Investing Basic

Seven secrets to Saving Money

Saving money doesn’t have to be a difficult task – in fact, it can actually be quite easy… you just need to know the secrets to it.

Take a packed lunch into work

If you’re one of the many workers who buys their lunch at work – STOP! Have a think about how much it is really costing you. Let’s assume you pay $7 a day for your lunch, and assuming you work 240 days of the year, that’s $1,680 spent on your midday appetite… staggering isn’t it?!

So, go to your local store, buy a loaf of bread (for less than $1) and some sandwich filler (about $3 for a week’s dining) – and there you have it, it’s not as exciting as buying your own lunch, but it works out at $0.80 per working day (that’s just $192 a year)!

‘Grow your own’

Instead of buying herbs, fruit and vegetables from the supermarket – grow your own. This will save you loads of money every year and is actually quite fun too.

Don’t try to ‘outdo’ your neighbors

Your neighbors have just bought a new TV… what do you do?

Do you:

a) Buy a TV that’s better than theirs?

b) Keep the TV you’ve got and save the money?

For those of you who answered ‘a’ – think again! You don’t need to outdo your neighbors just because they’ve bought something new. Unless you really need something replacing, don’t waste your money just to ‘look good’ and keep up with the trends.

Drive more economically

We are all guilty of speeding every now and again – but did you know that driving just 10mph over the speed limit can increase the cost of driving considerably?

For example, if the speed limit on a road is 70mph, and you drive at 80mph, you are (on average) using an extra one liter of petrol for every 20 miles you drive (or an extra 25% of fuel) – which, if you do around 5,000 ‘highway miles’ per year, could add around $370 to your annual fuel costs.

So, is it really worth it? Getting to your destination 5 minutes earlier for $370 a year… why not just set off 5 minutes earlier?!

Shop online

There are plenty of online stores where you can do your grocery, electrical and other kinds of shopping. The advantage of online shopping is that you avoid the impulse buys like sweet treats and magazines near the cash registers and have your products delivered straight to your door – what more do you need?

Cut your own hair

Instead of paying for expensive trips to the hair salon, buy your own pair of hair trimmers and cut your own hair (or get a steady-handed member of your family to do it for you).

Ok, so you will have to pay for your own set of hair trimmers, but think of this as a long-term investment – because it will save you money over time when you’re not paying for trips to the salon.

Repair things yourself

Garage door off its hinges? Boiler on the blink? Weather damage to your roof? Whatever problems you encounter in (and outside of) your house, try and repair them yourself and save money. Calling a professional out for absolutely everything that goes wrong will cost a fortune, so unless it really does need a qualified technician (gas/electricity work, for example), do it yourself!

This article was written by Compare Bank Accounts. Click here to visit their website and compare bank accounts.

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