How to save money like a responsible adult
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If you are looking at your bank account and feeling so much guilt because you should do better with your finances but time and time again you fail yourself I am glad you are reading this post on how to save money like a responsible adult.
I am sure you are ready for a change, but making a change that actually sticks can be quite difficult.
Perhaps you’ve got financial goals that you wish to achieve, maybe debts that are stressing you out that you wish you can start getting rid of if only you can get a hold of your finances.
A good financial goal begins with learning how to save and cut down on your expenses. If you do not learn to save, even if you increase your income, your expenses will increase as well.
Without further ado, here is how to save money like a responsible adult.
Little habits that drain your Pocket
1. Eating out
Whether you are eating out a lot out of convenience or because you have a great social life and are always hanging out with friends, eating out is one of those expenses that sums up to a lot without you even realizing it.
This is because the individual price you pay per meal might not seem like much but you are likely to underestimate the frequency of it.
If you don’t think you spend much eating out, try documenting your expenses for a month. I am sure you will be amazed by the result. And if you already knew you spent much eating out you will probably still realize it was more than you thought.
2. Unplanned Shopping
It goes without saying that shopping a lot isn’t a good financial habit especially if you are looking to save but this doesn’t mean you have to cut it out completely.
The shopping habit that is the most detrimental to your finances or ability to save is the one you have not planned for. These expenses are not monitored and it is so easy to go overboard.
It could be that you are out with friends and you decide to make a quick stop at a store. You see something nice that is probably on sale and you decide to pick just that one thing up, but then you see something else with a really good deal. You then find yourself coming back home with much more than you intended to get.
Does this scenario sound familiar?
If you want to take saving seriously, you will need to tackle your unplanned shopping habits.
3. Subscriptions
I have always felt that subscription companies that give free trials play a trick on us. Although having a taste of what a product or service is like before paying for it is a good way to not waste money, so many people fail to or forget to cancel their subscriptions to services they don’t need or use anymore.
Some subscription companies make this process a lot more difficult than subscribing to discourage you from unsubscribing. So make sure you search online if there are reviews of people struggling to cancel their subscriptions before you sign up for a service.
Another downside to subscriptions is that most people are subscribed to multiple services that add up to a significant amount in the end.
4. Pricey coffee
I know how important coffee can be for coffee lovers. And, when you find that brand that makes one that appeals to your tastebuds, it can quickly become a daily necessity.
Buying fancy coffee every day when you are trying to save can reduce the potential of how much you save.
I am by no means saying you should cut out buying coffee completely, you can find ways to compromise how often you buy it and look for recipes you can make at home that you also enjoy.
5. Taxi fare
Although taxis are one of the most convenient means of transport, they are usually more pricey.
If you find you take taxis quite often, try documenting for a whole month how much it amounts to. You will most likely be surprised by the amount that costs you.
See if you can find a more affordable transport option to save more money.
6. Takeouts
If you have a very busy schedule that makes it difficult to cook regularly, it is easy to rely on takeouts for your meals and these can add up to a pretty penny at the end of the month.
A good way to ease this expense is to meal prep during your weekends or days off. It is a great feeling to come home after a stressful day and know that your meal is already sorted.
7. Social activities and hangout with friends
With how expensive things are these days, it might seem as though you can’t have a decent social life and be frugal with your money at the same time.
Hanging out or going out with friends often can easily add up to a lot of money and barely leaves anything for you to save.
Suggest less expensive activities to your friends when you need to hang out and cut down the outings to once in a while.
8. Trips
Trips and vacations are usually the only time a lot of people get to relax from the strenuous activities of working all through the year and reward themselves for all their hard work.
Travelling is usually quite expensive and if you are in need to save money urgently, putting a pause on going on trips will be a great way to save more money.
Some habits that will help you save more
1. Save on groceries
Groceries are an expense that we should prioritize always. The fact that we are trying to save money shouldn’t mean that the quality of our diet should suffer.
However, there are ways you can still eat quality meals while still cutting down the amount you spend on groceries significantly.
One major way to do that is to buy foods that are in season in that period. Foods are usually much cheaper when they are in season. By taking advantage of seasonal foods you can still eat wholesome meals for less.
Here are other ways you can save on groceries.
2. Eat at home more often
You can save a lot of money by eating out less often and reducing the amount of takeouts you get.
Meal prepping is an excellent way to reduce how often you eat out. You can find easy recipes you can make during your weekend and pack them up and refrigerate them.
You don’t have to prepare all the meals ahead of time to benefit from meal planning, you can just prepare the ingredients and pack them up. That way all you do is add them up easily and your meal is ready.
You can see more tips in this post on meal planning in a way that you can stick to.
3. Cut down your bills
You can increase your savings by finding little ways to save on bills. There are little ways you can cut down your usage significantly that may not seem like much initially.
You might have to make a little lifestyle change to achieve this, but it will be worth it.
Saving the extra money would add up to something significant before you know it.
4. Cut down your Subscriptions
As I mentioned above, subscriptions are one of those expenses that can easily drain your money without you even realizing it.
If you don’t believe me, go through your bank statement and calculate the total amount of money you spend on subscriptions per month. I am pretty sure you will be surprised.
Go through your subscriptions and see which ones are the most important and bring you value for your money and unsubscribe from the rest that don’t.
5. Find a more affordable means of transportation
Sometimes the most affordable means of transportation is the least convenient. It is great to find a balance between convenience and cost.
Plan your activities so you have enough time to get to where you are going so you do not need to take taxis often.
6. Do more fun activities with friends that cost less money
Outings and going out often can cost you a lot of money. Suggest less expensive fun activities the next time your friends want to hang out.
Some cheaper alternatives could be picnics at a park where everyone can bring what they can afford or you can organize a games night at your place.
Here are some ideas for less expensive activities you can do with your friends.
7. Postpone your trips
Depriving yourself of a trip you want to go on might sound disappointing when you need to save money but you can look at it in a different way that you are postponing the trip until you are in a better place financially.
Trips are usually a major expense, if you need to save money, postponing your trips can go a long way in saving more money.
8. Downsize
If your expenses are so much that you are struggling to save money, consider downsizing.
You can move to a smaller place that cost less rent and less money to maintain or move closer to a place where you don’t need to commute as much.
Cut down on excesses that you indulge in and focus on the most important things.
How you can save money fast
1. Automate your savings
Being able to save usually involves a lot of discipline and consistency which we often struggle with.
Putting a little money away each month consistently no matter how little is more effective than saving chunks of money occasionally.
A good solution to help you save money consistently will be to automate your savings. I recommend using a financial app like Revolut that automatically takes that specific amount from your card to your Revolut saving account.
2. Sell off some of your stuff
Look around your home and see if there are things you can sell to make some extra cash. It can be clothes that don’t fit you anymore or that no longer fit your style.
You can sell anything that you no longer need on eBay or Facebook marketplace. This can also help you clear up your clutter and free up space in your home.
3. Limit expenses to necessities
Cutting your expenses down to just necessities is a great way to save more.
If an expense is not important or you consider it a luxury, let it go for the time being until you meet your savings goal or get to a more stable place financially.
4. Save in a group
If you have a group of friends that you trust and you guys have similar financial goals, you can make a plan and save together and keep each other motivated.
This way you can benefit from friends that are more financially disciplined and eventually learn to be more disciplined yourself.
5. Find ways to make extra money
Increasing your income increases the amount of money you can save. There are so many ways you can make extra money online working with your free time.
You can even create an online business that can go on to replace your main income and lead you to financial freedom.
Conclusion
There you have it! You have made it to the end of this post on how to save like a responsible adult.
I hope you find some of these tips useful and that they help you be more responsible with your spending and help you create an efficient saving habit so you can reach your financial goals.
