6 Easy Strategies to Save a Lot of Money

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Ok so it’s pay day. And you know what you think that means? Just a bit of guilt free, thoughtless spending while you still have a decent amount of coin in your bank account. But just like all pay days, you notice that your bank account is shrinking A LOT faster than you anticipated!                               

Wasting money is what most of us do! And it hurts even more when you don’t earn much in the first place!

So here are 6 simple but very effective strategies that you can use to help stretch more of those dollars to last you the distance (and even start building that savings account that you always said you would!).

Strategy 1) Zeroing out your money!

This is one of my favourite money saving strategies! It is very simple, yet I believe this strategy has contributed to me saving literally THOUSANDS in only the last year alone!

So here is how it works! Basically at the end of the day you just deduct the last digit of what is in your account, and make it a zero. So if you have $535 dollars in your account, you put aside that $5 so that you have $530 sitting in your account. If you want to save even more, what you can do is round what you have down to the nearest 100 dollars. So if you had $535, you set aside $35 and leave $500 in your account.

I have personally found this little strategy to be one of the easiest strategies to follow! And it really does work if you show yourself just a little commitment.

Strategy 2) Pay Yourself First!

In economics, the law of diminishing returns states that the more that we have of something, the less we value each individual unit of that thing. So if we receive a $800 pay cheque, we are more likely to mindlessly spend each dollar than if we were to only receive a $500 pay cheque.

So how does this strategy work? As soon as you receive your weekly pay cheque, immediately put aside a predetermined percentage of that pay cheque into your savings account. After you do this, you will be a lot more careful about spending what you have left, because you have less money to spend!

That is how you can easily make the law of diminishing returns work in your favour!

Strategy 3) Make a list of needs and stick to it!

Before you receive your pay cheque, take 10 minutes to write down exactly what it is that you need to purchase within the next week. Write down exactly what foods that you purchase and how much these cost. Write down what household items that you need and how much these will cost.

By knowing how much it is you need, you can easily know how much you are able to put into your savings account! And believe me, you will often find that you can save a lot more than you previously thought you could have!

Planning is key!

Strategy 4) Purchase in Bulk!

This works best with items that have a long shelf life! So if you eat a lot of honey, and find that there is a 50% discount on honey at your local grocer, purchase 5 times the amount that you normally would! This will help to save you money in the future!

Other items that are good to purchase in bulk include toilet paper, alcohol, nuts, office supplies, pasta, gift cards, trash bags, vitamins and cereal!

Bulk purchasing can save you thousands of dollars every year!

 

Strategy 5) Cancel Underused Subscriptions
Are you only watching one Netflix show per month? Then you should probably get rid of it! I recently found that I was paying for over 10 online subscriptions that I barely use!
When I cancelled these, I noticed that the money sitting in my account was lasting a lot longer!
When I cancelled these, I noticed that the money sitting in my account was lasting a lot longer!
Strategy 6) Prepare your daily lunches at home!

This is simple, but I bet that you underestimate how much that you are spending on snacks during your college/work day. You can easily cook up a super healthy and delicious meal at a cost of less than $3 that can prevent you from forking out $10-$15 for a takeaway lunch that you don’t really need!

Perhaps just reduce your eating out to only one day a week?

Saving money is a lot easier than you think. By just have a couple of simple strategies in place, you can save yourself several hundred dollars every single month!

 

 

 

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