Think that you are doing everything in your power to save? Let’s find out how many more opportunities you might have. Here are 5 great ways to save at least 1000 dollars this year.
Cut Back On That Coffee Addiction
Or at least quit buying it at the gourmet coffee shop.
If you buy a cup of prepared coffee, you are spending roughly 4 dollars a day for your coffee addiction. Should you like a fancier drink like a latte or macchiato, you could be paying much more.
Let’s just look at the cheaper cup of Joe. At 4 dollars a serving, you are paying 120 dollars a month for a beverage. Take that total and multiply it by 12 months and you are spending over 1400 dollars on coffee.
In the short term, 4 bucks for a cup of coffee seems like a reasonable little treat, but things change when you look at the expense in the aggregate. Looking at the annual cost of your coffee is bad enough, but if you stretch that cost out ten years, you are spending over 14,000 dollars on coffee. And, this is not even taking into account the missed interest on the money.
Stop Wasting Food
As Americans, we waste nearly 20 percent of the food that we buy. We either buy things that we do not need or we let it go bad before we use it. Stop doing this and you could save in excess of 1000 dollars over the course of a year.
The solution is meal planning and it is as simple as the name implies. With meal planning, you simply plan your meals. Easy, right, but how does that save you money?
When you have a meal plan in hand, you can write an effective grocery shopping list. You can buy just what you need and only what you can use before it spoils. For a family of four that spends roughly 200 dollars a week on food, that translates into a 20 to 40 dollar a week savings if you cut your wastage by 10 to 20%.
Carry that savings over the course of a full calendar year and you have a savings of anywhere from 1000 dollars to over 2000 dollars. A huge savings that you can achieve by simply not being wasteful.
As a side benefit to meal planning, you also have a time savings. Your meals are all planned out for you and you eliminate those pesky last minute trips to the store to pick up forgotten ingredients.
Buy Clearance Clothing
This one takes some planning, but it will allow you to save as much as 80 percent over the cost of retail.
The trick to saving on clothing is to buy it off season, when retailers put it on clearance. Retailers do not want to store racks and racks of clothing. In addition, they don’t want to risk holding on to something that might not be in style next season. Their solution is to clearance the heck out of it. At the end of the summer, they might put it on clearance for 40 percent off, but wait a bit longer and they will slash the prices to rock bottom levels.
For you, what this means is planning. You will buy Winter clothing during the Summer and Summer clothing during the Winter. You then simply store the clothing until the next season and pocket the huge savings.
With the average family spending roughly 2000 dollars a year on clothing, this represents a savings of up to 1600 dollars a year. Far in excess of our 1000 dollar goal and very much worth your time.
Take Your Lunch To Work
Isn’t it amazing how many of these cost saving tips actually make you healthier as well?
One way to save far more than 1000 dollars a year is to forgo those costly and unhealthy fast food meals. With fast food meals costing as much as 10 dollars these days, it is not hard to realize the savings.
A prepared meal at home can cost you well under $2 a day and it is much healthier than fast food. To make things easier, budget for 4 dollars a day. That will allow you to eat an incredible prepared meal and still save you up to 6 dollars a day. If you work 5 days a week, that translates to 30 dollars a week or over 1500 dollars over the course of a work year. Quite a savings.
The trick to taking your lunch to work is keeping it interesting, and at 4 dollars a day, you will have the money to do so. Instead of a sandwich on white bread, opt for one on artisan bread and don’t skimp on the toppings. Also consider meals like salads, pasta, pitas, etc. You are only limited by your creativity.
Cancel Your Cable
It is amazing how many people are still paying for cable services. With the rise of streaming, there is just no need to have a contract cable service. The only real benefit any more is local sports programming, but there are ways around that.
With the average cable bill being over 100 dollars a month, it is time to cancel your service and realize 1000 dollars ore more in savings every year.
As a replacement, simply join one of the many streaming services. Hulu, Prime and Netflix are all roughly 10 dollars a month and with Prime, you also get free Amazon shipping. Try them all and see which one or ones work best for you.
As for local sports, this is a seasonal issue and you have two choices. The first is to pick up a set of rabbit ears for your television, but service can be sketchy. A better one is to sign up for a streaming cable service during the sports season. Most offer one to two week trials and you can cancel them just as soon as the season is over.