Contrary to all those myths you come across online, saving money requires tremendous amounts of self-control and sacrifice. There might take a couple of easy fixes that can save you a couple of hundred dollars, but there’s no easy shortcut to save thousands of dollars. The only way you’ll rake up significant savings is by sacrificing things in life. Here are six great ways you can save more money each month:
1. Give up Watching Expensive Cable
Who cares about television anymore in the internet age? All your favorite TV shows or movies can be streamed online for half of what average Canadians pays for cable. The internet is a one-stop solution for all your content consumption. So cut the cable, and you’ll easily save around $50 a month.
2. Travel Smart
If you don’t pre-plan your vacations, you’ll end up with a huge hole in your pocket. Do your research and book tickets in advance, look for cheaper hotels and discounts.
3. Don’t Switch Cars Often
Unless your car is falling apart and doesn’t get the job done, there’s no reason why you should be thinking of switching to a new one. Remember, when you’re looking to save money you have to give up luxury.
4. Avoid Eating Outside
We understand that your cravings for that cheeseburger will eventually persuade you to spend some cash. Considering that a cheeseburger may cost anywhere between $3-$10 if you eat about ten of those a month, you’re spending $50 for a minute’s thrill. Plus, it’s unhealthy. On the other hand, cooking at home saves you a ton of money.
5. Get a Smaller House
Who doesn’t want to buy a huge house? Most people fail to realize that buying a house or a condo is a 30-year project. If the economy hits a deadlock again, or if you end up losing your job for whatever reasons, you won’t be able to keep up with your mortgage payments and one fine day you’ll be bankrupt. Get a house that is just right for your family’s needs. For every $5000 you borrow at 4% internet with a 30-year mortgage, you will need to pay $23.87 every month. If you spend $20000 less on the house, you’ll save about $70 each month, and this money could be used to pay off your debt much quicker!
6. Used Cars Are Just Fine
Cars depreciate, so you’ll never recover even half of your investments on them. Make the equation simpler. Invest in a second-hand car, and you’ll save truckloads of money.