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Financial goals are becoming more popular at the start of the year – it seems as though everyone has one. But that’s not a bad thing, and although sometimes it’s not a good idea, in this case, it’s great to be the same as everyone else. Saving money is the ideal goal not just now, but always.
Cutting back on your outgoings is a simple way to save money. We all know this, but how often do you really cut down on your spending? With no-spend weeks, months, and even years gaining popularity, now is a fantastic moment to do more to cut down. Read on to find out how you can do it.
Cut Your Food Budget
We spend a lot of money on food each month, with a large percentage of it going to waste each week. Why not set a food budget for yourself and stick to it? You will be amazed at how simple it is to reduce your food spending while also reducing trash. Change your eating habits to be more thrifty and discover how much money you can save.
One option is to batch cook so that some weeks you only have to buy the bare necessities such as toiletries, milk, and bread – all the rest of your meals are ready and waiting for you in the fridge or freezer. Another option is to plan ahead, so you know what each meal will be during the week. You’ll only buy what you need, and you won’t waste so much food. When you then put the difference between what you usually spend and what you’re spending with better planning to one side, perhaps allowing you to experience the benefits of a high yield savings account, you’ll be even more motivated to keep going.
Have No Spend Days
There are several websites and Instagram profiles, for example, devoted to no-spend days. These are fantastic since they provide a wealth of practical information on how to achieve a no-spend day, week, or month. If you can complete a few of these days throughout the month, your savings will grow quickly. Bring your lunch to work, leave your purse at home, and avoid the temptation to spend money on impulsive purchases you don’t need.
Again, you can swiftly transfer anything you might have spent to your savings account. After all, you were going to spend it, so you wouldn’t have it anymore anyway – it may as well be in a savings account doing some good for you there.
Stay In More
Going out with friends, family, or your partner is fun. It’s great to get out of the house and do something different. But the problem is that these nights out can become expensive; you might buy new clothes, you’ll need to spend money on food and drinks, and you might even have to buy tickets to whatever event you’re heading to. So why not make these nights out a rare treat, something you only do every three or four months, rather than something you do every month or even weekly.
Staying in is clearly a lot less expensive, but it can be just as fun. With the many streaming services for movies, TV shows, and music, games, a chance to just sit and chat with your favorite people, you can still have a fantastic time.
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