Financing Tips – 11 Ways You Can Save and Give Your Finances A Fresh Start In 2017

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03 Apr Financing Tips – 11 Ways You Can Save and Give Your Finances A Fresh Start In 2017

Knowing how to manage your finances takes some practice and discipline and isn’t easy for everyone to do. If you are not careful with your spending habits, you will continue to look at your bank balance at the end of the month with a perplexed expression wondering where all your money went.

Being able to manage your finances is important, especially when it comes to saving for an emergency. Saving doesn’t have to mean depriving yourself, and it’s all about finding the correct balance for your lifestyle and budget. Use these tips to help you make better financial decisions and give your bank account a fresh start in 2017.

1. Clean Up Your Closet

Do your clothes tumble out of your wardrobe every time you open it? Do you find it impossible to locate anything in your closet because there are too many piles of clothes everywhere? While donating to charity is great and helps those less fortunate than yourself, a more financially sound way to discard your old clothes would be to sell them. Many websites allow you to sell your used clothes which can help you potentially make a lot of money. Don’t give up on your old clothes just yet, they might still surprise you.

2. Snacks

Every time you step out of the house do you end up eating out? This bad habit can cost you a lot over the course of a year and an effective way to stop it is to carry snacks with you wherever you go. Keep easily accessible, healthy snacks with you at work, when you go shopping and even in your car. Make it a habit to first have a few snacks instead of eating at a restaurant or picking up an overpriced sandwich from the deli.

3. Coffee

Do you enjoy your morning coffee from the coffee shop on the way to work every morning? It might be one of the reasons you are unable to save money. Over the course of several months, your daily cup of coffee can add up to a lot. Instead, make a thermos of coffee at home and carry it with you to work. Not only will this save you plenty of money, it will also save you from having to stand in the queue every morning at the coffee shop.

4. Pay by Cash

Research has found that paying by cash makes you spend more time thinking about your purchases. Making more mindful purchases means you are less likely to waste money on frivolities. Heightened financial awareness is the key to better financial management, so stick to paying by cash and keep the plastic for paying for plane tickets and other larger expenses. An added bonus of paying by cash is that it is also a lot more satisfying than paying digitally.

5. Start Cooking

If you tend to eat out an unhealthy amount of times every week, try to curb this bad habit. The best way to do this is to start cooking at home more often. Stock up on groceries and reduce the number of times you eat out. Not only will this be beneficial to your health, it will also benefit your bank balance. Cooking can be a fun activity to learn, especially for those who may initially be averse to it.

6. Celebrate your Birthday

Did you know, many websites give special discounts for customers on their birthday? Sign up for as many brick-and-mortar stores that offer birthday discounts and others which offer online freebies.

7. Visit the Dollar Store

Before you roll your eyes at the dollar store, give it a shot, you might just be surprised. The products are usually at par with any supermarket chain and cost a fraction of the price. Cooking accessories, cleaning products and party decorations are some great products to buy from the dollar store. Skin care is best bought from your tried-and-tested stores, but for other more generic items, the dollar store should be your go-to destination to make some big savings.

8. Bulk-Up

A great way to save money on groceries is to buy products in bulk, especially items which are going to be in perpetual use around the house, for example, toilet paper, sanitary napkins or washing powder. Buying in bulk will almost always be cheaper than buying individual items. Over the course of a year, buying in bulk can lead to massive savings.

9. Turn Off the Lights

Is your electricity bill always more than you wish it was? The problem might be your thermostat not being well regulated. Opt for an automatic shut-off system where the thermostat is regulated correctly. Turn off the lights when you leave a room, and turn the TV off from the mains as this saves energy. Practice conserving energy and your next electricity might just surprise you.

10. Transportation

Why not bike to work instead of traveling in an expensive taxi or Uber? Even though these are not necessarily expensive, but over a period of time, everything piles up. If you are serious about saving money and also want to fit some exercise into your day, try to walk or bike to work. If this is not possible, try biking to places as much as possible over the weekends.

Another great way to save money is to use public transportation. It is usually faster than a taxi or driving yourself. You won’t have to pay for gas or car parking if you rely solely on public transport to get you to places and back home again. Another benefit is that public transport is good for the environment as well.

11. Save Money While Hydrating

Drinking water throughout the day doesn’t have to mean spending on a new bottle of packaged water every time you feel thirsty. Invest in a reusable bottle of water which you can easily refill. To keep everything in pristine condition, make sure you clean the bottle regularly because it’s an easy breeding ground for germs.

Use these tips to practice saving and managing your finances better in 2017!

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