It’s no secret that making money is quite challenging. On the other hand, finishing our salaries is much easier, a little too easy in many cases. Here are, therefore, some savvy ways to save small amounts that become large amounts over time!
Avoid Impulse Buying
The best way to save money is to look at small expenses. Often, they are so small that they are overlooked until it is the 20th and the salary account is empty. It could be a soft drink here, a coffee there or insurance on the direct debit we forgot. Here are some tips to help you avoid the pitfalls:
- Think About Blood Sugar – Sometimes it happens that we have to have something to eat right now. A hamburger here and a smoothie there quickly turn into a hole in your wallet. An underestimated side effect of this is that you also feel much better in everyday life! The best way to save money is to not put yourself in such situations by making sure to eat correctly at regular times.
- Skip Takeaway Coffee – Many of us can not do without, so it becomes a cup too much sometimes. Having a thermos mug can save a lot of nice money in the long run. You save money and can also fill it with your favourite coffee.
- Reduce Down to Sweet Drinks – Drinking many soft drinks and energy drinks is not recommended for your health and very bad for your wallet. Then try to reduce how many you buy. If bought every day, energy drinks can cost over $120 every month and $1,440 in one year – money you can do something more fun for! One way to downsize may be to switch to equivalents that contain less sugar and caffeine.
Vehicles and Travel
- Choose the Right Car – Invest in a high-quality car that is not bigger or has a more powerful engine than you really need. A larger and stronger car usually consumes more fuel, wears tire faster, has a more expensive insurance premium and is taxed higher. A new car usually loses between 20 and 30% in value when you drive away from the car dealer. Therefore, invest in a car a few years old in good condition.
- Compare Interest Rates on Car Loans – If you need to borrow for your car, be sure to compare the loans first, so you do not pay too much in interest and fees. It is wise to compare the banks when you intend to take out a loan, whether it is for the upcoming renovation or a new car!
- Compare Petrol Prices – Comparing petrol prices can feel challenging, but it does not have to be. Usually, several gas stations are next to each other, quickly check which one has the best prices, and you save a lot of money in the long run. As a rule, crewless stations are always cheaper.
- Leave the Car – Try not to take the car unnecessarily; cycle or walk when you have the opportunity. It is good for health and saves a lot of money. If you live in a larger city, there are undoubtedly good public transport links.
Keep Track of Your Expenses Each Month
Start counting your monthly expenses; for one month, count every penny you spend on costs. It is extremely important that you find out where your money is going and what you can cut back on.
.. And Set a Budget
When you know how much you are spending, it is essential to set up a realistic budget. It can be challenging to create a budget, but it is important to test what works best for your lifestyle.
Enjoying this article? Check out the second part for more tips on how to save money!