We all want to save money. Most people have a few big strategies for spending less. But there are other, surprising ways to save that are often forgotten. Here are six sometimes overlooked ways you can save more money.
1. Lower your tax bill. Taxes are a major expense. The complexities of the tax system means it is easy to overlook valuable opportunities to save. For example, some couples actually pay less if they file taxes separately. Research common ways to lower a tax bill on your own, or consider hiring a tax professional.
2. Travel in the off-season. Most vacation destinations are particularly popular during certain times of the year. Visiting during off-peak periods instead can result in huge savings. Costs for both airfare and accommodations may be vastly lower.
3. Lower stress. Reducing tension and anxiety won’t directly save money, of course. But what relieving stress will do is reduce the impetus to spend poorly. For many people, impulsive, wasteful purchasing choices are actually a way to deal with stress. Relieving stress in more healthy ways will make bad spending choices less tempting.
4. Spend more for higher quality. Paradoxically, always choosing the absolute cheapest option is actually a way to spend more in the end. A higher quality product that lasts much longer will easily be worth the initial higher cost. For example, buy a reliable used vehicle over a dirt-cheap car that will require constant repairs.
5. Determine your priorities. Everyone has different priorities. Spending money on something just because it’s the ‘normal’ thing to do makes no sense. Figure out what you really care most about and cut down on the purchases that don’t provide you with significant happiness or utility. Thoughtless spending is foolish spending.
6. Eat a better diet. Saving money and eating nutritiously go hand in hand. Many of the healthiest foods, such as brown rice, tuna, eggs, and chicken are priced very low. In contrast, consuming junk food is a pointless waste of money since such foods don’t provide your body with anything it needs. Finally, most restaurant food is unhealthy while simultaneously being much more expense than a home-cooked meal.
Taking unusual approaches is the best way to find overlooked solutions to problems. While you are probably already taking some steps to cutting costs, there are almost certainly other things you could do. See if any of the six methods presented above can help you save a little more.