Saving more money is a great way to provide relief for your personal finances. It can help pay your credit card bill, keep more money in your bank account, and free up funds to be invested. Check out 24 of the best tips to help you save more money below.
1. Switch Cell Phone Providers
Consider pay as you go (data) providers like like Google Fi or lower cost providers like Sprint.
And, next time you are switching cell phones, sell your old cell phone rather than throwing it away!
2. Switch Cable Providers
There are a few ways to save on cable. The easiest is to change your plan and lower the amount of channels included in your subscription. This will save you both time and money.
Other options include switching to bare bones plans like Sling or just negotiating (aka, threatening to leave) and seeing if your current provider or a new provider can offer a better deal.
3. Bundle Your Internet
If you haven’t already, bundle your internet with your cable to save money. This is a no brainer.
Buying your modem will also help you save in the long run (instead of renting month after month). It’s a big up front cost, but it pays back over time.
4. Lower Your Electric Bill
Some easy ways to save on electric include buying energy efficient light bulbs, consistently turning off the lights in rooms you are not in, watching less TV, and unplugging your electronics when not in use.
5. Lower Your Gas Bill
Some easy ways to save on gas include taking quick showers (or cold showers!), dressing warm (and keeping your home/apartment at a colder temperature), and sealing windows/doors to insulate more efficiently.
6. Eat In More
One of the key tips to save more money is to eat in more. You can easily eat in for a week off $80, which is the cost of a night out for many people.
You can eat in more by packing a lunch, cooking fancy dinners (helps break up the boring routine), and cooking in bulk (so you don’t have to cook every night).
7. Eat Less Expensively
If you have to eat out, consider fast casual or even a less expensive sit down restaurant. It’s possible to get the convenience of eating out without the huge price tag.
8. Search for Deals
With food, drink, and activities, sites like Groupon and Living Social can help you make the most of your money (and night out). Don’t pay full price when you don’t have to!
9. Shop Sales
Be flexible at the grocery and deviate from your grocery list as needed to take advantage of sales.
10. Plant Herbs
Fresh herbs can be extremely expensive at the grocery store. Even if you don’t have a green thumb, you can likely still manage some potted, fresh herbs. It’s a great way to add flavor to at-home meals.
11. Don’t Waste Food
Plan your meals, eat your leftovers, and make sure you’re not throwing away any food (money).
12. Drink In More
A beer at a bar costs anywhere from $2 – $6 depending on where you live. A 6-pack of beer cost $5 – $12 ($0.80 – $2.00 per beer).
A nice beer “in” is the same price as the cheapest of cheap beers “out”!
13. Buy in Bulk
Buying non-perishable items in bulk, whether its food or other household items, is a great way to save in the long run.
14. Cook in Bulk
Cooking large batches of food can help you stay motivated to eat in for more meals. It helps alleviate the need (and work it takes) to cook every night. Just be sure to eat the leftovers and not let them go to waste.
Apps and websites like Ibotta, Coupons.com and retailer platforms (like Cartwheel for Target) are always offering a variety of great deals and discounts. Check them out before you head to the grocery store!
16. Shop Less
This is easier for some than others. One thing that can help is following the 30 day rule. In it’s simplest terms, the 30 day rule involves waiting 30 days before purchasing an item so that you truly know if you want the item or if it would have been just another impulse buy.
17. Don’t Buy Coffee
You can make coffee at home for one year for the same price as buying coffee out a Starbucks (or local coffee shop) for one week. The math is here.
This applies to more than just coffee though. If you love and value coffee, fine, buy it. Just make sure everything you are buying has a purpose!
18. Reexamine Subscriptions
Are all of your $5/month subscriptions adding up? Are they all truly worth it?
Probably not. Consider cancelling underused ones.
19. Use Public Transportation
Uber is cheaper than taxies, but still not cheaper than public transportation (or walking or biking).
20. Find the Right Credit Card
Using the right credit card can help you maximize your earnings (cash back, miles or points) while spending. It’s like always buying something on sale, so make sure you have the best credit card for you!
21. Set Up a 401(k)
If you are working, it pays to take advantage of tax advantaged accounts such as 401(k)s. Plus, since a 401(k) automatically deducts from your income, it makes saving money easy.
Investing is one of the easiest ways to maximize your money and one of the best tips to save more money. With an average historical return of +7%, investing in ETFs and Index Funds that match the S&P 500 can help you grow your savings.
23. High yield savings account
Some online savings accounts pay over 2% interest. Well above the typical 0.01% of most checking accounts.
Make sure you have the right banking strategy to maximize your savings!
24. Automate Investments
Tools like Acorns can help you invest more by rounding up every purchase to the nearest dollar and investing the difference.
Taking a lazy approach to investing is sometimes the best approach.By : Savings King