As the economy weakens, many people are looking for simple, new or innovative ways to save money. A society that has become so overindulgent has left people desiring a less complex and more affordable life.
For persons interested in saving more money, follow these eight simple steps and be on the way to greater financial stability and peace of mind. Although this list is not exhaustive, it provides a good framework to gain inspiration from in terms of simple ways to save money.
Attempt to cook at least 95 percent of the meals you eat
Cooking is a great way to save money. Purchasing meals at a restaurant increases the cost dramatically. In addition, a comparison of the prices for bottles of wine at local liquor stores with restaurants reveals how much is saved with home meal preparation.
Go to a website like Cheap Cooking for suggestions on money saving recipes. In addition, the Food Network’s host Rachel Ray is known to make healthy meals that are also inexpensive.
Buy a coffee maker and stay away from the coffee shops
Coffee made at home is affordable at around less than ten cents a cup. Buying daily coffee from a major chain like Starbucks will most likely cost far more or approximately $2.50 per cup.
So, if we keep the math simple, if you save $2 a day by not buying a coffee from the big chain, you save over $750 a year. That can go a long way towards paying some of your bills. In addition, coffee prices are soaring and many expect the price of the beans to go up in the future.
If you have idle money, have it earn you interest
For those persons lucky enough to have savings, make sure they are working for you. Identify a high-yield investment that provides current income.
Use the income generated from these investments on investing in additional securities or on paying for daily household items. In addition, try investing in higher-risk assets if the risk tolerance and risk capacity for investments like this are practical.
Rent a movie instead of going to a theater
In most major cities, two movie theater tickets often cost as much as $25. Even renting a new-release movie costs approximately $3-$5. By renting four movies a year at home instead of seeing them in theaters, the cost savings amount to as much as $80; this doesn’t include the overpriced concessions the movie theaters try to sell.
Enjoy free activities
Visiting a public park, going to a free yoga class or walking around town are just a few free ways to enjoy life on the cheap. While many activities force individuals to pay, there are usually a few activities in most major cities and towns that are offered free of charge and can be enjoyed by people of all incomes and backgrounds.
Sign up for a personal budgeting websites
It’s much easier to save money if you have a more transparent view of your finances. Websites like Mint allow you to understand how much you are spending by category, merchant or tag and can give you a sense of trends in your income and spending.
Read articles from a money saving websites. Websites like Suze Orman or The Penny Hoarder are constantly providing new tips to help you make ends meet.
If you struggle with personal budgeting, this is undoubtedly a great option. It might even be surprising how effective these websites are in presenting simple ways to save money.
All of the examples above show it is easier to save money on day-to-day expenses than many people might think. These examples only scratch the surface of the countless alternatives for saving money and building greater financial security.