10 Simple Ways to Save Money
By: Andrew Cartwright
Tags: Save Money, Savings, Money Mindset, Financial Tips, Savings Tips

Photo by Paweł Czerwiński on Unsplash

Learning how to save money leads to making healthy financial choices in the future. There are practical ways to save money that can help you reach your financial goals or just make the most of your income to cover all your financial expenses. It is never too late to learn how your choices for every day can lead you to save more of your income.

1.Cut grocery spending.

Your grocery bill can be one of the largest expenses that you make each month. It’s very easy to go over your initial budget if you browse the aisles and get stuff you didn’t need. Before heading to the grocery store, double-check what items you already have. Creating a list makes sure that you have what you need, but also keeps you from spending on other items.

Most stores offer free pickup so that you can avoid roaming the aisles. Also, be sure to sign up for any rewards programs that are available in your grocery stores. These rewards offer discounts and cashback deals that can save you money on your everyday items.

2. Sell your things.

Most of us have things around the house that just take up room and can be better used for someone else. Apps like Macari and Poshmark make it easy for you to sell household items and clothes that you don’t wear anymore to make some extra cash. They also cover all shipping expenses so you only need to list the items and package them. Things that you may have purchased and don’t wear could be of value to someone else.

3. Buy used.

When you need to get items like clothing or appliances, consider buying used items first before making a purchase. There are many apps such as eBay or Macari where you can buy used items for a reduced price or you can consider shopping at a thrift store. You would be surprised at the many items people offer for a reduced price that are brand new items.

4. Skip the coffee shop

Instead of paying for that $5 coffee consider making your own coffee at home. While it may not seem like that 5 dollar coffee may not be enough at times to save for your goals, over time the costs can add up each month. You can spend equally as much for a bag of coffee to make some at home to last you the whole month instead.

5. Prep your Meals.

During the week you may find yourself too tired to cook your own meals and instead spend money on take-out. Consider prepping your meals every couple of days or once a week so that you always stalked up on meals to avoid spending on eating out. Freeze your meals so all you need to do is just heat them up. This idea also saves you so much time and money on groceries.

6. Use store brand products.

Consider buying store brand products for the items that you need as they offer cheaper prices than other brands. Usually, the store brand products offer the same quality of items but can help cut your bill substantially. There is a variety of store-brand products running from pasta to detergent.

7. Buy clothing in neutral colors.

When you buy clothing in neutral clothing, you add far more value to your closet. “When you buy new clothing (or gently used clothing) to fill out a hole in your wardrobe, choose items that are in neutral colors that go with many other items in your wardrobe.” When considering this option, choose items that are of good quality so that the item can last much longer. You will easily be able to mix and match and give the appearance that you have a large wardrobe.

8. Cut your cable bills.

According to Dave Ramsey, “The average monthly price for cable TV is about $107 a month — which adds up to over $1,200 a year.” It is easier than ever to watch your favorite shows and programs with network apps or streaming services. Fortunately, there is a number of streaming services that all compete in prices that can cut the monthly bill much lower. Most of us probably already have a number of streaming services, however, it is important to lower the list that we subscribe to as well.

9. Remove your payment information from e-commerce sites.

Removing your payment information will allow you to rethink impulse purchases. You may feel inclined to buy something considering your payment information is already listed on there. When you have to input your information it makes you process a little longer if you actually need that item. It’ll make it harder to purchase something.

10. Set Automatic transfers to your savings account.

The best way I have found is to set an automatic transfer that will move my income directly into my savings account. Double-check with your bank account if you are able to do this. This option moves a certain amount into your savings account with you barely noticing it. So each month I continue to grow my savings without me having to do any of the work. Then when I have saved enough or need it in case of an emergency, I just tap into my savings account.

I hope you found some useful tips to save. Being frugal in certain areas will allow you to make room for more financial goals such as retirement or paying off debt. By incorporating some ways to save money in your everyday lifestyle, it will help to make healthy financial decisions for your future.

Sources:

https://www.daveramsey.com/blog/the-secret-to-saving-money

https://www.thebalance.com/money-saving-hacks-4129351

https://www.thesimpledollar.com/save-money/my-25-favorite-money-saving-life-hacks/