According to Statista the average daily consumer spending in the United States is $109 a day! It’s no wonder why many of us seem to be living from paycheck to paycheck. Now would be a good time to get serious about saving some of that hard earned money.
Due to inflation prices, most goods and services are expected to rise in 2019. Wages may increase slightly, so most of us will be looking for ways to cut back on expenses. Here are a few simple ways to scale back on everyday spending without feeling deprived.
Pack a home lunch
Did you know you could save approximately $60 per month just by packing one home lunch per week? Bringing your own food and beverages to work is not only economical, but often a healthier option. When you prepare your own meals, you can use more natural ingredients and reduce your chances of overeating due to portion control.
Take the bite out of your coffee bill
Most people love a good cup of coffee. In fact, the average American spends around $1,100 annually on coffee – or $91.67 per month! No one is asking you give up your favorite brew. Instead, purchase your preferred coffee in bulk from a discount store and grind the beans at home. Then it only takes a few minutes to make a great cup of coffee to drink on the way to work or school. You will save time by not standing in line and you will also save a nice chunk of change. Another option would be to drink the office coffee, which is usually free or at a low cost.
Change in a jar
Saving your daily leftover coins can be very profitable. Some families have even saved enough money for a family vacation. Just think about it, even if you only save fifty cents a day that would add up to $182.50 in a year’s time! It may be fun for the family to set a financial savings goal and decide how to spend the funds at a later date.
Buy generic and save
The cost savings between generic and brand-name items can be significant, but the differences in quality have been steadily dropping for years. Buy brand-name for those items that are really important to you and buy generic for most everything else.
Eliminate cable services
You don’t have to cut cable entirely, but have you thought about scaling back on a few hundred channels you’re probably not watching anyway. Take a look at all the charges on your cable bill and consider cancelling some of the services. Consider switching to basic cable and bundling your TV service with your internet and phone service for a better deal. Or you can ditch cable altogether and stream almost everything through Hulu, Amazon and Netflix.
By making just a few behavioral changes each month, you will see how quickly your savings can add up. Imagine how great it would be to actually have that emergency savings account or to be able to save for that dream vacation. The best way to save money is to stop spending it.