5 Ways to Save a Lot of Money

August 24, 2018 0

If you’re saving up for something big, whether it’s a vacation, dental implants, or a down payment on a house, you’ll need to budget your money carefully and save a certain percentage each month. Here, we’ll go over 5 of the best ways to save a lot of money.

1. Don’t get takeout

The average person spends hundreds a month on takeout, and for very little benefit. Believe it or not, you can actually cook better-tasting and healthier food at home for cheaper. If you’re eating a lot of takeout, it’s purely due to laziness. With a few simple changes, you can save more money and eat better, too.

First, figure out what kinds of takeout you’re buying and when. For example, if you have a weakness for Indian food on your lunch break, take note of that. Then, figure out if you can make a suitable alternative at home. You might be able to learn how to make chana masala or butter chicken at home. If not, you can still pack your lunches to reduce the cravings.

It’s important to avoid cutting your budget down to zero too suddenly. Just reduce it each month and save the money you don’t spend. Visit the Build Your Smile website to learn more, because they may be able to provide you with the information that you need.

2. Use the 3-day rule

The 3 day rule is a good way to prevent spending unnecessary money. If you find something you’d like to buy, you have to wait 3 days before you can buy it. Oftentimes, you’ll find the desire has gone away after the 3 days. If not, it’s probably a good use of your money. If the item is very expensive, you should increase the time period to 7 days. Also discuss the purchase with important people in your life and see if they have any advice.

3. Use a budget

The most important thing you can do if you’re trying to save a lot of money is to use a budget. Whether you’re saving for a vacation or a set of dental implants, you’ll need a budget to help keep you on track. It’s a good idea to check your budget regularly (at least weekly) to make sure you’re on track and aren’t going to overspend on any categories. If you find you have overspent on a category, don’t use your credit card to cover the difference. Simply borrow from another category that month, reducing the budget for it and covering the difference.

4. Take advantage of free offers

Many businesses offer free products under certain circumstances. For example, a new restaurant may offer free samples for their first 20 customers. If you stay on top of the news, you’ll always have somewhere to go for free fun.

5. Ask for a discount

It’s surprisingly common for businesses to offer hidden discounts that they don’t offer. If you’re making a large purchase, ask for the best price available. You’d be surprised how easy it is to get 10% off an item by simply asking.