Saving more money is a goal for many people. Whether retirement is looming or decades down the road, saving as much money as possible is a great way for men and women to plan for their financial futures.
But saving money is not always so easy, especially as the cost of living continues to rise in so many parts of the world. In its 2015-2016 “Salary Budget Survey,” WorldatWork, a global association for human resources management professionals and business leaders, found that U.S. employees can expect an average base salary increase of 3.1 percent in 2016. That marks only a slight increase from 2015, and many working professionals wonder if that increase will be enough for them to start saving more money.
Cost of living salary increases likely won’t be enough for working professionals to grow their savings considerably, if at all. Fortunately, there are several ways that men and women can cut back each day and grow their savings without affecting their quality of life.
Make your own coffee at home. While few people may give it much thought, that $2 or $3 coffee you buy each morning adds up to a substantial amount of money each month. If your daily cup of joe from the coffee shop next to your office costs $2.50, that’s $12.50 per week (not counting weekend mornings), $50 per month and $600 per year. Buying coffee at the grocery store and preparing it at home won’t cost anywhere near that much, saving you hundreds of dollars per year, which you can put directly into your savings account.
Bring your lunch to work. Many men and women already know that dining in instead of out is a great way to cut back on unnecessary spending. But it’s not just skipping nights out on the town that can help save money. Rather than spending somewhere between $5 and $10 every day on lunch at the office commissary or nearby restaurants, bring your lunch with you. Bringing your lunch allows you to buy in bulk rather than pay for each individual midday meal, and that can add up to considerable cost savings over the year.
Trim some fat from your cable bill. While cable providers have been slow to embrace customizable plans that allow customers to pick and choose their channels in an effort to save money each month, some providers have begun to offer such plans. Contact your cable provider to see if you can customize your plan so you are no longer paying for channels you don’t watch. If your provider does not allow you to customize, consider cutting your cable entirely. Streaming services such as Netflix and Amazon Prime cost a fraction of monthly cable subscriptions, and these services continue to increase their offerings.
Work with a financial advisor. If you keep coming up empty in your search for ways to save, work with a financial advisor. Financial advisors can help you establish a monthly budget so you are in a good position to save. In addition, such advisors can suggest ways to grow your money that you might not know about.