People Can Save Up to $300 Every Month With Just a Little Change in their Lifestyle

U.S. citizens are having really hard time saving money. Only 31% of all adult Americans have above $1000 in the the bank, and every fifth U.S. adult has nothing to show at all. This alarming statistics were presented by GOBankingRates, CNN reports. The trend of no saving money might be welcomed by economists, since the US GDP relies heavily on services, which is nearly 8,5 trillion dollars of the country’s 18,5 Trillion Dollars Gross Domestic Product. On the other hand not having any savings might be disastrous for the economy and for the people in the future.

Savings are very important for every person. A nice safety net is mandatory for every household so it can withstand every unexpected blow. This became painfully obvious during Hurricanes Harvey and  Irma as thousands were unable to evacuate on time due to financial problems and lack of money. This could have been potentially saved many lives which were lost in the hurricane.

Accumulating large amounts of money in the bank almost never happens for one night. If you don’t win the lottery you will have to learn how to save the hard way – by cutting some of your spendings. It might sound hard but in fact it’s not. All you need to do is some small changes and you can save up to $300 a month.

First of all you should consider sacking your car. We know this sounds horrible, but according to the AAA, having a car costs around $725 a month on average. Yes, in some cases having a car is mandatory due to the lack of public transportation, but if you live in an area with adequate public transport, you should really consider using it. The priciest public transport in US is in Washington D.C. where you pay $237 a month for this service. Even so you will save way more than 300 bucks a month.

If you are not ready to get rid of your precious car, may be you will be willing to change your accommodations. Today in the U.S. the single greatest expense for every working American is it’s house. Making some compromises though can make wonders for your bank account. We know you love this quiet and cozy upbeat neighborhood, after all it’s no mystery why everyone wants to live here. Well this is exactly the reason why you’re paying such high rent. Moving to a similar, yet not that sought-after part of town may drastically lower your rent. On the other hand if you take a smaller place in the first neighborhood, you will still be able save if not $300 at least some small amount.

If you are not ready to do either of those things, than you should think about getting a roommate. Cutting all your housing expenses in half is a great way to start saving. Of Course there will be some inconveniences, but hey, saving money needs some compromises.

Another great way to save money is to eat at home. This doesn’t mean you should stop going out every now and then, but you should learn to prepare your meals home, and even make your lunch for the office. A typical restaurant or a fast food chain charges approximately 300% markup on the items it serves. This means that if you spend monthly 300$ on eating outside of your home, you will pay less than 100 bucks for the same food, but home cooked.

Perhaps the easiest way to save some money is to quit your bad habits. Everyone has at least one bad habit. Some people smoke, others drink and third gamble. There are a lot of bad habits that if avoided can save us a lot of money. Just think about how much money you give every day for smoking for example. A pack of cigarettes is around 5.5 dollars. If you smoke two packs a day, which is the average in the U.S., you give $330 for breathing smoke. Pricey, huh? Well quitting will save you this money, and you can put them in the bank, or invest them as you please, but burning them like that is just a waste.

Saving money is not that hard, when you think of it. All you have to do is to learn how to manage your money and always look for some ways to decrease your spendings.