We all want to have a grasp on our finances so we have stability for both now and in the future. This is especially critical during the economic uncertainty we’re all adjusting to as a result of the coronavirus pandemic. At the same time, most of us don’t wake up in the morning and think, “I would love to give up all the things I enjoy!” Fortunately, you don’t have to give up lots of comforts to achieve financial stability. Here are a few pain-free ways to decrease your spending in everyday life.
Explore the Second-Hand Economy
The second-hand economy is a great way to save and make money. You can find some of the best deals on high-quality items that are in excellent condition on sites like eBay; these items range from clothing and sports equipment to furniture and kitchen supplies. You can save even more by using eBay coupons and promotional codes when you buy.
You can also use the second-hand market to sell things and make a little money, which is a fairly easy process. In addition to how it benefits you, using the second-hand economy also benefits the environment, as it keeps unwanted items from ending up in the landfill.
Ditch Your Cable Subscription
One of the easiest ways to cut costs in your everyday life is to cancel your cable subscription. Even the most basic cable packages come with a serious monthly fee, and most people don’t use half of what their package includes. Nowadays, there are many options for watching your favorite movies and shows that are much more cost-effective than cable. For instance, subscriptions like Hulu, Netflix, and CBS All Access cost a fraction of what cable costs. Once you decide what streaming service to go with (you can even choose multiple services and still save money), try using a streaming device, which allows you to access thousands of movies and television shows through hundreds of different apps.
Stream Music
Similar to streaming movies and shows, there are many options for streaming music. With millions of songs available for free, you no longer have to pay for albums or singles if you don’t want to. Even with premium monthly subscriptions, which range from $5 to $20, you get a month of unlimited music for the same price as one or two albums. Plus, these digital services typically allow you to stream from several different devices. Research and compare your options, such as Apple Music, Spotify, Pandora, Tidal, Amazon Prime Music, and more.
Make Dining Out an Event
Another way to save money is by ordering out less. One of the easiest ways to achieve this is by rethinking your meals. Many people order out a lot because it’s convenient, but lunch after lunch and dinner after dinner can add up fast and effectively kill your budget. So, try to cook at home more, and make it fun by learning all kinds of different cuisines. Also, you don’t have to completely cut ordering out from your budget. Make it an event — a special occurrence for you and family or friends to share a good meal together. Consider ordering out only once or twice a week, and you’ll quickly see how it frees up your finances.
Consider Hiring a Financial Advisor
While it can cost a significant price up front, hiring a financial advisor can save you money in the long run. A qualified advisor can help you:
- Set financial goals and lay out a plan for achieving them
- Tackle debt and deal with emergencies
- Manage your cash flow
- Make the right investments for your situation
- Plan for your retirement
- Plan for vacations
Hiring a financial advisor is not for everyone, but it’s worth looking into to see if it could benefit you and your family. The experts at Money Under 30 have put together a guide that explains when it’s a good time to hire a financial advisor, as well as how much you can expect to pay.
Yes, you can cut costs without giving up your creature comforts. Consider buying and selling in the second-hand economy, and opt for subscription video (instead of cable) and music services (instead of buying music piecemeal). Also, cook at home more often and see if hiring a financial advisor is the right thing for your situation. There’s nothing negative about reducing your expenses; on the contrary, it frees up your money so you can spend it more deliberately.
Photo Credit: Burst
