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Fund Your Traveling By Making These 7 Simple Lifestyle Changes

Fund Your Traveling By Making These 7 Simple Lifestyle Changes

Have you ever been consumed by wanderlust? No one can blame you for having a strong desire to travel. After all, traveling offers several health benefits and can completely change your life for the better. Of course, while you may love the idea of going away somewhere, most of us just can’t afford it. Or can we?

If you want to travel bad enough, then saving the money for a memorable trip doesn’t need to be that difficult. While there are numerous ways you can save money while traveling, there are also plenty of easy ways you can save up cash ahead of your voyage.

Make these simple life changes, and you will soon build up enough of a fund to make that trip you’ve been dreaming of.

1. Keep track of your spending

This first thing you should do is take a note of all your spending and analyze it. If you’re not giving your expenditures much thought, then it can be far too easy to overspend. Besides taking note of all your bills and direct debits, you should also start noting down your daily spends.

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If you take the time closely look at your spending, you are guaranteed to find something that you are unnecessarily spending money on each month. You may not even realize you were wasting that money on a forgotten direct debit; you would be surprised how often this happens.

You can use apps such Dollarbird, Mint, Goodbudget and Level Money to make keeping track of your outgoings quick and straightforward. Divide your spending up by categories, create budgets, and get a good overview of where your money goes each month. This overview will help you to identify areas where you can save money.

2. Pay by cash

We get it, paying by card is so much more convenient. However, research confirms that people spend more money when they pay by card than when they do by cash.

When paying pay by cash, you can easily see how much you are spending and how much money you have left over. Get yourself organized and schedule withdrawals in advance to help you manage your spending.

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3. Swap meat for veggies

There are plenty of great reasons to become a vegetarian and saving money is one of them. In fact, cutting meat from your diet could end up saving you as much as $750 a year.

You don’t have to go completely without meat, but just swapping a few of your weekly meals for vegetarian options can make a big difference.

4. Eat before you shop

Have you ever gone to the grocery store on an empty stomach and ended up buying way more than you planned to? Not only can this be terrible for you diet, since you tend to reach for junk food, but it can also be bad news for your wallet.

Research has found that shopping when you’re hungry not only makes you buy more food, but it also promotes the acquisition of non-food objects. In a study published in the PNAS, researchers found that hungry shoppers spent as much as 60% more than others. Next time you plan on hitting the shops, make sure you have something to eat first.

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5. Drink homemade coffee

Those daily cups of coffee you buy from your local coffee shop? Bad news – it costs you about $1,100 a year. While you may not be ready to kick the caffeine habit altogether, you can save money by making your coffee at home.

Don’t worry; you can still make delicious coffee at home on a budget using freshly ground coffee and a French Press.

6. Have homemade meals

Just like swapping your morning cup of coffee for the homemade variety, eating breakfast at home and bringing your lunch to work can make a significant impact on your cash flow each month.

It may take some getting used to as you need to plan ahead, but you will get used to the routine. Plus, if you bring all of your own stuff into work every day, you can end up saving anywhere from $2,000 to $4,200 over a year’s time.

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7. Cut cable

Cable bills in America have been on the rise, with the average household spending $64.41 a month or about $768 a year. The thing is, there are many cheaper alternatives available these days that will provide you with enough entertainment options for the entire family. You can try a third-party service such as Netflix, which costs $9.99 a month, Amazon Prime at $99 a year or Hulu Plus, which costs $7.99 a month.

If you prefer to stick to television, but usually only watch the same few channels, you can still lower costs by buying a package of channels. Sling TV does a base package called “The Best of Live TV,” which is $20 a month and includes 19 of the most popular channels. Add-on packs are an extra $5 each per month, so you can tailor it to your family’s needs and still save money.

Featured photo credit: Unsplash via unsplash.com

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

Reference

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