When it comes to saving money, you’re probably familiar with the more traditional methods, like investing in the stock market, contributing to a 401(k) or opening an Individual Retirement Account (IRA). All of these efforts can certainly help, but to really boost your savings, try these five ways to think outside the box and save even more.
Downsize Your Life
Building your savings quickly requires more than living within your means. To really supercharge your savings, consider living even smaller, literally. Downsizing your living space can save you hundreds a month in living expenses.
Consider Other Modes of Transportation
If you live in a city with decent public transportation, getting rid of your vehicle can save you big bucks in gas and insurance. You could also consider biking to work or carpooling with co-workers. If these aren’t options for you, buying a used car makes more sense than leasing a car or buying a new one.
Pick Up a Side Hustle
One of the best ways to save more money is to make more money, and with the gig economy booming there’s no better time to pick up a side hustle. Consider driving for a ride share service or sign up for a dog walking app where you get paid to walk dogs in your neighborhood. Even if the immediate income isn’t much to write home about, investing earnings from your side hustle can make them grow even more.
Sign Up For Customer Rewards Programs
Retailers love sending deals straight to your email inbox when you take out a credit card with them or even just join their email list. To get the most out of these rewards and coupons, set up a separate email account just for retail reward sign-ups, and check it before shopping. This will make your spending money stretch further, leaving you with more money to save at the end of the month.
Stick To Your Shopping List
Nothing makes money disappear faster than impulse purchases. To stay on track, make lists before shopping and stick to them. Picking up that extra pair of jeans when you set out to buy a blazer, or grabbing those tempting baked books at the grocery store might feel good at the time, but unnecessary purchases add up in the long run.
There’s no way around it, saving takes discipline and commitment. It’s not always fun to forgo immediate gratification to reach a long-term goal. But getting creative with your saving methods can help you get there.
~Here’s to Your Success!
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