Do you think it’s impossible to save money? Maybe you live paycheck-to-paycheck or you’re in over your head in debt and just can’t save. I am here to tell you it’s possible. Anyone can save. You just have to be creative.
Are you ready to learn the ways you too can save? Check out our list below.
Cut the cord to Save Money
Why pay the high prices for cable? If you need a ‘service’ stream Netflix, Disney Plus, or Amazon Prime for a fraction of the cost.
Pay your bills on time.
Late payments cost you more money. Credit cards, for example, charge a late fee, plus you pay more interest on the amount you didn’t pay. Paying a $35 late fee every month equals $420 per year you could have saved.
Plan your meals and shop with a list.
Don’t go to the grocery store without a list. Before you go, plan your meals (breakfast, lunch, dinner, and snacks) for the week. Make your list and only buy what’s on the list, nothing else.
Switch bank accounts.
If your bank charges you a monthly fee, switch to another bank. Plenty of banks, like Capital One 360 provide a free checking account with no minimum balance requirements and no fees. Why should you pay to keep your money in a bank account? Even $7 a month equals $84 a year you could have saved.
Sign up for store rewards.
Saving money at your favorite stores is as easy as signing up for their rewards program. Look at your favorite stores’ websites. Most require just your name, email address, and cellphone number. Before you shop, check your rewards, coupons, or other ways to save on your purchases.
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Don’t impulse buy.
If it’s not on your list, don’t buy it. Walk away and give yourself 30 days. If the purchase is still on your mind after 30 days, budget for the purchase. Make sure you pay cash for it, don’t buy something you can’t afford now; it will only cost you more in the end.
Consolidate your credit card debt.
If you have good credit, look for a 0% APR balance transfer credit card. Transfer your debt over and then create a plan to pay the debt off before the 0% APR expires. For example, if the intro rate lasts for 12 months, split the balance into 12 payments (if you can afford it).
Negotiate rates with your credit card company.
If you can’t get or don’t want a new credit card, negotiate rates with your existing credit card provider. If you pay your bills on time, the credit card company may lower your interest rate just because you asked. The worst they can say is ‘no.’
Take your lunch to work.
Make enough dinner that you have leftovers the next day, pre-make salads at the start of the week, or make a PB&J sandwich. No matter how you slice it, you’ll save money if you don’t run through the drive-thru or eat at your favorite restaurant five days a week.
Use the library.
Don’t waste money buying books or movies you’ll read or watch only once. Use the library and get your hands on the latest books, movies, and even audiobooks. Many libraries even have electronic borrowing, so you don’t have to leave your home, yet you can read your favorite books on your chosen device.
Install a programmable thermostat.
Set your home to be comfortable while you’re home, but to use less energy when you aren’t home. Why run the AC or furnace when no one is home? While you need the home to stay at a safe temperature, you can raise or lower it (depending on the season) when no one is home.
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Buy gifts year-round.
Don’t wait until Christmastime or even someone’s birthday to buy gifts. Watch sales all year long. If you see something they would love and it’s on sale, grab it. You’ll save money on the purchase and avoid the excessive spending all at one time, especially during December. Check out some interesting books to use as gifts
Shop grocery sales.
Make a list of your staples. When the items go on sale, buy them in bulk so you never have to pay full price. Once you have your staples, you can choose your other items based on what’s on sale. Try only buying sale items and watch your grocery spending drop.
Cancel memberships.
How many memberships do you have that you don’t use? Think of the gym, shopping warehouses, or special online clubs you joined, but never used. If you can’t remember the last time you used a membership, cancel it.
Cancel subscriptions.
We’re all guilty of the ‘ghost subscriptions.’ You sign up for a ‘free’ offer but have to provide your credit card information. Once the free trial is over, they charge your credit card if you don’t cancel. How many times has it slipped your mind and now you pay for something you don’t use?
Shop around for insurance.
Insurance is a necessity for most people, but you don’t have to overpay for it. Shop around for auto and home insurance, annually. It may surprise you to find the deals new agents provide just to reel you in, just like your current agent probably did when you first chose him or her.
Buy used.
Today it’s easier than ever to buy used. Shop on Facebook Marketplace, eBay, yard sales, or even Craigslist – you may be surprised to see what people sell that you can use. Often the products are new in the box still too.
Shop at the end of a season for next season.
Get great deals on clothes, shoes, and accessories for a season at the end of the season. Most stores start their clearance sales mid-season anyway, so you may still get some use out of the clothing this year, but you’ll save as much as 50 – 75% by waiting.
Buy generic items.
Don’t pay extra for fancy packaging. Most generic items are brand-name items inside, just with ‘boring’ packaging. Try the generic version of your favorite products; you may be surprised to see that you like them.
Be a DIYer.
YouTube is an amazing resource to learn to do just about anything. House repairs, cook food from scratch, build something you’ve had your eye on but can’t afford, or learn a new hobby. The sky is the limit. Use this infinite resource and save money on hiring professionals.
Use these simple tips to save money every month. The money you save put away in a high-yield savings account. Let your savings earn money. As your earnings grow, you’ll see the fruits of your labor and may find yourself looking for other ways you can save.
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