Saving money is not just a hobby; saving money is a way of life. The beauty of saving money in the short-term is that you can afford a better standard of life later. Often people put off saving money. They think that they have plenty of time to start saving, and so never bother to begin. The more you put off saving money, the harder it will be when you start. Making a healthy habit out of saving will mean that you find it easy. There are hundreds of ways that you start saving money. With some simple changes to your lifestyle, you can begin to save yourself a lot of cash. Here are five ways you can start saving money today.
1. Buy A Property Rather Than Renting
The fact is that when we rent a property we are wasting our money. It is as simple as that. Giving money to a landlord each month is a waste of your income. Instead, invest that money in yourself for your future. Buying a home means that you have a stable investment. Should you ever get into financial trouble, you always have something. For example, buying an apartment in the prestigious Lincoln Center will mean that you have a property of real value. Should you need to release equity in your home, you can do so. When you rent a property, you are losing the money you spend forever.
2. Cut Down On Your Travel Expenses By Carpooling
How much money do you spend on travelling to and from work every day? If you have a co-worker who lives nearby then, both of you could save a significant amount of money by carpooling. Carpooling is when you share a vehicle and the cost of travelling. You can cut your fuel costs and travel costs in half by carpooling with someone else.
3. Change The Way You Socialize
If you usually socialize at dinners out and over drinks then, it is time for a change. You can save a lot of money by changing the way in which you socialize. Invite people round to your home and cook them a meal. If you all do this once a month then, you can save a lot of cash. You can also look into free activities to do with your friends. Why not visit a museum together? Or go for a walk in the park? You will likely find that your friends will love this idea as everybody could do with saving more money.
4. Cancel Unnecessary Subscriptions
Over time, the amount of things we subscribe too goes up and up. You may have started by subscribing to the gym. Then you subscribed to Netflix and Spotify. Then you subscribed to various insurance policies. Before you knew it, you were subscribing to too many clubs, and it became hard to keep track of them all. Paying monthly subscriptions for things that you no longer want or use is a huge drain on your cash. Take some time to go through your finances and see what you no longer need.
5. Make Your Own Lunch
Much of the time we buy lunch at work because it is easy to do so. Yes, it is nice to have the occasional bagel from a nearby cafe, but at what expense? If you buy lunch every day at work then, you are wasting a lot of money. $10 for a salad might not seem a lot today, but by the end of the week you could have saved $50. Let that sink in for a moment. The amount the average American spends on food at work is ridiculous. Save yourself hassle and money by making food at home to take with you.