Managing cash around the home is never easy and with so many costs, food bills and subscriptions, it is very easy to waste cash. At Capital Bean, we give some fantastic tips below to help you budget and save money and you can see our full list of saving tips below!
Subscriptions are convenient and can provide a wonderful service – if you can afford them! While many subscription services work via charging you a direct debit, it’s easy to sit back and enjoy your streaming service or read your magazine while forgetting about what they’re actually costing you.
It’s sensible to take a step back and think about which of your subscriptions you’re using frequently enough to warrant paying for them. The average gym membership in the US bears a monthly cost of $37.71, so if you’re using it once a month – just go for a run for free! That Netflix membership? That’s costing you at least $9.99 a month, meaning almost $120 each year. If you’re not using it, you could invest that money instead.
Expensive Food And Alcohol
You would have heard this one before, but it still rings true. For example, if you habitually buy lunch instead of making it, you could save a lot of money by reversing that habit. Let’s say buying lunch every day costs you $7, but preparing food at home and bringing it only costs $2, then over a year you would be saving $1,250, which you could save or spend elsewhere.
You should also shop carefully. In the US, recycling foundations have found that 75% of household food waste is still edible. This means that 75% of that was – not only wasted food – but a wasted cost. Try to buy carefully and always buy the item with the latest expiry date on the shelf. For more information, see how to save money around the house.
One more thing; alcohol is expensive! If you spend $30 on alcohol each week, that’s $1,560 each year. So, cutting back on shop bought food and excessive alcohol intake not only looks after your health, but can make your wallet a lot heavier, too.
Frivolous Purchases – Sales And Retail Therapy Included!
Last Christmas, 33% of Americans were anticipating that they would be entering debt. No doubt, that’s partly thanks to the sales upon sales on offer. Remember – sale items may be cheaper than normal, but they’re not free. Make sure, if you’re trying to save, that you are buying out of necessity – not out of impulse.
Along the same lines, browsing and window shopping can result in unexpected purchases, which only happened because you put yourself in that environment. Retail therapy is fun, but comes at a cost. In 2019, the American public spent a cumulative $17.78 billion on impulse purchases. Remember, one jacket here and one purse there adds up!
Travel is becoming increasingly expensive in all of its forms. With gas prices rising, driving is increasingly costly. Public transport is expensive too, with a monthly Metro pass in New York hitting you with an $121 bill. That is why we recommend that if you can walk, cycle, run, or carpool – do! It’s better for the environment, it’s good for your health, and it’s great for your savings account.
The same goes for cross-country or international travel – it’s pricey! If you’re planning on moving around, try and book in advance, or check out a last-minute travel website to try and secure a better price.