5 Easy Changes You Can Make To Save Money

5 Easy Changes You Can Make To Save Money

October 10, 2017

Whole life insurance is one of the best ways to ensure that your family’s future is secure. Although it might seem pricey, the long-term benefits of having a whole life policy outweighs its cost. Also, with a smarter saving strategy, investing in a whole life insurance policy doesn’t have to hurt your wallet. Here are a few money-saving tips that can help you afford a policy:

Create a Realistic, Easy Budget – And Stick To It

Having a budget is less about restricting your spending and more about helping you spend with better intentions. First, figure out your budget by writing down a list of all your essential expenditures—including rent, groceries, insurance and bills. Then, subtract those costs from your total income. The money left over can be divided into spending and saving. Remember: When putting money aside for regular spending, try not to underestimate how much you need. Two helpful methods to help you stick to your budget are the 50/20/30 rule and the envelope method. And finally, to avoid late fees on bills, set reminders on your phone or set up an auto-pay system.

No Spend Days

Designating one or two days a week as “No Spend Days” can help you stick to your budget and save you much more money in the long run. These set days give your budget some cushioning for larger spending in the future, especially around special occasions or the holiday season. You can even start with simple changes, like brewing coffee at home and pocketing the $5 you would spend on a latte.

Save on Entertainment

From ticket prices to concession stand treats, a family of four can spend upwards of $50 on one outing at the movie theater. A better option for you and your wallet is investing in a video streaming subscription such as Netflix, Hulu or Amazon Prime. Movie nights at home can still be special, too—just add in homemade treats and gather the family together on the couch. If movies aren’t your thing, you can also browse your local newspaper for upcoming events like free museum days or festivals.

Create Meal Plans

You can easily ruin your budget by dining out or having food delivered every day. One easy way to save is to plan meals one week in advance. This helps you make a more comprehensive grocery list, which will help you spend less and shop with intent at the grocery store. It’s especially helpful to make extra food and freeze it ahead of time for those “I don’t feel like cooking” days.

Reduce Home Expenses

Ready to lower your energy bill? Something as simple as weatherproofing your house can save you handfuls of money. You can also save extra by using fewer household products. It’s all too common to use excess amounts of toothpaste, shampoo, hair conditioner and laundry detergent. Do some research and see if your usage habits are costing you extra bucks. Making these five easy changes to your lifestyle and spending habits can help you save big in the long run. Now, instead of compromising, you can use the savings from these strategies to choose a more comprehensive whole life policy over a term life option. And in return, you can rest assured knowing that your family’s future is secure—no matter what.

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