If the prospect of saving money has you all jittery or skeptical, join the club. According to recent studies, Americans have historically had low savings rates. Ironically enough, saving rates spike up during recessions-exactly at the times when Americans should be loose with spending.
Regardless, most Americans don’t save enough. In fact, an alarming number of senior citizens or retirees have absolutely nothing saved up. If you don’t want to end up like this, here are three quick money-saving tips you can use. They don’t take much effort and sacrifice. The secret behind all of these tips is to do them all consistently. That’s right – you have to be persistent.
Saving money for the future might seem like such an ordeal and might seem so hard to do. However, you have to remember that even the hardest rock can be carved out if you drip enough water on it. Be the water-be persistent. Your problems are like the rocks-they will give way as long as you are persistent.
Pinch some cash from every transaction
Every time you spend money, save a quarter or a small amount of change. For many people who try this technique, they usually save the change they get and put it in a jar. Keep doing this for a whole month. After the first month, keep increasing the change you set aside.
The secret to this method is to keep ramping up the amount you save. You can use a percentage or you can use absolute dollars and cents figures. Regardless, you have to stick to the plan and you will see that it doesn’t take too long to get a nice pile of cash stacked up.
Buy in bulk
While it would be a bad idea to buy meat or veggies in bulk since these items spoil, you should definitely look into going the bulk route when buying dry goods like cereals or other items that don’t spoil. The great thing about buying large lots is that you benefit from the manufacturer’s economy of scale. Most modern food manufacturers crank out product at a huge scale since this lowers their cost.
The problem is that if they were to sell their products in small lots, this would boost their selling costs. Enter the ‘family size’ packages. When manufacturers offer their products in large sizes, they cut the consumer a deal. In exchange for buying in larger lots, manufacturers give the buyer a discount. Win-Win situation.
Whether you rent or own, the moment you take in roommates, you can start saving quite a bit of money. Rent and housing costs take the bulk of most Americans’ monthly costs. Depending on your personal situation, renting out your space or subleasing can go a long way in reducing your costs, putting extra money in your pocket, or both.