Life is uncertain. So having a little extra savings set aside can help you prepare for future plans, overcome emergency expenses and give you peace of mind for whatever lies ahead. It’s time to start building your savings account. And it’s easier than you might think. Begin with these four simple savings tips.
1. Eat at Home
You aren’t alone if you tend to eat out a lot. It's easy, quick and convenient. However, those takeout bills can add up, especially for families. Restaurants markup their prices by an average of 300%, which means you’re overpaying for your food when you eat out. For one month, plan your purchases, go to the grocery store and cook in your kitchen for every meal. You’ll be amazed at how much you save in just 30 days.
2. Live The 30-Day Rule
If you’re having trouble saving, a quick look at your bank statement will probably reveal a long list of non-essential purchases. You need food, clothing, and shelter, but where can you cut out unnecessary purchases? Instead of spending all your money on non-essentials, implement the 30-day rule. That is, wait 30 days before deciding to pull the trigger on a purchase for an item you may not need. At the end of the 30 days, you may like the larger sum in your bank account more than the idea of that non-essential item.
3. Save Everything
Saving a few dollars on your utilities this month can also help your bank account. Save energy by turning off lights and other electronics. Save water by being more efficient with your shower time, laundry, and outdoor watering. Save clothes by making repairs. And save on gas and auto repairs by walking or riding a bike. Every time you’re being smarter about using these resources, you will save money on your monthly bills. And by making these changes, your bank account will benefit.
4. Outsmart the Marketers
Advertisers make it easy and alluring to spend money on the things you like most. If you find yourself falling for their tricks too often, you need to outsmart the marketers. Unsubscribe from your favorite stores’ email lists and avoid giving away your personal information to marketers when you make a purchase.
Building up your savings isn’t always easy. But with a few simple savings practices, you can have enough money put away for the rainy days and the sunny ones in between.