Small Changes You Can Make Today to Save You Money in the Future

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It might be hard to find someone who doesn’t want to save money, but there are people who love spending money just as much as they love saving it. So how can you find a healthy balance between the two?

You still need to spend money on things necessary for living (i.e., food, water, housing, utilities, etc.), but it’s also important to treat yourself and indulge sometimes. Here are a few things you can do to save money, while still allowing room for some luxuries.

Make a Budget

The best way to keep track of where your money is going is to create a personal budget. Make a list of all of your expenses, from bills to luxuries, then decide which luxuries are absolutely necessary, and which ones you can go without— separating your wants from your needs. All of this should be taken into consideration with your income.

Another great way to help manage your expenses is to look at any monthly services you’re paying for. Can you cut out some of these services, or at the very least, can you downgrade? Even just downgrading to a lower monthly payment helps lessen your expenses. 

Put Money into Savings Regularly

Whenever you get paid, put a portion of your check into a savings account. This can be as little as $5.00 from every check, or even $100.00 from every check.

The amount you choose to put into savings all depends on what you’re able to afford from each paycheck. This can be done by automatically having a portion of your check deposited into your savings account, or you can manually do this yourself.

A savings account is also beneficial because most banks allow you to earn interest if you never pull money from it.

Spend to Save

This may sound counterproductive, but it’s one of those things that will save you more money in the long run. Utilities are a part of paying bills, and that’s money spent that can’t be avoided.

The best way to counteract this is to reduce the amount of money you’re paying for certain utilities. This may be a little harder if you’re renting, but if you have your own home (or if you’re able to while renting), invest in smart home devices.

Smart home devices can save you tons of energy, significantly cutting down on your electric bill. Devices such as smart plugs, smart thermostats, and smart lights all cut down on the amount of power you use, while smart sprinklers and smart toilets decrease the amount of water you use.

They cost more initially but save you more long-term.

Implement the 30-Day Rule

Even if a luxury is within your budget, not buying it at all will save you the most money. According to the 30-Day Savings Rule, when you’re about to make an impulse buy, hold off on buying the particular item for 30 days.

If you still want it after 30 days, then it’s okay to purchase it then. This only applies to luxury items, since items that are necessary can’t always be put off that long— plus they’re necessary.

Get a New Car Insurance Quote

Car insurance is another necessity (unless you live in Virginia or New Hampshire), but it’s another thing you can cut down on. Comparing insurance quotes is a great way to see if you’re overpaying for car insurance.

You’ll still want to get good coverage for your car, but comparing quotes can allow you to see if you can get the same coverage for a lower price— and most times, you can.

Saving money doesn’t have to be a hard task, and there should still be some allowance for fun and luxury. The key is to cut down on unnecessary costs and control any impulse spending. Before you know it, you’ll have created a healthy spending habit.

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