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Four simple ways to save money every day

April 16, 2016

How to save money every day

Whether you are planning for a big expenditure, such as a home or car, adjusting to a new budget, or starting to contribute more funds to retirement, here are eight easy ways to save a little bit of money every day.

1. Let your budget guide your daily spending

This is a straightforward tip, but if you haven’t created a budget yet, you should make one. Download our budgeting spreadsheet to help get you started.

2. Make your own coffee and lunch

Sure, a morning coffee is a necessary indulgence for some. But, have you ever considered how much you might be spending each month on small expenditures, such as coffees, snacks and pick-me-ups throughout the day? If you buy a $2 coffee every day at work, you could be spending over $2,000 a year on cups of coffee alone. You will be surprised to see how much you save when you simply begin planning meals, especially lunches, in advance and start making a pot of coffee and snacks at home before work.

3. Lengthen your buying process by a day or two

Goodbye, compulsive purchases! The 24-hour rule is simple: after you decide you want to buy something, wait 24 hours before swiping your card. Many purchases are emotionally-driven - in the moment. By pausing to consider the purchase and whether or not you really need it, you reduce the likelihood of overspending and buying things that you will later regret having.

4. Invest in good quality over quantity

Although you may spend more on good quality items in the short-term, you will be less likely to replace them on a frequent basis. This is especially true when it comes to electronics, appliances, clothing and accessories. In many cases, investing in the best-quality products that you can afford will help you leverage their cost-per-use and end up saving you money in the long run.

Do you have specific financial goals? Let these goals inspire you to save, and keep referencing them to make sure that you’re staying on course. If you went out more than usual last month, you should try to make up for it next month by spending less on restaurants and entertainment.