Saving money isn’t as difficult as you may believe. You aren’t required to become a social outcast, eat poor quality food or move to a desolate part of town in order to stash away a few of your hard-earned dollars. The following tips offer sensible tips for saving money without sacrificing your current quality of life.
1. Set aside a percentage of income.
Automatically transfer a percentage of your income to a high interest savings account. By doing so, you won’t miss the money that is coming out of your check each pay period as you haven’t grown accustomed to receiving that share of money each week.
For example, if you earn $700 weekly and choose to transfer a small percentage of your income, say 5%, into a high interest savings account, the savings add up over the course of a year. Contributing $35 to a savings account each week may seem negligible, but over the course of one year it amounts to over $1,800. Saving 10% on the described salary would amount to $3,600 yearly. Allowing the money to sit untouched in a high interest savings account will help your money grow.
2. Grow your own vegetables.
A creative and highly effective method of saving money in this economic downturn is growing your own vegetables. Only a small outdoor space, such as a balcony, is required along with several pots to grow your vegetables.
Eating fresh, organic vegetables that you’ve had a hand in growing offers immense pride when serving each meal at the dinner table, while the tremendous savings allow for a bit of breathing room in your grocery budget. Be sure to can any additional bounty for consumption during winter months.
3. Socialize at home.
Forgoing the fancy dinner with friends in favour of a quaint gathering in your home can amount to big savings. Rather than meeting your friends at the hippest restaurant in town, have a weekly dinner with friends and take turns hosting each gathering in your homes. Your costs decrease even further if you serve vegetables grown from your garden.
When hosting a large group, don’t feel ashamed to ask for a bit of help. Ask each of your guests to contribute to the meal in a small way by offering a salad, dessert or the mandatory bottle of wine to accompany the main course that you have provided.
By employing the three tips outlined above you can successfully slash several hundred dollars from your monthly budget. Be sure to transfer your savings into a high interest savings account in order to maximize every dollar that can be spared.
About The Author
Mike is a financial blogger, dedicated to providing everyday money tips.
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