It can be very frustrating to reach the end of a month and find that you have less in your savings account than you had originally estimated while creating a budget. But if you have more than you expected to have, then it does feel like a blessing, but that rarely happens.
Often you’ll find that you are short on savings not because you splurged on something you really wanted, but because you spent more money on things like transportation, phone bills, entertainment, among various other trivial things.
Gen Y Finances: 2017 could be most successful year in your life!
I don’t mean to discourage by pointing out that not having enough money is usually an effect of careless and reckless spending. What I do mean to do is hold a mirror to your life so you can find the problem and fix it before things can get worse.
It’s not easy to shift priorities and change your habits in a way that lets you save money on everyday things. It takes a lot of effort and introspection to be able to consciously stop yourself from overspending money on stuff you didn’t even realize you were spending too much money on. Having a satisfyingly large amount of money in savings is worth all of that effort and work.
1. Reduce Your Electricity Bills
Many people don’t bother to switch off the lights while leaving a room or shut the electric supply for their TVs. Electricity is a necessity, and we can’t live without it, but electric use can be curtailed just by being more attentive.
Shut off the supply to all gadgets and appliances when they’re not in use, and only buy electronics that are energy-efficient. Upgrade all your light bulbs and use ceiling fans instead of air conditioners to cut back electric use.
You can save loads of money every single day just by being careful about switching off all the things that you’re not using.
2. Spend as Little on Transportation as Possible
The annual cost of maintaining a personal vehicle is very high. Fuel for cars cost a lot of money every month, add to that regular maintenance.
However, using public transportation services such as the public bus or subway trains daily instead of using a personal car can go a long way in helping you save money on getting from one place to another.
Services like carpooling or ridesharing services can also be used as they’re cheaper and almost as expedient as driving your own car to and from work.
3. Get Rid of All Your Vices
Expensive bad habits are good for little else apart from putting giant holes in your pocket. Smoking, daily drinking, gambling, etc. not only cost a lot of money almost every day, but they are known to have horrible effects on human health in the long term.
These habits can lead to fatal diseases or disorders, which will most definitely give rise to expensive medical bills. You can reduce your daily expenses now and save money later by preventing sicknesses by giving up your vices.
These aren’t some groundbreaking ways of saving money. This isn’t the magic wand you are looking for. These are things that are so deeply integrated into our lifestyle that we don’t even realize that there could be a problem. Evaluating your lifestyle and your habits is important to learn more ways to save money.