5 + 5: 10 WAYS TO SAVE, PART 1

GET SAVING!

 

How to start saving? Where can you cut unnecessary spending? We all like to save a little money here and there and put it to use for other purposes. Maybe you want to invest for your dreamt RETIREMENT, or pay down debt that worries you so much, or save for a project that has long been waiting for.

Little by little, get saving, without much effort . . .

Today I present you 5 ways to save for the “big ticket” items, related to major expenses and 5 ways of saving for the “small” things that come every day. Do not neglect these smaller costs, they might seem minimal but in the long run, all adds up to a large amount and can derail your goals unexpectedly.

 

THE “BIG” 5

 

  1. House: Do not buy more house than you need, are you going to need 3 bathrooms? How many rooms do you really need? You love your neighbor´s huge garden, but are you willing to keep it up and cover all the expenses that come with it? Your home is important, but it is also possibly the biggest purchase you will make in your life, there is much room for savings, think well on your needs and avoid the impulse.

 

  1. Car: Buying a used car can save you between 10% and 40% of the price should you decide to not buy a brand new car. That is, if you buy a used one that is 1 or 2 years old, with little use, you will lower the price about 30%, in many cases, these vehicles still smell like new and come with most of the manufacturer warranties. Think about this option, you can save a lot if you decide not to be the very first one to drive it off the lot.

 

  1. Public transportation: If you can avoid having to buy a car because you are lucky enough to live near your work or in a city with good public transportation, this is the best option. Walking or biking, weather permitting, is not only good for your economy (you will save on vehicle, fuel, insurance, parking, maintenance, renovation, etc.), but also you will be investing in your health. Take advantage of this possibility if it is within your reach, the benefits are unlimited!

 

  1. Entertainment: It seems a secondary expenditure that sometimes does not receive too much attention, but leisure can represent up to 50% of expenses in a home depending on your lifestyle, of course. There are many ways to cut costs, but think how much fun you can have taking advantage of free perks close to you. Walking, visiting museums and exhibitions that often times have free admission or discounted prices, looking for books and movies in your local library, etc, are great ways to scoring free (or almost free) deals. Seize those festivals and events in your city . . . there is always a cheaper option to have fun, LOOK FOR THOSE OPPORTUNITIES!

 

  1. Food: It is an expense that we do not repair much because it is important to eat well and healthy. Do not skimp on quality products and try to eat a balanced diet. REMEMBER: if you do not take care of yourself, you can not reach your goal. But try not to splurge on unnecessary products that supermarkets and superstores always want us to put in the cart. Make a list and stick to it. Do not go shopping on an empty stomach. Forget all that stuff that is by the cashier, you do not need any of that. Load the cart when you find a good deal. These are just some ideas, in a different post I will provide you with more specific advice.

 

AND YOU? How do you save in the biggest expenses? Share your best tricks, remember that others will read the blog and your ideas, maybe they will share possibilities that we never thought of. COMMENT BELOW