Many people will tell you to save money. Governments are pushing savings programs to help citizens put something aside.
Yet people still struggle to do it. One way to get better at saving might be to think about it differently. If you are someone that struggles to save and does not like the concept, simply change it to: don’t spend.
Not spending money, is the same as saving money. If it doesn’t go out, it means that the money is staying in your account or pocket.
Cryptocurrency has been widely publicized as a way to safeguard money, grow it through price increases in the value of the cryptocurrency of choice and because of its easy conversion tables. Converting Bitcoin (BTC) from btc to inr, btc to usd or btc to eur can help you understand if cryptocurrencies might be a good investment for you right now, even if that means spending money.
Read on to find out more on the topic of money.
Don’t Spend It
As mentioned, not spending it is the same as saving it. So if you are battling to decide what to spend your money on and how much to save, not spending anything might help.
This step of frugality can become a lifelong habit or you can use it for a shorter period of time. The mindset of not spending will help you to see the smaller things in life, usually free of charge, that bring you great contentment and peace of mind.
Tone your spending down on all fronts:
- Don’t go to the movies as much, and if you do go, make it a treat and try to avoid spending on expensive movie popcorn, sweets and drinks. Save your 3D glasses and bring them with you, instead of buying a new set every time.
- Make one meal at home a day, instead of ordering everything. It can be breakfast, lunch or supper. Making one, or more, of them at home will help you to spend a lot less. Consider inexpensive options, such as cooked oats and banana in the morning. Evening meals could be pasta with a simple sauce. Comparing home cooked meal prices to restaurant and takeaway food prices will convince you to spend even less.
- Skip one meal a day, skipping an occasional meal means no spending and a brief fasting period.
- Cancel a gym membership for a month and walk in your neighborhood. Look up simple free-weight exercises that you can do at home using one set of weights.
- Trim down on unnecessary expenses such as insurance payments for items you longer need insured.
- Ensure you are on the most affordable data and cell service plans.
- Tone down internet speeds to a comfortable minimum in your home. Your internet service provider (ISP) will usually have a number of speeds available, you might be surprised that slower speeds are more than sufficient for normal internet usage, such as streaming movies, playing games and working on your laptop.
- Install LED’s for all your light fittings, saving you money on monthly electrical bills.
- Walk to a nearby shop or store every now and then, instead of driving. It is beneficial for your health, heart and mood, and it also saves you money by not spending on fuel and parking.
Property Done Properly
There are a few expenditures where spending might actually be saving you money.
It might not be in many people’s budgets, to simply purchase a house or apartment in order to save on rental fees. That does not mean that renters cannot cut down on their spending though.
How to spend less for renters:
- It is important to realize that although set on an approximate square meter price, rental prices are not set in stone. Property owners will most commonly compare the price of an apartment or house to something similar in the neighborhood or request a valuation from an agent. You can do the same, be sure to compare prices.
- Many renters choose to stay outside of the areas that they work, because of prohibitively high rentals within CBD’s or business hubs. It might be worth it, to sit down and calculate the cost of transport to and from work. Figures for your particular vehicle can be found online, showing a kilometer or mile cost for fuel, wear and tear and servicing. If your rental closer to work is similar or cheaper than your rental added to your vehicle costs where you currently live, then it might be worth moving.
- If your lease allows you to sublet or short-term let, then consider taking on a co-tenant or AirBnB guest. Co-tenants can be great company and offer a stable and consistent income throughout the year, always take your time in interviewing a tenant to make sure you find the most suitable person. Sometimes it is worth it, to suffer the inconvenience of sharing your space with someone else, in order to spend less on rental costs and start to put more aside. AirBnB can be very lucrative during high season, especially if you are located in an area of interest to tourists and visitors. Bear in mind that income during winter months will often slow, occasionally stopping completely. If you can afford it, it may be wise to run AirBnB for a year or two to gauge income levels through different seasons.
To Sum Things Up
Saving can be more of a psychological hurdle than people realize. Changing the way you think about saving and adopting an alternate view of not spending, might help you overcome your reticence and save more, without even knowing it.
