How To Save Money In Your Everyday Life

While I made the video a little while ago, I thought it would be useful to bring it up again with times so uncertain with the coronavirus. With the markets so volatile and the economy unstable, it is important to be prepared and have enough money saved for the upcoming months ahead. It's never to late to start saving, and here are some tips to save money in your everyday life:

1. Cut down on unnecessary subscriptions.

If you are one of those people who have multiple subscriptions, it is time to reflect and let go of the ones that are unnecessary. For example, do you have a Youtube, Netflix, Amazon prime, magazines, beauty boxes, etc. subscribed on a monthly basis? These on reoccurring, automated costs that you may not have even noticed gets charged on your credit card or may not even be fully utilizing. Consider only subscribing to a few absolutely essential services that you know you can fully benefit from.

Tip 1: For the absolutely necessary subscriptions, take advantage of certain promotions such as student discounts or even coupon codes floating around the web - do some research!

2. Use transit when possible.

Costs to maintaining a car can be quite expensive and you may not even realize it. When is the last time you totaled up your monthly car costs, such as monthly lease/car payments, insurance, parking, gas, maintenance, etc? Are you surprised at how much you are spending on a monthly basis on just your car alone?

Consider taking transit instead. A monthly pass would ensure a fixed cost and it's even tax deductible at the end of the year! Not to mention, taking transit is better on the environment and less risk when it comes to getting into a car accident.

Tip 1: You can even make the most out of your transit time by focusing on activities outside of driving, such as reading the news, reading a book, listening to an audiobook, catching up on your emails, etc.

3. Cook your own meals and meal prep

I'm sure you are aware that eating out or ordering in food can add up to be quite a bit. Let's say you are eating out for lunch every day for $10 during the weekday - that is $50 per week or $200 per month on just lunch! Not to mention that it can be unhealthy and you don't know what is going into your meals! Have the vegetables been properly washed and did the cook wash their hands?

Consider going on weekly grocery runs and meal prepping for the week. I know it can be a lot of work at the beginning, but it will be rewarding, I promise!

Instead of spending $50 on lunch per week, I like to set a budget of $50 per week on groceries. This would be enough for me to make breakfast, lunch, and dinner.

A little game I like to have is to have a full fridge at the beginning of the week, and then to have a completely empty fridge at the end of the week. This way, not only are you having fresh ingredients every week but it ensures that you don't waste any food (and money!). After a while, you will get into such a routine that you actually prefer to cook your own food, and outside food may not be that appealing anymore.

Tip 1: When making dinner, cook two servings so you can pack one serving for lunch the next day!

Tip 2: Buy pre-washed and cut up vegetables and salad to save time. Just throw them into a pan or slow-cooker with some protein, and you get a simple and healthy meal!

4. Drink coffee at the office or make it at home

This is a big one. I know coffee can be our vice, a necessity to start our day. But did you know that it can also be expensive? I know that $2, $3 or even $5 per day doesn't seem like a lot on something that you truly look forward to. But it's time to change your mindset. Let's say you're spending $5 on some fancy Starbucks coffee per day on your way to work (ie. 5 days a week) - that's $25 per week or $100 per month.

Why not drink coffee at home, or better yet, drink coffee at the office (which is free!). Even coffee at home can be quite affordable, If, let's say, you spend $10 per grounded coffee beans per month. As long as you already have a coffee machine, that's $0.50 coffee right there - pretty good deal right?

5. Dedicate time to less costly and mind enriching activities

It's happy hour or the weekend, and you just want to have fun and enjoy life with your friends. Though, at the end of the month, these costs add up to be hundreds of $$ spent on drinking, partying, or some expensive hobby. You're creating lasting memories you say? Sure, but there are alternatives that are less expensive, that can also create memories!

Consider dedicating your time to less costly and mind enriching activities. For example, you can work out with your friends and challenge each other fitness wise. If you still can't give up happy hour, why not invite your friends and cook and make your own drinks at home? The pro is that you can also save money on taxis home (haha get it? because you can literally fall asleep on your sofa if you get too drunk). If you like to spend time alone, you can spend your time reading books, going for a run, or focusing on self-development (ie. developing a certain skill or advancing your education). The return on your money will be exponentially greater than spending money on activities that don't have a lasting impact.

6. Use credit cards (wisely and only if you can control yourself)

Credit cards get a bad rap as people tend to think they will going into debt, but that is not true. I feel that credit cards are a great way to save money, only if you know how to use them wisely. Some benefits to using credit cards are:

1) Perks

Certain credit cards give you great welcome points you can use towards travel or to purchase items. You can even accumulate points as you use your credit card, and eventually add up to get a free flight or free ipods. Other credit cards have certain features such as cash back on groceries. Not only can you save money but end up making money on essential purchases you made!

2) Budgeting

Being able to download your weekly or monthly credit card statements are extremely useful for budgeting. There is a function where you can download your statements in excel format, which is a life saver if you want to add up certain expenses together or analyze how much you're spending.

3) Build good credit

Finally, having a credit card where you can pay off full every month actually increases your trustworthiness to the bank. It shows them that you are able to pay back your "mini debt," which builds good credit that can help you be eligible for "bigger debt" (ie. mortgage) down the road.

While a credit card can seem like imaginary money and you may be tempted to go on a wild shopping spree, it will definitely come back to bite you in your butt. The older and more mature you will shake their head and will be paying the consequences of your temporary gratification.

Always spend on what you can afford and NEVER EVER go into debt as credit cards charge you up to 20% in interest. Hope I made myself very clear.

7. Know your guilty pleasure and set ground rules for yourself

Last but not least, have fun a little (but not too much fun). What's the point of saving money when you can't enjoy life? Set aside a budget on a weekly or monthly basis to spend on your guilty pleasure.

For me, I love wine, but going out to drink is quite expensive. I set a budget of $30 per week on a good bottle of red wine and I like to enjoy it at home with dinner, and some crackers and cheese. I like to set up some fairy lights and make myself comfy.

Though don't get me wrong, I do like to go out from time to time and enjoy a nice restaurant, but I limit myself once or twice a month.

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I hope my tips above were useful~ Let me know if you have any questions or additional suggestions, as I'm always learning too!

#50centcoffeeftw #partyatmyhouse #budgetingforguiltypleasuresissexy

Disclaimer: I'm not a financial planner by any means. My post is just to share my experience and the tips I have used to save towards my financial goal.