Was one of your New Year resolutions to save more money in 2015? After the holidays most people's bank balances are suffering, but the New Year can be a great time to get hold of your finances and put some money aside.
Check out 10 things you can stop doing to save more money.
1. Stop spending without saving
If you spend a lot of money on one thing, from taxis to coffee to shoes, try using it as a spend and save item. Every time you splurge on your treat, put the exact amount in a savings account too. The best part is you don't have to give up your vice, but you make savings every time you treat yourself.
2. Stop shopping without grocery apps
There are various apps available that will help you save money while you do your weekly shop. Try Checkout 51 and Shopmium, apps with special deals and offers. Once you've bought your items, take a picture of the receipt and both apps will refund you on any deals you bought.
The savings may only be a couple of dollars, but with every grocery shop you do the money will add up.
3. Stop buying lunch for work
Most people buy their lunch for work to save time, but making your own will give your bank account some serious relief. Store-bought lunches are often much more expensive than the home-made alternative, and over a year the prices can really add up. Save yourself money every week by making your own to bring in with you.
4. Stop buying coffee daily
While many people feel faint at the idea of tackling a working day without caffeine, switching to the coffee in your kitchen can save you some serious money. Buying one coffee a day may not seem like much, but it adds up over the year.
Try getting your caffeine fix before you leave the house, and taking a Thermos or bottle of tap water with you for the day to cut down costs.
5. Stop spending your wage impulsively
Even though it may seem difficult, most people can afford to put a little money aside each week. From $3 to $30, the amount will add up over 2015 and could put a serious dent in any debt and bills you have at the end of the year.
Keep your savings in a jar or envelope in a visible place in your house, so you remember to keep adding money to it every week.
6. Stop using your bank card
If you take out money at ATMs throughout the week, you could be spending more than you actually need to. Try working out exactly how much money you need at the beginning of the week, then take it all out and don't use your card again. This can stop overspending on unnecessary luxuries such as taxis and snacks.
7. Stop spending so much on going out
Going out is a great chance to socialize and let your hair down. However – food, alcohol, taxis, tipping – the truth is that going out is often pricey. Take one week a month where you stay at home and save some money. Invite your friends around for a movie marathon and you will barely even notice your bank account is taking a rest.
8. Stop letting money flow away without records
Take a week where you write down how much you spend each day, and what on. This is a great way to know exactly how much you spend a week, and if you are spending any money you don't need to. If you get buses regularly, work out if it would be cheaper for you to get a bus pass. Ask yourself: did I buy anything this week that was a waste of my money?
9. Stop choosing your dinner before you make it
Food can be cheap when you eat at home, but take-out and restaurant costs can more than triple your food budget. Try planning your meals and shopping for the ingredients at the beginning of every week to deter yourself from ordering in.
10. Stop guessing and start calculating
People often struggle to save when they don't know exactly what they are saving for. Do you want to buy a house, a car, or pay off student debts? Focus on your goals and what you personally want to achieve. When you know what you're saving for, work out exactly how much you need to save, and how long it will take you to do. Good luck!
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