It is everyone’s dream to become a millionaire and retire with a healthy bank account, but how many people can achieve it? So few. This is largely due to a lack of discipline in building up their retirement fund and poor spending habits. While building a retirement fund requires time, you can accelerate the process by making incremental but positive changes in your spending habits. Here are seven ways to change your daily lifestyle for more positive results in your spending habits. The key to achieving a meaningful change in your spending is to develop a workable budget. Let us examine the seven ways in some detail, and at the end, I will provide you with a link to a great suite of budgeting tools.
- Have you ever noticed how much time you spend sitting in front of the television? The longer you sit, the worse your blood circulation and overall health. Besides, the time you free up can be used for more useful tasks such as teaching your kids or learning a new skill. Or better yet, learn more about how to invest in getting passive income and appreciation of your capital.
- If you are an avid reader, use the public library whenever possible. There is no need to buy the latest books from bookstores like Amazon unless it is in a category that does not fit into your public library. The public library will usually acquire popular titles after some time. Learn to be patient, or you can buy used books from such sites as ThriftBooks. I order from them regularly and have no complaints.
- If you are a smoker, start reducing the number of cigarettes you smoke each day. Over time, you may be able to quit smoking completely. Besides saving money by not buying any more cigarettes, your health will also improve, which means a huge saving on your medical bills. Even if you do not smoke, but maybe you drink more sodas than you should, consider a healthier lifestyle that will pay you dividends in countless ways.
- Use a bicycle if the destination is within 30 minutes by car. This helps promote blood circulation in your body and also reduces environmental pollution. You can also save on gasoline and parking fees. Yes, not all locations are bike-friendly, and this may not be a viable option for you. But try to limit your trips to save auto-related expenses when possible.
- Dine at home more frequently. You can experiment with different recipes and save some money simultaneously. In addition, you are honing your cooking skills, which could be very useful for the home dining experience. Believe it or not, cooking as a couple or family can also be entertaining and I can almost assure you that it will be less expensive than eating out and much healthier.
- Brew your coffee at home and bring it to the office. Many people like to drop by a Starbucks or similar coffee outlet and spend several dollars or more on a cup of coffee. The average cup of coffee at a Starbucks is about $3 and can go well over $5 depending on the type of brew your order. You can save many dollars each week by making your coffee at home and bringing it to your workplace in a Tervis. Besides, who knows, it may taste better than the coffee from Starbucks (I know mine does)! If you cannot live without Starbucks coffee, consider getting a Starbucks rebate card. You can use the rebates to redeem free Starbucks coffee after accumulating enough points.
- Do more walking than driving. If you can reach your destination within ten minutes by car, consider leaving the car behind and walking instead. You will save money on gasoline and parking fees, which can easily add up to a few hundred if not a thousand dollars a year. But like riding a bike, not all locations are conducive to walking, and I know where I live. Both riding a bike and walking to the nearest stores could be dangerous events.
These seven ways are a good start for changing unhealthy spending habits. However, it would help to continue researching and incorporating more healthy habits that contribute to building your retirement fund. You will be many steps ahead of your peers and closer to your retirement goals by re-investing the money saved from using these tips.
While I know that these tips may not be feasible for everyone, I hope they get you thinking about reducing expenses in general while also focusing on your health. After all, the healthier you and your loved ones are, the chances are good you will run into fewer health issues that can save you money and extend a happy life.
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