Ways to Save
As I mentioned in my first post I’m also using this blog for personal finance reasons as well. I used to be really good with money and saving way back in High School, then I got my first credit card and then another and you can guess the rest. I was doing good for a while, then I was involved in my unpaid internship, and then made the big move out of my childhood home to NYC. So let’s just say I’m not in the good financial standings that I wish I was. I am contributing a small amount to a 401K, which I feel good about, but in terms of what I owe in school loans and credit cards, it’s a daunting amount that at times seems unachievable.
So here are some tips I’ve been using the past few months that have helped me get a grip on my financial situation
1. Make a Budget: This is the first thing I did. I took my net income for the month and subtracted out all my set payments (i.e. rent, cable, school loan payment, credit card payments, savings). Then I took the remaining amount and divided by 4. This was the amount I had each week to spend.
2. Keep Track! I use excel to keep track of my expenses each week. I try to stick to the weekly budget that I set, but I am flexible, knowing that if I spent over in the first week, I take that amount out from the following weeks, and it evens out that way. Seeing exactly what I spent has made curtail a lot of habits. For example, I now make my own coffee instead of my daily Dunkin Donuts addiction.
3. Shop Around: Everything about living in a major city is expensive. The rent is higher, the food, the movies, etc. So after living here for over a year now I’ve come across some stores that sell the same exact items for cheaper. For example, my local food store is pretty expensive, and then I stumbled into Trader Joes a few months ago and realized everything was so much cheaper, even when I factored in public transportation! So I tend to shop there for my groceries each week.
4. Meal Plan: Speaking of groceries, before you shop make a plan of what you’ll be eating for the week. This has helped me save money on wasted produce and other food items. Also has been able to make my meals exciting, since I try and pick different recipes each week.
5. Skip the Gym! Well let’s not stay completely inactive. This one is specific for big city folk. Gym memberships nowadays can run about $60-$80 a month. Running/walking outside is absolutely free! Even if you buy an exercise DVD/random weights for home use, it will even out to less than the gym membership. I wish I had some extra cash to devote to a gym membership, but for now this works best for me and my financial goals.
6. Keep an eye out for fun, free activities: I always try and keep my eye out for free/cheap events going on in the city to keep myself entertained without spending too much money. It also keeps my life interesting my doing different things, instead of the same old going out to a bar routine.
7. Find other sources of income: Whether it’s a part time job, babysitting, or taking online surveys (I use www.opinionoutpost.com ) any extra money helps. I try and just put any extra cash I get towards my debt (including tax refunds).
8. Start Dating: For all those single ladies, want a free meal? Go on dates! This one is sort of a funny tip, but hey it’s true, at least for the first date with a guy. It’s also a great way to check out some good restaurants that you wouldn’t necessarily go to on your own. Admittedly I haven’t taken full advantage of this tip.
While not all these ideas may work for you, hope that some of them will help! Once you start saving, it actually becomes addictive in seeing the debt go down, and the savings go up!
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