Investing is a great way to increase your wealth, but where can you find the extra income to invest? Put the following tips for saving money each month to work for you and increase your opportunities for profit so that you can open a franchise or start a small business.
Switch to Low-Cost Banking
Image via Flickr by 401(K) 2013
Maintenance fees for banking add up throughout the year, but you can find plenty of banking options available with little to no fees. Many banking customers get accustomed to ATM fees and don’t think about how much these fees cost over time. Switching to a bank with lower overall fees could save you up to $360 per year.
Lower Your Utility Bills
Smart thermostats are a great way to make your home heating and cooling a more cost-efficient practice. If you forget to change your cooling settings when you leave for work on a summer day, you can adjust your thermostat from your phone instead of wasting money to cool an empty house.
Geothermal HVAC systems are another great way to make your home a more energy-efficient place. Since ground temperatures fluctuate much less than air temperatures, these particular HVAC systems need fewer adjustments throughout the year. Geothermal systems also have lower cost repairs and a long life cycle.
Spend Less Money on Food
From eating out for lunch to throwing away expired products in the refrigerator, you may be spending more money on food than you realize. Did you know that the average American eats out for two lunches each week? Packing a lunch every day for work can save up to $1,000 per year.
Many families end up throwing out about 25 percent of the food in their kitchen when food reaches its expiration date before they use it. By keeping stock of your kitchen, buying more nonperishables, and keeping a closer eye on expiration dates, you could save hundreds of dollars each year.
Reconsider the Cable Bill
Most cable companies charge around $100 per month for cable. With many options for streaming different networks, you could cut that monthly cost dramatically while still being able to keep up with the shows you enjoy. A digital antenna is also a cost-effective way to get the major networks without paying for all the extra channels you don’t need.
Keep a Skinny Wallet
Impulse spending is a tough habit to break, and it can easily lead to money spent in unnecessary ways. Multiple credit cards and keeping lots of cash on hand can make tracking your overall monthly spending more difficult. Consider scaling down to one main credit card and a small amount of cash in your wallet to help you feel less free to spend money carelessly.
Finding ways to make your home a more energy-efficient place and keeping a close eye on your monthly expenses are a few simple changes you can make in your daily life. Conserve your capital and put more money in your pocket for investing and other profit-making opportunities.