Budgeting and saving money is the only way to achieve financial success and reach your personal financial goals. While working out the basics of your budget will save some money, it is possible to save more if you follow a few simple keys to make those every day purchases more affordable.
Buy in Bulk
While buying items in bulk might seem more expensive when you make the purchase, it ultimately saves money. For example, if you buy two tubes of toothpaste in a pack for six dollars, but one tube of toothpaste is four dollars when purchased separately, you end up saving two dollars when you next need toothpaste. Though two dollars might not seem like much, when you buy most items in bulk the savings add up by the end of the month.
Make Coffee at Home
Buying coffee while you are out of the house is usually an expensive venture. In fact, buying coffee beans and making it at home will give you several cups of coffee for the same price as that one or two cups purchased in the café. Instead of buying a cup of coffee at the café, make some at home and take a travel mug to take it with you. The savings will add up by the end of the year.
Getting up in the morning and going to work is often hectic. Making your lunch and taking it to work might seem like more effort than it is worth, but it can result in saving as much as $80 to $100 a month in the end. Buying a lunch for four to five dollars a day adds up quickly and making a lunch only costs the amount of the supplies, which are typically much less than the purchased lunch.
Going to the grocery store often adds up if you do not create a list before shopping. The reason it adds up without a list is due to the fact that you are more likely to impulse buy rather than buying only what you need. For the best results in cutting back on your grocery expense, go to the store after you’ve eaten and when you only have about an hour. Having a time limit and not feeling hungry will further cut the impulse spending.
Buy Generic Items
Buying generic means purchasing the store brands rather than buying the name brands when you select purchases. In general, a generic brand is much less expensive. This is particularly true of over the counter medicines, which are equally effective against the illness. In the case of foods, you’ll want to try out a few items before determining which have the same taste and which you do not like the taste before switching.
Saving money does not mean you need to make major sacrifices. Instead, shopping smarter and limiting those extra luxuries to an occasional status will give you more money in the bank.
David Spader writes about the best saving accounts over at SavingsAccount.org. His recent review looked at the best CD rates.
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