in the freezer. Then, when you need a quick meal for the family, you can grab one of those ready-made casseroles and just heat it up. Old school for sure, but a huge savings builder and its healthier too. Preparing a few at once allows you to buy the ingredients in bulk, which can mean additional savings. Meanwhile, having several casseroles in the freezer makes it less likely that you will turn to fast food or junk food when you’re in a hurry. Potential Savings - $600 Annually
8) Drink More Water: Not only does drinking plenty of water have great health benefits, it has financial benefits, too. Drink a big glass of water before each meal in order to stay fuller longer and ultimately eat less. Not only will you save on the food bill, but you will also feel better after you become properly hydrated. Even better, drinking more water, whether in a refillable bottle at home or at restaurants, means spending less money on beverages like soda, juice, and tea. Remember: Tap water is not only just as clean as bottled water, it’s also free. Potential Savings - $120 Annually
9.) Avoid Stress Spending: It’s easy to justify spending money just to wind down from a stressful day during Covid-19. However, it’s rarely a good idea. Instead of buying things you don’t need to make yourself feel better, it might be wise to find other ways to de-stress instead. Exercise is always a good option, as is meditation and even a good old-fashioned nap. I love naps!! Read, watch movies, or work in your yard if you’re stressed out. Spending money won’t reduce your stress in the long run. Potential Savings - $1800 Annually
10) Shop for More Cost-Effective Insurance (Home, Auto, Warranties): If you own a car or home, insurance is pretty much a given, and you want to ensure you’re getting the best deal for your needs. It can be beneficial to shop around for a new car insurance or home insurance policy every few years to make sure you are getting that best deal. Potential Savings - $1200 Annually
So, on an annual basis with just these 10 tips you could potentially save $8,650. Ok, cut that in half and you still have saved over $4,000 per year. Over 25 years and a moderate interest rate you would have grown that to over $250,000. Not bad for making some simple lifestyle adjustments during Covid-19 that will certainly build your future retirement wealth!
Clearly, the first step to making these changes and then making them stick is to take a close look at your budget and it’s best to do it now. We at 1st Capital can help you with the process by sending you a free Financial Assessment Questionnaire so you can get started. I hope these tips will help you keep more of what you make.
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