise videos is also one of the most affordable options, and if you’re already paying for services like Netflix, or even paying for Wifi which gives you access to YouTube, There are tons of free workouts on sites like Fitness Blender and various YouTube channels like BeFit that allow you to get a grasp on a regular workout plan. If you don’t mind paying for more options, websites like Beach Body on Demand offer more than 700 workouts for $99 a year. However, if you’re someone who may crave the positive social pressure of exercising with other people, there’s a number of free workout groups in almost every community or gym where you can take advantage of the classes at hand.