This article will show you several ways to make saving a better experience than putting your money into a piggy bank. So why save? The answer is you want your bank account to look like a phone number (yay! You are rich). Another answer is to help you develop responsible saving and spending habits that can help you on the long run.
1. The rule of 5’s
I totally made up the name here, but the rule of 5 is to put any $5 bill you see into sealed jar for a certain amount of time (preferably a year). Assuming if you do not use credit or cryptos only, like me, you can save a small fund by the end of the year in cold hard cash.
Let’s do a simple calculation for the fun of it. Assuming if you can get a $5 from change every other day you can stash up to $10-15 a week and so 52 x 15 = 780. Wow you end up with $780 after just stashing $5 bills for the whole year
2. No house of cards
The average credit card debt owed by Americans hovers around $17,000 (No Joke!) and is projected to grow more each year. If you can control these swipes, there is an easier way to prevent yourself from looking at a triple or quadruple digit bill at the end of the month. Spending in cash, not debit card, can curb spending sprees.
How does this simple black magic work? In some studies, it was shown that people were likely to spend less if they can physically see how many bills they had left in their wallets.
3. Buy in bulk
You do not need a costco membership for this trick (I swear!). According to Mark Cuban, one of the easiest ways to get a guaranteed return on your money is to buy in bulk (not bulks of junk food). To be more specific, Cuban meant bulks of items that you use everyday such as toothpaste or toilet paper, not your Costco sized bags of chips you can finish in one sitting.
You might be wondering “why would I want to buy a year’s supply of toothpaste when its 20% off”. The answer is (drum roll~) the price will naturally go back up down the road and you save not only money but time. Imagine you don’t need to make that trek to the store several times a year (50 hours total omg) to get paper towels, you can spend that time doing something else such as using netflix.
4. Make your own coffee
As a coffee fanatic, I brew my coffee instead of buying a cup at a cafe. If you were to buy a cup everyday, you would actually be spending about $364-$1000 a year just on coffee.
A single pound of pre-ground coffee (if you don’t want to buy a grinder) can make around 72 cups of coffee. With a pound of grinds for under 10 dollars, you can make a cup for about 14 cents. You might be thinking “it takes forever to brew a cup”, but walking to the store and waiting on the line takes more time than making it at home.
5. Buy a steel water bottle
A steel bottle right? Yes steel bottles are a cost effective way to reduce spending on the long run. Instead of purchasing plastic bottles of water that end up killing innocent sea turtles, you can get a metal bottle that you can cherish for life. I bought a 40oz steel bottle on Amazon a few years ago and never went back to plastic. I saved many turtles ever since.
Photographs by Giphy.
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