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Becoming a money saving expert is not rocket science. As a matter of fact, it can be easy and practical! Here are some hacks on the best ways to save money:
Tip 1: Cancel your Amazon Prime Subscription
“Blasphemy!” - Almost everyone reading this.
Why do you have a subscription though? A - it’s EXPENSIVE! Amazon Prime adds up and makes you spend more money than you think.
Money hack: you don’t need Prime to get free delivery. You just need to hit the US$ 25 threshold. If you buy items worth more than US$25 or are diligent enough to buy goods cumulatively, a prime membership is unnecessary. Let’s face it, there are better video streamers and you probably utilise other retail memberships better i.e Costco.
Tip 2: Prepare your own meals and unleash your Inner Ramsay
It’s more fun than you think, and a part of adulting is finding grocery shopping therapeutic. For real though, the amount of money you could save from cooking at home instead of having a meal in a restaurant or a takeout is mind blowing. Elon Musk lived off a US$30 (£23.50) food budget for a month. He disclosed he spent his budget on making meals, averaging a dollar a day. Most importantly, he succeeded! A Big Mac costs $ 5.71 in the US and £3.39 in the UK. 10 Big Macs would blow your budget. And we know 10 Big Macs will not last you a month. Need I say more?
You can check out our £5 meal plan here.
Tip 3: Goodbye Impulse Purchases
When you become more mindful of your purchases you are more likely to avoid impulse purchases.
Money hack: Calculate purchases in terms of blood, sweat and tears.
The federally mandated minimum wage in the US is $7.25 and the average American works 8.8 hours per day. The average Nike pair costs between $90-$120 in the US. Is a pair of Nikes worth 2 days worth of work? A Big Mac meal costs approximately $7.60. Is a Big Mac meal worth more than an hour’s worth of work?
This method will help you abstain from impulse spending and let you focus on the important purchases.
Tip 4: Ditch the Gas Guzzler
That’s right, automobiles. No, not saying give them up. Public transport isn’t the best everywhere and driving is therapeutic for many. And a lot of the time, public transport isn’t the cheapest option.
When picking a car, it is important to prioritise practicality, not beauty. Beauty and a bleeding pocket is not desirable. A Ford Mustang is said to have an overall fuel economy (MPG) of 19 whilst a Toyota Prius Three has an overall MPG of 52. The Prius gives you an extra 33 miles for the same gallon.
Recognise that maintenance of a car is not only important for your safety, but also to save money in order to keep cost down. Frequent preventable checks on your car will save you a lot of money on preventable expenses. For example, don’t delay routine checks on your auto transmission oil. Low fluid damage can cost thousands!
Tip 5: Do it Yourself
Google is everyone’s best friend. Why not make actual use of your best friend? A lot of household repairs can be learnt through video tutorials over the internet. From gardening and pruning to plumbing and appliance fixes. This will not only allow you to gain skills, but it saves you a ton of money too!
Tip 6: Say NO to Credit
Avoid paying more than you should. Don’t allow yourself to fall into the debt trap. If you need to borrow money in order to afford something, is it absolutely necessary? For example, start paying for a car in cash. This lowers your overall expenditure and it’s one less thing to worry about. One less risk of falling into the debt trap. The name of the game- zero debt.
Tip 7: Rejecting Societal Expectations
We all love a night out, but too many of these can take a toll on our wallets. It is vital to recognise the importance of withdrawing from consumer culture. It’s not about what people think of you that matters, it is what matters to you - frugal living. Be prepared to say no to the pressures of buying the latest iPhone or owning a Birkin in your lifetime. It takes time, but it pays off (pun intended) overtime.
Conclusively, these saving hacks are a guide. Some may work for you and some may not. Ultimately, you choose how much money you want to save and how much you want to spend. The choice is in your hands! Good luck.