Today I am hosting a guest post on some simple ways to save money! I like how easy these are to incorporate into busy lives! Enjoy!
Cutting expenses does not have to be difficult. Saving around the home is easy, and there are plenty of great places to start. Entertainment, dining out and hobbies are a few of the most expensive components of a budget. These items are all part of disposable income, and there are plenty of ways to cut costs at home. Here are ten of the easiest ways to cut expenses and increase your spending power courtesy of We Know Money mortgages.
1. Automatic savings: Most employers now offer direct deposit. This is a valuable way to reduce spending. The money is put directly into a bank account, and this eliminates the propensity to impulse buy. Creating a stable monthly budget allows the money in the account to enter a savings stream.
2. Collect spare change: Even though most consumers rely on their debit and credit cards, spare change is still everywhere. Saving change is an easy way to boost savings accounts on a regular basis.
3. Build a goal jar: Goal jars are a new twist to the old-fashioned coin jar. You may have noticed these jars in local shops and country boutiques. The jars are usually made from clay and have a wide mouth with a cork stopper. The jars are easily labeled with a sticky note and can hold money for retirement, college tuition or a vacation.
4. Forming a realistic budget: Budgets are one of the most essential components of home finance. It can be depressing to have to live on a set amount each month, but it is a good idea to set savings goals. Budgets can give a rough idea and are better as guidelines than strict rules. It is only naturally to overspend sometimes, but budgets maintain an air of self-restraint and boost savings.
5. Eliminating old hobbies: Many people have magazine subscriptions, online clubs or other organisations that charge money for membership fees. Cutting out an expensive hobby is an easy way to improve savings. After the hobby has been gone for a few months, it will not even be missed. There are also plenty of great hobbies that do not cost anything. Walking is one activity that is great for health and is totally free.
6. Selling stuff on eBay or Amazon: Yard sales are a thing of the past. It takes tons of effort to organise the event, and then tables have to be monitored for an extended period of time. Local yard sales are far less effective than eBay or Amazon. These sites make it easy to reach national consumers and get top prices for old electronics, household goods and clothing.
7. Take up a new hobby: Embarking on a new hobby is a great way to make money too. There are plenty of fun things that can turn into a profitable small business. This is even truer today. The Internet allows consumers to sell arts and crafts and earn a small profit.
8. Ask for a pay raise: Boosting income is another great way to save money. Studies show that most employers are more than willing to negotiate salaries. Minor wage increases can easily boost savings by 10 percent a year.
9. Take on another job: Taking on a second job is another viable way to improve earning power. Retail and other jobs often hire people to work the evening shift for a few hours during the week. Working provides more money from pay checks, and most people spend less when they are busy.
10. Cutting entertainment costs: Entertainment expenses usually take up a good portion of a consumer’s disposable income. Internet movies, cable bills and gym memberships are a few places to look. These hobbies are often expensive, and free alternatives are readily available. There are plenty of ways to exercise at home for a fraction of a gym membership. Going out to eat is another expensive entertainment expense. Eating at home or having a picnic in a local park is far cheaper and perfect for the whole family.