Easy Saving Hacks That Will Help You Save Money

Are you trying to save money but struggle to see much growth in your savings pot? Or is your dedication to saving resulting in you missing out and suffering from some unwanted FOMO? The fact is saving money can be difficult in today’s world and it can require some sacrifices. That said, there are so many simple adjustments you can make to your life that will have a huge impact on your finances. Adjustments that you may not even notice in practice. If you are looking for ways to help up your savings without giving up too much of what you love, here are some everyday hacks that will help you save money. 

Watch your grocery bill

Your grocery shop is likely to be one of your biggest household expenses and that doesn’t include money spent on takeaways, meals out, and alcohol. If you could cut back $20.00 a week from your grocery shop you could be looking at an annual saving of over $1000.00. What is more, not only are grocery bills high, but food waste is also at an all-time high. So it stands to reason that households are not only spending a lot on groceries they are spending more than is actually necessary. Reducing your weekly grocery bill will not only help save you money, but it will also reduce food waste and have a positive impact on the environment by helping to cut your carbon footprint.

If you want to cut your grocery bill but do not know where to start here are some tips to help get you started; 

• Portion size. Are the meals you serve too big? Is everything being eaten? Consider whether you are overcooking your meals and serving up more than you need. 
• Use leftovers. Re-heat, freeze or just eat up any leftovers. There really is no reason to throw away perfectly good leftover food.
  
• Keep an eye on use-by dates. Do not let food go bad unnecessarily, keep an eye on the dates and either make sure you use it or freeze it. 
• Budget. Set yourself a food budget. Look at all of your finances, your income, and expenditure, and set aside a realistic food budget that you are comfortable with. Once decided upon put this money aside at payday and ensure you only use this pot of money for your grocery bill. If you find it is getting low then get creative as to inexpensive meals you can make or ways in which you can reduce your spending. 
• Meal planning. Planning your meals is a great way to stay within budget and keep your costs down. It will ensure you only buy what you need for those meals and prevent you from last-minute trips to the shop to pick up dinner, where you inevitably overspend. 
• Shop online. Online food shopping can be a great way to keep your costs down as you are less likely to get pulled in by discounts and the visual appeal of products you do not need. Write your shopping list and stick to it, it is much easier to stick to it online.

Stay up to date 

Keeping apprised of current affairs is another great daily activity to introduce into your life. The political landscape and world events can greatly affect everyday finances so staying informed is essential. By being aware of the global landscape you will be better prepared to deal with price rises, inflation, and budgeting. It is hard to avoid the rise in energy or gas prices at the moment but the better and earlier informed you are the more steps you can take to limit the damage to your finances. You may need to re-address your budget, look at changing your energy supplier, and you may even want to reconsider the car you drive. All of these decisions are better made when you are fully aware of as many facts as possible. Dedicate 10 minutes a day to catching up on world events, reading relevant articles or watching the news.

Staying up to date does not just mean keeping on top of current affairs but having your finger on the pulse in terms of your investments also. Spending a little amount of time per day or week to stay on top of the financial news, the best savings rates, the current bitcoin price, or the state of the financial markets will also help you ensure that you are on top of your investments and ensuring that you are getting the best return on your money. If you have invested your money and are not getting the best return possible then it is actually costing you money and hindering you from maximizing your savings. 

Subscription savings

One of the most popular ways for a business to make money today is by getting subscribers. Subscribers who pay a monthly fee to access their services. The trouble with subscriptions for consumers is that they can be easily forgotten or overlooked in your monthly spending and before you know it you are paying in excess of $200 a year for a service you do not need or even use. Here are some ways you can save on your subscriptions;

1. Go through your monthly statements and highlight every subscription you pay for.  
2. Once you have compiled a list of your subscriptions, cut out every service you do not use. If you have not used it in the last month ask yourself why? Do you really need to be paying for something that hasn’t added value to your life? If not, cancel or pause it.  
3. Now, look at the remaining subscriptions you have and ask yourself if you really need them. What do they add to your life? How often do you use them? Check the terms and conditions of your contract but if you will not be subject to a penalty for canceling early or if that penalty is worth paying consider cutting any service you do not need. Alternatively, give yourself a month or two trial period without it. This is a great way to determine whether you really need that service and if it is adding any benefit to your life. 

1. Shop around and consider alternatives. If you decide you do need your subscription service then is it the best service on the market for the best price? Take some time to explore your options and shop around for better deals or alternatives. A great example and alternative to consider is your gym membership. Could you replace your expensive gym membership with going for a run or bike ride? What about at-home workouts or a cheaper online streaming service? Would it be more cost-effective to invest in some at-home equipment than pay a monthly fee for a gym you do not use enough?

Be mindful of discounts

Yes, discounts can be great. Everybody loves savings or a buy one get one free but it is important to remember that you are only actually saving money if you needed that item in the first place. Buying a new pair of shoes that you didn’t need because you could get 20% off still costs you 80% more than it should. When it comes to discounts and promotional offers be mindful, try to stick to items that you actually need and will use. Toilet rolls, shower gels, and toothpaste are great examples. You will always use these items so buying them discounted will represent an actual saving.