Advertising
Advertising

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!

      Advertising

        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!

            Advertising

              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.

                  Advertising

                    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.

                        Advertising

                          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!

                                More by this author

                                Amy Johnson

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

                                10 Health Benefits Of Avocado If You Feel Trapped, Do These 9 Things To Take Your Life Back If You Feel Trapped, Do These 9 Things To Take Your Life Back This List of 50 Low-cost Hobbies Will Excite You Daily Routine of Successful People That Will Inspire You to Achieve More 15 Inspirational Weekend Activities to do by Yourself

                                Trending in Money

                                1 9 Millionaire Success Habits That Will Inspire Your Life 2 How to Set Financial Goals and Actually Meet Them 3 How to Develop a Millionaire Mindset in 6 Simple Steps 4 How to Eat Healthy on a Budget (The Definitive Guide) 5 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020

                                Read Next

                                Advertising
                                Advertising
                                Advertising

                                Last Updated on April 28, 2020

                                9 Millionaire Success Habits That Will Inspire Your Life

                                9 Millionaire Success Habits That Will Inspire Your Life

                                As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

                                You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

                                But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

                                1. Read for Personal Development

                                A daily habit I have discovered millionaires share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

                                A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

                                While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

                                Here’re some recommendations for you: 25 Best Self Improvement Books to Read No Matter How Old You Are

                                2. Establish Multiple Sources of Income

                                Another success habit I noticed about successful people is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

                                They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

                                How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

                                Advertising

                                3. Live on a Stipulated Monthly Budget

                                An average millionaire does not believe in luck and jackpot. They take the time to understand cash flow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

                                The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

                                4. Manage and Maximize Money

                                The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire, regardless of their income, keep their knowledge about tax strategies updated.

                                They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

                                Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. Their US income was totaled at $79 billion with an effective tax rate of -5%.

                                What’s the deal? They got a tax refund.

                                How do they accomplish these?

                                An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible.[2]

                                5. Avoid Debt

                                Another habit that separates the millionaires from the rest of the world is how they manage debt.

                                They don’t live an extravagant lifestyle; instead, they only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

                                Advertising

                                They are conscious of the interest rates even when they use credits cards or take loans. If possible, they try to pay with cash because of its zero percent interest rate.

                                6. Set Daily Goals

                                It does not matter if they are setting up a business, a career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly goals to generate momentum in achieving their long-term goals.

                                Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

                                Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars rather than hundreds of dollars.

                                7. Don’t Act Rich

                                The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed in his book that for the most prestige brands of cars, about 86% percent are toys of the non-millionaires. While most believe that people with huge fortunes tend to drive exotic cars, in reality the largest consumers of pricey cars are aspiring millionaires.[3]

                                According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate.[4]

                                8. Own or Buy Businesses

                                In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

                                • E stands for employee – they work for others
                                • S stands for self-employed – they work for themselves
                                • B stands for a Business owner- employees work for them (500 or more employees)
                                • I stand for Investors – Money work for them like Warren Buffet.

                                Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

                                It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

                                Check out How to Start a Small Business with Little to No Money for tips.

                                Advertising

                                9. Avoid Get-Rich-Quick Scheme

                                A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

                                Bonus: How to Develop the Millionaire Success Habits?

                                Having learned these habits, the next question is,

                                How can I develop the Millionaire Success habits?

                                Here are six values you will need to develop:

                                Establish Your Life Vision

                                You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

                                Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

                                Make Your Passion a Profession

                                When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

                                So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

                                Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

                                Focus on Solution

                                Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

                                Advertising

                                A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

                                Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

                                Develop Your Leadership Skills

                                Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

                                Be Growth-Focused

                                Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

                                • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
                                • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

                                Flip Your Thought Pattern From Acting To Being

                                It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

                                If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

                                Here’s a final thought from me:

                                It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

                                More Success Habits

                                Featured photo credit: Austin Distel via unsplash.com

                                Reference

                                Read Next