Many financially responsible adults do not have a budget, let alone a savings account. Many said they had no savings due to living paycheck to paycheck and reluctance to give up life’s enjoyments to save when polled. This outcome indicates some misconceptions about what has to be given up having a savings account.
Most people think that saving money requires extreme life changes and giving up things like going to the movies, out with friends, or dinner. While it is true that you will need to cut expenses to save money, you do not have to sacrifice fun. You can make tiny changes that will add up to great savings if you implement them into your life. Here are six ways you can trick yourself into saving money without feeling like you are giving up the things you love.
Do not withdraw cash with a credit card
The bank takes a fee plus interest when you withdraw cash with a credit card. Having withdrawn $1,000 using a credit card, a person can pay the bank anywhere from $100 to $300 in fees and interest. Also, when withdrawing cash using a credit card, there is no interest-free grace period.
This avoidance of interest also applies to payday loans. While payday loans are generally easier to obtain, they carry high interest. If you must borrow, first try to see if you can borrow from a friend or family member that will not charge you interest. But borrowing against your credit card or taking out a payday loan should only be used as a last resort.
Workout for Free and Save
It is not necessary to go to an expensive gym to get a good workout. A person can work out for free by doing physical activities throughout the day. Extra activities such as walking in your neighborhood or taking the stairs cost nothing, and a person’s body and wallet will thank them.
If you feel like you need the gym to work out, there are some ways to save. You can get a membership at a gym that has low fees. Also, look into referral programs and refer a friend every month to get a discount or kickback.
Drink more water
Water increases energy, suppresses the appetite, and cleanses the body. Drinking water is good for maintaining your health but can also save you money. Soft drinks, juice, alcohol, coffee, etc., are costly, especially if you buy them in a café or restaurant. Water, in most cases, is free, and the savings will add up.
If you feel it necessary to get bottled water, you can get a filtering pitcher and a washable water bottle and save money and the environment while drinking water. Water consumption will also give you a fuller feeling and save you money on food.
Find alternative entertainment for the kids
Instead of taking your kids to expensive amusement parks, restaurants, or shopping centers, try inexpensive or free options. Parents and children can watch movies online together, organize a picnic, ride a bike, take a walk, play board games, practice sports, etc. All these options are fun and far less costly, saving hundreds of dollars and creating great memories for you and your family.
Pay your children for housework
There is no better way to explain to children that money does not grow on trees than to pay a housework allowance. This income is an ideal tool for teaching the value of money and saving and spending wisely. You can also explain that they need to save to buy the toys they want.
Entertainment
Invite friends to the house and prepare dinner instead of going to a restaurant. A bottle of wine and a delicious steak dinner will be far less expensive at home, and the time spent with friends will be priceless.
Also, check to see if you can get streaming services included with your other services. Some phone companies and other streaming services allow you to bundle and save. There are ways to be entertained for little to no money.
Conclusion
To save money, you do not have to sacrifice fun and entertainment. If you use these six tricks, you can still have a great time without breaking the bank, and your family, friends, and wallet will thank you.
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