The dream of kicking back and retiring before you hit 80 might seem a bit out of reach, but it’s totally doable as long as you’re smart with your budget. Today, we’re looking at 18 practical ways to tighten the purse strings so you can retire earlier. These methods won’t leave you feeling like you’re scrimping, either.
Cook More, Eat Out Less
We all love a good meal out, but those restaurant tabs add up fast, so try going to the grocery store and cooking at home instead. You might be surprised at how much you can save by whipping up your own meals. Plus, it’s healthier, so you’ll have more time to use that extra cash you’ve got stashed away.
Pack Your Lunch
Similarly, bringing your lunch to work instead of buying it every day can save you a lot of money each week. You’ll be able to use up those leftovers from those home-cooked dinners, and you’ll have more control over what you’re actually putting in your body. Saving money can be good for your health, too.
One Car, Less Stress
If you have more cars than drivers at home, then you might want to sell them because it cuts down on costs like insurance, maintenance, and fuel. There’s no need to worry about getting around, as car-sharing and public transport can be surprisingly convenient. Fewer cars mean less time spent on looking after them and more money for your retirement.
Vacation Smart
Everyone needs a getaway, but that doesn’t mean it needs to be pricey. Try looking at local spots or plan a staycation because there could be plenty of great places close to home. Traveling off-season or even discovering new places will also get the break you deserve and keep you saving for that early retirement.
Quit Smoking
If you smoke, you’ll know just how hard quitting is, but just think about the money you’ll save, not to mention the health benefits. Cigarettes cost a lot, and quitting now will put more money in your pocket. Just think about the freedom from constant cravings and how much better it’ll be for your lungs and heart.
Cut Back on Booze
We all love a glass of wine or a cold beer now and then, but cutting back on how much we drink is also beneficial. Alcohol isn’t cheap, and those drinks can get expensive over a week, so try limiting it to special occasions. You can still enjoy a drink now and then, just think about making it a treat rather than a routine.
Pay Bills on Time
Late fees are the worst, and you’re essentially just throwing money away. Set up reminders or auto-pay for your bills to make sure you never miss a deadline. It’s one of the easiest ways to keep your finances in check, and staying on top of your payments means you’ll never pay anything to your bank or service providers that you don’t need to.
Thrift Shopping
Secondhand doesn’t mean second-best, and you can find almost anything at a much cheaper price than buying new and only gently used. It’s good for your budget, and it can also be kind of exciting to look for those deals! You may even find some unique pieces that’ll add a little character without costing a fortune.
DIY Wins
There’s no point paying someone else when you can do it yourself, whether that’s for home repairs or decorating. There are tons of resources to help you DIY and learn a new skill. You’ll have fun and save money, so what’s not to love? Plus, nothing beats the feeling of seeing the results of your own work, and it keeps your brain in good shape, too.
Health Care Hacks
It’s a good idea to take advantage of preventive health services and compare prescription prices because it can save you a lot of medical costs. After all, staying healthy is good for you and your wallet, too. Regular check-ups will help you catch problems early, which could save you money on expensive treatments later.
Use Energy Saving Settings
Most modern appliances have energy-saving settings, so make sure you use them or go for Energy Star Appliances. It doesn’t matter if you’re changing the settings on your dishwasher or your AC because these settings can reduce the amount of energy you’re using quite a bit. Just a few simple taps or clicks can save you some bucks without any extra effort.
Group Your Errands
Try to run all your errands in one go because that’ll save you gas and time. It’ll also stop you from making unnecessary trips that can eventually cost you more than you planned. When you plan your route beforehand, you can hit all your stops efficiently, and this can save you quite a bit of cash.
Grow Your Own Food
Growing your own herbs and vegetables can cut down on grocery bills, and nothing beats the taste of home-grown food. Even having just a few pots on a balcony or windowsill could give you enough vegetables for a full meal or two. You don’t need a lot of space to see big savings, as herbs like basil and cilantro are relatively easy to grow.
Review Your Bank Fees
Take a close look at your bank statements for any monthly fees you might be paying, as some banks charge for things like account maintenance or using an ATM. You’re better off shopping around for a bank that does fee-free banking or perhaps talking to your current bank about how to avoid these fees. It could save you hundreds over the years.
Lower Your Water Heater Temperature
Most homes have their water heater set higher than necessary, and lowering the temperature a few degrees will reduce how much energy you’re using. It’s also good in the long term because it extends the life of your water heater by reducing mineral buildup. Once you’ve done this easy step, you’ll cut your monthly bills and help your appliances last longer.
Buy in Bulk
For anything you use frequently, buying in bulk can help you save a lot, just as long as it’s something you need and will use. Of course, you have to pay a little more upfront, but you’ll be able to make some long-term savings. It’ll also reduce the number of trips you make to the store, so you won’t need as much gas either.
Cut Coffee Shop Visits
If you’re going to your local Dunkin’ Donuts or Starbucks every morning, then you might want to cut back. As delicious as those lattes are, they’re pretty expensive, and brewing your coffee at home can save you a couple of bucks every day. Once you’ve bought a good coffee maker, you’ll wonder why you didn’t switch sooner.
Optimize Your Internet Plan
Are you paying for internet speeds you don’t need? Most Americans pay around $60 to $90 monthly for high-speed plans that are better for large families or heavy streaming. Check out how much you actually use, and if it’s a lot less than what you’re paying for, then try downgrading to a more basic but less expensive plan.
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