We were all taught from a young age to be thrifty and make a tight budget work for us. Most of us spend our money mostly on necessities, but it doesn’t matter if you’re rich or poor, the cost of living is expensive and that means the cost of being broke is also expensive.
Don’t let yourself become one more statistic who feels like they never have enough to save up for an emergency fund or retirement fund; follow these five expert tips from Business News Web and you’ll be well on your way to having your finances in order.
1. Start doing regular maintenance on your car and home
Did you know that replacing or repairing a single faucet can cost as much as $100, while a new water heater can cost upwards of $2,000? These are small investments that can add up over time and save you a lot of money over the long run. You’ll save money on bills in the long run by investing in the upkeep of your car or your home.
Maintenance isn’t only about the initial price tag; what you don’t pay for when it’s time to replace something new could mean the difference between saving hundreds or thousands of dollars.
2. Take that yard sign down
What can you do to save money each and every month on your electricity bill? The answer is very simple: turn off the lights. Those 60-watt light bulbs are expensive and there’s no reason you should pay extra for something you don’t even use. Invest in a dimmer switch so that you can avoid the heat, which will save you both on your thermostat bill and on your overall energy costs.
3. Trade in your car for something more fuel efficient
This can be a hard one to do, but the fact is that if you’re running an old car, you’re just throwing money away. Your car is outdated and costing you extra money in repairs and maintenance; the time has come to make a change. Now, changing cars isn’t always easy. Most of us have certain things we like about our current ride, so don’t feel like you have to pick something completely different than what you’re used to or what you like. Think about what kind of vehicle would help save on gas and expenses long run before making any move.
4. Avoid new technology if you can
The fact is that most of us need to start making small changes now in order to make it easier on ourselves later.
If you’re using technology and using it every day, you should definitely be feeling the effect of it. Consider cutting down on your cell phone usage and switching up the ways you use technology for entertainment. If you hate your cable provider and feel like they’re taking advantage of you, take your money elsewhere; cutting back on your cell phone plan might turn into an overall savings for you in the end because it’s a definite must.
5. Skip your morning latte
This is the point where most people start to feel a little guilty; you’re probably sitting there thinking that you could never quit spending money on your favorite things. The truth is, things add up . You’ll be surprised at how much it costs to keep up with everything, from coffee drinks to morning bagels. If you’re having a hard time cutting out your favorite coffee shop run in the mornings, try picking up some pre-brewed coffee. Just take it with you so that you don’t spend any extra money while running errands. It will be a lot cheaper than what you’d spend on food every day and be way more convenient than making multiple stops.
These tips are all about making small changes to help save money. But those that rely on the most simple and basic of items need to stop and start thinking a little more hard about their finances. It’s time to stop feeling like you need to spend money on things that you don’t even use. Instead, start thinking about what you could be doing with the money that is left over; maybe it’s time to invest in a hard drive or invest in a piece of jewelry instead. Let us consider that you’re saving for an emergency fund. But don’t have any idea where you’re going to get the money from next? Look at these tips as ways of getting started towards your goal.
Know that the only way to guarantee your money is safe and secure is to start investing in yourself; these tips will help you feel more confident about your money without having to start from scratch. It’s time to start thinking about your finances with a long-term mindset. If you’re not financially stable, you’ll end up being one of the many who need credit counseling. Also you may charge card consolidation eventually. Investing in small ways now can help you improve your finances for the long haul.