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How To Save Money Effectively With 10 Simple Acts

How To Save Money Effectively With 10 Simple Acts
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When money is tight and it’s time to start cutting back on spending then targeting your grocery shopping is a great way to cut costs. It’s so easy to over-spend on good food and luxury items without really realising. Making a few changes to the way you grocery shop can save you so much money and will get you into good habits when searching out bargains.

Shopping cheap doesn’t have to mean eating low quality and unhealthy food; you can still eat delicious meals on a budget – it’s just about spending smart. Here are some great ways to save money without cutting on the quality.

1. Make A List

Sounds obvious but how many times do you have a list but buy loads more once you get to the supermarket? Most of the time we only write down what we know we’ve run out of and end up buying more on top of that. It will save you a lot of money if you sit down and make a plan of action to work out what kind of items you’re going to aim to get and making notes of what deals the stores are currently marketing. Write down your budget at the top and aim to stick to it as closely as possible.

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2. Use Coupons Only When Necessary

Coupons can save us loads of money if we use them in the right way. Don’t use coupons on anything you don’t really need just because you want to use the coupon. It can be tempting to do this but we do just end up spending more than we need even though we think we may be getting a cheap deal. If the item is a necessity use it, if not throw that coupon away!

3. Check Unit Prices

It’s always a good habit to check the unit prices on the price label. We tend to forget to do this as it’s usually pretty small to see but you’ll be surprised just how much the cheaper option isn’t actually as cheap as you thought. You want to get as much as possible for your buck so make sure those unit prices add up; it may mean a little maths but it’s worth it!

4. Buy Own Brands

It’s very tempting to stick with brand named products because we’re under the illusion that these are of better quality. It’s been shown time and time again that shop-brand products have next to no difference in taste or quality, only in price. So just because the label doesn’t look as pretty or you’re not used to a different brand it doesn’t mean you shouldn’t buy it. With brands you really are just paying extra for nothing so make the switch.

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5. Don’t Shop Hungry

Always a good tip – never ever shop hungry. With blood sugar low, studies have found that you can actually spend up to 70% more when you’re hungry as opposed to not being hungry. Not only that but you will more likely buy the wrong kinds of foods which are always more expensive. So always go grocery shopping post-meal to save those pennies.

6. Plan Meals After You Buy

Sounds like a backwards habit, right? But planning exact meals and then shopping for them can cause you to spend more. If you know the recipe calls for cheap foods then it’s okay but if you like to make random recipes and buy the ingredients as you go you can end up buying more expensive items. It’s much better if you buy the cheaper foods and then plan meals around them later – it can be fun finding good and interesting recipes that you can use your ingredients for!

7. Look For Sale Items

Always a great habit to have. Supermarkets always have that shelf where they put all the food or other items that they need to get rid of. Either they’ll be going past their sell by date soon or the packaging will be damaged but it makes no difference other than the price!

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Make sure you stop by and have a look to see what they have to offer. If the food is about to expire in the next day or two then it’s easy to just freeze it as soon as you get home. Of course try not to buy random items you don’t really need as this is counterproductive in saving the cash. So focus on rock bottom prices on items you know you’ll need or normally use.

8. Bulk Buy on Deals

Sometimes bulk buying can feel like you’re spending more money but think of it as an investment. If toilet rolls are on a ‘buy one get the second for half price’ deal then snap it up. You know you’re going to always need toilet rolls so it makes sense to stock up on this deal. Always be on the look out for deals on essential items or items you know you use a lot. You will save money in the long run.

Make sure you don’t get seduced on deals for luxury items or items you don’t usually use – it can be really tempting but you aren’t really saving money even though it may seem like it. Supermarkets love to market deals to make you think you’re saving money but most of the time you won’t be.

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9. Stock Up on Versatile and Cheap Foods

Stocking up on food items that can be used in many weird and wonderful ways can save you loads of money. Take potatoes for example, they really are one of the most versatile things on our shopping list; they can be mashed, fried, boiled made into hash browns, potato wedges, fries, baked potatoes – so many amazing ways to use them. Lentils, beans and vegetables are also great at bulking out meals making them a healthy and cheap way to eat more without spending a lot.

10. Go Meat-Free At Least Once a Week

Meat can be expensive. Look out for good deals at the meat counter to save money but another alternative is to go meat-free for one or two days a week. No problem if you’re already a veggie or a vegan but for the meat-eaters out there, meat is a massive addition to your weekly shopping spend.

There are so many delicious recipes that don’t include meat and will leave you nicely satisfied; meat isn’t as much of a necessity as we may think. There are many cheap ways to add protein to a meal, for example eggs, lentils and pulses or soy.

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Further Tips To Save Money

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    • Invest in a slow cooker. Slow cookers are amazing because not only do they save you time but they save you money as well. You can throw the simplest of ingredients into it and it’ll make great warming stews, soups – pretty much anything. You can also make large amounts and make it last over a couple of days.
    • Your freezer is your best friend. A freezer is almost a necessity when it comes to cutting your spending on food. Freezing food found on the sale shelf to prolong its life can allow you the convenience of saving money and eating it at a later date. Bulk cooking and freezing meal-sized portions will extend the amount of meals you have and save you loads of money. Any deals you find on food that will easily go off can be separated into sizeable amounts and popped in the freezer for later. Basically if you want to save money, then freeze!
    • Research cheap recipes. Spending time researching delicious recipes that use cheap ingredients will give you an idea of what kind of items you should go for when shopping. There are loads of great websites out there that you can go to – thankfully eating cheap doesn’t mean eating noodles every night.
    • Eat leftovers for lunch. Never waste anything. If you have a small amount leftover then have it the next day for lunch.
    • Eat meals on smaller plates. The problem with large plates is that we can tend to make portions unnecessarily bigger resulting in eating more than we need to. Using smaller plates will keep the portion as it should be and therefore not eating too much into the budget!
    • Do food shopping at the end of the day. Shopping at the end of the day preferably after you’ve eaten is the best time to save money. You’re full from dinner and this is usually the time that supermarkets put their fresher items on sale so shop later for a bargain.
    • Try visiting ethnic food shops. Don’t just limit yourself to supermarkets. Ethnic shops are great for cheaper items and you can usually find unusual ingredients to make your meals a bit more fun.

    Featured photo credit: unsplash via pexels.com

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    Jenny Marchal

    A passionate writer who loves sharing about positive psychology.

    How to Celebrate Small Wins to Achieve Big Goals Success In Reaching Goals Is Determined By Mindset How To Overcome Self Imposed Limitations For Goal Setting To Reach Your Goals, Start With Planning For The Worst Why Setting Intrinsic Goals Can Make You Happier

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    Last Updated on July 20, 2021

    Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

    Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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    Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

    Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

    Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

    In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

    Break Free of Your Finances

    Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

    When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

    Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

    Though it seems hard to believe, it is really very simple to get financial freedom.

    To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

    While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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    Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

    1. Stop Unnecessary Spending

    We often spend money inwardly, instead of objectively.

    For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

    To stop this habitual spending, log down all your spending over the course of a month.

    Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

    This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

    2. Plan a Monthly Budget

    This is a great opportunity to get serious.

    Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

    Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

    3. Cut-up Credit Cards

    Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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    If not, you may want to consider ridding your life of the burden that credit cards bring.

    Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

    Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

    4. Increase Savings

    There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

    It’s good practice to save up to 15% of your income.

    Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

    Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

    5. Invest Wisely

    Consider investing in funds.

    Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

    To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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    Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

    6. Invest in Gold

    There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

    You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

    Another way to invest in gold is through ETFs (Exchange Traded Funds).

    These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

    With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

    7. Stash Emergency Funds

    Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

    If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

    Make it hard to get your cash.

    Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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    8. Find Fabulous Mentors

    Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

    If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

    There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

    9. Be Extra Patient

    Patience is the key of financial success.

    Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

    So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

    Financial Freedom for All

    Anyone can achieve financial freedom, regardless of their financial circumstance.

    Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

    Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

    Featured photo credit: rawpixel via unsplash.com

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    Reference

    [1] Hartford Gold Group: IRA Retirement Accounts

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