8 Brilliant Money-Saving Secrets by Financial Expert Rachel Cruze

Master your savings potential with these 8 tips

Saving money is an art that one needs to practice regularly to attain mastery over it. One can’t get rich by just saving money whenever they get a chance, rather they need to make it a habit and start saving every month to build the corpus they are aiming for. Rachel Cruze, a seasoned financial advisor and social media influencer shares that there are plenty of ways a person can save money every month. We have listed eight ways someone can save money monthly.

1. Avoid bottled water

Most of the individuals prefer buying water bottles to meet their monthly drinking water needs. But that’s a grave mistake as bottled water is not only quite expensive but it is also harmful to the body as we often end up consuming microplastics from water bottles. Water bottles also lead to environmental pollution. Instead of bottled water, choose tap water. One can opt for easy-to-install water filters which can be attached to taps to get drinking water.

2. Optimize the thermostat

One large chunk of the monthly bill goes to electricity, of which a major part is heating or cooling the home. To find the specific temperature that would make the entire home comfortable, people end up paying a hefty cost. It’s better not to heat or cool the home if you are out. Just turn on the thermostat when you are in. Also, don’t go for extreme temperature settings, rather choose moderate ones, which can be achieved without consuming more power.

3. Go for home-cooked meals

The price of food items has been skyrocketing, and eating out can burn a hole in your pocket. Smart grocery shopping and arranging meals at home can help cut down on food costs without compromising on nutritional requirements. An average American household can save more than $3K a year by eating home-cooked meals. Cooking meals at home is not only good for your health, but it also is a stress-relieving exercise. The satisfaction one gets out of making their meals is unmatchable.

4. Buy seasonal vegetables and fruits

It is quite easy to find the vegetables and fruits you like all year round. But one thing to note is that off-season fruits and vegetables come with a big price tag since there is extra cost involved in procuring and storing them. So it’s better to stick to the seasonal vegetables and fruits, as they would be much cheaper. Also, seasonal vegetables and fruits are fresher and have less chance of insect infestation, making them better for consumption and your health.

5. Get rid of debt

It is common for an individual to take loans to pursue an objective in their life, be it buying a home, buying a car, or going for higher education. But the loans come with hefty interest rates, and the interest to be paid grows with time. So, it is advisable to pay off your debts as quickly as possible. If you have a loan running, and you have funds to dissolve it sooner, then get it done. Once your debts are finished, you can focus on saving more money every month.

6. Create a budget

Creating a budget is a quintessential part of mastering the art of saving money. People who create budgets at the beginning of the month can save more money by the month's end than those who don’t plan. Having a budget ensures that you are aware of all monthly expenses and have set funds aside to manage them. In addition to known expenses, always keep room for unknowns in your budget, so that you are more prepared for the uncertainties.

7. Make your own coffee

Many of us need coffee several times during the day—for kickstarting work, while hanging out with friends, or to focus on a critical project. But one thing to consider is the cost associated with coffee. Coffee from premium café and outlets comes at a hefty price tag, and if you consume it regularly, then you can end up spending hundreds of dollars on it. Instead of coffee from a café, try making your own cup of coffee. Also find healthier alternatives such as green tea, juice, or even a refreshing glass of sparkling water which can save you some bucks.

8. Cut down on unused subscriptions

In today’s digital era, we all take monthly subscriptions for the services that make our lives convenient. There are instances when we might not need a particular service anymore, but since we went on a subscription model, we are being charged for it every month. So it is a great exercise to review all the subscription services you have opted for like grocery delivery, OTT platforms, mobile applications, and others. Identify the services that you are using or plan to use next month and unsubscribe from the remaining ones. Opt-in the subscription only when you need it.