There’s no denying that we’re living in financially strenuous times. With cost of living rapidly increasing as wages remain stagnant, there’s little wonder as to why so many of us are living paycheck to paycheck. While we’d like nothing more than to build our savings, there simply doesn’t seem to be anything left at the end of each month. Although setting aside money on a monthly basis may seem like an uphill battle, there’s a good chance it isn’t quite as challenging as you think. So, if you’re tired of constantly feeling like you’re in a financial vise-grip, consider putting the following money-saving measures into practice.
Make Smart Investments
Although sinking the bulk of your money into the market generally isn’t a good idea, it never hurts to have a few investments under your belt. Making smart investments can be a boon to your monthly money-saving efforts and help bolster your finances. In addition, investments aren’t limited to stocks. Investing in precious metals, like a valuable 10 oz silver bar, can prove highly beneficial to your long-term financial security.
Cut Back on Dining Out
It’s easy to see why so many of us dine out on a regular basis. After all, going to restaurants saves us the trouble of meal prep, and it’s always nice to enjoy a change of scenery. However, consistently dining out stands to leave an enormous hole in your finances at the end of each month. With this in mind, place limits on the number of times you dine out each month. For instance, going to a restaurant or getting takeout no more than once a week will make dining out feel like more of a treat. Additionally, limiting dine-out excursions to the weekends can be a great way to celebrate the end of the workweek. After just one month of cutting back on restaurant visits and takeout orders, you’re likely to be shocked by how much money you have left over.
Be Mindful of Device Upgrades
Wanting to have the newest gadgets is just basic human nature. Given how quickly various forms of technology become outdated these days, there’s considerable pressure on consumers to upgrade or get left behind. As such, many of us willingly plunk down hundreds – if not thousands – of dollar a year for new devices. In fact, it’s hardly unusual for people to upgrade pricey devices like smartphones and computers on a regular basis.
While getting your hands on the latest devices can certainly provide a rush, it can prove strenuous on your finances. Furthermore, unless you’re a diehard techie, most device upgrades are unnecessary. For example, if you upgrade to a new smartphone model annually, you’re likely to find that year-to-year updates aren’t really anything to write home about. Additionally, unless you use your computer to run technologically-demanding games, there is no good reason to purchase a new PC more than once every three to five years. Sure, it’s always fun to get new stuff, but if there’s no practical reason to upgrade, you’re essentially wasting money and perfectly good electronics.
Consider Inexpensive Entertainment Options
Keeping yourself entertained on a budget is much easier than you may think. No matter what your favorite hobbies are, you should have very little trouble sticking to a limited entertainment budget. If you love spending your nights curled up on the couch watching TV shows and movies, seek out free trials and sign-up specials for streaming services that cater to your tastes. Video game enthusiasts can snatch up big titles for a fraction of their original costs by waiting for flash sales. Additionally, if you’re a lover of the written word, renewing your library card or waiting for flash sales on digital titles can save you a princely sum each month.
For many of us, putting away money every month is easier said than done. Between bills, necessities and incidental expenses, most people are completely tapped out by the end of the month. While adding to your savings on a monthly basis can be a bit challenging, it’s by no means impossible. In fact, once you’ve gotten into the groove of bolstering your savings, putting away money each month is liable to become considerably easier. Anyone who’s looking to build a formidable financial firewall would do well to heed the tips discussed above.