16 Tips to save money - Part 1
Published 12/30/2020
1. Use a software to save money
Today, with computers, everything can be automated. So why not do it? It allows you to take a weight off from your shoulders and you can also save time. Saving money is a snap if you have an online bank. Simply program an automatic transfer from your checking account to a savings account each month. Even if the amount is very small, the most important thing is to start! And if you have an iPhone, we recommend the Daily Budget Original application. This app will make it easy for you to manage your budget and help you save money. Download it here for free.
2. Plan your meals
When I am asked how we manage to feed our family of 6 for less than 500 USD per month, I immediately answer: "we do it by planning our meals". Planning your meals will save you a lot of money. It eliminates impulse and unnecessary purchases. It will also allow you to make affordable and balanced meals rather than buying "what looks good" at the supermarket.
3. Plan your meals around the deals
You don't have to study the promotion papers for hours to find the best plans. Just make a general menu without planning the details to be able to take advantage of the good deals on the spot. For example one of your dishes could be a meat stir-fry. In this case, you would need meat, vegetables, and aside. When you get to the supermarket, choose the type of meat-based on the current deals. Ditto for vegetables. Then choose a side dish such as rice or quinoa, looking for the best weight/price ratio and nutritional quality.
4. Drink more water
It might sound obvious, but statistics show that it is not that much. You will save a lot of money if you stop buying soda or juice packs. Bottled water is cheaper, not to mention tap water which is even less expensive! There are plenty of ways to filter water in case you aren't a fan of tap water taste. Compare the cost of bottled water or filter solutions and take your pick. At a restaurant, a family of 6 can easily save between 15 and 25 USD by drinking water instead of sodas.
5. Plan the repayment of your debts
To get out of your debts, it is essential to organize and plan your budget. There are several solutions, but the most effective are called "Snowball" and the other "Avalanche". How do they work? For the "Snowball" solution, simply write a list of your debts on a piece of paper from the smallest to the largest. Then use the smallest penny set aside to pay off the smallest debt in full. Once you're done paying that first debt, add a little more pennies to the payment you were making to pay off the next smaller debt. And so on for the following ones until you have paid off all your debts. For the "Avalanche" solution, it's the same thing except that you sort the debts by interest rate. That is, you first try to pay off the debts that have the highest interest rate. This method has the advantage of getting rid of debts that are growing the fastest each month. This saves you money on interest, which allows you to use that money to pay off other debt.
6. Take a Small Job
If you're trying to accomplish a goal that seems to take longer than you want, why not take a side job? Oh ! It's only for a while. Just a temporary job to help you out of a bad economic situation. If you are in debt, an extra job is the best way to pay off your debts quickly. Trades in the service sector (serving in a restaurant or delivering pizzas) are the most suitable for this. Of course, you will increase your working hours, but you will also benefit from tips which are not negligible. And if you are lucky enough to have an apartment, why not rent a room for a while? If you can't take an extra job, don't panic! We will see that there are many other solutions to save without working more.
7. Challenge Every Expense
Before every expense, ask yourself if it's really worth it. Do you really need a TV subscription? What about those newspapers to which you subscribed, but which you don't read? These two items cost money and in addition, all the ads that you go to see on TV or in magazines may well encourage you to spend more ... In any case, it is sure that some expenses can be eliminated. If so, maybe you're paying for a service you don't even know about? To find out, use this method: a. Write down each of your expenses, including the smallest. b. Find all the ones that can be permanently deleted now. vs. Find immediate solutions to save on the ones you can't remove.
8. Compare the cost of your insurance
When was the last time you went into your insurance? I know it's not funny, but you should do it every year! Be careful, the cheapest are not always the best. But be aware that you can often get the same coverage as your current insurance for less - just shop around. Once a year, take the time to look at your insurance contracts. Call the brokers, check out the rates online, and see if you can't find better. And you will see that very often we can!
So those were our first 8 tips to SAVE MONEY! To read the second part you can click here and there you can find 8 tips more to have the best money habits in 2021 and actually reach your goals!
At El Paisa Multiservices we want to help you with your financial movements. You can contact us if you have questions about our services.
By Ingenuity & Solutions
