You have probably heard it before, “it takes three weeks to form a habit.” While we're half way through the month, today is a great day to begin savings habits that will last a lifetime! Try these five tips and see how you can save at least $100 in the next four weeks!
1. Grocery Shop Smart. According to a report by the Natural Resources Defense Council, American families throw out approximately 25 percent of the food and beverages they purchase. The cost estimate for the average family of four is $1,365-$2,275 annually. That is between $114 and $190 a month! Save money on your groceries by shopping and cooking smart.
2. Stop buying clothes! According to a study conducted by Bureau of Economic Analysis, we spend on average $121 on clothes each month. Regardless of the number of things in our wardrobes with tags still on we find the need to buy more. Use these tips to cut the amount you spend on clothes:
3. Save money on transportation. Americans shell out a lot for luxury and convenience. According to a study conducted by the Bureau of Transportation Statistics, we spend $106 on transportation every month. And with gas prices in a constant state of flux, maybe it’s time to swap the gas card for a bus pass.
4. Find free/cheap activities. The U.S. Bureau of Labor Statistics reported that the average American spent $2,504 on entertainment in 2010. That’s approximately $208 a month! We’ve mentioned taking advantage of free activities during the summer. But what happens when it’s too rainy for free, outdoor movie night, or too cold to venture out for a stroll in the park?
5. Manage your energy usage at home. According to an article by Home Energy Saver, Americans spend above $241 billion on their home energy bills, which is roughly $2,100 per house!Everyone wants to make their home as comfortable as possible, but consider these things before you shell out more money.
And always, set a goal, make a plan and save automatically. Even if you’ve cut out all unnecessary expenses, make a plan to set aside a certain amount every month for when you need it the most.