5 Everyday Savings Tips

You may have seen my recent personal finance article about the impact of investing early in life. Read the article below and get more info at Beanstox.com. Maybe now you want to invest but don’t feel like you can? You can use some of the five savings tips below to get you on the path to financial freedom!  Helping people succeed with personal finance is so important to me I plan to post a series of articles on topics including reducing debt, impact of saving 10% of each paycheck and more.

1. Lunch. Don’t buy at the food court, bring it and save $2,000 per year. 

Many people spend over $10/day buying lunch. That’s over $2,500/year. Be smart and bring lunch to reduce your costs. Dinner leftovers or a sandwich and fresh fruit can be less than $3 a meal. Even if you’re not the next Gordon Ramsey, cook a large meal on the Sunday night and you’ll have lunch for the next few days. Impact? $2,000/year. 

2. Ride the subway, bus or walk. Avoid the $10-15 taxi or Uber. Public transportation is “uber” cheap. Save $1,000/year. 

Don’t use Uber as your personal chauffeur. All those $10-15 trips start to add up. In some cities, it can also be faster by subway and/or bus as they have dedicated bus lanes. Even better for your money and health to walk or take a bike. Impact of saving $10 twice a week? Over $1,000/year. 

3. Stream, cut the cable. Save about $1,000/year. 

You probably don’t need both cable and streaming. Think about what you really use. If you’re spending 90% of your time streaming, you can probably cut cable. The average monthly cable subscription can cost about $85 per month. Impact? Over $1,000/year. 

4. Shopping kills budgets. Don’t shop till you drop! Save over $1,000/year. 

Most people buy too much, and have closets full of clothes and shoes they don’t wear. You probably don’t want to retire with boxes full of clothes and no money. Be smart. Buy quality clothes that you need, that fit right and will last, not fast fashion to wear never or once. You can spend less on clothes that will last much longer. Impact?  Can be huge. Just $100/month is $1,200/year. 

5. Car. If you need one, buy pre-owned not new. Save over $2,000/year. 

Do you really need any car at all? The cost is huge. Finance or Leasing. Insurance. Parking. Gas. Maintenance. Repairs. The average car can cost over $6000/year before buying any gas. Before even driving one mile !  Best if you can avoid owning a car. If you really need a car, get a used one, maybe 2-4 years old. Do some research. Do some math. A new car can lose 30-40% of its original value in 2-4 years. You can get that 2-4 year old car, and use the savings to build your financial freedom. Impact?  It can be over $2,000/year. 

6. More ideas?

You can also save by being smart about your apartment or house, not overspending and going “house poor”. You can reduce spending for nights out, the fancy gym you don’t use and much more. Just look at your credit card bills for ideas. Also, read the articles we have coming soon. 

Conclusion? Saving potential of $7,000/year or more. 

Thanks for reading the article. Share it with people who may also find it useful. Use these tips and enjoy saving money.

Disclaimer: Beanstox Inc. is an SEC registered investment adviser and has arranged for brokerage services provided by DriveWealth LLC. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and Beanstox’ charges and expenses. The information provided herein is for illustrative purposes only and does not constitute personalized investment advice, recommendations or solicitations to hold, buy or sell any investment or security of any kind. All images and return figures shown are for illustrative purposes only and are not actual customer or model returns. Past performance does not guarantee future results.