You may need some extra cash to pay for bills or try to save up for a big purchase. You might even want to remodel your kitchen or fix your backyard with your new home. Money-saving tips have been around for decades. Long gone are the days that we carry a big book of coupons. But we will save money in different ways in 2022. Some use applications online. Some may even try to attend accessible venues in school to get the free food and drinks. I participated in college parties and interest clubs to get free pizza and soda back in my days! You may call that cheap, but I was able to save up every penny so I could apply to medical school and study for the MCAT. As we enter adulthood, there are better ways to save money to help us achieve a brighter future. These methods are more cost-effective and have additional benefits beyond financial health. Here are some of the tips that I employ that have been helpful in my daily life.
1. Setup your saving habits: out of sight and mind.
Developing a saving habit is fundamental for the approach to financial freedom. The first step is to create a high-income skill through technical and professional school. After all, the best investment is to invest in yourself. White-collar jobs like physicians, computer programmers, and engineers take a considerable amount of time to be specialized in their fields. An average physician requires about 12 to 15 years of training after high school. Because of this, I do recommend technical schools in areas such as electricity, plumbing, culinary, etc. They offer job opportunities that have a good potential for advancement to a 6 figure salary. An average salary of an electrician is about 52,000 dollars as of 2022.
However, saving is a critical step in developing wealth. After all, if you do not know how to save, you will most likely not be able to manage a 7 figure financial profile. If your employer has a 401k or 403b, you should contribute to the maximal percentage. A 401k or 403b offers a tax-deferred retirement account that will help you set aside money for investment. Most universities and employers will use that money to purchase a long-term ETF that allows you to earn a percentage of return every year. You will automatically set aside this money for investment when you contribute to your employee match. This leaves less money on the table that you can potentially spend on personal entertainment.
2. Reduce outings with your friends.
Everyone loves spending time with friends and family. But if you are spending an excessive amount of money and time outing with your friends and family, it will significantly impact your financial health. Furthermore, the constant partying also deter away your purpose and dream. This also includes food take-out services like DoorDash. Surprisingly, ordering meal prep services saves money if you live alone and hate cooking. An average meal prep service costs 10 dollars, but when you order on DoorDash, you can easily spend 20 to 30 dollars per meal.
Now I am not recommending being home all the time with no entertainment. But it would be best if you were mindful of the budget you can spend every month. I set aside 10 percent of my monthly income for food and drinks with my friends. I also make sure to have a travel plan every year to destress. Instead, use the money to build a new hobby that can become a business idea. Learn about photography, marketing, and finances. Read a book that shows you how to set up a new business. Learn about affiliate marketing. And learn as much as you can using online resources, such as Youtube. Many universities offer free courses on computer programming, healthcare, and video editing. Focus your energy on developing your creative mind, and it will change your life forever.
3. Drink a lot of water.
Drinking water has tremendous benefits for your body. Our body is made of 70 percent water. Surprisingly, drinking water can save you a lot of money. An average cost of a soda is 2 dollars. They can be even more expensive if you buy them at a particular location like the airport. Although it may seem negligible, the costs add up. It can cost you several hundreds of dollars every month and thousands of dollars every year.
On the contrary, water is free for everyone. And a water bottle only costs 50 cents to a dollar. It is an inexpensive alternative to soda, fruit juice, and other sugary drinks. Invest in a water softener and a RO drinking water unit at home. You can produce chlorine and fluorine-free water at your fingertip. Bring a water bottle with you at all times. And it would be best if you aimed to drink 1.5 to 2 liters of water per day. Be careful; if you have medical conditions such as congestive heart failure and chronic kidney disease, drinking excessive water may not suit you.
It also benefits your health significantly. Water cleanses and dilutes the breakdown of cells in your tissues. It helps your kidney to filter out toxins and hydrates your body. These toxins attract water. As we get rid of them, we also lose water. This explains the paradoxical effects of water consumption on weight loss. In addition, it contains zero calories and does not cause a spike in insulin. Insulin is the hormone that signals our body to store fat and carbohydrate. Water helps to stabilize our hunger hormone and normalizes the insulin level. This leads to an improvement in insulin sensitivity and allows your body to heal from chronic inflammation.
Lastly, each Coca-Cola is about 200 calories, and it takes about 30 minutes on the treadmill to lose that same amount of calories. You can easily achieve your weight loss goals by cutting out any drinks with calories.
4. Garden your food.
Gardening your food at home can be a straightforward and fun process. Instead of buying groceries at your local store, you can grow anything you need from your home. I have successfully grown basil, lettuce, tomatoes, and fruits. Because it is grown on your own, it is entirely pesticide-free and organic. They are healthy and tasty. Most importantly, it is straightforward to do, and it is affordable. You can purchase a home gardening unit like the Click-N-Grow. They offer a convenient home gardening system that you can grow anything you need. They are inexpensive, and they can help you save money every month. I have been using the Click-N-Grow system for three years now, and it significantly cuts down my grocery bill every month. I only add water to the unit every two to three weeks. It has a LED timer, and I let it run its course. On the other hand, you can also grow produce in your garden bed if you have some outdoor space. You can purchase raised beds with well-draining soil and seeds. Overall, I can save up to 30 to 40 dollars every month from home gardening.
5. Cut down on unnecessary subscriptions.
Lastly, cut down on all the subscriptions that you may not use. Look at your bank statement closely every month to examine your spending habit. Unused subscriptions can cost you hundreds of dollars every month. That includes Netflix, Hulu, UberEats, etc. I cancel services frequently. Because companies are trying to retain their customers, you may be able to get a discount. Some even suggest that we cancel benefits like car insurance yearly to get a killer discount. I have not had that much success, but I think it is worth a try. Also, wait 48 hours before making any purchases, particularly online. This allows the dopamine in your brain to cool down. And it will limit impulse buying and saves you a lot of money.
Thank you for reading my blog. As always, I hope you find these tips helpful. Comment, like, and subscribe.
For my list of self-improvement items, check out the books that I recommend,
Rich Dad, Poor Dad: https://amzn.to/39d33lT
The 7 Habits of Highly Effective People: https://amzn.to/3M7JM3K
The Emporer of All Maladies: https://amzn.to/39Gj2ca
Gifted hands:https://amzn.to/38kp1mL
The Power of Habits: https://amzn.to/3MpwHmk
Cook County ICU Interesting Cases: https://amzn.to/3lgzpPp
For a home gardening system, check out Click and Grow: https://amzn.to/3wBgyoo
Drink my favorite alkaline water: https://amzn.to/3wAs