We could all do with a little bit of extra money in our savings – perhaps you bought those sneakers you didn’t really need or splurged on a dream holiday. Either way, most of us would love the balance in our savings accounts to increase. When we save money, it doesn’t always mean that we put thousands away every month. Every little bit counts towards something bigger. Below, we have rounded up some of the best (and easiest) money-saving tips to help you slowly fill up your savings account for a rainy day.
The 30-day rule
The 30-day rule is very easy to follow: if you want to make a big purchase, think about whether or not you really need it for 30 days. Write down what it is in a journal. Consider what the pros of the purchase are, as well as the cons. If, after 30 days, there are more pros than there are cons, and you deem it necessary, then go ahead and buy the item. However, if you decide not to buy it, put whatever you would have spent on it straight into your savings account.
Watch less television
While this may seem as though it has nothing to do with your savings account, watching a lot of television can have a big impact on your savings account. For one, watching less TV means that you are less exposed to adverts, new products and other items that you might not really need. Second, the less TV you watch, the lower your electricity bill will be at the end of the month. Finally, the time that you spend watching TV can be put towards focussing on a side business you have always wanted to start, or perhaps even upskilling yourself and earning more qualifications that level you up for a higher-paying job.
Create a shopping list
Before you walk into a grocery store, create a list of what you need and stick to it. Don’t be tempted by anything else in the store and only buy exactly what is on your list. This eliminates unnecessary spending and helps ensure that you stay well within your budget. Furthermore, it will create less food wastage, as you won’t end up spending money on food items that you don’t even need. This tip doesn’t just apply to grocery shopping, of course. You can use it for when you go shopping for clothing, stationery and just about anything else, or if you have free time, click here for more fun!
Invite friends over
Instead of going out, invite friends over to your house. You can have a barbeque, watch a movie or even play board games. Regardless of what you decide, it will be fun, and you will end up saving lots of money. The mark-ups on restaurant items is quite high, as restaurants also have to factor in costs such as rent, electricity and staff wages. Besides, you can get whatever you want when you’re at home, you don’t have to wait for a server to assist you, and you save money on tips!