How to Become a Saving Expert Without Changing Your Lifestyle
We all want to be financially responsible, but when it comes to actually making changes in order to do that, we find it nearly impossible.
You might vow to yourself that you won’t eat takeout ever again or never go out with your friends. But then your friend might want to eat some Chinese, and your buddies might want you to come to a bar to hang out, and your vows go down the drain.
The thing is, depriving yourself can be a huge pain, so while you may think that it would be okay "just this once," it really wouldn't be. It would take you no time to fall back into your previous patterns.
So, how do you break the patterns and save cash without changing your lifestyle completely?
Simple.
You can do it by making tiny adjustments to your lifestyle that you can actually adhere to. You don't need to start banning things left, right, and center. Just start with the small changes, and the big changes will come on their own.
7 Ways to Become a Saving Expert Without Changing Your Lifestyle
1. Track Your Spending
No savings list would be complete without this suggestion. If you truly want to become a saving expert, then you have to start tracking what you're spending your money on.
For example, if you want to save money but are spending it on buying clothes worth $200 every month, then you have a problem.
You can track your spending by using remote tools like Mint, PocketGuard, and YNAB. As an alternative, you could also create a spreadsheet and enter your daily expenses into it manually. It would barely take you 10 minutes every day.
2. Give Up Cable TV
Most Americans pay a monthly cable fee of $100 to $200, and 6% spend over $200 per month on it. However, cable TV has become obsolete.
When you can use Netflix, HBO Go, Amazon Prime Video, and Hulu Plus as well as other streaming services to watch your favorite shows and movies, why are you paying $100 - $200 a month for cable TV?
So give up cable TV and use the money you save to better ends.
3. Stick to Your Grocery List
We are all guilty of not sticking to our grocery lists when we go shopping. After all, the passion fruit in the fruit aisle was looking so tempting, and you hadn't had it for a while, so …
Rather than splurging on new and exotic flowers, fruits, and vegetables, stick to your grocery list (almost) all the time. It doesn't hurt to make a purchase not listed on your grocery list, but if you make that a habit, you might end up losing money instead of saving it.
So, always make a list of things you want to buy when you go grocery shopping, and stick to that list!
4. Take Your Lunch With You
Rather than spending money on every bistro and café around your office, pack your own lunch maybe three days a week if you aim to save money. This is because eating at a café or bistro can cost upwards of $500 per week.
So, if you’re not careful, you might end up splurging more than you think!
5. Stop Carrying a Credit Card or Choose the Right One
Credit cards are a mixed blessing. They can be convenient when you don't have cash or your debit card on hand. But the interest rates on some credit cards can land you in debt faster than you can blink, which is why we’re suggesting you shuck your credit card.
However, if you don't want to stop carrying your credit card, try to get one that comes with benefits. For example, go for a credit card that offers payback benefits when you go grocery shopping or helps you clock free airline miles.
5. Keep an Eye on Electrical Appliances
Much of the appliances we use in our homes run on electricity—fans, ovens, stove, lights, and more. However, sometimes, we leave these appliances on without any purpose and waste energy.
So, before going to bed, check all switches, make sure every appliance is turned off (except for the fridge, of course!), and then go to sleep. You should also make sure that each appliance in your house has an ENERGY STAR® rating on it. Otherwise, it would consume a lot of energy, which will increase your bill.
6. Divide Your Income
Rather than having your income transferred directly to your debit account, it is better that you split it before you even receive it. Ask your HR people (with a pretty please) to use a pay stub generator to divide your income into separate accounts.
We recommend that you place your income in three accounts. Account one will be for monthly expenditures, account two will be for savings, and account three will be the emergency fund. By dividing your income three ways, you not only ensure your financial independence, but you also make sure that you would have money in times of crisis.
7. Buy What You Can in Bulk
Rather than purchasing smaller quantities of products on weekly trips to the grocery store, aim to get what you know you will use in bulk. For example, purchase toilet paper, soap, batteries, paper towels, and meat in bulk. These products might cost a little more upfront, but over time, you’ll save money instead of losing it.
The Bottom Line
It takes time, energy, and effort to become financially independent without losing all your favorite things. However, we’ve made it easier for you. By using the strategies we have talked about above, you can easily save money, become independent, and feel more in control of yourself—without giving up your lifestyle at all!
