We can all use a little extra cash here and there, but did you know there is a fairly easy way to save over $3,000 per year? No, you don’t need to sell your car or get a second job to do it. All you need to do is tweak 3 (yes, only 3!) spending habits.
1. Home Brew vs. Coffee Shops
I don't know about you, but I LOVE a fresh, steaming mocha or chai latte. The problem is that it can get pricey to buy a coffee each day. If you skip the line and make it at home instead, you might be shocked by much you can save every year:
That’s a savings of $1,722 (or 79%) – you can drink your coffee and spend it, too!
2. Eating In vs. Eating Out
How often do you eat out? Don’t worry, we're all guilty of it – after working all day, the last thing many people want to do is cook. Going out to eat or getting take-out is so much faster and easier. But what if limiting how much you go out could help you save almost $1,000 (or even more) per year? Would you consider it then?
By switching from once per week to once per month, you can save $800 (or 77%)…and that’s just per person! If you are married, you would go from spending $2,080 per year to spending only $480 – that’s a difference of $1,600!
3. Streaming vs. Television
I haven’t had satellite or cable television for almost 7 years. Why? I don’t need it. It’s not that I don’t watch TV– it’s because I’ve found ways to watch all the shows I love and have access to thousands of movies for a small percentage of what I used to pay.
A decent television/internet package can cost anywhere from $100-200/month, but you can have access to three streaming services and internet for only $71/month. Here’s how much you’d save if you switched:
It comes to a significant savings of $948 (or 53%), and there is little to no difference in the show/movie offerings. The best part is that if you want live television for just a few months (such as football season), you can upgrade to live TV for those months only rather than be locked in an annual contract. It’s still much cheaper than having cable/satellite!
Isn't it amazing how easy saving can be with just a little extra effort? If your personal spending reflects the exact figures in this article, you could save yourself an impressive $3,470 per year! The question is, what are you going to do with all that savings? See the links below for some ideas!
- Open an HSA (eligible members)
- Open a share certificate with a minimum of $500.00
- Put a down payment on a home loan
The figures used in this article are examples intended to illustrate how small changes in spending can help individuals save more in a year. The figures in this article are not a guarantee of how much any given individual will save during the same period, as product prices, income, and personal spending varies from individual to individual.