Young professionals are always on their way to a big spend, whether it is a new car, a wedding or a home. It may seem that you are no closer to your goal that you were a few months ago but this is only because you are not saving money in all the ways that you can. Some of the ways of saving money outlined here may have been ways you have never thought about before while others may be ways you had thought about and dismissed as too much work for little reward. Well, we are here to tell you that no way of saving money is too small and every little bit counts.
1. Filling up reusable water bottles instead of buying bottled water.
The price of a bottle of water may seem like an insignificant addition to your savings but over a year or even a month, it can really add up. Start using a metal or plastic reusable water bottle that you can fill at home before going to work. You can even carry a small bottle of flavor addition to add some flavor to the water to stop your cravings for soda and so you prefer it over bottled water.
2. Wait a month before making big purchases.
Before you spend a lot of money on a luxury, wait a month and see if you still want it. This will make sure that you spend your hard earner money on only the most desirable objects that will want for a long time. Many big purchases which are made on impulse can be very damaging to your bank balances and depreciate very quickly, so selling them on can also not be a viable option.
3. Save on your car insurance by increasing your deductible.
Increasing your out of pocket pay will mean that your premium goes down and if you are a safe driver, this may be worth the added risk. You can then bank away your saved premium towards that big purchase you really want to make.
4. Get serious about customer rewards.
Airline rewards, credit card points and department store rewards should all be used to their fullest potential. This can save you a lot of money. Take the time and effort to shop at the place that will offer you the best value on points, fly on airlines that you use regularly and use the credit card with the best points structure in as many places as possible.
5. Stop one habit.
Whether it is smoking, drinking every weekend, buying a latte everyday or splurging on a big restaurant meal every day. Just cutting one habit, however small will mean big savings over the year.
With these tips you should be able to get to your dream wedding, first home or a new car quicker and they are not as painful as they seem.
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