Saving money doesn’t have to be complicated. Here are four easy changes that you can make that will stop you from wasting your hard-earned dollars:
1. Choose a Line of Credit
Borrowing funds can be tricky. If you pick the wrong borrowing method, you could end up owing a lot more than you expected and get trapped in a stressful cycle of repayments. You don’t want this financial solution to completely backfire.
This is why you should always make sure you can afford a loan before you apply for it. A line of credit by CBW Bank offered through CreditFresh could be the right option for you if you need some extra funds to take care of necessities or unexpected emergencies. Repayments are based on the balance, not the total credit amount.
The best part is that you don’t lose out on your account when you’ve finished the repayments. That credit is still there when you need it. It could be a reliable safety net for you.
2. Pay with Cash
It’s easy to overspend when you’re using plastic. Whenever you shop, you swipe it and then forget about it. You don’t have to acknowledge how much you’re putting onto the card until your next bill.
With cash, it’s much harder to be unconscious of your spending. You will notice when you’ve gone too far because your wallet will be empty, and you’ll have nothing else to use. You’ll be more careful about your money when you can watch it disappear.
3. Brew Your Coffee
Buying a coffee to go is a small expense. The average cost of Starbucks coffee is only $2.10 for a grande (medium) cup of brewed coffee. The prices go up when you complicate the drink order — a grande latte is $3.65, a grande mocha is $4.15 and a grande caramel Frappuccino is $4.45. The problem isn’t the cost of a single drink, it’s the daily habit.
To save yourself some money, you should brew your coffee at home. If you’re craving your usual orders, you can follow tutorials on how to make your favorite Starbucks drinks at home. You can easily whip up everything from spiced lattes to sugary Frappuccinos in your kitchen.
Follow this DIY habit with other simple drinks and meals. If you can easily cook it at home, you should do it and save some money.
4. Stop Window Shopping
Window shopping encourages you to make impulse purchases. If you want to keep money in your wallet, you should stop going to stores and walking through the aisles “just to look.”
The same goes for online shopping. Looking through Instagram ads and exploring the merchandise for e-commerce stores will be just as bad for your budget. If anything, digital window-shopping is riskier because the stores are always open and it’s all too easy to click a few buttons and charge the transaction straight to your credit card. If you’re having trouble breaking the habit, take a look at what money experts say to stop online shopping for things that you don’t need.
Follow these tips and see what a difference they make to your finances. You’re sure to see a big boost in your savings.