It’s true: money makes the world go round. We all need it in order to live life on a daily. From rent to food to transportation, the number of expenses the average person takes on is endless. It seems as though with inflation on the rise and salaries staying stagnant, many people have the same question in mind – how do I save more money?
A new study called the Smart Shopper Index has found that certain countries are better at saving their money than others! Out of 25 countries studied, the results show that France is the best at putting money aside overall, scoring the highest number of points on the SmartShopper Index. Other countries that were on the top of that list were Ireland, Germany, the United States, and Norway.
How did the French do it, you may ask? Let’s have a look! According to the study by BravoVoucher, although France averaged a higher debt value, they generally made smarter and more considered purchases overall which resulted in a high index number. Now, you might be wondering what it takes to be a smart and savvy consumer. Well, the answer is definitely easier said than done. However, once you have the tools that you need to be a smart consumer, you will be well on your way to building up your savings. One of the biggest challenges is buying groceries.
1. Only buy what you need
You know the cute shoes you saw the other day that you thought would go really well with your style? Or the extra biscuit you always get to round off your morning coffee? Ask yourself if you really, really need them. Would you be able to survive without them or do they serve a purpose in your current day-to-day life?
Treating yourself from time to time is obviously necessary, however in order to make money, you may need to make some sacrifices or find other ways to fulfill those needs. Maybe instead of spending money buying coffee every morning, you could spend 5 minutes in the morning making the coffee at home – if you are able to do that every single day, imagine how much more you could save!
2. Track your spending
One of the most effective ways to be a smart shopper is to track your spending habits. Knowing how much money you spend on average each month can help you see where you can pull back on your spending. It can also help you become more aware of the money going in and out of your account. Many times we don’t realize how much money we spend because we don’t have a tangible number until our credit card statement comes out every month.
In order to track your spending effectively, you can try downloading a budgeting app. These will calculate your spending for you so that you don’t need to manually spend time doing it on an excel spreadsheet! Here are some great apps to start with.
3. Keep track of sale seasons
Who doesn’t love a good sale? Knowing when your favorite retailers are reducing their prices or when their online sales are is a great way to ensure you save money on goods that you need. Some sale seasons are globally renowned, such as Black Friday and seasonal sales. By understanding when these sales are happening, as well as planning your buying needs in advance, you will be able to get everything you need and save money at the same time! Sounds like a win-win situation.
Overall, budgeting and saving money may not be the most interesting thing to do, it will definitely benefit you in the future and give you a bit of cushion in case you have any immediate expenses that arise out of the blue. With the tips mentioned above, you will be well on your way to becoming a smart and savvy consumer – just like the French.