If you have been reading our articles for some time now, there is a good chance you have become familiar with basic personal finance concepts. Further, these concepts aim to help you save extra capital for your portfolio. Generally speaking, such principals have revolved around budgeting and trimming luxury expenses. While those are great practices to have in order to both spend efficiently and save effectively, there are additional things you could be doing that might help you get the most out of your paychecks. As such, here are a few money saving ideas that you might not have considered yet:
Grocery Shop on Wednesday:
It is no secret that Sundays are extremely popular for grocery shopping, but are they the best day to go? Interestingly, a compelling argument can be made that it is much more beneficial to check off your grocery list on Wednesday. This is because many stores introduce their new sales/discounts mid-week meaning that those who shop on Wednesday have access first. Additionally, it is common for stores to still honor coupons from the previous week on Wednesday since the new deals are just then being rolled out. Consequently, you could potentially have access to two weeks of deals all at once. Not to mention, grocery stores tend to be less crowded on Wednesdays, as well, which might save you some time — and as the old saying goes, time is money!
Pantry Diet Challenge:
This might seem too obvious but sometimes the best way to save money is simply to not spend it. For example, taking a few days to go on a pantry diet could save you a surprising amount of money and cut down on the amount of food you have already purchased that might otherwise go to waste. To clarify, a pantry diet is exactly what it sounds like, a diet in which you only eat what is already in your pantry. Of course, this cannot be accomplished every day as you will eventually run out of food from your last shopping trip. However, even doing this once or twice a week could drastically save you money. Surprisingly, though, clearing out your pantry before restocking is commonly overlooked despite how simple it sounds.
Start a Better (Longer) Sleep Schedule:
Getting into a routine of going to bed (relatively) early can be tough, but it might be the next step you can take to save more money. Together with controlling spending, it is important to control consumption — as mentioned above with the pantry diet. Correspondingly, getting more sleep will likely result in just that. Consider this, by getting more sleep you will use less electricity and do less late-night snacking/drinking. Not to mention, you will be able to simultaneously take advantage of all the health benefits associated with sleeping more. For instance, getting the proper amount of sleep is associated with avoiding illness so you could possibly save money by avoiding medical expenses too. All in all, this tip seems like a win-win.
While these tips might come across as basic, it does not mean that they are not significant. This is especially true if you are a newer investor and are looking for easy ways to allocate more funds to your portfolio. Remember, saving money and growing your portfolio in the long term does not require making massive sacrifices all at once. Focusing on finding aspects of your everyday life that can become money saving opportunities may do the trick just as well or perhaps even better!