15 Money Saving Tips That You Need To Know.
Start Applying Today!
I can honestly think of so many great reasons to start saving your hard earned money right now – starting today. Maybe you suddenly got slammed with some unexpected bills, maybe your friends just invited you on a camping trip – and you might not have enough funds to join them. Maybe your car broke down and you don’t have enough money to put your car into the shop. Or maybe you’re just in need of a vacation but money is tight. Or perhaps, you’ve been thinking about buying a house and you have to save for the down payment.. You could even simply be attempting to develop your own “emergency fund” so that you’re better prepared for any unexpected expenses – the more you have “money saved” the more likely you will stay ahead and on top of your life…
Whatever your reasons may be, there is a lot of different ways to “save some money” believe it or not! Track your spending and create a budget “for starters” – following your spending is the absolute best approach to identify areas where you can save more money.. All you need to do is track your spending for one month – maybe two, and this will give you a good general idea of where your hard earned money is going every single month.. Once you’ve identified where you’re spending your money, and you see areas where you can reduce your overall spending, you can now set a reasonable “budget” and then stick to it. This is a very simple thing to do, and it’s a very effective way of controlling your spending – in return this will give you more money! I honestly do not care about how much money you have and/or make, if you’re not “responsible” enough with your hard earned money – money comes and goes, so it’s not about how much you make that matters, it’s about how much you will have when you retire… That is something you should be focusing on..
Lets say you’re that type of person living paycheck to paycheck right now, barely able to pay your bills and the idea of saving money for you seems impossible – it’s really not.. When you only have lets say $50 left over at the end of the month “to your name” – why even bother right? Because you need to understand that “everyone” has to start out somewhere so saving money is really worth it at the end of the day, the more money that you save, the EASIER your life really is.. No amount of money will solve every problem, nor does it buy happiness.. Money will only attract the wrong people and cause more problems then good.. People think that money does buy happiness, but it really doesn’t.. Once you so called “have it all” then what?
Death comes for us ALL there’s no escaping it, no denying it, no avoiding it..
15 Money Saving Tips
To Help You Keep More MONEY In Your Bank!
1. Pay Off Your Debt
If you’re carrying any type of debt, you’re simply wasting money because debt really “robs you” of your money.. As difficult as it may be – your top priority should be to pay off “any current debt” and free yourself from those high interest rates. Any extra money that you receive you should be taking that money and “paying off debt” with it. Hopefully some of the other tips in this post will help you retain more of your cash that you can then use towards conquering your debts and achieving your financial future goals..
2. Automatic Savings Transfer Each Payday
If you can’t seem to create a habit of saving, then scheduling automatic transfers to your savings account can be a huge help.. When you have a specific amount of your paycheck automatically transferred to your savings account each payday, there’s less temptation to spend it and you can easily just watch your savings account balance “grow” over time.. Audit your budget and pick an amount that you can commit to regularly – then put your savings on autopilot! I wish more people truly understood the power of “having money” in their savings account verses living a lifestyle that keeps them “broke”..
3. Negotiate Your Bills
While some of your bills such as rent and/or mortgage payments may be non-negotiable, you may have some wiggle room with others.. For example, you may be able to find a better deal on your car insurance and/or your cell phone service.. Try and find bundle deals, or see who has the best promotions and any current deals. Doing some research to find better rates can take a little bit of time, but it can be time well spent, if it helps put some “extra money” back into your bank account! Also you can call your cell phone provider, cable and internet provider, car insurance, and possibly credit cards, and inform them that you just lost your job, and you’re going through a hard time trying to pay your bills “even if you’re really not”, some companies may give you a credit towards your account and this is money that you don’t have to come up with TODAY! It doesn’t hurt to try and it works!
4. Set Up Automatic Payments For Bills
With our busy lives and busy schedules it’s not uncommon to forget to pay some bills on time.. A very easy way to save some money, is to simply pay your bills when they’re due. Companies typically charge a late fee for any balances that are “not paid” on time in otherwise known as an “overdue payment”. And while it may just be a few bucks here and there, those FEES quickly add up! Especially if you pay multiple bills late! So setting up automatic payments for bills to ensure that they’re being paid on time and to “avoid” any late fees is pretty important.. It’s also important to keep an eye on your bank account balance to avoid any “overdraft fees” and any accumulating additional fees associated with said accounts just incase you don’t have the funds to pay for your bills.. I personally use “autopay” for the majority of my bills simple because I know my monthly budget, it’s very convenient, and I’m saving money while do this. You don’t want to have your electricity cut off and/or your cable t.v. not even your cell phone services simply because you “forgot” to pay your bill or money was tight.. Remember you might have to pay for what they call a “reconnection fee”, and this can be pretty pricey. Also trying to pay off ANY credit cards and if you miss a payment this can also be very costly, most credit card companies will HONOR that you didn’t pay your credit card bill on time and will happily hit you with that hefty late payment FEE. If you pay online using a credit card and/or with a debit card some FEES my apply. Also keep in mind that most companies now-a-days will offer a pretty nice discount if you pay using “autopay” – in some cases will knock some money off the bill, so it’s always something to think about and look into!
5. Pay With Cash ONLY
Put your credit cards and debit cards away! This is where your savings comes in handy. Just take out some money or cash which would last you for a few weeks or even a week or just what you’re wanting to buy for that day.. Basically, you withdraw a limited amount and then watch it shrink.. Since we’re more motivated by loss then by gain – each and every single “dollar” you have to physically spend will force you to spend consciously, and less, and will make you make better choices with your money VERSES just blowing it – because you HAVE IT right?
6. Consider Relocating or Moving
Perhaps you live in the downtown area, and your mortgage and/or rent costs you two or three times more then it would if you moved just fifteen or twenty minutes outside of the area.. Relocating to an area with a lower cost of living or “downsizing” your home where your rent is cheaper and simply by “living within your means or what you can actually afford, regardless of what you make” – could potentially put hundreds to even thousands of dollars back into your bank and/or pockets each month! Obviously, there can be some roadblocks that may prevent you from moving, but if relocating is an option – it may be well worth considering.. Think about it!
7. Stop Paying For Convenience
It’s the American way to pay for “convenience”. People are happy to pay $10 for a taco that they can actually make at home for less. They want to pay $8 for a cup of coffee at Starbucks or at a local café shop once or twice a day (even more then that) daily – but you don’t want to take advantage of that FREE coffee at work, or maybe you can brew an entire pot of coffee at home for just a few bucks? Nope! So taking a little extra time out of your day to make your own food, brew your own tea and brew your own coffee and even clean and repair things around the house can improve your bank account very quickly! Cut back on ordering take out food – learn to cook more at home for dinner. Think about bringing in your own food from home for your lunch while at work verses going out to grab lunch every single day – by doing this this will save you hundreds of dollars per week!
8. Make A Grocery List! Stop PAYING FOR FAST FOOD Do The Math!
Something to think about! $50 pizza night twice a week = $400 a month!
Making a grocery list before you head out will quickly save you tons of money, believe it or not. This will ensure that you end up buying only what you need and that you don’t end up falling victim to any impulse purchases that you don’t need! Write down everything you need for the week or up to two weeks, even for the entire month.. The less times you go shopping, the less likely you’ll be – to pick up something that you really don’t need. Plan to shop for an hour or less. You can make it out to be a fun game – race the clock when you shop, this way you won’t spend time wandering around picking up things that look appealing.. You could even consider ordering your stuff online and go pick your stuff up or have it delivered to your home – they bring everything out to you! No need to leave your vehicle or your home! Also, plan to go shopping shortly after you’ve eaten.. Everything really does look “less engaging” when you’re shopping on a full stomach!
9. Cancel Paid Subscriptions, Memberships, & Services!
Are you currently subscribed to a magazine or newspaper service that you never really read? Are you paying for a product delivery service that you hardly ever use? Do you have or own a gym membership – when was the last time you actually made an appearance there? What about Amazon Prime, or Prime Music? Paid services, subscriptions and memberships can really “add up”. iMoney Daily recommends that you make a list of all the ones you currently have and are paying for – and ask yourself if you really need them? If the answer is NO – then it’s probably time to go and cancel!
10. Quit your Bad Habits – It’s EATING You Alive!
For most people it’s not that easy to quit smoking, drinking, using drugs, gambling or over-eating. These types of habits are “costing” you more money than you know it. Quitting these destructive habits will improve your overall health, and save you a surprising amount of money along the way to achieving and living a healthier and happier life..
11. Have A BUY NOTHING WEEK Challenge
Do you find yourself buying Starbucks or breakfast every morning before work? Then buying lunch and/or going out to eat on your lunch break? Then on your way home you’re stopping again for drinks or some more food? Then at dinner time you’re not sure what to make for dinner so you make a choice to order carry out from DoorDash?? You need to understand this “spending habit” – you’re literally “eating” your money away – literally.. Try having a “buy nothing week” challenge with co-workers, your friends even your family members – this is a great idea to start keeping money in your bank account so that you can spend it or have it for other important things! I encourage you to do the math on your fast food – DoorDash habit!
12. Say GOODBYE To The Cable Box!
Yes! Lets face it, we all can live happy without cable thats no secret. Cable is kind of in the past now – it’s too expensive and you really don’t have any real control over what you watch when you want to.. So it’s okay to let it go! With Netflix and Vudu, Hulu, Disney plus, Discovery, Paramount plus, Plex, HBO Max, and so many other network apps and/or streaming providers out there and the best part is – all that you will really need is high-speed internet! Do The Math! You could be saving a TON of money every single month because literally these TV apps are super affordable! Please Invest In A Roku!! if you don’t own a “Smart T.V.”
13. Stop Buying Everything BRAND NEW! Consider Buying Used Items!
In all honesty, you don’t have to purchase everything in your life brand new so please stop buying everything brand new – you’re really WASTING YOUR MONEY! It’s understandable that you want to be seen out in public, or just want to be “out” in general buying stuff “brand new” – it’s just a bad idea.. Think about it, when you buy stuff brand new have you ever thought you could get that same item used or in almost like new pre-owned condition on eBay? NO, of course not that thought never cross your mind.. Most people think “since I have the money I’ll just buy it anyway, it doesn’t matter.. ” Then there’s people with money as well but they’re smart with their money and they rather purchase “pre-owned” and/or “used items” because in some cases depending on what you’re buying, you can “get more” and of course at the same time it’s actually “saving you money” verses you buying it flat out “brand new” which is always going to “cost you more money” at the end of the day..
Example: Lets say you go to Walmart and you’re thinking about buying a brand new PS4 gaming system or the new PlayStation 5 gaming system.. Then of course you need a brand new game and/or games, a gaming headset and some brand new PS4 controllers and/or PS5 controllers to go with it… Do you realize you can go on eBay and for the price that you just spent on that brand new PS4 and/or PS5 alone – you could have gotten a “used PS4 with 5 or 6 games, with a headset and up to 4 controllers” in like new “pre-owned” condition??
Because once you RIP OFF THAT NEW PLASTIC AND PULL EVERYTHING OUT OF THE BOX NEW, ONCE IT TOUCHES YOUR HANDS – IT’S NOW CONSIDERED PRE-OWNED and/or IN USED CONDITION NOW… Something to think about…
14. RENT Movies At Home – Stop Going Out To The Movie Theater!
Going out to just see a movie is getting stupid expensive and paying $50 just to see a movie and it might be disappointing – it really isn’t worth it.. Try having a movie night at home, go to the dollar store, and pick up some pop-corn, candy and snacks. Check and see what is playing on Netflix, Hulu, and Vudu (or you streaming app of choice).. Have a date night and find a series to watch on Netflix or Hulu. Stop blowing money going to the movie theater – just wait until that movie is in stores or on your favorite streaming service!
15. Get Rid of That Annoying CAR PAYMENT Every Month!
Yes! I can’t stress this enough! Try and car pool with friends and family, Uber, if you can ride a bike during summer – if you don’t live that far from your job, take a bus – seriously just save your money to pay “cash” for a used car verses paying $400 a month (give or take) for a car that you’re probably already over paying to begin with! Once that car starts having issues and/or problems, that dealership or car lot not even the loan provider will care about it, they still expect you to make that car payment faithfully every single month! Rethink the way you live!