Our salaries have remained the same, but everything around us is getting more expensive and inflation is rising: from the rent and gas to the coffee, the hairdresser and the children’s classes – our money only buys less and less. Is it still possible to save a few hundred dollars a month?
Do you also feel that everything is getting really expensive? You’re not alone. A lot of people are starting to use budgeting techniques for cutting down on their expenses. Some principles you can use are: annual, monthly, weekly and daily budget planning; paying attention to even the smallest details; and using cash or credit cards instead of loans where possible.
Our goal in this article is to offer you concrete tips that you can start using today, which are likely to save you a lot of money.
1. Switch to a hybrid car
Electric cars were supposed to be the big news that would significantly reduce the emission of pollutants into the Earth’s atmosphere, with a smooth and quiet ride. But at the moment they are still quite limited in travel range, and require frequent charging at designated stations or by setting up a charging station at home, which many cannot do.
A hybrid car offers a combination of an electric motor and an internal combustion engine – so that part of the time the car does not burn fuel at all. This way you can achieve huge savings of between 30% and 80% of the monthly fuel cost, depending on the travel distances and the nature of your trips.
2. Reduce bank fees
For every action you perform at the bank, it charges a fee, even if you did it completely alone on the website or in the application, without the involvement of one of the bank’s employees. These fees are among the banks’ biggest sources of profit, and it’s helped by the fact that most of us treat them as fate.
But the truth is that the commissions can be negotiated, and even canceled completely. Go to your bank account’s website or app and check how much the fees you pay are. Contact the bank (also possible via chat) to request a discount or even cancel them.
3. Make coffee at home
One of the little indulgences that almost all of us allow ourselves here and there is a cup of coffee, and maybe a pastry too, in a cafe near the house, near the office or on the way between both. A stimulating and optimistic start to the working day.
But when everything becomes more expensive, even this small habit already costs us a lot of money – and adds up to at least a few dozen shekels a week. You can prepare a cup of coffee on the go in the home espresso machine, alongside a cookie or two instead of an expensive pastry. To save much more, try switching from the luxury espresso capsules to regular coffee, just like before.
4. Self-training
Classes are important, but it is also one of the most expensive items in the family budget. Playing the piano, learning another language, painting, yoga, basketball or group cycling – any such class costs a lot of money, and when it comes to 1:1 sessions with a coach or guide, the price is more expensive for a single session.
Today there is an abundance of available apps, YouTube videos and online courses (Such as Udemy) for anything you want to learn: playing the ukulele through any possible programming language, handicrafts such as sewing and carpentry, strength training, yoga and pilates. Instead of a basketball class for a child, organize a group for a weekly game with friends on the court, and if you prefer bicycles – go for family rides on the weekends.
5. Save on cosmetics
Hair coloring at the salon every few weeks, regular manicure and pedicure treatments – all these are expenses that can add up to hundreds of dollars a month or more. All of these treatments can be performed alone at home, without looking for parking and without waiting in line while flipping through magazines from 1995.
6. Home cinema
One of the most favorite family (or couple) experiences is going to the cinema – without, of course, skipping a huge bucket of popcorn. But this experience comes with a high price tag, and with the popcorn and drinks, it is a very expensive pastime for a family with 3 children.
Since the outbreak of Covid-19, almost every new movie currently shown in cinemas is also available on one of the streaming platforms, such as Apple or Disney Plus – where you can rent it for a few dollars for 48 hours, or buy it for a few tens of shekels. This is the time to inform the family that tonight we are staying at home, put the popcorn in the microwave and watch the movie without interruptions, without being stepped on and without commercials that will brainwash you so that you spend more and more money.