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Simple Ways to Save Money

Everyone wants to believe that bad things can’t happen to them, that unexpected expense won’t happen to them. A survey done by bankrate.com showed that almost 80% of Americans kept a budget, yet only about %40 of Americans would actually be able to pay for an unexpected expense, such as a roof leak. While part of this is likely due to having necessities that this money goes to, there is also a large psychological aspect of us not wanting to admit that those unexpected emergencies could happen to us! One of the best things you could do for yourself financially is to plan ahead, and below are some simple ways to help!

 

  1. The spare change trick – this one is pretty straight forward!Spare Change While pennies and dimes don’t seem like much when they are in your pocket, they add up. The trick to seeing them add up is making it doable
    • Keep a large container. Many people often choose a cup or jar, this is a great start! Psychologically, however, choosing a larger container will provide you with a more long term mindset.
    • Make the container clear. Choosing to put your change into something you can see will give you motivation. Much like checking an item off a checklist releases endorphins into your body, watching your stash of change grow will give you continual encouragement to keep it up! If you can’t see it, it’s easy to convince yourself it’s not worth it.
    • Keep it accessible. Put the container somewhere you can easily drop your change into without having to go out of your way. Whether it’s in the closet by the front door or under your bed, figure out a place that cause no extra effort to you!
    • Keep it inaccessible. Hear me out, while you want the container itself to be accessible, you want the change to be inaccessible. Choose a water jug you can’t fit your hand it, or a piggy bank with no bottom opening. The harder it is for you to get the change out, the easier it will be to resist the temptation to pull it out unless it’s needed.

2. Put down the coffee cup – this is one you have probably heard many times before. CoffeeSeriously though, think about it. A recent survey shows that the average american spends $1,092 a year on coffee. That’s the average, which means for every person who doesn’t spend that much, there is probably someone who spends much more! In addition to this cost of coffee, there is a cost of gas and time spent going to get the coffee. As with the spare change, the trick is to make it doable.

    • If you rely on coffee to get going in the morning, don’t try to go cold turkey. Dropping it like a hot potato will only encourage cravings and caving in. Try making some of your coffee at home instead of picking it up. The average cup of coffee in store is $4-7, where as at home the average cost is only $.5-1.50.
    • Plan to treat yourself. Whether you set a specific amount of times a week, or certain amount of money, don’t completely cut yourself off from your specialty coffees. Make a plan to treat yourself still.
    • Actually save the money. It’s great to save money with coffee, but if you just spend it on the next luxury, are you actually saving money? Consciously take note of every time you forego a coffee you would normally get, then take that saved cost and intentionally put it into a savings fund, change jar, etc!

      download3. Shopping lists! While there is always the occasional thing we forget, most things we buy that aren’t on our grocery list aren’t necessities.

    • Make a list and stick to it. Give yourself time before you go shopping to think of everything you need. Don’t just do this for grocery shopping, but for clothes, shoes, for fun stuff. The more you consciously pre-plan what you are going to buy, the less you will just splurge in the moment.
    • If it’s not on the list give it 30 days. Now I’m not talking an extra tomato, I’m talking any item $10 or more. If you have the money for it, but it’s not a necessity, wait. Set a timer for yourself to be reminded at the 30 day mark and set the money aside. If at that time you are still thinking about it and can afford it, get it. If, however, at the 30 day mark you’ve forgotten about the item or don’t want it anymore put that money into your savings/rainy day fund!

 
These are just a few ways to simply save some money, but every little bit helps! Stay tuned, we’ll post more money saving ideas in a future blog!

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