Altogether, these 5 tips could save you $1000 per month, if not more, depending on how high your expenses are.
Saving $1000 per month is easier than one might expect…
It’s all about self-control.
1. STOP. EATING. OUT.
72% of millennials go out to drink or eat at least once per week.
Depending on how many times a week you eat out, there’s a chance you could save at least a few hundred dollars by cutting down your expenses at restaurants.
If you spend $50 per week eating out, that equals $200/month which equates to $2400 per year.
Imagine if you spend $150 a week on various take-out meals. You could save $600/month by putting an end to this expensive habit.
READ MORE: 7 Foods That Cause Anxiety and Depression
2. Get a Roommate (or two!)
It’s not as bad as you think!
Rent has gotten tremendously expensive. Housing accounted for 35% of total spending in February and increasing rental payments impacted lower income consumers the most.
Those who earn $50,000 annually reported the largest increase in monthly housing payment amounts compared to last year as average increases rose by 10%.
The middle-income reported a slight dip and the highest earner group reported flat housing cost growth, according to the report.
“Housing is one of the multiple categories where inflation is disproportionately challenging lower earners: This group also tends to spend a relatively higher share of wallet on groceries and gas, categories with soaring price growth over the past year,” one report said.
Having a roommate can be a lot of fun. It’s all about the mindset you have and your compatibility and chemistry with one another. If you find someone whose company you enjoy, you will probably have more fun than you anticipated!
Make the best out of every situation and you will be happy as can be (and a lot “richer” too!).
3. Carpool with friends
Gas is expensive.
GOBankingRates surveyed more than 1,000 American adults from across the country and found that more than half — 52.87% — are driving less.
Start carpooling with your friends and you’ll be surprised at how much money you can save per month from gas alone.
The average price of regular gas is $5.397/gallon in California and $4.42/gallon in New York.
4. Only buy what you NEED.
Before you purchase something, take some time to think about it.
Give it a few days… a week, or even a month depending on how expensive of a purchase it is.
Sometimes, we get very excited and emotionally attached to products or services.
We think we “need” it, when in reality, we were just victims of successful marketing tactics or great salespeople.
Always ask yourself a few questions before making a purchase. Consider the reasons for making a purchase. Are you buying it because you need it? Are you buying it because your friends have it? Are you buying it to boost your ego? Are you buying it because you keep seeing a commercial for it during NBA games and now you’re convinced you “need” it?
We all have our weaknesses. For women, it might be makeup, skincare, or clothing sprees. For men, it might be gambling, alcohol, or video games.
How often will you use the item? Will the purchase make a drastic impact on your life? Will you be any different after making the purchase? As a tip, find out the return policy in case you want to return it and get your money back (make sure it’s not a store credit!!)
After much contemplation, decide where or not you really need the item or service and whether it will be worth the cost.
If it took you more than a week to think about making the purchase, you probably don’t really need it…
5. Stop being so generous.
Believe it or not, some people have a bad habit of being too generous.
Some people are givers, while others are takers. It’s not difficult to figure out who these people are…
If you find yourself constantly being the one to pay for friends or acquaintances meals, drinks, or other gifts, be more careful going forward.
Don’t give and give and give if it’s never or rarely reciprocated. Some people take advantage of good people with good hearts and never show any appreciation to those who treat them well.
Be careful with your hard-earned money and find someone else to be generous towards…. someone who will appreciate your kindness and generosity.
Altogether, these 5 tips could save you $1000 per month, if not more, depending on how high your expenses are.
Self-control and mindful spending habits are a must!
READ MORE: 7 Foods That Cause Anxiety and Depression
ABOUT THE WRITER:
Elena Patestas is a journalist and writer for Valuetainment media. She attended Pepperdine University in Malibu, California, and Adelphi University on Long Island, New York. She was born and raised in Roslyn, New York, and currently lives in Miami, Florida.
Elena is passionate about bringing positive change to our world and believes education is the root to solving many societal problems. After overcoming a chronic health condition, Elena became passionate about health and believes food is the key to preventing dis-ease and achieving optimum health.
Amongst her many goals, she hopes to bring positive, impactful change to our world to create a healthy, financially sound, and unified society.
This can apply to all age groups. Being older does not necessarily mean being more financially secure or responsible. It’s harder these days to save anything as everything has gone up. Even the daily essentials is a challenge, so when one sees greedy people who are not happy with there million dollar lifestyle or wanting more it is a disgrace to people who want to only have a simple lifestyle. Everyone knows those people, right?