Read on to discover twelve ways you can save money (so you can invest more in bitcoin).
1. Track Your Daily Expenditure
When trying to save money, you must keep tabs on your spending.
By using a budgeting app that tells you how much you are spending and what you are spending money on, you will discover areas in your life where you can cut back to save money.
2. Cut Down on Unnecessarily Purchases
Don’t worry. We won’t tell you to start making your coffee at home and stop going to your favorite cafe. No one makes coffee like your favorite barista.
But there are other small purchases you can probably cut down on. They will differ from person to person, but things like expensive beauty products and convenience snacks are good examples.
3. Get Rid of Subscriptions You Don’t Really Need
Check your bank statement to see if you are paying for any subscriptions you aren’t actively using or any you don’t remember signing up for.
While you probably want to keep Netflix, you probably don’t need subscriptions to several other streaming services. The same goes for online media subscriptions. Is the money really worth it to see what’s behind the paywall?
4. Automate Your Finances
Automating all your payments is a great way to avoid paying any late payment fees.
It’s easy to forget to pay all your bills on time every month, but service providers always want you to pay on time. As a result, they regularly charge late payment fees. If you automate all your monthly payments, you can save money by never having to pay late payment penalties.
5. Reduce Your Fixed Costs
Reducing your fixed costs is harder said than done but a great way to free up cash you can put towards investments. Fixed costs can include your rent, utilities, phone bill, insurance policies, and transport.
You can try to call up your service providers to negotiate a better deal or check with a competitor to find a cheaper alternative. Companies sometimes offer discounts and bonus rates to new customers, so switching to a new provider may end up saving you money.
6. Be Aware of Bank Fees
Banks love to charge fees for all sorts of services. Some banks even charge you for having an account with them.
So keep an eye on bank fees. For example, if your banking provider charges an ATM fee, limit your trips to the ATM. If your bank charges a high overdraft fee, keep an eye on your spending when you are approaching zero on your account. The more you can save on banking fees, the more money you can save.
7. Keep an Eye on Your Credit Card
Credit cards are great when you need to access cash but they can become very costly if you are not making your credit card repayments on time.
If you regularly use your credit card, make sure you set up automatic repayments so that your interest costs don’t run too high.
8. Leverage the Sharing Economy
Whether you’re ridesharing for your daily commute, switching the hotel for an Airbnb, or getting tools from a tool-sharing app, the sharing economy can help you save a chunk of money.
Check out what sharing economy apps are available in your city and test out the ones that suit you the most. Alternatively, you can also leverage sharing economy platforms to boost your income by renting out a room or providing your car for ridesharing.
9. Use Price Comparison Sites Ahead of Big Purchases
If you are going to buy a new TV, upgrade your fridge, or purchase a couch, check out comparison sites to help you find the best possible deals.
It’s tempting to walk into a shop and let a salesperson consult you on your purchase, but that doesn’t mean you will get the best possible price. Comparison sites can help you with that.
10. Use a Prepaid Debit Card
If you find yourself taking out your credit card a little too often, you may want to leave it at home and grab a prepaid card instead.
Top up a prepaid debit card with the amount you plan to spend in the coming week and stick to that limit. That way, you can easily catch yourself overspending, and you won’t incur any interest costs.
11. Avoid Impulse Purchases
Retail therapy is a thing. And yes, sometimes it works. But that doesn’t mean impulse purchases should affect your ability to put aside more money towards investments.
If you regularly find yourself making purchases based on your emotional state as opposed to actually needing the item you’re buying, take a deep breath and ask yourself whether you really want to make the purchase.
Maybe you don’t really need an extra pair of sneakers or that family pack of chocolates just because you had a bad day.
12. Increase Your Income
You can only cut your costs so much, but you can always increase your income. While increasing your income is much easier said than done, it’s arguably the best way to free up more money you can put towards savings and investments.
Whether you start a new side hustle, launch a small business, or make a move to a higher paying job, giving your income a boost is one of the best ways to set yourself up for financial success.