Whether you’re a college student living by yourself for the first time or a young adult struggling to make ends meet, lowering your household expenses is an effective way to create a financial wiggle room.
In this post, we’re sharing some easy money-saving tips to help you increase your savings. Take a look.
1. Start Cooking at Home
Eating out every night or ordering food adds up over time. To improve your finances as well as take charge of your health, start cooking at home. Buy groceries in bulk, plan your weekly meals, and meal prep. You will better your cooking skills and reduce your dependence on Deliveroo.
2. Shop Value-Pried Brands
If you look closely at the ingredients, several pantry staples from name brands and grocery brands are nearly the same. So why are you spending so much on name brands? Buy flour, sugar, eggs, beans, and other pantry staples from local brands to enjoy extra savings.
3. Switch to Affordable Utility Plans
Yes, there is no question that electricity and gas are essential for every household. But that doesn’t mean you have to stick to an expensive energy plan. End your contract with an overpriced energy provider and switch to an affordable one. Explore AGL electricity plans for discounted plans such as AGL Essentials and AGL Savers.
4. Avoid Frivolous Spending
Are you a consistent participant in frivolous spending? Your impulse purchases are burning a hole through your wallet. Whenever you are tempted to purchase an inessential expensive item, refrain from clicking ‘buy now’ at least for a day. Take this time to understand if you really need that thing. There’s a good chance that you’ll talk yourself from making the purchase.
5. Brew Your Own Coffee
Just like ordering food, buying a morning beverage from artisanal coffee shops is a pricey lifestyle choice. You can easily make coffee at home at a fraction of the cost. So why not do that?
6. Look for Cost-Free Entertainment
Cabled TV is on its way out and is being replaced by streaming services. But there are so many to subscribe to! Instead of buying subscriptions for every streaming service, choose a few with a diverse catalog. If possible, ditch streaming services altogether and look for cost-free entertainment.
7. Find a Side Business
If you’re living from paycheque to paycheque, it would be helpful to start a side hustle. You should find a freelancing opportunity by doing a self-paced online copywriting course and start making money within a few weeks. Or, start an Etsy business to bring in some extra money.
8. Shop Second-Hand
If retail therapy is an essential activity for you, then we suggest you start shopping for second-hand fashion. Explore charity shops, thrift stores, and second-hand fashion websites to find great pieces at discounted prices.
9. Pay Bills On Time
From electricity bills to loan repayments, make sure you pay due bills on time. You probably have to pay a penalty fee for delayed payments, which can be easily avoided.
10. Explore DIY Projects
Do you have a leaking tap? Does your home need a fresh coat of paint? Try to teach yourself easy home repair and maintenance. You can learn from online forums and YouTube tutorials. However, it’s best to leave major tasks such as roof repairs to professionals.
11. Get Off Social Media
The algorithm of social media is nothing short of impressive. It will analyze all your Google searches and conversations and give you an ad for just the thing you were looking for. Try to minimize your social media use to avoid being tempted by such targetted ads.
The Bottom Line
It would be naive to hope that your current financial situation will improve overnight. You need to know how to stop spending money and save it instead. That way, you can build a better financial future!
To find out more about how you can save energy expenses, reach out to Electricity Wizard.