If you want to know how to save money fast, you’re not alone. Saving money can be a daunting thought, a frustrating task, and for many, difficult to achieve.
When it comes to saving money, it’s helpful to think of it in the context of two pillars:
- How can I save money fast in the short term? (i.e. cutting out unnecessary expenses day-to-day, spending less than you earn, avoiding instant gratification, etc.)
- How can I accumulate wealth in the long term? (i.e. choosing to live a lifestyle below your means, investing to create passive income, building an emergency fund, etc.)
Today, we’re focusing on the former, to show you what little steps you can taketoday to save money fast. We’ve all got frivolous and unnecessary expenses that impact our day-to-day financial state, whether we’re aware of it or not. We’re breaking down some of the most obvious (yet not-so obvious) things that are eating up your budget, preventing you from saving money fast. Just remember: to each their own. Some of these things may not work for you, but others might! Use these tips as a guide to help manage your budget on items you may be able to cut out, to help you save more money fast.
P.S. Check out our latest video on 5 Money Mistakes you have to avoid making!
How to Save Money Fast by Spending Less
1. Coffee
Likely no surprises here – but first things first, quit buying coffee every day. $2 here or there may not seem like a lot, but when you’re in the habit of purchasing coffee on a daily basis, you’d be surprised at just how much it adds up to. Let’s do the math.
Let’s say you’re buying coffee 5 days a week at Starbucks for $2.50 a cup. 4 weeks in a month, and 12 months in a year, equals a total of 240 cups a year. 240 cups at $2.50 comes out to a total of $600.00. That’s $600.00 that could be used to purchase a flight on your next vacation!
A little goes a long way. Try swapping out the in-store Starbucks coffee for an at-home brew, and you could be paying as little as 16 cents per cup.
2. Lunch
Now, this may be a hard habit to develop if you’re someone who buys their lunch every day, but similar to the coffee situation, buying your lunch can add up pretty quickly.
If you’re spending about $7 on lunch, 5 days a week (5 days x 4 weeks x 12 months = 240), so 240 days a year, you’re spending $1680 a year on lunch.
On the flip side, if you were to pack your lunch every day – you could eat lunches as low as $2-3 per meal, saving you a ton of money. If you find it difficult to make time to pack a lunch, try meal prepping. Meal prepping is a great way to get all your meals ready for the week in one go – saving you time and helping you eat healthier. Here’s a link to our beginner’s guide to meal prepping. (Trust us, it’s super helpful!)
3. Bottled Water
Next up: the much-despised plastic water bottle. Bad for the environment, and bad for your wallet – bottled water is something you can always avoid paying for. All you have to do is plan ahead. Make a habit to bring a reusable water bottle with you every where you go. Whether it’s work, school, the mall – wherever! Throw a reusable water bottle in your backpack or purse, and you’ll be good to go at any time if you need it.
Nowadays, there are tons of refillable water bottle stations and water fountains around to help decrease the usage of plastic bottles. So, you shouldn’t have a hard time finding somewhere to fill it up.
4. Books
Next, this is a super hard one – since everyone loves the feeling of going into a book store and picking out your next read. But, you can actually save acrazy amount of money if you decide to opt out of purchasing books, and go to the library instead.
Think about it: if you’re an avid reader, buying a new book a month, chances are you’re spending hundred of dollars a year on books. With a library card, you can get unlimited access to as many book as you want, all for FREE!
Give it a shot, you just may like it. 🙂
5. Regular Beauty Treatments
If getting a monthly mani-pedi, monthly facial, bi-weekly nail touch-up, and quarterly hair re-color, sounds like your typical beauty regime, there might be an opportunity to cut costs. Try DIYing some of these routines to help you save money fast while learning some new beauty skills. These expenses can add up pretty quickly.
Check out our step-by-step guide on how to do an at home facial, spa level status! You’d be surprised at how good your results can be if you try doing some of these beauty treatments yourself. Then, you can do facials on all your friends (and maybe make some money out of it)!
So, what do you think? Doable to cut out these expenses, or no? Leave a comment down below and tell us what you think! 🙂
Related
5 Money Habits to Grow Your Wealth
These 5 Millionaires Reveal Their Advice When it Comes to Money
How to Eat Healthy on a Tight Budget
MoneySmarts: 3 Things to Do With Your Tax Refund This Year
