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Whether you live on your own, with your partner, or as a family, many of us want to save money in order to build wealth, as well as plan for the future. With millions of American households living paycheck to paycheck, here are a few ways on how you can cut back on expenses while still maintaining a comfortable lifestyle.
Evaluate Housing Costs
In many instances, it can be hard to save money due to housing costs taking a huge chunk out of the family budget. If you own your property, refinancing your mortgage could be an option that can help free up some money, which you can transfer into savings or investments. If you are single, you may benefit from taking in a roommate and charging them rent in order to save money on your housing costs, giving you extra money to put into investments or an emergency fund.
Plan Your Shopping
Where you shop for your groceries can have a major impact on how much you spend each month. Planning your shopping in advance can be hugely beneficial, so make sure to write out your budget each month to give you more clarity on what you can and cannot afford. If you are a coffee lover for example, doing your research into the different brands can help you save money. Visiting websites like Gourmesso can help you find a range of best-selling capsules. What’s more, they’re up to 40% less than the manufacturer’s pods.
Purchase Used Items
Instead of buying everything brand new and shiny, why not opt for used items instead? Whether it be clothing, furniture, electronics or even a car, you will be surprised at how many great deals you can find from items that have hardly been used. In some cases, you will find items that are ‘open box’, meaning that they have not been used and cannot be sold as brand new due to the packaging being opened or damaged. Be sure to check out websites like eBay where you can find a wide range of used items at great prices.
Avoid Credit Cards
If you are prone to buying items and putting them on your credit card, you may not realize the negative effect it can be having on your credit score, not to mention the high interest rates. When using a credit card, studies have proven that you tend to spend 12% more statistically. When buying online, it’s all too easy to lose track of your spending, making it incredibly easy to fall into debt. To avoid fees and interest that go hand in hand with credit cards, it’s best to stick to cash only, allowing you to have more control of your monthly outgoings.
Ditch Your Car
While a car is an essential tool for getting you from A to B, there may be times where you could leave your vehicle behind and walk to your destination instead. If you live close to your work or the grocery store, why not go on foot instead? The costs that go with running your car can be taking a huge chunk out of your monthly outgoings, so ditching your car for some much-needed fresh air may be the way to not only save you come cash, but give you some exercise too.
Whether it you buy used items, plan where you shop for your groceries, or ditch your car in favor of walking to work, there are many ways on how you can cut back on your expenses while still maintaining a comfortable lifestyle. It’s always best to have a plan in place which can help give you an insight on your monthly outgoings, enabling you to figure out ways on how to save money.