Business Insider has collected tips from internet users on how to save money with simple habits. Among them were unusual solutions like doing math in the store and the five-question rule.
If you add up the daily small expenses, then a decent amount will be typed in a year. Quora users shared their experiences on how to save money with a little lifestyle change.
1. Remember the difference between savings in money and interest.
A 5% off a $ 10K item is not the same as a 5% off $ 10. But our brain is used to simplifying everything and may not notice this difference. So says programmer and economist Jaap Weel.
2. Do something yourself
You can have fun learning new skills and completing different tasks. Mechanical Engineer Betsy Megas believes this approach to life is fun and economical.
3. Practice delayed pleasure
You are walking around the store, suddenly your heart skips a beat at the sight of some product. This is love at first sight. And a reason to stop. Coach Angela Recruiter insists on this.
She recommends not succumbing to the first impulse, but returning to the thing you like later and checking if your desire has subsided.
4. Do math while shopping
“Every time I go to buy something, I estimate how much the amount of this purchase will grow in five years at 10% per annum (this is a little over 60%),” admits user Raghav Mishra.
5. Don’t waste your status
Stop hanging out with wasteful friends. If you love skiing, go for it! But you don’t have to go to Aspen for the whole Christmas week to wallow in an expensive hotel. Travel at less than the hottest time (and maybe not for a week), choose a place and a cheaper hotel. If you are a true skier, you should not be worried about the hot bath, but the snow-covered slopes. So says investor Terrence Yang.
6. Track expenses and automate payments
User Colin Cahill advises using online banking for all of his cards to keep track of money. He also recommends activating the “automatic payment” service. It’s free with TD Bank routing number and requires no effort.
7. Prepare food in advance
Product Manager Zach says one of the easiest ways to save money and avoid stress is to cook your own meals for the whole week .
8. Know when to invest in quality
Management Consultant Venkatesh Rao recommends saving soundly. He believes that you shouldn’t skimp on things that are used often, especially if they are related to your productivity. This includes knives, a computer, a bed, or a desk chair. In the long run, these costs will pay off.
9. Spend only your money
“Listen to your debit card, not your credit card (she’s lying),” says web developer Ly Nguyen. Credit cards make you think you have money when you don’t. And before you know about it , you will already be mired in debt.
10. Stop consuming after midnight
User Aksel Wannstrom says that as a student, he set a rule for himself: do not eat or drink anything but water after midnight. He simply did not see the point in eating or drinking when the body was supposed to sleep.
11. Use the rule of five questions
User Belavadi offers a very simple tactic to save money . Before any purchase, he advises asking yourself five questions:
- Is it a desire or a necessity?
- Is that what I need?
- Do I imagine I am using this?
- How often can I use this?
- Is it worth my time?
12. Be content with what you have
Entrepreneur and management consultant Thomas Antunez encourages you to learn to love the things you already own.