As unemployment remains relatively high and the ups and downs of the economy continue to seem more down than up, more and more families and individuals are feeling the financial pinch encircle them. When this happens, it is completely natural and even more responsible for persons to try and find ways to save money on everyday things.
It Starts With a Budget
People usually start by creating or updating their personal budgets. This is a great initial step towards financial security.
Creating a budget, and then having the discipline to stick to it even through the harder times, is a great way for a family or an individual to begin saving money and becoming financially stable. Budgeting out one’s income to supply the necessities of live first then using the remaining money to purchase other items is financially responsible way in which people can survive monetarily while still living a comfortable life.
Budgeting money can be done in several ways, although the most basic and most effective way is to take an accounting of one’s monthly income and divide those earnings into payments of priorities such as mortgage or rent, utilities, insurance payments, paying off cash advances and short term loans, and food costs. After one’s income has been appropriated to these and any other high priority items, a large portion of the remaining money can be set aside for savings and the rest allocated for recreation or entertainment costs, which are important to keep the family in good spirits even through hard economic times.
But even with a quality budget, there are still other ways that a family can become smarter with their money. For example, a family can take note of some of the items that they spend money on regularly but do not actually need.
These items are called money wasters and their whole purpose is to get people to buy what they do not actually need. Even worse are the money wasters that are causing a family to spend money without even knowing it.
Ditch The Landline
One of the best examples of these unknown or overlooked money wasters is the antiquated landline. In an age when seemingly everyone owns a mobile phone, the land line persists somehow to suck monthly money from the pockets of hardworking families.
The landline in the home is irrelevant in almost every category and yet can still cost a family anywhere from twenty to close to fifty dollars a month. Even worse is that many contracts for land lines have the duration for a complete year but with a cost increase after only six months.
This means that after six months under one payment the service jumps in price, often by no less than fifteen dollars per month. Over the duration of a year the total amount it costs to keep an old and practically useless landline in the home can run anywhere from two to three hundred dollars per year.
All of that is money that could have been saved if the family would simply cancel their landline service. Another money waster that is typically in use by many people but that can somehow go unnoticed by them is purchasing bottled water.
For some, clean and bottled water is a perceived necessity of life as their tap water is far less than desirable. But even for these individuals, the purchasing of bottle water has to be slowed if they wish to save money on this incessant money waster.
Bottle water can cost a single individual, meaning not an entire family but only one member of that family, an approximated six hundred dollars per year. Six hundred dollars per year per person on bottled water!
That is a cost that can be immediately cut from the family budget by simply investing in a quality home water purifying system. Often these purifiers are relatively inexpensive to purchase, highly effective at cleaning and purifying tap water, and cheap to maintain; which all translates into cutting drinking water costs from around six hundred dollars per person per year to around eighty dollars or less per year.
Coffee and Games
Other common money wasters that either go unseen or ignored by individuals and families are those that happen on a regular basis without thought, for example, the daily cup of coffee or upgraded whatever for the favorite gaming app on the smart phone. Daily habits or simply regular habits that include spending small amounts of money with consistency have a way of fooling people into spending vast amounts of money with time.
The daily cup of coffee, the dollar purchase on a mobile app, and the regular indulgence at the convince store (which is horrifically marked up in price, by the way) all conglomerate into a large yet unseen expense very month. A person and a family would be better able to save money if they would guard themselves from these and other commonly unseen money wasters.