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Saving money over time for a large purchase can be hard but not impossible. Maybe you’re looking to buy a house, save for a wedding, or take a fabulous trip. No matter what your goals are, you need to save money to get them. As a recent startup Sharemoney knows what it’s like looking for ways to cut costs and make your budgeted money stretch further. If you’re thinking “I can’t save money!” think again. We want to show you that you don’t need to save the change to successfully save money over time. In this article, we’ll discuss the best ways to save money over time and the hacks you can start today to help you save money!
1. Planning and Budgeting
The best way to avoid the “why can’t I save money” burnout is by creating a budget plan for your life. Having a plan for how much you can spend does two things:
- It forces you to focus on what you need vs. what you want
- It lets you know when you’re overspending and where to cut costs
Planning is key. Create a shopping list before you go grocery, household, or “for fun” shopping. Writing a list before shopping helps you avoid impulse purchases. Pro tip: if you squeeze your shopping in between other errands you won’t have time to consider extra items you probably don’t need!
You can also plan and budget by setting up automatic savings through your banking apps. By setting up automatic transfers from your checking to your savings account you’re cutting out the unrelatable middle man managing your savings, aka you! A second way is to have your employer automatically allocate a portion of your check to a special fund. This would work better for long-term savings like a retirement account or 401K.
2. Manage Your Household Expenses
Most people don’t realize how much money they spend on household expenses unnecessarily. Here are some simple ways you can cut costs and save extra cash on household expenses.
Turn off your electronics
Turning off your television, and house lights, and unplugging your electronics when you’re not using them can help you save major money on your utility bill. Remember turning off a computer isn’t just the monitor. Actually shutting down the PC and unplugging the charger can go a long way.
Fix things yourself
Fix things yourself using online guides. Try to avoid calling a plumber or a locksmith the next time something in your house breaks down. All the resources you need to fix things yourself are online. Do a quick search on Google or look for videos on Youtube that can help you do almost anything.
Cut premium services and subscriptions
Cutting premium services and subscriptions can save you a crazy amount of money. Considering all the available subscriptions today, many of us pay more than we know on services and premiums every month. Sit down with yourself and your family and assess what services you actually need and which you can let go of. Remember that you can always unsubscribe once you reach your money-saving goals.
3. Optimize Your Food Shopping for Savings
For most households, food is one of the biggest expenses next to rent and utilities. Eating well is important, but there are many ways to save on food shopping to help you reach your money-saving goals.
Buy in bulk
With stores like Costco, Sam’s Club, and BJ’s taking over, buying food in bulk has never been easier. By buying in bulk you can take advantage of discounts you wouldn’t otherwise get and pay less per item. If you don’t feel that memberships at these stores are worth your money try taking advantage of the sales and 2-for-1 sales at your local grocery store.
Buying generic rather than name brand can be an easy and simple way to save. People look to brand names because of the reputation they carry, however, generic brands are often almost identical. Generic brands are often cheaper than name brands making them a practical alternative.
Meal planning can help you stay organized with your food shopping and can easily be made around supermarket flyers and coupons. Taking advantage of what’s on sale at the supermarket is not only a great way to save on groceries but will keep your meals varied and interesting.
Shop after the holidays
We see it every year, after holidays like Christmas and Halloween specialty items straight to the sale section. Take advantage of this shopping cycle by stocking up on specialty items that can be used year-round.
Save Money Over Time for a Large Purchase
Saving money over time for a large purchase requires dedication and lifestyle tweaks. The tips we provided above are just some of the simple lifestyle changes you can make to start saving money today! By taking these actions you’re bringing yourself one dollar closer to your dream purchase.
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