Simple Ways to Save Money

simple ways to save money, credit union los angeles, savings adviceWhether you are trying to save up for a large purchase, put money away for retirement, or perhaps you need to cut expenses for financial reasons, there are a lot of simple ways to save money.  You don’t always have to make a big change like downsizing your home to save money.  Here are a few ways you can save money every day that can really add up.

Staycation

Vacations can be expensive and it is hard to predict exactly how much it will cost.  You might have a good idea of the cost of the hotel and travel, but once you are on vacation, there are always a few things that end up costing more than you expect.  If you are looking to save money, take a vacation and explore Southern California.  There are limitless amounts of things to do here that people from all over the world come to see.  You never know, it might be the best vacation you ever had.

Don’t Buy Clothes for a Year

A recent study showed that the average family spends about $2,000 on clothes every year.  Chances are, you have enough clothes to last you a year, at least.  Make it a goal to not buy clothes for a year and instead put that money into savings.  To help get you through the year, try “shopping in your closet.”  Take time to actually go through the clothes you have and try them on.  You will probably find some gems you forgot you had.

Watch Movies at Home

Going to the movies can really add up.  The cost for four people to go to the movies on a Friday night, including snacks can easily be over $100. If you go every weekend, that’s close to $500 you are spending just to watch a movie in the theater.  Instead, rent a movie and get your own snacks.  If you add up the cost for a movie, popcorn and soda at home, it’s less than $10.  Even just a couple months can really add up.

Skip the Cocktail

Ordering a cocktail is often the most expensive drink you can order at a restaurant, easily costing between $10 and $15.  Order two and you’ve probably paid more for drinks than for the meal itself.  Instead, order a glass of wine or beer.  You can get a nice glass of wine for less than $10 and a beer for closer to $5.  It won’t decrease your ability to have fun, and it won’t decrease your bank account as fast either.

Sell Your Second Car

If you are in a serious relationship, take a good look at how often you drive both your cars.  If you find that you don’t drive both of them all that often, you might be able to sell one of them.  This can save you a lot of money on car payments and insurance, not to mention maintenance and gas.  Consider riding a bike to work, or taking public transportation.  And, if you get into a pinch and really need two cars at the same time, you can always call a cab, use Uber or (if you think ahead) rent a car.  While having one car might seem like a hassle, if you can make it work, the savings are worth it.

If you are trying to cut back and save money, it’s important that you don’t save money in one area of your life and spend it in another.  Just because you don’t buy clothes for a year, doesn’t mean you can eat out more often.  Be serious about those savings and put the money away.  Putting a little money away on a regular basis adds up faster than you think it will (and we happen to have a place you can put it).

Want to stay connected to Camino Federal Credit Union? Please ‘like’ us on Facebook!

Leave a Reply

Your email address will not be published. Required fields are marked *