Saving $3000 in a year might not sound impressive to some people. However, it is tangible if you are coming from saving nothing or are adding $3000 to an already impressive annual savings figure.
I raked through my annual expenses looking for things I could cut down on and still live a good life while saving more. Here is what I came up with.
Restaurant Meals & Fast Food Takeaways
I cook meals at home instead of dining out frequently. This saves me a significant amount on restaurant bills and takeout expenses.
Starbucks and Other Coffee Shop Offerings
I brew my coffee at home and carry it with me in a reusable travel mug. This simple switch helps me avoid buying expensive coffee daily.
Cable TV or Satellite TV Subscription
I canceled my cable or satellite TV subscription and opted for streaming services, free over-the-air TV, and free online content. It has reduced my monthly entertainment expenses.
Buying Bottled Drinking Water
I invested in a water filter and started drinking tap water instead of buying bottled water. Not only is it more cost-effective, but it’s also better for the environment.
My Gym Membership
I reevaluated my gym membership and realized I rarely used it. So, I decided to cancel it and explore alternative ways to exercise like jogging, cycling, calisthenics at the local park, or home workouts.
Unwanted Impulse Purchases
I’ve become more mindful of impulse purchases and avoid unnecessary shopping sprees. I make a list before shopping and stick to it, focusing only on what I genuinely need.
Avoiding Brand-Name Products
I opt for generic or store-brand items for groceries and household essentials. They often provide similar quality at a lower price compared to brand-name products.
Less Alcohol, Less Expensive Social Events
I limit the frequency of nights out, parties, and expensive social events. Cutting back on alcohol and entertainment expenses has made a noticeable difference in my savings.
More and More Electronics Without Regard
I don’t buy new electronics and appliances unless I have to. This is a great way to save on the initial costs and subsequent power bills. If I buy, I go for energy-efficient appliances that will be cheap to run in the long run.
Less New Cars and Motorbikes
Buying and maintaining a car is a reasonable cost. The same applies to running a motorcycle. Over time, I realized owning new cars was not a necessity. I sold what I had and now opt to bike and use public transport. I only use cabs when extremely necessary ( I strive to avoid such scenarios as much as possible)
Hiring People to Do Simple Repairs and Improvements
I’ve learned basic DIY skills and tackled minor home repairs myself instead of hiring professionals, which has saved me money on repair costs. I just remember not to take on more than I can handle and ensure that I do everything by the code.
Buying the Latest Tools and Equipment
Instead of buying expensive tools or equipment, I rent or borrow them from friends, neighbors, or local rental services when I need them for occasional or one-time use.
Spending Tons of Money on Beauty Products
I experiment with homemade beauty and personal care products, such as DIY face masks, hair treatments, and natural cleaning solutions, which are cost-effective and fun to make.
Buying Less New Stuff
Buying used things that are still in working order is an impressive savings technique. I am always on the hunt for a second-hand deal, be it when looking for work boots, a spade, planters, or even a cordless drill. You could extrapolate the same to buying clothes, cars, utensils, and more. Just ensure it is not too old and far gone.
