Thanks for joining me for another Financial Tip Friday! I will be adding a new tip to my blog on how to manage your finances each Friday, so make sure you check back often to see the newest posts. To catch up on all the Financial Tip Friday Posts, please click here.
Many of us are great at spending money. According to a study done by Statista, Americans spent an average of $88.77 per day between February 2015 and February 2016. It’s no wonder why many of us seem to be living paycheck to paycheck and have such a hard time saving money.
Many of us have resolved to save money in the New Year. If you have not started already, now would be a good time to start saving some of that hard earned dough. Here are a few ways for you to start saving today:
1. Change in a jar
For the past two weeks I have been stashing my coins and one dollar bills in a container at work. I did this so that I could grab money and go to the snack store whenever I wanted to snack on something. In that time however I saved $20.82 ($16 in ones and the rest in coins). That is not including the money that I have already taken out to spend either. This was accumulated by tossing every dollar bill and coin I came in contact with into the container. Easy right?
2. Bring home lunch
By bringing your own lunch at least once a week you can save around $60 per month. Toss the money that you’d normally use to buy lunch into your change jar and watch the savings pile up even faster.
3. Buy Generic
The price difference between generic and brand-name items are sometimes significant and more times than not the quality is almost exactly the same. Buy brand name items for the items that are important to you but try to opt for generic for everything else. You can also add these savings to your change jar and see how much money you’ll have after one month.
For those of you who just started reading my Financial Tip Friday posts, I’d like to invite you to join my Facebook group “Living on a Budget.” We will be discussing the topics each week. The group is also there for you if you ever need support or advice so I hope you’ll join us. Also, please keep in mind that all tips and scenarios are either from my own personal experience or configured solely for examples. Though the methods mentioned on my blog may have worked for me, I cannot guarantee they will work for everyone. However, I’d love it if you gave it a try and let me know how it worked for you! Well, that’s it for this weeks Financial Tip. Check back again next week for more!