We all have dreams to retire early and enjoy life. What’s often missing are the necessary financial reserves. If your bank account balance triggers discomfort and your money reserves are running out, don’t panic. Here are five ways to save money long term.
1. Use saving cards, discount codes, and coupons.
There are many online sites where you can save on cosmetics and prescription medication using a coupon code, discount card, or prescription savings card. One such site is America’s Pharmacy. They can help both families and individuals (with or without health insurance) save up to 80% on prescription drugs using free Rx coupons. You simply have to search for your desired medication and choose a discount option. You can then present your prescription discount card to any of their 62,000 pharmacist partners across the United States. It’s that simple.
2. Invest in the stock market.
Many people consider investing their money in stocks. Quite rightly! But it would be best if you didn’t do this unprepared. You should first devise a good buy and sell strategy to make and save money. It’s not as simple as buying shares and selling them directly after a few weeks or months. If you use the buy low, sell high method, you’ll invest in a structured way.
Using this strategy means you’ll determine when stock prices will go higher before jumping in to sell. Even better, you can use portfolio management software like Passiv that makes investing very easy for those who want to save time and money.
By using Passiv, no spreadsheet or complicated investment strategies are needed. Once you register, the software can quickly communicate with your brokerage account with an API key. With the One-Click Trade feature, the software will then execute the required trades on your behalf. You’ll also receive regular emails when cash hits your account.
3. Check ongoing costs and cancel if necessary.
Ongoing costs include cell phone and internet contracts, as well as gym and magazine memberships. Often, these running costs accumulate a lot of unnecessary expenses. So it’s best to assess if they’re needed carefully. For example, ask yourself, how often do you go to the gym? Can you do workouts at home instead? Are there cheaper internet or cell phone providers? Do you really read that magazine, or is it just lying on the coffee table collecting dust? By regularly checking running costs, you’re aware of where your hard-earned money goes each month. You’ll then be able to switch to make financially sound decisions.
4. Shop weekly.
If you regularly rush to the supermarket on an empty stomach after work, you’ll likely purchase much more than you need. Hence, a planned weekly shopping list will come in handy — which you have to stick to, of course. This way, you protect yourself from spontaneous purchases and can save money.
When shopping, also think carefully about which dish the food you purchase is suitable for and when you’ll eat them. This tip is especially important with perishable products such as fruit or vegetables. If in doubt, do not put them in the shopping cart.
4. Cut down on electricity costs.
You can also save money by changing your electricity provider. A comparison with other providers can clarify whether you’re currently paying too much. Various tariff calculators are available online where you can compare prices from different providers. Make sure to restrict your search to providers operating in your area so that you are checking only rates available to you. For example, if you are in Texas, be sure to visit Reliant Energy plans to make your home more energy-efficient, as they are a popular energy provider in the state. If you’re located elsewhere, shop around as you’ll be surprised by how much money you could save doing so.
That being said, before you decide on another provider, check the conditions carefully – energy suppliers often have complicated supply contracts that you should never sign without checking.
Still, on electricity, another great way to reduce costs is by sealing gaps in your home, where cold air can enter. Also, remember to bleed your radiators regularly before the cold weather starts. This reduces consumption by up to ten percent.