Growing your savings can be relatively simple, with small changes really adding up over the years. Think about this: Saving just $6/day for one year comes out to around $2200. Putting this in a tax-free savings account and adding to it every year for 20-30 years would turn this into a significant investment for your child’s university, car purchase, retirement, or vacations.
Here are some easy tips to save money:
1. Make more meals at home, start bringing your lunch to work (even if that means just a few times a week), eat leftovers.
2. Skip the lattes and either drink coffee or make coffee at home. The mark-up on coffee is astronomical.
3. Plan before you go grocery shopping to make less impulse purchases, and start buying generic. Also consider buying in bulk and investing in a freezer.
4. Pay off debt sooner by consolidating debt and lowering interest fees.
5. Avoid ATM, overdraft, credit card charges and annual fees. Also avoid late payments, which not only increase your total costs, but hurt your credit score, increasing all your loan payments.
6. Visit the library more for books and DVDs. Some libraries are extremely up to date with books and movies. If you do buy books, purchase them online. Waiting to buy a whole bunch of books at the same time could also save you in shipping costs.
7. Avoid impulse buying, if only because you can find a better deal online. This means planning vacations ahead of time to find deals. Use e-bates/coupons from places like Groupon for local outings.
8. Maintain your car: Inflate your tires to save gas, have scheduled maintenance so problems don’t escalate. Also think about buying used. The value of cars drastically reduces after their first year.
9. Don’t get hung up on lavish spending by friends and family. Think about what you will be saving and investing while they are paying off their debt.
10. Buy bundles to combine your telephone, Internet and cable service. Slowing your Internet down can even save you money.
11. Save a ton and buy refurbished electronics.
12. Take advantage of employer contributions on retirement savings accounts.
13. Be conscious about your energy use. Use programmable thermostats. Unplug rather than just turn-off your electronics. Use energy saving appliances.
14. Start buying things you actually care about and need. Avoid retail therapy. Don’t make shopping something you do when you’re bored.