It’s no secret that one of the best ways to increase your buying power – and to make your dollar go further – is to stick to a saving regimen. Whether this involves putting aside a fixed portion of your paycheck every month or pocketing your change and keeping it for a rainy day (image how quickly your money jar would accrue money if you put away all of the $5 bills that you received in change), every little bit helps.
Of course, what many people often don’t take into consideration is that cutting expenses also counts as savings. If you can reduce your monthly expenses by $500 (this may sound impossible, but it is doable – think about how much you spend on cable television; this alone will get you a fifth of the way there or more), it gives you the same spending power as if you were to receive a $6,000 per year raise (and honestly, how likely is that to happen anytime soon?).
The following gadgets, apps and services can all help you cut your expenses and save money – so that you can spend it on the things that matter!
Gadgets
When it comes to buying gadgets, think of how they can help you save money. And remember also that it doesn’t have to be an electronic device to be considered a “gadget.” That filtered water bottle that you’ve been eyeing at your local outdoor store? That counts – and it can save you money too, by preventing you from having to buy disposable, one-time-use water bottles. Efficient shower heads can cut your water bill and efficient light bulbs and appliances can lower your electricity bills. Over the long run, these devices will actually pay for themselves through their savings.
Not all gadget purchases have to be boring, though. Take the new LG G Flex curved-screen smartphone from T-Mobile. Featuring the latest trend in consumer hardware, the curved touch screen, this smartphone can be bought for $0 down, and the carrier offers a number of attractive plans for the device, including ones that don’t require a contract. When you factor in the difference between the month-to-month costs of a phone in contract and one not in contract, the savings can be hundreds if not thousands of dollars over the life of the phone!
Apps
A whole range of smartphone apps are available to help you handle your finances, set aside a budget, and stick to your short- or long-term plans. However, apps aren’t limited to those that can help you with your personal finances. There are also apps for comparison shopping, deals and coupons, loyalty programs, and travel. Apps like Mint.com can let you consolidate all of your accounts into one management program, while others like Groupon enable you to take advantage of daily and weekly deals – all of which can save you money (insider hint: only take advantage of coupons for products and services you were already intending to buy; otherwise, you’re actually increasing your expenses).
Services
The easiest, most effective and sure-fire way to save money on services is to get rid of those that you don’t need. If that isn’t possible, find substitutes. We’ve already discussed cable television – replace it with Netflix or Hulu, and you’ll be saving up to $100 per month, if not more. Yes, these changes may require some minor adjustments on your part, but you may find that you get 90 percent of what you need for 10 percent of the cost.
Do you pay a monthly subscription service to one of the big box grocery stores, or to a gym? If so, consider canceling these as well. For weight training, you can rely on the old standards – dumbbells and push-ups – and for aerobics and cardiovascular, there’s always your local park. And when it comes to food, think about what food you actually need, and buy only that.
Put simply, alternative, more affordable (and in some instances, free) solutions are available. You just have to be willing to take action – it may take a bit of courage to begin with, but your checking account will appreciate it!
Jessica Oaks is a freelance journalist who loves to cover technology news and the ways that technology makes life easier. She also blogs at FreshlyTechy.com. Check her out on Twitter @TechyJessy.
Gadget is something that encourages the majority to spend! But, for me, I really think it over when there’s a new gadget in the market. I also think if it fits my needs and lifestyle before buying a new one. By doing this, it really helps me save money and plan accordingly.