1. Lunch. Don’t buy at the food court, bring it and save $2,000 per year.
Many people spend over $10/day buying lunch. That’s over $2,500/year. Be smart and bring lunch to reduce your costs. Dinner leftovers or a sandwich and fresh fruit can be less than $3 a meal. Even if you’re not the next Gordon Ramsey, cook a large meal on the Sunday night and you’ll have lunch for the next few days. Impact? $2,000/year.
2. Ride the subway, bus or walk. Avoid the $10-15 taxi or Uber. Public transportation is not “uber” or “Lift” not cheap. Save $1,000/year.
Don’t use Uber as your personal chauffeur. All those $10-15 trips start to add up. In some cities, it can also be faster by subway and/or bus as they have dedicated bus lanes. Even better for your money and health to walk or take a bike. Impact of saving $10 twice a week? Over $1,000/year.
3. Stream, cut the cable. Save about $1,000/year.
You probably don’t need both cable and streaming. Think about what you really use. If you’re spending 90% of your time streaming, you can probably cut cable. The average monthly cable subscription can cost about $85 per month. Impact? Over $1,000/year.
4. Shopping kills budgets. Shop wisely! Save over $1,000/year.
Most people buy too much, and have closets full of clothes and shoes they don’t wear. You probably don’t want to retire with boxes full of clothes and no money. Be smart. Buy quality clothes that you need, that fit right and will last, not fast fashion to wear never or once. You can spend less on clothes that will last much longer. Impact? Can be huge. Just $100/month is $1,200/year.
5. Car. If you need one, buy pre-owned not new. Save over $2,000/year. Optional
Do you really need any car at all? The cost is huge. Finance or Leasing. Insurance. Parking. Gas. Maintenance. Repairs. The average car can cost over $6000/year before buying any gas. Before even driving one mile ! Best if you can avoid owning a car. If you really need a car, get a used one, maybe 2-4 years old. Do some research. Do some math. A new car can lose 30-40% of its original value in 2-4 years. You can get that 2-4 year old car, and use the savings to build your financial freedom. Impact? It can be over $2,000/year.
6. Stay within your budget.
Staying within your budget will increase your personal discipline. By setting those goals will lead to bigger and better outlook of your future. The average savings in accomplishing can range from $500-1,000/year.
7. Other suggestions
You can also save by being smart about your apartment or house, not overspending and going “house poor”. You can reduce spending for nights out, the fancy gym you don’t use and much more. Just look at your credit card bills for ideas. Also, read the articles we have coming soon.
In Conclusion? Saving over $8,000/year or more.
We thank you for reading this article. Share it with people who may also find it useful and to apply it daily. Each persons results may differ. Apply these tips and enjoy saving money.