With the cost of living now on the rise, finding ways to save money is most likely high on your priority list right now. Cutting back on expenditure isn’t always about making huge changes but just simple sacrifices that make your life more financially comfortable on a day-to-day basis.
If you require some advice on the best money-saving hacks, you’ve come to the right place. We’re going to look at some of the key ways to save money that you may never have considered before. A couple of minor changes could make all the difference to your monthly disposable income:
Make your children’s clothes
If you have a bit of a creative streak and have the time to dedicate to a new project, why not consider making clothes for your little ones? Rest assured, things have come a long way since the homemade knitted jumpers you may have worn as a child. Making your own garments is not only a lasting memento to cherish but could also save you heaps of cash as your child grows.
All you need is to follow a kids sewing pattern and purchase the relevant materials suggested. You may be surprised to discover a new-found talent!
Try a no-spend weekend
Most people spend most of their disposable income at the weekend when they’re off work. It’s easy to get carried away with splashing the cash, to the point of being left with an empty bank account on Monday.
Instead, pledge to limit spending where possible and see how much you can save. Visit free museums, take a relaxing walk in the countryside or have a cozy night in with a movie. Cutting back is easier than you think – and who knows, you may even have more fun trying new things.
Quit unhealthy habits
Habits such as smoking are an ordeal and, of course, detrimental to your health. On average, cigarettes cost chain smokers almost $3000 per year, which could be better spent elsewhere or saved for the future.
It can be difficult to give up alone, so it may be best to speak to your GP to offer the best strategies to help you kick the habit once and for all.
Get out of debt
If you have taken out loans and are yet to pay off the full amount, now’s the time to get debt-free. While this may be easier said than done, it’s about finding ways to pay off what you owe as soon as possible to save you thousands of dollars in the long run.
Before you start saving for the future, aim to pay off any outstanding figures. The longer you leave it, the bigger the amount will become due to rising interest rates. To quickly pay off your debts, you could consider using the 50/20/30 method founded by US senator Elizabeth Warren.
Keep an eye on energy bills
With energy rates rising at a significant rate, the best way to cut down on household bills is to monitor your energy consumption. For example, turning off appliances that aren’t in use and perhaps choosing to hang clothes on the line as opposed to using the tumble dryer.
It may also be beneficial to switch to a fixed rate tariff that caps your monthly payment rate so that you don’t risk paying a higher fee. In the current climate, it’s far more likely that energy rates will rise as opposed to decrease, which means you could secure a good deal and gives you peace of mind that your bills won’t increase.