What are meaningful and simple ways to save money?
#financial-planning #savings #money #financial-planning #savings #money
7 answers
Daniel’s Answer
Make a very detailed budget of everything you spend, see if there's obvious ways to cut expenses (cheaper cell phone plan, cutting cable bill, not spending $100/week eating out, not having an expensive car, etc). If you want specific advice you can post your budget to places like reddit.com/r/personalfinance.
Mint, youneedabudget are software approaches.
For food specifically there's the concept of Sunday meal prep - make food on Sunday for the whole week. Tons of websites, recipes, etc.
Jennifer’s Answer
Simeon’s Answer
Ravikumar’s Answer
Fantastic question, Kaila. Saving money is a discipline that you will need to build just like anything else. Start by asking yourself what you are saving for. Oftentimes, it's the goal that you are after that will make you build that strong discipline, and then the discipline becomes it's own powerful habit. As an example, when I was 15, I desperately wanted a new cricket bat(10$), and that made me save every penny to reach that goal. As I grew up, those goals became bigger and bigger, and we bought our first house when I and my wife were 29 and that required us to stop eating out as much as we did prior to making that decision to buy our own house.
Once you made the decision to save, there are many ways to make it happen from low-tech means such as a piggybank to a child custodial account that you can depoist your $$ into. You are already a step ahead by asking this question, Kaila, keep it going.
Jacqueline’s Answer
Michael’s Answer
Look in to credit card rewards, this is a great way to build credit and also same up money. Amazon, for example, offers a card with 5% cash back on all eleigble amazon purchases.
Finally, look in to keeping your savings in an account with a higher interest rate such as 1% or 2%.
These are all little ways to make the most of your money without changing your lifestyle or budget.