Whether you’re saving up for a big purchase or simply trying to form healthy financial habits, it can be difficult to get started on the right path when it comes to managing money. If you’re ready to make a change in your money management skills but you’re struggling to put away more than just a few dollars at the end of each month, try a few of the following tips.
Cut the Caffeine
When you begin your day feeling ready to come back home and snuggle up in bed, it can be difficult to power through your daily activities without a strong cup of coffee. There’s a coffee shop on every corner these days, and most of them are equipped with a convenient drive through. If you find yourself picking up your favorite coffee beverage more than once a week, it’s possible to save upwards of 100 dollars each month just by cutting coffee. While it might be hard to give up your caffeine habit, you can push through your cravings with cheaper alternatives like green tea.
Open a New Savings Account
Many large, mainstream banks only offer measly interest rates for savings accounts. If you’re hoping to put away a little bit of extra money without lifting a finger, conduct a few minutes of research to find an online banking option with high interest savings accounts. When you’re really serious about putting away every spare cent, a better deal on a savings account can make a small but noticeable difference in how much you’re able to save.
Find a New Insurance Provider
Insuring your home, car, and life can get quite costly if you haven’t spent enough time shopping around for reasonable rates. If your current home and automobile insurance are taking a considerable chunk of your paycheck each month, it’s time to start looking around for local insurance. Many small, local insurance companies are willing to work with you in order to find a policy plan that fits your budget and your needs.
Cancel Your Cable Subscription
Whether you use TV time to relax and wind down or you rarely find yourself with enough time to channel surf, you can benefit from pulling the plug on your monthly cable bill. Cable packages are usually upwards of 40 dollars per month, while alternatives like Netflix and Hulu are usually about 10 dollars. Popular shows and movies are added on a regular basis, and it’s likely you’ll be able to watch an old favorite or find something new when you make the switch.
Prep and Freeze Meals
Spending money on eating out quickly adds up and can drain your checking account faster than you might think. When you’re struggling to find the time and energy to make a nutritious meal at the end of a long day of work, it can be nearly impossible to fight the urge to swing through the drive through of your favorite fast food restaurant. To save money and still have plenty of time to relax after work, start planning, prepping, and freezing meals for the week. Dedicate one day of the week for several hours of cooking, so you can simply pop completed meals into the oven.
Taking the Next Steps
If you’re ready to pump up your savings account and plan for the future, you’re not alone. Moving from planning to actually doing can take some time as you get up to speed, but it’s possible to accelerate your savings by finding new ways to cut costs. When you cut out coffee and fast food, find a high interest rate savings account, switch to more affordable insurance, cancel cable, and plan meals, you should be able to put away a considerable amount of money in just a few months.