Do you remember when your elders used to buy a piggy bank for you and asked you to save money? some of us were taught to save money from an early age. Spending money for your basic needs such as food, gas, and rent are valid and unavoidable–but there are ways to lower your overall spending so can put more money towards retirement, a house, investments, or your emergency fund. Here are activities you can add to your day to help you save more money toward your long-term financial goals.
Make your own coffee in the morning.
Got a barista that knows your go-to coffee order every morning? It might be time to pay them less visits. Buying coffee every day is a ritual for many, but it is a costly one. “A plain Starbucks tall coffee will set you back $1.85,” says Marissa Zen, personal finance expert and owner of minimalist living blog Squirrels of a Feather. “Meanwhile, you can make your brew at home for around $0.16 per serving,” she adds.
You don’t have to give up your daily coffee, but you do stand to save big by making it yourself. If you’re a coffee enthusiast who wants the taste of a cafe, spring for a quality coffee machine. Personal finance blogger Jim Wang calls this the “upgrade and save” strategy—while a quality drip coffee maker or Nespresso machine might cost you more upfront, you will save more in the long run by making coffee you love at home.
If you already have a coffee maker at home and are not on the market for a new one, a milk frother, like this Zulay Milk Frother can really up your at-home coffee game by giving you the frothy, foamy goodness of a latte or cappuccino at a fraction of the cost.
Unplug energy-draining devices to save money on electricity.
Lower your electricity bill and help the planet by identifying the phantom loads in your home—aka all those devices that are idle but are still plugged in. Also known as vampire energy drainers, electronic devices such as phone chargers, computer cords, and coffee pots use up a lot of energy. Making a habit of unplugging devices and appliances when they’re not in use can save you money on your energy bill. “You can reduce your electricity bill by up to 20 percent
(around R450 a month for the average household) by using smart power cords and the energy-saving features of your devices, such as the sleep mode on your computer,” says Andrew Latham, certified personal finance counsellor.
Another energy-saving habit is to do your laundry in cold water, and hanging your clothes to dry. “You’ll save up to 90 percent of the energy the washing machine uses,” says Tanya Peterson, consumer finance expert and vice president of brand at Freedom Financial Network. “A dryer is likely the highest-energy use of any appliance besides your furnace,” says Peterson. She says savings could be R2000 or more each year depending on the model of your appliances and how much laundry you do. Unplugging your energy-draining devices every day is a financially and environmentally sustainable habit.
Track your daily spending.
Keep track of how much money you spend every day. You can use any type of budget or budgeting app that works for you to monitor your daily expenses. This can help you better identify areas you can cut back on.
“Saving money is hard if you don’t know where your money is going,” says Zen. Make sure you track every dollar that you’re spending—”even $0.50 for a parking meter counts,” says Zen. Not knowing how much money is going in and out can lead to financial anxiety—tracking your daily spending can help you get a true picture of your money and help you make more smarter money decisions on the go.
Wait 30 days before you buy.
Impulse buying is another drain on your money. Try to cut back on any impulse spending you catch yourself doing regularly. Coming up with a realistic budget you can stick to is one of the ways to help curb excessive spending on things you don’t really need.
Zen recommends waiting 30 days to buy an item, no matter how big or small it may be. “The 30-day rule can help you reduce impulsive spending and save more money as you become better at identifying your wants versus your needs,” explains Zen.
Spend some time organizing every day to get rid of any clutter or find items to sell.
Did you know your clutter is actually costing you money? Peterson says to spend 15 to 30 minutes each day cleaning out any drawers, closets, or cabinets that need some decluttering. It will give you a chance to donate or throw things you no longer use. “Once done, continue devoting the daily time (as need) to selling unneeded items online,” says Peterson. She says most people can make at least a couple hundred dollars this way. Peterson adds that decluttering and getting rid of a storage unit you’re paying for can also save you between $3 to $10 per day.
Instead of setting aside some weekend in the future for all the decluttering you need to do, breaking it down and making it a daily habit is a lot less daunting—and is a good way to get yourself to actually do it. You’ll save money and know that you use everything you own, and won’t spend money on something you might already have at home.
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