What Lifestyle Changes Can I Make To Save Money?

Different people save for different reasons, but the importance of saving is pretty straightforward. It allows you to live a more secure life. If you have money set aside for emergencies, you have a safety net in case something unexpected happens. You may also be able to take risks or try new things if you have the recommended 3-6 months'  worth of living expenses in your savings account.

While saving money is extremely important and has numerous advantages, it is not as easy as it may sound. It takes a lot of self-control, discipline, and dedication. If you want to reach your saving goals, you must make some “sacrifices” for a better financial future. Remember, if you keep postponing budgeting and creating a reliable nest egg, you are most likely setting yourself up for future, sudden debt.

Track your Monthly Expenses

Before making huge lifestyle changes, it’s necessary to track your spendings and get a clear picture of your money flow. Obviously, you need to record every dollar you spend, and there are several ways to do that effectively.

You can go old-school and use a pencil and paper to write down everything or create an Excel spreadsheet and log in all your expenses. There are also various mobile apps that can make expense tracking a breeze.

Whichever way you choose, you will still need to be in the habit of tracking those expenses, as there is little to no value in setting a budget and not watching your money. Choose the method that you feel most comfortable with and can stick to. Eventually, you will discover that the work you have done was definitely worth it.

Moving on, let’s find out what lifestyle changes you can make to save more money.

Cancel any Subscriptions You don’t Use

When a customer subscribes to a service, they are less likely to cancel it—even if they rarely use it. So, think twice before subscribing to any service in the first place.

If you already have, take a few minutes to monitor your subscriptions. You may be surprised to find subscriptions that you forgot about. Use subscription tracking tools to speed up the process. They work by reviewing your bank records and giving you a list of services that you have been charged for.  Keep only the services that you use to their fullest.

Do a No-Spend Day Once a Week

Not only will it save you a significant sum of money and time, but it will also help you gain more self-control with your spending habits. It’s a way of financial detoxing, a more psychological thing.

No-spend days can be a great way to give yourself the mental space to reflect on your spending habits and the reasons behind them. It makes us rethink the stuff that we think we need. Instead of buying new stuff, we start to think about how to use what we already have.

Eat More Home-Prep Meals

Preparing food at home is significantly cheaper, hands down. But it’s also healthier, as you have more control over how much fat, salt, and sugar you put in your dishes.

If you spend, let’s say, $15 per day on eating out, you'll spend $5,476 per year just to feed yourself. When we factor in the cost of gas to get to the takeout, the total becomes an exorbitant amount of money. By cooking at home, you could easily cut it in half.

By buying the ingredients and making something yourself, you can often make 3–4 times the amount you would get from a restaurant for about the same price. You will have leftovers, and that is something you will learn to handle; it is unrealistic to expect to buy exactly enough food to use it all up.

This can be avoided by planning your meals ahead of time. Some people plan for a few days, others for a week, and some ambitious people plan for a month. If you have a little too much of one item, you can tailor the next period's plan to use up the extra ingredient.

To sum up, being organized and bulk-prepping will save you a lot of time and money. Actively look for recipes that make nice food in a short amount of time. Also, get the family involved! Put the free labor to good use!

Wait 48 Hours Before Making a Big Purchase

Think differently. It is not about saving; it is about not spending. Do you really need it? Do you have room for it? Can it wait? Ask tons of questions before buying anything.

A desire can sometimes feel like a necessity because of all the emotions you invest in it. You visualize how much easier your life will be with that new item, how effectively you will work, or how much happier it will make you. However, taking a step back and simply waiting before making a large purchase can help you make more rational decisions.

Another tip: when you see an item you want to buy in a store, think about how much you'd be willing to pay for it before looking at the price. If the price is higher, do not purchase it.

Walk for a Happier Wallet and Better Health

With gas prices rising, more and more Americans are considering walking to destinations such as work, convenience stores, and the gym.

It’s definitely a wise lifestyle change to make for several reasons. Based on the average number of miles traveled per drive and the cost of gas, the average American could save $137 per month by walking and taking public transportation. That equates to $1,644 per year!

Go Generic

Whenever possible, buy generic products! Because of patents and advertising costs associated with brand names, generics can cost significantly less than brand names.

The Bottom Line

So there you have it: six lifestyle changes you can make to save money. As you can see, the changes we suggest aren't drastic, but they can have a significant impact on your savings and can prepare you for more changes in the future. Hopefully, this article has given you some ideas and motivated you to start saving.