How to save more money in 2018
January signalises a new start and new opportunity to enhance their life. Some folks opt for big changes while others take small steps. Taking action is the first step to success and we want you to succeed in your financial world, too. Today, we’re giving you 10 tips to reap big savings with almost no effort:
- Pay your bills on time. You may have heard it at the end of 2017. Etisalat is now charging AED 25 ($6.81) for each late payment. It’s not the only provider that has a late payment fine in place. For other providers, it may be a re-connection fee of AED 100 ($27.23). Set up a standing order from your checkings or savings account and never miss a payment. Save that hassle and money!
- Bring you lunch 2x a week. I spent around 40 AED ($10.89) on lunch when working on a project. Depending on the location, lunch options are very limited. It can be more expensive or there may only be fast food places around. Neither is very appealing to me. If you’re also into saving money and eating healthy (er) food, pack your lunch. Doing this 2x a week for 48 weeks can save you 3,840 AED ($1,045). That’s savings worth a flight to Europe!
- Buy fresh produce at the farmer’s markets. The little markets that are popping up around the city are fabulous. They’re a fantastic location to meet your friends and have a stroll around the different stalls. Because the food is locally grown, you get organic produce for a fraction of what it sells for in the supermarket. Fabulous how this supports your goal of eating healthier, too!
- Be more active outside. In our region, the weather is at its best now. Benefit from the wonderful with temperatures around 24-26 C/76-79 F and spend more time outdoors. Grab a towel, some sun lotion and put on your swim gear before taking your family to the beach for the day. It’s free and super fun! If you prefer a quieter location, take your book and read in the park. Do you want your kids to blow off their energy? Take them to the local playground for free. Add this to your savings and get your Vitamin D fix!
- Have a brunch at your home. Where we come from, going out for breakfast is seen as a treat. Here, eating out is seen as normal. Why not change that and invite your friends for a pot luck brunch to your home? Everyone who comes brings a dish they’ve prepared. It gets your friend around the table without spending anything. After all, everyone would have eaten a meal at theirs anyway.
- Meet for lunch instead of dinner. If hosting a meal at yours isn’t your thing, meet your friends for lunch. Lunch menus are very common and their choices are just as tasty as their dinner options. Even better, lunch menus are greatly reduced and by using an Entertainer voucher, you can save even more!
- Use your energy wisely. Open up your windows and let the fresh winter air cool your home. It’s the perfect time to turn off the air conditioning! When you leave a room, turn the lights off and invest in energy-efficient light bulbs for areas where the lights need to be kept on for longer. Fill up your dishwasher and your washing machine before running either. If it doesn’t get full easily, use the economy (or short) programme. These are just little steps which can reduce your electricity and water bill while conserving the world’s energy resources.
- Review your insurance cover. With many insurance policies up for renewal this quarter, check which ones you have and why. There are some like health insurance and home insurance that I personally won’t give up, yet, I will evaluate what I get for my money. Review your car insurance, life insurance, pet insurance for some big savings. Do you know which ones you all have? See if you can get a cheaper one or better coverage for the same premium and gain peace of mind for the eventual case of needing it.
- Ditch your gym membership that you never use. Yes, I get it. “It’s the new year and I’m on the way to the new me” you say. If you’re using your gym membership, great! Keep at it! If you’re however not using it, cancel it. The same goes with your other memberships like Amazon Prime but also professional memberships that don’t give you anything in return.
- Have a no spending day. Make this your own little challenge by spending nothing, nada, nichts on one day a week. If you feel that’s too easy for you, increase the duration to a week or a month if you dare. The only things you can buy are pure necessities (basic fresh food), pay for petrol to get to work, your utility and phone bill. No new clothes, books or make up. No dining out, no fresh flowers. Read about our experiences when having no spending months.
As a bonus and also more as a mindset change: Mindful spending! Ask yourself a question before you buy something. “Is it something you need or just want?” is a common question. This year, ask yourself: “What else could I use the money for?” This obviously means that you have a larger financial goal in mind. Getting out of bed, buying that holiday home in Italy or achieving financial independence. Whatever it is, work towards it!
These were our tips. But what is your favourite tip to save more? Share with us what works for you! We’re looking forward to reading your comments!
Until next time,