When economic times are tough, people are always looking for ways to save massive amounts of money with ease. Unfortunately, this is rarely an easy thing to do – if it were simple to cut back large amounts of spending with a single quick idea, everybody would be doing it all the time! However, that doesn’t change the fact that in times of economic hardship most people immediately start thinking about the big picture, when in reality focusing on small and occasional savings can actually be far more effective. Most people waste money without even realizing it, and some very small adjustments can wind up saving you hundreds of dollars each month, and thousands per year. Here are a few simple savings ideas that many people have had success with.
- Transportation – You’ve heard it before, but taking advantage of any sort of transportation aside from driving your car can often result in significant savings. The bottom line is, gas prices are incredibly high, and every mile you cover without driving your car saves you that much more money. Even short trips, such as a one mile drive to the bank or crossing a few blocks to your favorite coffee shop, can amount to significant savings if you walk or ride a bike instead of driving.
- Treats - Speaking of coffee shops, this sort of daily “treat” can be a major financial drain. Cafe beverages can often cost up to $4 or higher, and when you consider how quickly that adds up – $28 per week, and over $100 per month – you are actually spending over $1000 every year on coffee! Of course, you don’t need to completely stop drinking coffee. However, try to consider cheaper ways to enjoy your daily beverage or snack. For example, one trick is to take advantage of the free flavoring powders offered in cafes – instead of ordering a flavored drink, order it plain and add powders until you get the flavor you want!
- Alternative Investments - Getting into more technical financial savings ideas, many people find that they can save money by taking advantage of alternative investments. One example would be buying gold at a site like BullionVault. This is not a typical stock investment, but in the right economic climate buying gold can help to protect the value of your wealth, when it might otherwise be weakened by a struggling economy and currency.
- Keeping Records - Most simple of any savings idea, but perhaps most effective, try to keep a daily record of every dollar you spend. It is a simple fact that most people are less likely to spend too much money if they are recording each expense. Additionally, having your financial dealings all written down helps you to keep a close eye on your financial situation.
This is a BullionVault guest post written by freelancer Evan Hurley.