How to Save More Money
If you want to live Your Optimal Lifestyle, you are going to need money to pay for new experiences and have fun along the way. This week we are giving you tips to save more. Money is apart of everyone’s life in some form or another. To pay for your phone, internet, rent, food, car, or vacations.
If you spend all your money each month you won’t be able to save more or do certain things you want to do. Therefore, understanding how to save more is important. If you are interested in learning more about money, please stay tuned for our latest book Optimal Wealth. This will be released before the end of the year in 3-formats.
In it we discuss all the basics about breaking the paycheck to paycheck cycle while you create a healthy relationship with money. We also include valuable worksheets to help get on top of your financial future for good!
3 Ways to Save More
1. Track Your Spending
2. Eliminate Bad Habits
3. Lower Bills
Track Your Spending
If you don’t know how much you are spending how do you know how much you can save? It would be like having a car without a gas gauge. How would you know when to fill up, if you don’t know how much further you can drive?
Tracking your spending can be done in several ways but the basics is to know how much you earn each month vs. how much you spend.
Calculate your earning per month. If you earn $5000 per month from you job and spend $4000 on bills and necessities, you will have $1000 leftover to play with.
To get accurate about your spending you want to track it all for about 3-months. Spending can fluctuate for different items and things that come up. You want to be clear about what your monthly average spending is.
Once you track how much you spend you can understand and see exactly where your money is going. Allowing you to see if your wasting it or where it could be better spent.
Eliminate Bad Habits
By this we mean to get rid of poor spending habits you may have. Are you struggling to save money, but are spending $6.50 a day on Starbucks? Noticing these habits can help you to save a lot more. It could be shopping for clothes, eating out all the time, or blowing it on partying each week.
Whatever your bad habits are you must become aware of them, then create a plan to transform them into good habits. If we take our previous daily coffee example above. You can cut down to only 2 Starbucks coffees a week. Making most cups at home before work can help you save over $30 a week or $120 a month.
If your poor spending habits consist of spending a lot more than a cup of coffee maybe you can be saving hundreds or even thousands more per month?
Take a look from the outside of your life and figure out where you can stop being so reckless. This can help increase your monthly savings in no time!
Lowering bills will put more money in your pocket. To do this, go over any recurring bills you have each month. This can come from cell phone, internet, T.V., subscriptions, memberships, passes, or anything else.
Once you have a list of bills you pay each month note how much you pay for each one. Next, do some research online or call to talk to someone in person. Look for promos and specials, these are usually offered throughout the year.
Most long-term customers will get lowered payments with bigger companies if they ask. A bit of research for each company can help you save hundreds each month.
I have done this for both my cell phone and internet plans. Cutting both plan prices in half. Saving me thousands of dollars a year alone. It should only take you about 10-15 minutes online to see what current promos are going on with that company.
If your having trouble getting a better rate threaten to cancel and move somewhere else that offers a better option. Moving to a different company has never been so easy and hassle free as it is today.
Saving more money can be tough if you don’t know exactly where it all goes. Therefore tracking your spending, eliminating bad habits, and lowering bills is the key.
I have no doubt you will be able to save hundreds of dollars a month. Putting this newly found cash to bigger goals like an emergency fund, retirement fund, house, car, education, or vacation would be amazing.
Stay tuned for the release of our next book-Optimal Wealth. Check back next Monday for a new blog to help you live Your Optimal Lifestyle.