The holidays are a time when we get to see friends and family, eat great food, and celebrate with the people we love. It is also a time when our wallets take a big hit. So how can we get back on track and make up for the money spent? Here are some tips on how to save money after the holidays.
First, you want to find out what are the top three biggest expenses you have and try to find ways to save in those areas. For most people, food, travel, and housing are the biggest expenses.
When it comes to food expenses a lot of money is spent on dining out. One way to cut back costs on food expenses is to make meals at home more often. Think about skipping your daily coffee run and make coffee at home or at work instead.
To save some money on travel expenses think about carpooling with neighbors or biking to and from your destination instead of driving. Utilizing public transportation more often can also help cut travel costs.
Housing expenses can be cut back by regulating your utilities. Most areas heating and cooling companies advertise “saving times” when they request you set the temperature to a certain degree in order to save money.
It is also helpful to view your savings in the same way you view any other expense or bill. You should be continuously putting away a certain amount of money into your savings. One way to help keep on track with this is to set up an automatic savings account with your bank. This way money from your checking account is automatically put into your savings without you having to think about it.
Sources: The Balance, The Nerd Wallet. The Health Tip of the Week is for educational purposes only. For additional information, consult your physician. Please feel free to copy and distribute this health resource.