When it comes to saving money and furthering your financial success, the opportunities are practically infinite. It might not seem like it, but nearly every decision you make daily is a chance to save big. Something as seemingly insignificant as choosing to make you own coffee, for instance, can have an enormous financial impact over the long-term.
Here are some of those unique ways to save money during your daily routine:
Plenty of us are guilty of doubling – or even tripling – down on our paid subscriptions and services, like paying for both Netflix and cable TV. Even though it doesn’t seem like a big deal, this subscription overkill can seriously eat into your bottom line. Multiple tiny subscriptions multiplied over many months will add up fast. Instead of mindlessly paying these bills, look into the unique ways to save money by pairing down duplicate subscriptions (or eliminating them altogether).
Avoid emotional shopping
People say don’t shop while you’re hungry, but I’ll take it a step further: don’t spend when you’re emotional. Plenty of people are guilty of overspending when they’re feeling down, but you shouldn’t be one of them.
That’s why one of the unique ways to save money is to wait and take a breather when you’re frustrated. Although shopping might lift your mood temporarily, I can guarantee you it will cause even longer lasting turmoil after you see your monthly bill.
Use The 30-day Rule
You can avoid the financial regret of spur-of-the-moment purchases by practicing what I like to call The 30-day Rule. It’s pretty simple: before making a big purchase, mull it over for 30 days. As I’ve mentioned before, delaying gratification is one of the biggest tenets of financial success. You’ll be amazed at how so many “must have purchases” turn into unique ways to save money after thinking them over.
Cooking can be fun, healthy, and most importantly, one of the most effective and unique ways to save money for yourself. Often, making that same dish at your home can be two or three times cheaper than getting it delivered. And if you don’t know how to cook yet, there are plenty of free resources available online that can help you become an expert in no time.
Remember, your time is valuable
Start thinking about the time value of your money to truly get a sense of where your dollars are (and could be) going. When it comes to luxury purchases, we often don’t realize the insane amount of hours we have to work to afford them. For instance, you’d be far less likely to buy that expensive designer purse if you calculated the crazy amount of hours you spent in the office it took to afford it.
Do you know of any other unique ways to save money? I’d love to hear them!
If you’d like to learn more about achieving financial success, be sure to check out my wealth management firm, LexION Capital.