February 10, 2019
We’re roughly 6 weeks into the New Year and by now, for most of us, the dust has settled around our resolutions, revealing to us the goals that are actually going to be the most attainable and the ones we should spend most of our energy on. For many people, financial goals generally make this list. And while everyone’s financial goals may look different, a commonality amongst all of us is that we’re all likely trying to save more money for one reason or another.
So whether you’re saving money for a new car or trying to climb your way out of debt, here are a few simple ways to save more money in 2019:
Make your own coffee - Did you know you could save roughly $770 a year if you made your morning or afternoon coffee at home? If you bought a $2.11 tall, black coffee from Starbucks every day that would total up to $14.77/week which adds up to $63/month which totals $770 a year…for black coffee. Two dollars doesn’t seem like anything in the moment but as you add it up daily it takes a big chunk out of your wallet. Buy yourself a coffee pot, get your favorite creamer, and cut back on that spending. (PS - Seth Godin recently wrote a blog about this same concept that illustrates this even better.)
Read the books on your bookshelf - I’m a chronic buy-a-book-and-only-read-half-of-it-before-I-see-another-really-interesting-book aholic. I’ve got plenty of wonderful books on my very own bookshelf that haven’t been read and I’m vowing to at least take them all into consideration before going out to buy new ones. It’s a great way to save $15/month (which is $180/year just FYI). And if you don’t suffer from the same disease I do and actually read the entirety of every book you own so you still need new ones - grab yourself a library card because then you get FREE BOOKS!
Make a shopping list - Nothing keeps you from overspending more than making a shopping list (and sticking to it.) Making a list forces you to truly consider the things you need and the things you don’t. Sticking to said list is especially helpful and deters you from throwing things in your cart that you don’t need or that you don’t have budget for.
Budget - Without a budget, we often piddle away more money than we even know if we’re not careful. A budget helps us understand where every single dollar is going and keeps us on track. Budgeting for the first time is like receiving a raise when you realize how much money you actually have to work with. It can help you realize where you’re overspending (maybe we only go out to eat 3 nights a week instead of 5?) and allows you to reallocate that money to other places - even the things you’re saving for. If you’re looking for a digital budgeting tool, EveryDollar is a great app to look into. If you’re more of an excel file kind of nerd, I’ve got a free template for you at the link below.
What other ways to you manage to save money throughout the year?