When people picture the idea of saving, they often think about keeping money in a secure place like a bank or a safe. This makes the idea of buying stuff to save money counterintuitive. However, what if I told you that purchasing some items can help you save a lot of money?
In this article, we will be showing you 7 items that you can buy that will help you save money and put you in a better financial position. There is the obvious stuff like stocks and rental property. However, we will also be talking about the not-so-obvious money-saving items that are not discussed so much.
Security Cameras
Having security cameras installed in your home can be very beneficial. It could cost between $20 and $30. However, it can save you a lot of headaches in the long run. When you have security cameras installed in your home or apartment, retrieving stolen items will be a lot easier. This way, you will not have to spend a lot of money replacing stolen items. More importantly, having dash cameras installed in your car can save you so much money in the settlement of lawsuits. I will tell you why.
A lot of people are desperate to make money. An easy way to make money is to be a victim in a hit-and-run lawsuit. Desperation has made a lot of folks file lawsuits based on fabricated instances. If someone tries to play a fast one on you, dash cameras can help you save a lot of money and stress.
Solar panels
Before you buy solar panels, you need to factor in major things; the cost of energy in your area and how much sun you get in the first place. For instance, if you live in places like Seattle or Pittsburg, where it is almost always cloudy, buying solar panels may not be a smart idea.
Also, If the cost of energy is already very low, then buying a solar panel to generate your electricity may not be very necessary. For instance, installing a solar panel in places like Oklahoma where energy costs about 8 cents per kilowatt may not necessarily save you money in energy costs.
However, in places like California where you can get tax credits for generating your power yourself, solar panels are a fantastic idea. In places like Hawaii where electricity costs like 32 cents per kilowatts, solar panels are also a great idea.
Cryptocurrency
Cryptocurrency gets a lot of bad reputation from people for good reasons. However, though some weird things are going on in the industry, buying crypto coins can be a great way to save and even invest money.
This is because some cryptocurrency like bitcoin has outperformed the stock market in 2020 by miles. So, buying a few bitcoins may not be a bad idea. However, make sure to only buy and sell bitcoin and other cryptocurrencies from reputable platforms like Coinbase.
Tools and Equipment
Another way that you can save money is by buying tools and equipment. A great way to save money and improve your financial position is to waive repair costs by learning how to fix your things yourself. Instead of paying the plumber $200 each time there is a leaky faucet, get your tools and fix it yourself.
The tools are cheap, and you can find helpful learning resources on the internet. By getting a bit handier with things around the house, you can save more money and be more in control of your financial situation.
A Journal
It may sound weird, but keeping a journal can help you save a lot of money. Keeping a journal will make you more practical and intentional about your finances. You can easily track your savings, revenue, expenditure, and tax deductibles. Journaling can also be a great way to make budgets. It will help you be more disciplined with the way you spend money; thereby, encouraging wholesome saving habits.
Electric Fan
Using a fan instead of an air conditioner can save you a lot of money. Do you know that people spend close to $245 per month on central cooling systems? That is a lot of money. Air conditioners take up a lot of energy. That is why the cost of running one is very high.
However, just like with solar panels, you have to consider where you live before ditching your central cooling system. In places with very high temperatures like Texas, Las Vegas, and California, air conditioners are not a bad idea. However, if you can afford to downsize from an air conditioner to a fan, there is no reason why you shouldn’t.
Artwork
Buying artwork is a great way to save and invest money. Some artworks have been known to appreciate much quicker than the stock market over many decades. However, it is important to note that investing in artwork requires a lot of expertise and a sizeable capital. It may not be much of a great investment or saving option for the average person. However, if you are selective about purchasing artwork, you could be creating a gold mine for yourself.
In a world where the income of the average person cannot keep up with their expenses, it is important to look for unorthodox ways to save money. In this post, I have outlined a couple of things that you can buy that will help you save money in the long run. Not all may apply to you, but some definitely will.
