We all want to save money. With the economy being the best in decades, now is the best time to store away some of that extra cash we all are making. Here are some tips that can help you put more in the bank, than in someone else’s account. We think you’ll find these small spending habits will add up to major money on a yearly basis.
9 Spending Habits That Add Up to Major Money
On average, that mocha breve latte you chug down on a daily basis from the corner espresso bar, will cost around $5. That adds up to around $25 a week or $1200/yr.
One of the biggest costs any family will spend is on health insurance. Do some shopping and you’ll find on average you can save around $500/mo or $6000/yr just be doing some digging.
There are different kinds of Life insurance out in the market place. Their pricing varies widely. One of the easiest ways to save money is to Buy Term Insurance rather than Whole Life. The savings can be dramatic. Term insurance can cost you as little as $50/mo v Whole Life costing you $200/mo for the same dollar amount of coverage. That’s a savings of $150/mo or $1800/yr
Unless you are driving a brand new car carrying that expensive full coverage just doesn’t make sense. Put some of that money away for a rainy day and save $600/yr.
We all want the latest and greatest phone but face it, most of us don’t need all the bells and whistles that come with a $1200 phone and plan. Do some shopping and get the FREE phone with the basic phone plan for $30-$45/mo. The savings on just the FREE phone alone is $1200.
If you are like most people, you either don’t watch every channel or you don’t have time to sit around watching TV, so why pay $200/mo on cable. Unplug from your expensive cable plan and save $2400/yr.
Pack Your Lunch
Money is just going out the door if you are in the habit of eating out everyday. Pack your own lunch and save big money. How about on average $4000/yr.
Eating Out V Home Cooking
My wife and I eat out alot. So this is near and dear to my heart. That datenight could be costing you $80-$100/wk. How about pocketing some of that money by only going out once a month. That’s a savings of $240/mo or a staggering $4800/yr.
Ride a Bicycle to Work
Healthy living can pay off in a number of ways. If you ride to work several days out of the week, not only will you save in gas but you could contribute to a healthier lifestyle. Put away the keys and pick up the bike and save on average $40/wk or $5000/yr
Savings like these are only the tip of the iceberg. If you really put your mind to it, you’d find even more ways to save money that you could use for things that make more sense for your future goals. Take time this week to put together a plan to save for the future.