Featured Image: Ali Express
Header image: Dragana Gordic
Saving money and having a grasp on your financial status is vital,as we all know, but more often than not it is easier said than done. Unlike many, saving is not my forté. Yes I will always ensure that I have a “rainy day” fund like my mom suggested, but saving in day to day life is a lot more challenging for me. Luckily, there are so many saving hacks that can be implemented to ensure that you are as savvy as possible when it comes to your hard earned money.
I’ve found some of the best tips to help you start saving money. Luckily they’re so easy to implement. So grab a pen and paper and get ready to take notes. Even better, email it to all your girlfriends so that you can all become more savvy with your money. It’s time to make sure you finally get a grip on your finances in 2018. Down below are 10 money saving hacks that you need to know about now.
Buy House Brand / Generic Products
Supermarkets all have their own brand. There is nothing wrong with these products so why not switch to using house brands instead of buying more expensive brands. When buying medication, many medicines will come in a generic form. They do exactly the same job, but are far cheaper. All you have to do is ask the pharmacist.
The Envelope System
This system is something that I can imagine my grandmother doing. Nonetheless I think it’s a brilliant system. Knowing that you are parting with actual physical money is far more of a reminder than doing everything electronically. This system is very simple. So what exactly is it? Well, you divide your budget into various sectors, and then keep an envelope for each category. This way you are always able to see how much money you have left in a category. The system is best used for categories that normally tend to stretch or break your budget. Think clothing, groceries, restaurants and entertainment. You do not need to have money saved in order to start implementing the envelope system. It is important that you assign an allotted amount of money per category each month. Under no circumstances can you use money from another category to supplement another category. i.e no taking money from the groceries envelope for entertainment!
Source: The Budget Mom
Buy In Bulk
Obviously with fresh produce this is a little more difficult, unless of course you are hosting a huge party. Whenever items such as toilet paper, cleaning aids or tinned foods are on sale, be sure to buy in bulk as you will be saving money.
Couponing is a real thing! I can see why so many people are obsessed with it. They have folders and folders filled with coupons. Now, you don’t have to make it your full time job and become totally consumed by it, but keeping an eye out for coupons in newspapers and online will definitely save you some money.
It is amazing how much time and money you will save when you start meal prepping. I know it can be a little over whelming at times,especially in the beginning. Here are some great meal prep ideas.
Source: Hello Glow
Have A Separate Account
This is how I personally like to deal with saving money. Every month I transfer a set amount to an account. This needs to cover ALL of my expenses. I will then leave money in another account and this is my savings. So far I have been successful with this method and have not over-spent. More often than not I come in under budget. But, if push comes to shove and I overspent, then I know I have money in my rainy day fund.
Pay Your Credit Card Debt In Full
Having a credit card is great, but the interest you have to pay can be crippling. So, if you have to pay off ￡1000, try and pay off the full amount all at once. If you only clear ￡999 then you will still have to pay interest on the whole￡1000.
Source: The Simple Dollar
Have A No Spend Day
This is actually a lot easier than you think. I suggest picking a day during the week where you do not have any social engagements. Ensure that you take lunch to work from your meal prepped meals. Also ensure that your car has gas if you are driving or your metro card is topped up the day before. It’s a strange concept, but feels really great at the end of the day when you know that you have not spent any money. Challenge accepted?
Avoid Eating Out
Cooking at home is far more cost effective. You’ll be amazed at how much money you are able to save if you avoid those coffees, dining out and all fast food places.
Keep Track Of Your Expenses
If you’re a visual person then you will find this very useful. Journaling or physically writing down all of your expenses can be very helpful. If you prefer to not journal, then print some budget templates.
I hope that you have found this helpful. Let me know if you have any great ways that you keep a handle on your finances.