For the past year I thought that saving money was the hardest thing in the world. It was extremely tough to find cash. Although I read article after article on saving money (and the benefits) I could not refrain from buying a morning coffee or going out to the restaurant a few times a month. Instead I figured out what worked for me, which I strongly suggest you all do. But here are some ways that I free’d up my cash.
1. Can’t afford rent? Get a room mate!
Although it might be hard to live with someone else, a room mate is a serious cash saver. I did this and depending on the month I easily save upwards of $500 dollars a month if not more.
Avg Savings per month $500
2. Spend your breaks doing something else.
I would have to say that this is probably the easiest way that I cut down my spending. Instead of going to the break room (Which is located in another building and has multiple vending machines) I stay in the building where I work and read articles on how to save money. Makes it pretty easy to stay motivated when you read how to save during a situation where I normally would spend a lot.
Avg Savings per month $100
3. Quit Smoking
Where I live a pack of cigarettes costs $8. I was smoking at least a pack every day. A pack every day costs just under $3000 dollars a year. That is a huge chunk of change, and represents approximately 9% of my income.
This is hard. HARD! I have tried many times to ween off, going cold turkey, and using the gum. Many times. I have been trying to quit smoking for over a year now. Nothing seemed to work. Finally I got fed-up and started taking Champix which worked like a charm. I must admit though that after 2 weeks I noticed I was getting extremely aggressive and just angry in general. I stopped taking the pills a week ago and still have not smoked since. It has been over 2 months since I last smoked. I am very proud of myself.
Avg Savings per month $243
4. Be Aware
My biggest flaw a year ago was that I used my debit card and credit card like they had unlimited funds. Now, just by being aware of how much money I have in my accounts at any given time I am not as likely to make a purchase without thinking about it. I will always check my balance before I buy something which gives me a good minute to really think ’Do I really need this?‘
Avg Savings per month $200 (At least)
Total Avg Savings per month $1043
For me saving this money took very little effort (aside from quitting smoking). Also, this list has not changed my life-style at all. Me and my room mate live good together. It is almost as if I didn’t have a room mate, just a good friend that is always at my place haha!
What are some ways you managed to free up cash this year? Comment with your answers!