Friday, May 23, 2014, PM | Leave Comment
There are two ways to make money last longer for yourself: Get a bigger income, and save more. For most people, the first choice is practically impossible, while the second is within the reach of practically everyone. No matter how bare-bones you think you are living, there is likely a way that you can save even more money on the necessities of life.
How to Think about Money so That You Can Save
First, you must look at money as a tool for investment. Saving money does not necessarily mean that you hold onto every dollar that you can in the present moment. Sometimes saving money means investing in something now so that you do not have to spend more money down the road. One example would be a home coffee maker. By many accounts, making coffee at home instead of going to Starbucks every day can save up to $1500 a year.
Money is an investment tool; money is also fluid in its value. You must overcome inflation as well as the fixed cost of living in order to truly save money. This means that your money pot must grow in order to remain the same. This is actually an advantage to those who remain diligent, because there are always new ways to save.
How to Save Money On Things That You Need
Make purchases of necessities in bulk. Food staples and clothing items such as undergarments can be purchased for much less per unit if they are bought in large quantities at a warehouse store. This is one example of an investment: The upfront cost of membership at a warehouse store will allow you to save a great deal of money down the line on bulk purchases.
Purchase high quality items. Remember that you are looking to save over the long term. The money that you save by purchasing a less durable item will come back to haunt you in the future. Take an item that will last you longer. You will thank yourself in the future.
Save up for repairs you are going to need in the future. You may not know what the repair is going to be, but you can count on the need for some fixing, it could be your vehicle, water damage in the basement, or a broken appliance. Brothers Plumbing in Toronto has seen so many unexpected issues with home plumbing and has worked with customers who can barely stretch enough to afford a much needed home repair because they weren’t prepared. This Toronto business advises setting aside a small amount each month to fund future needed repairs.
Check coupon bearing websites online for deals on necessities. Many businesses in retail are going above and beyond to create an online customer base for themselves. They will offer deals online that are not even available at retail storefronts. You can also save on taxes in many cases if you make purchases online, not to mention the gas and the time that you will save by not having to travel to the storefront.