It is common knowledge that one of the most important keys to wealth building and creating a comfortable retirement life is through saving and investing.
But many people struggle with how to begin or where to start when it comes to saving and investing.
People of all ages, from all walks of life and income levels, can benefit from saving and investing.
For this reason, we have created a list of tips that will help you achieve your goal of financial freedom through saving and investing.
How To Save on your everyday expenses!
1. Ensure you have the best bank accounts for your savings and checking needs by taking time to shop around, compare fees and minimums in your local market.
2. Consider how much money you need to set aside for everyday expenses like groceries, household items, utilities, etc., and put that amount of cash into an envelope (or jars) designated only for those purposes . Put this away when you get home from shopping so it is not spent on anything else!
How To Save On Your Taxes!
One of the easiest ways to save money is by doing your own taxes (if you are eligible). By preparing your own return using software programs or hiring a professional who only charges by the hour, you will save 10% to 35% on your tax bill.
How To Save On Your Cable Bill!
Consider downgrading your cable package. Even if it’s only for a short time, you can easily save $20 every month just by switching out one of your movie packages.
If you quit cable altogether and rely on streaming services like Netflix or Hulu instead, that’s another $10/month saving .
You can also try getting together with some friends or nearby neighbors and share an account. Each person contributes around $10 per month (or however much they can afford) and everyone gets access to more shows than any one person could watch in a lifetime. This way each person is paying only 1/7th the cost of cable!
Budget Planner ( Spreadsheet)
How To Save On Your Haircuts & Salon Appointments!
When it comes to hair care and beauty products, many people find they can easily cut back by half without sacrificing quality or style.
Haircuts: Ask your stylist if they have any deals or discounted packages for getting your hair cut every 2 to 3 months as opposed to 4-6 (or longer).
This way you can keep up with the latest styles and trends without breaking the bank.
Salon Appointments: Ask your salon if they offer any referral deals for referrals
. If you bring a friend in who books an appointment, you will get a free service or discount on future visits (your choice!) plus discounts and deals on retail purchases like hair products, make-up and skincare.
Occasionally check Groupon for deals on your beauty services .
These often come in the form of buy one get one free offer, so ask friends and family if they want to go halfsies with you to split the deal!
Get all your beauty supplies from a drug store instead of paying full price at a salon or department store .
This way you don’t have to pay for products that are specifically designed for salons & spas which will cost an extra 10 to 20 percent.
Request a free sample of a new beauty product before buying it .
Many companies will send you free samples if requested, so think about contacting your favorite brands and asking them for trial-size packages or full sizes at discounted prices!
You can also get samples from friends or ask around in online Facebook groups!
If you need to purchase skin care products (like cleansers and moisturizers), consider purchasing them in bulk during warm months when stores like Target and Wal-Mart tend to lower the price on items that are more likely to expire (like beauty supplies) .
This way you won’t waste money replacing products when they spoil or expire but still don’t cost as much as pricier department store brands!
If your goal is to save on make-up, consider asking a friend or family member if they have any old make-up in their cabinet they would be willing to give or sell you for cheap .
Otherwise see if there are any online buy/sell groups locally that might have what you’re looking for at an affordable price!
Keep track of when certain beauty supplies go on sale each season and stock up then .
For example, drug stores tend to put skincare products on sale around the time people begin spending more money hosting outdoor events like barbecues & picnics (spring) , while makeup tends to go on sale right before the winter holidays (thanksgiving).
To wrap things up…Simple Savings and Investing Tips!
These are the simple savings and investing steps you can take to secure your financial future. Having a savings account set up with your name on it, whether it’s only $5 or a thousand, is always good to have in case of an emergency.
But remember, never put money in the market you cannot afford to lose…because losing money isn’t fun!
And happy saving!
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