The year 2022 is fast approaching, and with it, your annual phase called “New Year, New Me.” Usually, people resolve to exercise more, get organized, quit smoking, or learn a new hobby. Though some people do stick to their plans, most efforts to keep New Year’s resolutions come to naught, and we’re left with a bunch of hilarious and relatable memes.
Failed attempts aside, as your New Year’s resolution, you might have decided to save money in 2022. Maybe you want to spend a fabulous vacation overseas, or finally remodel your interiors, or maybe you want to accumulate savings for a rainy day – no matter your goal, you should start setting money aside.
Though it could seem easy in theory, economizing might be challenging with all the daily and unexpected expenses. Fortunately, there are many strategies that you can use to save money, be it shopping around, following a budget, cooking your lunch for work, or reassessing your subscriptions. With those, you’ll be able to save a pretty penny for your plans. Read our article to find more money-saving tips.
Many people don’t do this, but it’s important to compare the prices of the same items across stores. In some cases, you might find that a certain item is much cheaper at a store a few blocks away from your house. Therefore, you should check out the price comparison websites or download shopping apps on your phone to find out if some items have discounts or sales.
Another great way to compare prices is to use a spreadsheet. Create a list of all the things that you want to buy and compile the prices and discounts for each item. That way, you’ll be able to quickly see which store has the lowest price for any product.
The Internet is full of online stores and services, and you find them selling almost everything. Additionally, some of the businesses, Best Buy, Bed Bath & Beyond, and nangwizard being some of the examples, offer to match the prices of their competitors, if they happen to be lower.
If you’re having trouble saving money on a weekly basis, look into setting up a budget for yourself. Once in place, it will tell you how much money is left in your account at any given time – this way there will be no nasty surprises or overspending on impulse buys.
To create a proper budget plan, first determine your income and expenses. Then, set aside money for savings and allocate funds for each expense category (e.g., rent/mortgage, food/groceries, transportation/gas, etc.) This way, you will be able to keep track of how much money you still have available after paying your bills and how much exactly each category costs per month.
When you have a subscription to a service, you’re automatically charged every month. Sometimes, you might find out that you don’t need that service anymore, or it was a mistake to sign up for it in the first place. Canceling your subscriptions can save you a lot of money. It might be as simple as canceling magazines or newspapers you don’t want to read anymore, or as difficult as ending your cable subscription (depending on how much you like TV).
Coupons can significantly reduce the price of your shopping while still allowing you to buy the things you like. You can find coupons in the newspaper or online and use them when you shop. Also, think about buying things in bulk – it might not always be necessary, and it might seem like a waste when you keep them at home, but buying products in bulk occasionally is a good way to save money on groceries. Plus, it’s convenient if you want to make large quantities of one meal (think about making dinner for the whole family).
Whether you want to save money, eat healthier, or both, cooking your own food is a great way to economize. You won’t have to pay for expensive “fast food”, and most importantly, you’ll control what goes into your food.
Cooking your own meals not only saves money, but it can help you lose weight as well. One great thing about cooking at home is that you are fully responsible for how healthy the food you eat is. You can also try new recipes, which can make your meal even more delicious.
Impulse buying is one of the biggest sources of wasted money. When you shop impulsively, without thinking, you might buy things that you don’t need – or that you might not even like after taking them home.
To avoid impulse buying, try thinking about the purchase beforehand. Ask yourself why you really want something and if you really need it. Write down a list of things that you need, and don’t cross anything off until you’re absolutely sure you need it.
Saving money isn’t a hard thing to do, but it might take some time to get used to. If you stick to it, your efforts will soon pay off, and you’ll be able to save up for your future purchases. Failing to follow a budget or spending too much on subscriptions is one of the biggest mistakes that people make when trying to economize. So, make sure you avoid these mistakes, and you’ll soon be able to save money.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.