Whether you are aving towards purchasing a home, a car, or just cutting back on your spending, saving money is a smart move. However, without making certain lifestyle changes, you could see yourself hindering your progress. You likely have a few bad habits that are more costly than you realise. If you want to hit your financial goals quickly, then you may need to reconsider some of those habits.
This article will look at some of the most common lifestyle changes that need to be made to support your saving goals.
Skip eating out and takeaways
Before jumping to conclusions, this doesn’t mean you should not ever eat out or order takeaway! However, if you are guilty of eating out frequently, this can be one of the biggest money drainers. See if you can make a few changes and cut down on eating out, and instead save it for a special treat that you do on occasion.
To save money in this area, consider planning your meals in advance. This is a great way to save a lot of money, and as a bonus, you’ll eat a lot healthier too! Planning your meals means only purchasing the items you need and you can even set yourself a budget to stick to each week.
Be your own barista
Are you guilty of stopping at your local Starbucks or Costa to buy a coffee on your way to work? It has been reported that people tend to spend more money on coffee per year, (approximately 40% of people aged 18-44) than they do in investing in their retirement fund.
It can be significantly cheaper (and less time consuming) to buy the equipment and make your own brews at home. If you are not ready yet to ditch your Starbucks coffee in the morning, then perhaps you can shop around for discount codes, see if they have a loyalty program, and skip fancy flavoured lattes.
Learn to fix things
Learning how to fix things can save you a ton of money now, and in the future. Not only will you learn new skills along the way, but it can also be very rewarding. Whether there is something wrong with your laptop and you need to learn why the fan is loud or you ripped your jeans and you need to learn how to stitch them up, there is always a solution. You don’t necessarily have to pay through the roof for a fix or replace the item. First, take time to research what the problem is (YouTube can be a great place for this) and see if it is something you can resolve yourself. Once you learn how you have the skill for life.
Making lifestyle changes can make a huge impact on your savings goals, without drastically changing your life. Perhaps start with one or two changes and see how it goes, and slowly start to change in other areas too. Use these ideas to review your lifestyle and see where else you can make cutbacks that you are happy with, and watch those savings rise high.