4 Everyday things that in the long run could help you gather some extra money for investing or emergency fund.
1. Grocery shopping list
Doing your grocery list can save you a lot in the long run. But in order for it to actually work, you should follow your list. Just by doing it, won’t save you money. It can save you time since you won’t be forgetting to buy anything. But for it to work, you must follow it and don’t buy anything you don’t need.
Grocery stores will place “amazing” discounts where you can always see them. If you resist the temptation, and stay on your grocery list plan, you will save money in the long run. And simultaneously, you might live a little bit healthier if you don’t buy that chocolate bar that is on huge discount.
2. Insurance and phone bills
Just by comparing different prices from different insurance companies, you can save a lot. Doing this every year, you can save hundreds of dollars. There might be some minor differences between different insurance providers, but the basics are the same. If you need a certain type of insurance, be sure to read the small print of the insurance terms.
You might have found a good insurance provider as well, and don’t want to chance that. Another option is just to call your current provider and ask, is they could give you better offer on your prices. Sometimes this is all you need to get a better deal.
When choosing your mobile phone operator or internet provider, there might be other things to consider as well as the price. I won’t get into that so deeply now, but let’s pretend that every provider works just as well as everyone else.
Just by changing the operator when prices get higher, you can save a noticeable amount of money in the long run. Even if the difference was as small as 5 dollars per month, over a period of a year or decade, that could make a difference in an already tight budget.
Often, at least where I live, if I am switching operator to a new, cheaper one, my old operator will contact me and offer the same or even cheaper option if I decide to stay. So even if I was completely satisfied with my current operator, this could get you a better deal just by checking out other options available.
3. Learn how to do things by yourself
If you learn how to do some basic home construction, you can save a lot. I’m not saying you should do your entire electricity renovation yourself, but small things. Small things that can’t burn your house down or cause water damage, you can save some money by learning to do them yourself.
If you need to hire a professional, that can cost 5 to 10 times hourly, the amount that you make from your job. Meaning that in order to get someone to work for your house for one hour, you must work 5 to 10 hours to cover that cost. Not a good trade if you ask me.
Even if it took you 3 hours to learn to do it and 1 hour to complete the task, you would still save 1 hour of time. On top of that, if you ever must do the same task again, or your friends need someone to do it, you are the guy who has the skills and can help them out. (Don’t charge your friends anything for small favors. Chances are, they will one day return the favor.)
4. Only buy things you can afford right away
If you want to buy a new phone, you should have the cash to buy it right away. In fact, there is a saying “if you can buy it twice, you can afford it”. Don’t buy stuff on installment. If you bought that new phone with a 2-year installment, chances are, you would still be paying for your old phone when you need a new one.
Buying a house is different. It can be difficult to pay the whole sum ahead, but the interest is lower as well, compared to buying a phone. House will also keep its value much better than a 2-year-old phone with a cracked screen and worn-out battery.
These are just some of the things that most of you can save a bit more on. You might have some other hidden big spenders on your budget as well.
You might want to go through your monthly bank statement and see, where your money is really going.
Other saving-related posts can be found here.
Hopefully this was helpful to you, have a nice day.