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15 Easy Ways You And Your Roommate Can Save Money

15 Easy Ways You And Your Roommate Can Save Money

Do you and your roommate want to reduce your living costs? As prices in pretty much everything seem to be on the rise, many people are struggling to pay the bills and have enough money left over at the end of the month for themselves. Check out these 15 simple tricks and tips to make yours and your roommates lives cheaper!

1. Close your closet

Every winter comes with the internal heating debate – should you put the heating on now, and pay expensive bills later, or put on another sweater and keep the bills low?

A handy way to make sure you get the most out of your heating is to try shutting your wardrobes and closet. They needlessly suck up heating, as no one spends time in the closet anyway. Close the doors so the heat stays where you are!

    2. Buy everything in bulk

    While bulk buying sounds pretty boring, it means you get a lot more for your money. Try going halves with your roommates on essentials like toilet paper, butter and coffee. This way you will have supplies to last you months, instead of picking up overpriced milk from 24-hour stores during the week.

      3. Bring your hobbies home

      Whether your hobby is yoga, dancing or painting, doing it at home will probably save you some money. Buy a yoga DVD, invite your friends around, and have a blast. Often hobbies come with added expenses and paying for classes, or a studio, can add up. This cuts some of the costs down, without cutting out your hobby or the socializing that comes with it!

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        4. Embrace natural light

        Switching off the lights and opening the curtains during the daytime is one of the easiest ways to save some money. Natural light will keep your house cheerful and bright during the daytime, and has the added bonus of keeping your house a little warmer. After an expensive December, this is a handy tip to help cut down on the upcoming electricity bills.

          5. Eat at home

          After a long, hard day at work, most people can’t face up to the effort of getting in the kitchen and cooking up a meal. It is much easier to just pick up the phone and order something delicious. Takeout can be a drain on your funds, especially if you are looking to save some money.

          A good alternative is for you and your roommate to buy some easy to cook meals and take turns cooking for each other. For every meal you make, you get a night off with a cooked meal – and some more savings in the bank!

            6. Buy all of your snacks with your weekly shopping trip

            Sometimes you crave something quick – preferably something sugary, salty or cheesy. However, buying your snacks from the nearest convenience store often means you end up paying more than you would at the supermarket. Try stocking up at the beginning of the week, and watch the spare change in your wallet grow!

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              7. DIY your laundry

              If you are trying to cut costs down, try doing as much as you can yourself. Paying someone else to do your laundry might be the only routine you know, but going to the laundromat instead can save you some serious money. Ask yourself – is it essential, or is it a luxury?

                8. DIY your furniture

                Although this is similar to the last point, DIY ideas are great for roommates looking to save money. If you and your roommate dislike your table and chairs, try painting them a new, fresh color. Painting old furniture often makes the piece look brand new – but it’s a lot cheaper than actually buying new furniture!

                  9. Make plans with your roommates

                  Lack of planning can end in reckless spending, as the easiest thing for you and your roommate to do would be to go out for a drink – or seven. But there are always cheaper alternatives, like movie nights, pamper sessions and game nights.

                  Try making plans at the beginning of the week, and you could have a great night watching Mad Men with your roommates – without reaching into your wallet.

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                    10. Start a household coin jar

                    Start a money jar for everyone in the house to put change into. Every few months, you and your roommates can cash the jar in and use the money for anything, from groceries to the expensive winter bills.

                      11. Become baristas

                      If you and your roommates love coffee and buy a cup most days, start buying flavored coffees and cinnamon so you can create them at home instead. Every drink you make instead of buying will be much cheaper – so get some great syrup and see what you can create yourself.

                        12. Rethink cable

                        Everyone loves a lazy evening spent on the sofa, watching marathons of your favorite TV shows. But are you paying more than you have to for your down time? Cable is often expensive, and you might find yourself paying for extra channels you never use.

                        Consider a cheaper way to catch up on TV, such as Netflix or Hulu. Although both are cheaper than cable, they still come with hundreds of recent movies and TV shows.

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                          13. Pack your lunch together on Sunday

                          Even though it is much easier to pick up lunch during the day, it could be one of your biggest expenses of the week. There are other downfalls – store-bought lunches are often unhealthy, and picking up lunch becomes a chore you need to do before you go to work.

                          Try to make lunch with your roommate the night before work. This means you get some time to chat to your roommate, eat healthier, and all while saving some money – bonus!

                            14. Scratch each other’s backs

                            While this tip sounds a little odd, it just means you can help them with jobs they would normally pay someone else to do, and they can do the same for you. It is likely that you have skills your housemate doesn’t and vice versa. If you are handy with a sewing kit, help them patch up some torn clothes. In exchange, let your housemate do your nails instead of paying a nail technician.

                            This way you don’t have to cut down on luxuries – you just stop paying for them!

                              15. Get green fingers

                              If you want to save a little money every week, go halves with your roommate on some seeds to start a container garden. Often, money saving tips require time and effort, but growing your own herbs and vegetables require very little time or effort, as well as being much cheaper than buying herbs and vegetables at the store. Just plant the seeds, take turns to water them, and then feast on your home-grown food!

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                                Amy Johnson

                                Amy is a writer who blogs about relationships and lifestyle advice.

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                                Last Updated on January 21, 2020

                                How to Develop a Millionaire Mindset in 6 Simple Steps

                                How to Develop a Millionaire Mindset in 6 Simple Steps

                                We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

                                It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

                                How do you go about developing that millionaire mindset? By following these simple steps:

                                1. Focus On What You Want – And Take It!

                                So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

                                Millionaires play to win, not to avoid defeat.

                                This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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                                2. Become Goal-Orientated

                                It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

                                Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

                                Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

                                Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

                                You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

                                If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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                                If you are to become a millionaire, you need to start accumulating money.

                                Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

                                3. Don’t Spend Your Money – Invest It

                                The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

                                Stop working for your money and make your money work for you.

                                Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

                                There’s not just the stock market — there’s also property, and your own education.

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                                4. Never Stop Learning

                                The best thing you can invest in is yourself.

                                Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

                                Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

                                Learn everything you can about how economics works, how the stocks markets work, how they trend.

                                Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

                                Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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                                5. Think Big

                                While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

                                There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

                                Aim for the stars, if you fail you’ll still be over the moon.

                                6. Enjoy the Attention

                                To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

                                Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

                                If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

                                Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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                                Featured photo credit: Austin Distel via unsplash.com

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