5 Steps to Take if You Want to Save Big Bucks
by Gina Onyiuke
Are you earning less than you’re spending? Do you have a bank account that suffers from more overdraft fees than you’d care to admit? You just may have a bad case of the Jonesitis. What’s that you ask? Well, it simply describes the process of living beyond one’s means.
“Well, it simply describes the process of living beyond one’s means.”
Other symptoms include escalated breathing at the sight of trending clothing that ultimately leads to its purchase, the conquest of every latest iPhone device, credit card debt that’s a constant struggle to pay off, and a paycheck that disappears almost as soon as you receive it. Worry not; you’re not alone.
Living paycheck to paycheck is no joke, and unfortunately, because so many of us are caught in this deadly cycle, it’s no surprise that you too have fallen victim. But does it really have to be that way? Here are some easy-peasy baby steps you can take daily that will bring you closer to financial freedom.
1. Share Subscriptions & Cell Phone Plans: Streaming services like Netflix and Spotify have account options that allow multiple users to watch or listen simultaneously. Why not grab a friend or two, join forces and save $$$. Apply this same concept to your cell phone bill by staying on a family plan. You could even consider establishing a plan with a group of close-knit friends. With everyone contributing to the overall bill, you’ll be sure to save tons.
“Often, the only difference between the two is marketing and branding.”
2. Shop Smart: Budget accordingly by creating weekly plans based on your local grocery’s ongoing sales. Be sure to compare stores to ascertain who has the better deal. Also, instead of reaching for the name brand items, buy the generic version. Often, the only difference between the two is marketing and branding. Finally, buy daily consumables in bulk when they’re on sale. You’ll get an immediate return on your purchase and you’ll save in the long run.
3. Procrastinate Properly: Procrastination is generally viewed as a bad habit, and unfortunately, it’s one that we all exhibit one time or another. Why not put the skill to good use? See items you want? No prob. Place them all in your cart, but postpone purchasing them until the next week or so. If you get into the habit of waiting to buy things, you’ll find that once the initial excitement wears off, you’ll be more likely to get items you actually need rather than the ones you want.
“If you get into the habit of waiting to buy things, you’ll find that once the initial excitement wears off, you’ll be more likely to get items you actually need rather than the ones you want."
4. Sell Your Old Stuff: If you’re really set on investing in those trendy booties you saw the other day, consider coming to a middle ground of sorts. For every new item you bring in, get rid of two items you already own. Look into your closet and you’re bound to find a number of pieces that you no longer care for. Sell those pieces on sites like Ebay, Poshmark, and Amazon. This way, you’re ridding yourself of unnecessary clutter, making room for any new items coming in, and making money! A total win for you on all accounts!
5. Be A Shopping Superstar: If we’re being realistic, you’re more than likely going to spend money on clothes and such that you happen to want. Fine...do it, but be super wise about it. That means always looking for coupon codes before making a purchase, exercising patience by waiting to take advantage of sales, and shopping off-season to get great deals. In addition, if you’re not using a site like Ebates to get cash-back on your purchases, what are you waiting for?
Your turn! What are some steps that you’ve taken or are considering taking to achieve financial freedom? Share your tips below in the comments!