Guest Post About Making Lifestyle Changes.
Your lifestyle is one of the biggest contributors to either financial success or failure. To that end, Amy Nickson has contributed a great article about some of the changes you might think about making to save more money. But I’ll let Amy take over. . .
Today’s post is contributed by Amy Nickson, a passionate writer on finance. Amy is a professional blogger whom has started her own blog and also works as a contributor for the Oak View Law Group. Please share your opinions by commenting below.
5 Lifestyle Changes to attain Your Money Saving Goals
If you are getting frustrated thinking about where your money is going, then you need to review your daily expenses that are costing you dearly. The moment you get up in the morning to the moment you go to sleep, there are seemingly endless things that you can’t live without. And to have those things, you need to spend a bit of money every day. Thus, your life becomes expensive day by day.
For most people, funding the daily necessities is becoming difficult. They have started living paycheck to paycheck and fail to save at least 10% of what they earn in a month.
Due to lack of savings, people aren’t able to meet their long-term financial goals. They even fail to secure their financial future (retirement).
The impact of leading an expensive lifestyle and not saving enough can create financial havoc in your life.
However, without wasting your time on explaining the financial dangers, I am sharing some ways that can help you save a significant amount every day, so that you can put that money into your bank account.
The most effective ways that can help you immensely to save money is considering lifestyle changes. No, I am not telling you to consider a cheap-skate lifestyle. I want you to consider lifestyle changes to save money. Some changes that will let you spend money more meaningfully. In turn, you will notice a positive impact on your financial health.
What lifestyle changes should you consider to save more?
1. Cut down the money sucking addictions.
Having an addiction to smoking, consuming alcohol, and drinking espresso is a personal choice. I don’t want you to judge by telling “Why are you nourishing these habits?”. All I want you to understand is, having any addiction is costing you dearly. Saving money can be solid motivation for people who want to quit any kind of addiction.
How to stay motivated while cutting down addictions.
Do some simple math. If you smoke a pack of cigarette every day, which costs you $6, then quitting smoking can help you save $42 in a week.
See the greater impact – Quitting smoking can help you save $42 x 52 weeks = $2184 in a year.
The add-on benefits are, you can save money on long-term medical cost by assuring a good health. You can also save on medical insurance premiums.
So, instead of consuming alcohol on daily basis, you can drink occasionally to save money.
I have an easy solution for people who are addicted to Starbucks coffee. Instead of buying an expensive cup of coffee every morning, buy a pack of Starbucks coffee and prepare your own. You will find ample of DIY coffee preparing tips that will help you to prepare your coffee, which tastes the same as Starbucks. Give it a try, and let me know your experience!
2. Pay only for channels you watch.
Cutting the cable connection can save you a good amount of money. The cable operator charges you about $60-$150 for almost 200 channels that you never watch. I can bet on it, you have only 6-7 favorite channels that you watch in your spare time. So, why should you pay $150 for channels that you don’t watch at all? Cut down those channels and keep only those that you watch and pay for them.
3. Stick to one car.
Many people keep multiple cars; they prefer to keep cars for every family member. Needless to say, they are wasting their hard-earned money.
You have to know that car value depreciates with time. Thus, if you think that investing money in cars is a good decision, then you are wrong. You will get a lower price on the cars than their original price if you sell them.
On the other hand, cars are real money suckers; you have to spend quite a bit on their maintenance. If you stop taking care of the cars, they may break down shortly. So, it will be better to keep one car in good condition instead of having multiple cars.
By doing so, not only you can save money on maintenance, but you are saving insurance premium costs too. If your work place is near your home, try to travel by public transport or a bike instead of a car. Both your wallet and health will thank you.
4. Start living a minimalist lifestyle to avoid financial worries.
Who wouldn’t love to be a person free from financial worries? Often people make financial mistakes that can certainly lead to a debt disaster. Living with huge debt can make your financial life hell. People love to live a lavish life; they hate to save money. Many times, people don’t make payments on their monthly obligations. Thus, they fall into debt trouble. However, falling into debt is easy, getting out of it is not so easy.
If you want to live a peaceful financial life, the first step you need to take is to live a life within your means. You have to spend less than what you earn. Moreover, you have to spend your hard-earned dollars in a meaningful way. Once you start living a simple life in a frugal way, you can soon start saving more. Thus, you can get back on the right financial track.
5. Grow and cook food on your own.
You can trim your grocery budget by growing, in your backyard, some veggies and herbs that you get at a higher price in the market. I am not insisting you to devote all your time for growing your own veggies.
In addition to this, having enough space for growing vegetables can be a major issue. However, some useful herbs like chives, lettuce, basil, thyme, mint, rosemary, coriander, and sage can easily grow in your home garden or in hanging pots. You can also grow tomatoes, radish, cucumber, eggplant, and beans in pots.
On the other hand, eating restaurant food and convenience food on a regular basis can cost you dearly. Since many people don’t carry lunch to their workplace, they have no choice but to visit a restaurant to eat. Some people claim that they are too busy to cook food at home. Thus, they prefer to eat at restaurants or processed food all the time. But beware! By doing so, you are not only losing money, but also inviting major health issues.
How can you reduce eating restaurant meals and processed food? Follow some simple tricks:
- You need to plan your meals first. Write down a meal chart for the week and try to cook a large portion of the meal. Then, you can eat the pre-cooked meal for the entire week.
- You can cook at night and store it in the refrigerator. In the morning, just brown bag it to the office.
- Keep your meal simple and rotate it. Doing so, you don’t have to devote time to plan the breakfast, lunch, and dinner.
- You will be able to eat homemade food without wasting money on costly restaurant and processed food.
Embracing lifestyle changes has many benefits. However, it is important to make the changes slowly. If you want to change your current lifestyle drastically, you may soon lose motivation. Remember, adopting a lifestyle to save money doesn’t mean you have to deprive yourself. You just need to set aside a certain amount of what you earn. It is said that saving at least 25% of the monthly income is necessary to secure the financial future. If you can do that while maintaining your current lifestyle, then you are already on the right track. So, no need to make changes in your lifestyle!
Remember, I am inspiring you to make changes in your spending habits to help you get a secured financial life and less financial stress. If you overdo it, you may feel stressed out. So, take small steps and adopt a lifestyle where you can get both financial peace and happiness.
Thanks Amy. There are some great points in there. I like the tip about making the changes slowly. It seems easier if you can change gradually.
What about you? Can you implement some lifestyle changes to save more money?