Who Needs To Save More Money?
The end of the recession is still open for debate. The millions of unemployed and underemployed people in the US probably do not feel like the recession is over. Even for those of us who kept our jobs or businesses during these tough economic times, we still find that we need to cut back in order to keep up! Lower returns on savings, higher interest charges on money we borrow, and many other issues mean that we need to develop a strategy to cut our bills.
When I discuss ways to save money, I do not want to discuss ways to save a few cents here and there. I want to present some ways that millions of Americans have actually saved hundreds of dollars while still enjoying a pleasant lifestyle.
List of Ways to Save Money
Look at the top 3 areas you are probably spending money on.
- Housing – This includes rent or mortgages, home insurance, and utilities.
- Transportation – This includes the cost of car ownership, auto insurance, fuel, upkeep, etc. For some, it may include the cost of public transportation or car pools.
- Groceries – This category includes or course, food. But it may also include other groceries like cleaning supplies and bathroom supplies.
Now let us consider these 3 items to figure out what we can do to cut back on our largest expenses.
Save On Housing
Most of you will not want to take a suggestion to downsize your housing. For many, this is just not practical. However more and more people are taking this suggest seriously because it really does allow them to have a lot more room in their budget. A smaller home usually means less money is spent every single month on mortgage payments, insurance, utilities, and upkeep. Instead of reducing a consumer’s standard of living, this move can actually improve it in the long run!
But you may be able to save a lot of money, even if you do not move. You can shop around for better homeowners insurance rates, take advantage of discounts, or even increase your deductible. You can improve your home so it is more energy efficient, and save hundreds of dollars on your electricity bill every year. A simple fan can circulate air so you can raise your thermostat a few degrees in the summer. Some of the changes you can make will not affect your lifestyle much, but can save you a of money!
Save On Transportation
If we really take a look at our driving habits, is probably easy to cut back. Driving less miles means that you will save money on insurance, gasoline, and repairs. Could you figure out a way to cut out one gasoline stop a month? That could save you $30 – $50, or more, and it will also reduce other costs of owning a car. Some auto insurance companies even offer low mileage auto insurance discounts you may be able to take advantage of. You can cut the cost of transportation by making some simple changes.
Save On Groceries
Your grocery bill may actually be one of your most variable expenses. Reducing the number of meals you eat out is an easy way to cut back. If a family meal out costs you $50 with tips and tax, one meal a week adds up to $200 a month. For most of us, that $200 means an extra grocery shopping trip. If you go out for lunch every day at work, you may be spending about $50 each week, or $200 a month. Think about how you can enjoy a roast or ribeye at home for the cost of burgers and fries in a restaurant.
Beyond that, try to shop your grocery store for sales and store brands. You will be buying high quality products for a lot less money.
Is This List Of Ways To Save Money Enough?
This list can help a lot of people. Maybe it will give you a tip, or it will remind you of another expense you could cut without much trouble. Either way, you can see that you can trim your budget without cutting your enjoyment.