One of the ways investors use to purchase property is by using saved funds. Here are some ideas to start saving in the New Year that may get you closer to your investment goals:
Meals at the Workplace
Working Americans spend an average of $6 when they buy their lunch at work. The average cost drops to $2 when we bring our lunch from home. That's a difference of $4 a day, or $20 a week, or over $1,000 a year. On a weekly basis, we suggest that you deposit $4 into your new savings account for every day that you bring your lunch.
Utilize the Public Library
By obtaining a library card, you can save money on books, magazines, and especially DVD rentals. If you average 3 DVD rentals a month, you're spending approximately $144 a year. That's $144 that could be deposited into your account. For every book you check out, find out what it would have cost if you'd bought it. Deposit that amount into your account.
Don't be Afraid to Ask for Discounts
If you're paying bills or buying items such as airline tickets based solely on the price you're quoted, you could be wasting money. Many companies provide discounts on goods and services but only for those customers who request them. It never hurts to ask so start asking. If you're lucky enough to get a discount, apply the savings to your new account.
Save Gas
Consult the owner's manual of your car and learn about the manufacturer's recommendations for optimal gas mileage. Put the suggestions into action and see what happens. After a month, you should be able to see if you're spending less on fuel. Take the savings and stash it away.
Sell your Junk
Come springtime, go through your closets, garage, and CD collection. Figure out which items you no longer use. You can either hold a garage sale or locate stores which buy and sell used merchandise, and sell the items to them. Whatever money you make should go right into that savings account.
Do Away with Disposable
From razors and batteries to paper towels and plastic bags, your home is filled with products which are meant to be thrown away. Most of these disposable items have either a permanent or semi-disposable counterpart. Switching over to these more durable items can yield a savings of $4 a week or $200 a year.
Get the Most Out of Your Utilities
Many of us are overspending on our utility bills for no other reason than our own apathy. If you haven't already switched over to low-flow shower heads and toilets it's probably time to do so. Also, get into the habit of turning off lights when not in use. Did you know that most utility companies offer a free online energy audit? This way you can see exactly where you're wasting money.
Setting Money Aside
Having a separate savings account presents another potential benefit. If the company you work for offers direct deposit, ask if you may have a portion of your paycheck automatically transferred to your savings account before you ever see it. Since you determine the amount, you can start small. Just by transferring $20 a week, you'll save over $1,000 a year.
Now, you're probably thinking that there's no way you're going to accomplish everything on this list. The good news is, you don't have to! By implementing just a few of these suggestions, you'll still set aside money that you wouldn't have otherwise. Besides, these aren't the only ways to cut waste. Take a look around your house and at your daily routine. Figure out other ways you could be saving money. The key is to take action and put the savings aside. You'll be amazed at how much you can accomplish in a relatively short amount of time!