12 daily habits that will save you money

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Business Insider has collected tips from Internet users on how to save money with simple habits. Among them were unusual solutions like doing math in the store and the five-question rule.

If you add up the daily small expenses, then a decent amount will be typed in a year. Quora users shared their experiences on how to save money with a little lifestyle change.

1. Remember the difference between saving money and interest

A 5% discount on a $ 10K item is not the same as a 5% off $ 10. But our brain is used to simplifying everything and may not notice this difference. So says programmer and economist Jaap Weel.

After studying behavioral economics, I became less worried about saving 20 cents on spaghetti, but I spent a lot of time getting a good deal when buying a car. And yet I see people who spend a lot of time clipping grocery coupons, but never think about moving into a cheaper apartment.

Jap Vil

2. Do something yourself

You can have fun learning new skills and completing different tasks. Mechanical Engineer Betsy Megas believes this approach to life is fun and economical.

Things I've mastered: plumbing basics, interior painting, sewing, bike repair, cooking. I would also like to improve my construction skills and understand the structure of a computer.

Betsy Megas

3. Practice delayed pleasure

You are walking around the store, suddenly your heart skips a beat at the sight of some product. This is love at first sight. And a reason to stop. Coach Angela Recruiter insists on this.

She recommends not succumbing to the first impulse, but returning to the thing you like later and checking if your desire has subsided.

Ask yourself if this purchase will make you happy in a month? And in months? Year, years?

Angela Recruiter

4. Do math while shopping

“Every time I go to buy something, I estimate how much the amount of this purchase will grow in five years at 10% per annum (this is just over 60%),” admits user Raghav Mishra.

If I want to buy something for a thousand dollars, then I ask myself: do I want this thing now or $ 1,600 in five years? Depending on what I plan to spend money on - a guitar that I need, or a phone that I don't need - I make a decision.

Raghav Mishra

5. Don't waste your status

Stop hanging out with wasteful friends. If you love skiing, go for it! But you don't have to go to Aspen for the whole Christmas week to wallow in an expensive hotel. Travel at less than the hottest time (and maybe not for a week), choose a place and a cheaper hotel. If you are a true skier, you should not worry about a hot bath, but about snow-covered slopes. So says investor Terrence Yang (Terrence Yang).

6. Track expenses and automate payments

User Colin Cahill advises using online banking for all of his cards to keep track of money. He also recommends activating the "automatic payment" service. It's free and requires no effort.

My landlord automatically receives rent on the 27th of every month. And I never need to think about it.

Colin Cahill

7. Prepare food in advance

Product Manager Zach Shefska says one of the easiest ways to save money and avoid stress is to cook your own meals for the whole week.

I spend about two hours on Sunday cooking. And during the week I don’t worry about what I want to eat, I don’t waste time waiting in lines and going to restaurants. It's easy, simple and saves you money.

Zach Shefska

eight. Know when to invest in quality

Management Consultant Venkatesh Rao recommends saving soundly. He believes that you shouldn't skimp on things that are used often, especially if they are related to your productivity. This includes knives, a computer, a bed, or a desk chair. In the long run, these costs will pay off.

9. Spend only your money

“Listen to your debit card, not your credit card (it’s lying),” says web developer Ly Nguyen. Credit cards make you think you have money when you don't. And before you know about it, you will already be mired in debt.

If you already have debt on loans, then your top priority is to get rid of it.

Li Nguyen

10. Stop consuming after midnight

User Aksel Wannstrom says that while still a student, he set a rule for himself: do not eat or drink anything but water after midnight. He simply did not see the point in eating or drinking when the body was supposed to be asleep.

This strategy doesn't limit your experience or college life or force you to be a curmudgeon. It simply reduces waste.

Axel Wannstrom

11. Use the rule of five questions

User Belavadi Prahalad offers a very simple tactic to save money. Before any purchase, he advises asking yourself five questions:

1. Is it a desire or a necessity?
2. Is that what I need?
3. Do I imagine I am using this?
4. How often can I use this?
5. Is it worth my time?

12. Be content with what you have

Entrepreneur and management consultant Thomas Antunez encourages you to learn to love the things you already own.

Until I was 35, I had five Porsches and three Mercedes-Benz. These are the eight biggest mistakes I've ever made. And they were all related to my inability to be content with what I already had. Trust me, there are no winners in the race of possession.

Thomas Antunez