Many people believe that if they simply earned more that they would be able to better cover their bills and have more money to save. Perhaps this is why as many as 44 percent of Americans now have a side hustle in some form or another.
However, did you know that something as simple as making minor tweaks to your lifestyle could have an equally helpful effect? Additionally, the great thing about lifestyle changes is that they’re something that’s within your control. You don’t have to wait for your employer to give you a raise or offer you a promotion. You can start making lifestyle changes today and reap the rewards as soon as tomorrow.
In this post, we’ll explore seven lifestyle changes that will help you to save more money.
1) Limit Takeout and Eating at Restaurants
There’s no doubt about it – food tastes great! Especially if you’re a self-proclaimed foodie, then nothing beats sitting down to a delicious meal at a great restaurant or takeout from your favorite establishment.
However, having someone else prepare your food comes with a price. Those who do can expect to spend much more than those who eat at home. Additionally, if you use food delivery services for takeouts like Uber Eats and GrubHub, then you’ll have to pay additional charges as well as give a tip.
What you should do: Cook more at home. Yes, it will require you to learn how to cook and actually prepare your own meals. However, it’ll be way cheaper than what you’re spending at a restaurant. Additionally, there will be several health advantages such as eating fresher meals and using higher-quality ingredients.
2) Stop Browsing Online Stores
Online retailers have made it way too easy to mindlessly browse for new things to buy. Mega-stores like Amazon and eBay have what feels like an infinite number of product listings you can scroll through and drool over.
The problem, however, is that every time you do this, you may be tricking yourself into thinking that you actually need these items. Meanwhile, the real reason you may be shopping is that you’re simply bored and don’t know what else to do at the moment.
What you should do: The next time you feel yourself wanting to visit an online retailer, resist the itch. Instead, try googling the first question that comes to your mind instead. It could literally be about any topic – it doesn’t matter how frivolous.
Why do this? Because you’ll retrain yourself to get in the habit of educating yourself instead of shopping. Over time, this is going to make you smarter and you may even pick up a few valuable skills such as how to prepare certain meals, fix things around the house, or make better investment decisions.
3) Don’t Buy Only Name Brand Products
High-quality products certainly have a place in our households. Many companies have done an excellent job of establishing their reputation and offering items that you can trust. However, buying from them is not always necessarily needed for every item you need.
For example, furnace filters that must be replaced every three months can cost upwards of $25 apiece if you buy the most popular brand. However, if you’re willing to go with generic yet comparable ones, then they will be closer to $10 each and provide the same utility.
What you should do: During your next shopping trip, consider if choosing name brand is really worth it. When there are comparable generic substitutes available, ask yourself what you’re really gaining by paying more for the premium brand. Apply this to everything from groceries to household goods and clothing, and soon you’ll see how much less you could be spending.
4) Be More Active
It’s way too easy to crash on the couch after a hard day of work and spend the rest of your evening watching television or scrolling through your phone. However, after repeating this cycle for too many nights in a row it’s going to start adversely impacting your health both physically and mentally.
What you should do: Although it seems counterintuitive to spend money on a low-cost gym, please look at it as an investment in your future. By making a commitment to start moving around more and getting in shape, you’ll help your future self out by not having as many medical issues (and consequently more bills).
Additionally, being active feels good! That can help boost your energy levels, put you in a better mood, and make it so that you’ll be more motivated to tackle whatever challenges life throws your way – financial or otherwise.
5) Drive Less
Love them or hate them, our vehicles are money pits. The more you drive, the more you have to pay at the gas pump. However, it doesn’t stop there. Driving also means more wear and tear on your vehicle. Mile after mile, that’s going to eventually mean more services and paying for more repairs.
What you should do: Stay close to home whenever possible. The next time you’re planning something to do, don’t pick a destination that’s an hour or more away. Find activities that are local and within your own community.
Furthermore, the next time you’re buying a new vehicle, consider getting one that’s more fuel efficient. Though it may not seem like an important buying factor at the time, think of what this could mean for your bank account over the life of the vehicle.
6) Stop Accumulating Credit Card Debt
It can be incredibly convenient to put purchases on your credit card and then pay for them later. However, if you let the balance carry over into the next month, then it will start accruing interest, and that will be bad for you financially.
For instance, revolving debt as little as $5,000 could result in interest charges of +$1,000 for the year. That’s money that you would probably rather keep in your pocket.
What you should do: Always pay your credit card in full. When you do that, you won’t be charged any interest charged. On top of that, it will also help your credit score as well as develop better money management habits.
7) Have a Better System for Saving Money
Everyone is guilty now and again of saying that they will set money aside at the end of the month. However, when it comes to taking action, they hesitate. They decide that they need the money for something else and don’t end up moving it into their emergency fund or retirement account.
Why? Because we’re humans. People have an aversion to what “feels” like a loss – even if the reality is that you’re transferring money into your own account.
What you should do: An easy way to tackle saving your money without letting your emotions get involved is to automate your savings. This can be done by going into your account settings and setting up regular monthly or even weekly transfers. That way the money will move around without any action or involvement from you.
The trick, of course, will be making sure that your bank account always has sufficient funds in order to do this. For that reason, I want to use a helpful budgeting app like Buxfer. That way you can stay on top of your spending and make sure you’ve got enough available for your savings goals.
Featured image credit: Unsplash
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