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Starting Small: Simple Steps To Make A Big Impact On Your Savings

Posted by : Premraj | Posted on : Monday, March 18, 2019

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In June 2018, data from the Federal Reserve and the Federal Deposit Insurance Corp indicated that the median household saving in America stood at $11,700. Considering 29 percent of families have less than $1,000 in savings, it is safe to say that finding ways to cut expenses and build up their bank accounts is top of the list for many. Yet, making savings does not always have to require a complete overhaul in your lifestyle. Sometimes, subtle changes can make the most impact and with minimal effort, you could reduce your spending at home and change the course of your financial health to a positive one.

There Can Be Strength In Bulk

Every year American households spend $4,049 on buying food to eat at home and waste over $1,500 worth of it. If done smartly, bulk buying can net you some great deals when it comes to your grocery shopping. Tinned and dried ingredients such as tinned tomatoes are always a safe bet when trying this strategy as they come with long shelf lives. This concept does can also apply to other parts of your life including cooking and your purchasing habits for items such as paper goods and office supplies such as stationary and stamps. Online comparison and bulk buying retailers can help you spot discounts, while  OnlineStamp helps you print postage stamps online. The savings from bulk buying and the removed delivery charges can add up to a pretty penny saved on an everyday routine expenditure.

When cooking, stock your freezer with leftovers and pre-prepared ingredients. Meal prep helps to reduce waste and cut your grocery spend. Batch cooking extra meals for the freezer also reduces the time requirement and helps you spend less time in the kitchen and more time with your family. As a bonus, cooking in batches can also reduce your energy bills.

Spend An Afternoon Swapping Your Fittings

After your mortgage, chances are that energy and utility bills are the highest household spend. The average household spends at least $2,200 on energy according to the U.S Department of Energy. Spending an afternoon swapping small fixtures in your home such as your light fittings can cut your energy bill by over 80 percent compared to incandescent bulbs.When it comes to water usage, switching to low flow showerheads certified by WaterSense can help you reduce your water usage in the shower to less than 2 gallons a minute.

Install A Budgeting Tool On Your Phone

A large part of saving money is being aware of your spending habits and financial health. Mobile budgeting apps can help you with this. By allowing you to track your spending, you can stay in control of your intended budget throughout the month and second guess those impulse buys. Some apps even allow you to integrate all your bills, giving you an overall financial picture throughout the month. Some banks and lenders have begun to include savings tools and features into their mobile apps but if you prefer, there are also a host of free or low-cost budgeting and spending apps available.

Automate Your Savings

One of the easiest things you can do is to automate your savings after making your budget. It is also one of the actions that could pay off the most. As humans, we can sometimes get caught up in life and forget about bill dates or go over our spending limits preset earlier in the month. By automating a set amount to be transferred into a savings account soon after being paid, you are removing the possibility of that money being spent and increasing your chances of meeting your savings goals.

Implementing any one or a combination of these tips is simple to do, takes very little time and can drastically increase savings. If you find yourself feeling daunted by a complete overhaul to increase savings, why not start small and build your way up.

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