I’m no financial expert, but from personal experience these are the tried and true best methods to save money.
Reduce Rent. I know it’s easier said than done with the economy we live in now, but even then there are options to save costs on your living space. Some examples could include:
*Sharing a home with room mates
*Living in a camper van (Some can be very comfortable)
*Moving to a remote job that includes cheap staff accommodation
*Rent a micro condo in a smaller city
*Rent a basement suite
*Stay in a dorm
I know some of these aren’t ideal to a lot of people and something like a dorm is better only for short term situations, but you can save quite a lot of money if your rent is cheaper. I’m an introvert who loves having her own living space, but if I need to save up for something I don’t mind doing a shared living situation for the short term (6 months or less ideally). I’ve also managed to find some great deals on micro suites over the years. If you can reduce your rent even by a few hundred dollars per month, it’s a great way to put more funds into investments or savings.
Increase Income. I’m not saying anything novel here, but it’s a good reminder that more income means more savings. Let’s say you make $2,000 net/month and your rent is only $600 per month. That’s a pretty sweet deal, but if you wanted to go travel or buy a car, etc. you can only do so much with $2,000/month minus rent, bills, and groceries. Getting a part time job or making use of online gigs to create another stream of income is so helpful in reaching your goals. This isn’t a post encouraging people to burn themselves out by any means, but if you can spare an extra few hours per week for another job, you can certainly save a lot more.
Another option is to work some overtime hours, find a better paying job, or ask for a raise at your current job if applicable.
Cook most of your meals at home. This is a game changer. It’s crazy when you realize how much those take away lunches or $7 lattes add up. You think “Eh $15 here or $7 there isn’t much.” If you treat yourself once or twice per week it isn’t that much, but if you’re buying lunch and dinner out every day, that adds up to a lot in a month.
If you spent $30/day on eating out, that’s $900 spent at the end of the month! It’s crazy how those little expenditures add up over time – and $900 is a decent chunk of change you could save or put toward things that will improve your life. I swear if you do nothing else, cooking at home will help you save so much cash.
I hope you found these tips helpful. Thanks for stopping by my blog today. ❤