Do you frequent coffee shops to take get your daily espresso fix and some dessert? There is nothing wrong with enjoying a cup of coffee. But try to calculate the purchases you’ve made. You might get surprised by the result because of your espresso habit. If you really want to know how to save money fast, then you must reconsider not having them more often. Why not just make your own coffee?
Lifestyle change helps save money fast
Aside from drinking coffee from a high-end coffee shop, there are a lot more things you can spend your money on, some of which are only unnecessary luxuries in your life. Know that it is possible to have loads of savings that you can save without making a big change in your lifestyle.
Let’s say you spend three dollars forty times for fifty-two weeks in a year. This means you are paying in excess of eight hundred dollars a year for your coffee cravings. Minimising your purchases by at least fifty per cent and what you’ll get is four hundred dollars at the least.
The price of coffee is not going to stay at a particular price due to inflation. This means that the amount that you’ll possibly be wasting away will be a lot more over time. If you invest all that money into places where it can potentially grow, you would end up earning more.
Do you drink beer? Do you play the lottery? How about smoking cigarettes? It is not really necessary to quit these luxuries of modern life. However, lessening the intake of alcoholic drinks and cigarettes can help prevent major health issues from occurring. This will save you from spending money on medical bills in the long run as well.
Here are things that you can do to help you manage your expenses.
Write down everything you spend your money on. This way, you can easily identify where your money goes.
Review them one by one, and rank them by the level of necessity and their respective prices.
Calculate the total amount and then assess the percentage it covers from your income. If they take a huge portion of your hard earned money, decide on cutting expenses on some items.
Those that are placed at the bottom of your list, reconsider quitting or spending on them. You will then be able to see the worth of your savings you’ll be making in the future.
Always monitor how you spend your money by considering the many ways to how to save money. Contact a Gold Coast financial planner at Newwaveadvice.com.au today for more information.