Saving money was underrated for a long period of time, and in some ways unnecessary since things were moving financially stable. Come 2007 we were hit with the financial crisis, where essentially the bubble burst for the great majority. We have been dealing with the consequences ever since, and more and more people have run up further debts in order to redeem their financial situations and continue living the same lifestyle they were before the fallout.
Though it is attainable to live a similar lifestyle, it is probably no longer realistic to continue living the same life as before, mostly due to money being tighter and also being worth less. So how can you save money and live a stress free life without working insane hours? That’s right, through reading this article. Here are three tips in order to help you save money, and prospectively live a happier, stress free life, with a view to the long term where you should still be able to afford some of the luxuries you might have to give up initially!
Sell your car if possible
The running cost of most cars is through the roof. There are numerous different expenditures associated with running a car, all of which can be alleviated to some extent even if it doesn’t mean doing something as drastic as giving up your car all together! The opening point was meant more for shock value, where the importance of spending on your car is probably not as vital as first viewed.
With many alternative forms of transport available, you can walk, cycle, and take public transport like buses and trains; all for relatively cheap. Some are in fact free, because oblivious to some people, walking will actually cost you nothing! By utilising alternative forms of transport, not only are you reducing your overall stress burdens associated with traffic and driving generally, but you also reduce the costs to fuel your car, and pay all the other hidden charges that come with keeping it.
At the very least, only use your car when absolutely necessary, and this way you’ll find yourself saving in no time. Even reducing the amount you spend on your car by ¼ can be highly significant, so please do bear this in mind no matter how much of a petrol head you are!
Make a financial record of spending
Many of us will spend as and when we see fit, acknowledging that times are hard and spending less, but not gaining a true appreciation of how much needs to go out each month, and how much is coming in. By staying organised and keeping a record of this, you can greatly reduce the stress associated with paying bills each month, and most importantly you can find different elements of your spending where there is room for reductions. The things you spend the most on will probably give you opportunities to cut back, where initially it may be necessary to strip costs down to the bare minimum.
Though this may result in living slightly worse off, remember it will only be for a short period of time. By staying organised and reducing your spending to a stage where you have expendable cash each month, you can begin to save and return to the point where you have spare cash to spend as you see fit.
Go out less
This may seem obvious, but it is actually a very good opportunity to save money. Places where you go out to eat and drink are very expensive, and you can have equally as good of a time by staying indoors and inviting friends round!
Hopefully these tips will be of help to you.
Author Bio: Darran Jackson is a regular contributor of money saving tips and debt advice.