Do you ever feel that it’s difficult to find methods to save money, no matter how hard you try? Despite your best efforts to save expenses, something always unexpectedly arises. Saving money is put on hold when life gets in the way—the car needs new tires, the teenager needs braces, the house needs a new roof. Sounds recognizable?
In actuality, you don’t need every circumstance to be ideal before you begin conserving money. Warning: You will never see it if you wait for the “perfect time” to arrive. Now is the ideal moment to begin saving.
The good news is that there are many simple strategies to save money and give your budget some new life (and money). Here are 23 money-saving ideas to help you adjust your expenditure and start saving immediately.
23 Practical Ways to Save Money
1. Say goodbye to debt.
When it comes to conserving money, monthly debt payments are the biggest money drain. Your income is taken away by debt! Hence, it’s high time you paid off that loan. The debt snowball strategy is the quickest way to pay off debt. Here, you settle your bills in size order, lowest to greatest. Seems a little intense, no? Don’t worry; behavioural modification is more important than numbers here. You can finally use your extra money to advance toward your savings goals after it has been freed up.
2. Cut down on your grocery budget.
Plan your meals for the week in advance and thoroughly check your pantry before you go to the shop to save money on groceries. Since you already own it, why would you want to purchase more of it? Leave the kids home if you really want to follow your list.
Want to cut costs and save time? Attempt online grocery delivery or pickup. These days, the majority of large grocery stores provide it (sometimes even for free), and it can save you a ton of money. By picking up your groceries, you avoid any temptation that would have arisen from smelling those hot, freshly made chocolate chip cookies wafting through the aisles. In other words, you are compelled to follow your plan and refrain from impulsive purchases.
3. Cancel automatic subscriptions and memberships you don’t use.
You probably have several subscriptions, including Netflix, Hulu, Spotify, gym dues, trendy subscription boxes, and Amazon Prime. Any subscriptions you don’t use frequently need to be canceled. Also, when you make a purchase, make sure to deactivate auto-renewal. If you unsubscribe and later decide you can’t live without it, consider subscribing once again—but only if it is within your new, more realistic budget.
4. Buy generic.
Giving up on brand names is undoubtedly one of the simplest ways to cut costs. The marketing of name-brand products is typically the only improvement. Look at that box, for example! The logo is very elegant. That that pretty about sums it up. In comparison to their marked-up name-brand counterparts, generic versions of medicines, everyday foods, cleaning products, and paper products are significantly less expensive and equally effective.
5. Cut ties with cable.
It is no secret that cable subscription costs are skyrocketing. In the past three years, the average cable TV bill has increased by 52%! The good news is that you don’t have to watch your favorite shows on cable anymore. Cut the cord and learn how to save a ton of money utilizing network apps and streaming services as cable alternatives.
Don’t go subscription service happy though, just remember that. Just register for streaming services that you want to use. You might actually spend more than just cable if you sign up for everything available.
6. Save money automatically.
You can save money without even realizing it, did you know that? Yes, you can program your bank account to move money automatically each month from your checking account to a savings account. You can also set up your direct deposit so that 10% of each paycheck is automatically sent into your savings account if that makes you uncomfortable.
7. Spend extra or unexpected income wisely.
Use any attractive work bonuses, inheritances, or tax refunds you receive wisely. And when we say “good use,” we don’t mean putting it in the bank to camp out or even just adding that nice new stamp to your collection.
You would be better off spending those monies to settle any outstanding credit card debt or school loans if you are still in debt rather than saving them. If you don’t have any debt, utilize the extra money to increase your emergency fund—you know, just in case.
8. Adjust your tax withholdings.
Speaking of unforeseen cash, if you consistently receive sizable tax returns, it’s time to change the amount of tax withheld from your paycheck. You’ll earn even more money each month if you do this. Also, you don’t want to give the government any more money than is really necessary.
9. Reduce energy costs.
Did you know that by making a few small changes to your house, you can reduce the cost of your electricity bill? Start small by doing things like washing your clothes in cold water, repairing faulty pipes, taking shorter showers (we didn’t suggest fewer), and installing dimmer switches and LED lightbulbs.
Even though buying new, energy-efficient appliances will help you save your electric bill costs, they are pricey! But if you budget for it each month, you can eventually save up and pay cash for those upgrades.
10. Check your insurance rates.
No, really. Did you know that when they get their insurance prices checked by an Endorsed Local Provider (ELP), individuals save, on average, $700? $700! You owe it to yourself to at the very least ask them to check things out and see if there are any opportunities for savings.
11. Pack lunch (and eat at home).
Get this: The typical family spends roughly $3,030 a year on food purchased outside the home. It comes to $253 every month. While though purchasing lunch occasionally each week may seem harmless at the time, packing your own lunch can actually save you quite a deal of money.
In addition, you sometimes may get a whole week’s worth of goods for the same cost as two dinners out. Make your own food instead, and you’ll see month after month’s worth of savings grow.
12. Ask about discounts (and pay in cash).
Asking is the only way to find out, so do it often. Check to see if there are any senior, student, teacher, military, or AAA member discounts the next time you purchase tickets for a movie theater, museum, or sporting event. If not, remember that having money when you bargain is always a plus!
13. Take advantage of your retirement savings plan.
You are losing out significantly if your employer provides a 401(k) match and you aren’t making the most of it. To create an account, speak with your HR division. To start saving and investing for retirement, you should wait until you are completely debt-free (apart from your mortgage) and have a fully funded emergency fund of three to six months.
14. Lower your cell phone bill.
It’s time to research ways to save money if your monthly cell phone bill exceeds your monthly grocery budget. Get rid of unnecessary extras like pricey data plans, phone insurance, and extended warranties to save money on your cell service. And don’t be scared to bargain with or change your provider entirely! The savings may be worth a little perseverance and investigation, though.
15. Try a spending freeze.
Wait a week, or perhaps a month, before making any non-essential purchases! Consider it a challenge to find contentment. While you’re at it, make a list of the things you have to be thankful for every day. This ought to put a stop to your “want-itis”!
By preparing meals with the food you already have, avoiding locations where you tend to make impulse purchases (did someone say Target dollar spot? ), and refusing anything that isn’t a necessary necessity, you may make your spending freeze effective.
16. DIY . . . everything!
Consider doing it yourself before spending money on a new backsplash, bench, or expensive light fixture! For your most recent home renovation, the cost of the materials and a quick Google or YouTube search will typically save you a ton of money. Also, you won’t have to spend money on something you could probably accomplish yourself. But, if you’re the sort that always seems to miss the mark, you might want to get assistance from a friend or neighbor to avoid having to buy new drywall.
And rather than going out and buying the tools you need, borrow them from a friend or neighbor when you need to undertake DIY (or any other kind of) work.
17. Skip the coffee shop.
This one hurts, we understand that. You’ll note that we are not advising you to stop drinking coffee; rather, we are advising you to reduce your coffee spending. You can save money by simply making your own coffee at home, or at the very least by reducing the number of times you use the drive-through and employing coffee shop tricks to save costs on each trip, instead of spending $6–8 on that daily latte.
18. The library is your friend.
Check your local library to see whether you can borrow that brand-new book before you click Add to Cart! The majority of libraries also rent out audiobooks and digital versions of your favorite books. It’s a simple method to read without spending a fortune.
Extra advice: Check online or in your neighborhood used bookshop for incredible discounts on nearly-new or even well-loved books!
19. Try a staycation.
A vacation might be the absolute worst thing you could spend your money on if your goal is to save money. Try taking your family on a tour of your local city rather than whisking them away to the Greek Islands. This will not only enable you to save hundreds (or perhaps even thousands of dollars), but it will also let you to enjoy yourself while taking a fresh look at your neighborhood.
20. Use cash-back apps and coupons.
Nothing compares to a good 20% off coupon when you’re shopping. You might not be aware, though, that there are several cash-back programs available to make your savings go even farther. Consider using Ibotta, Pullce, Rakuten, and Honey.
21. Refinance your mortgage.
The truth is that this will save you money over the long run. If you have a 30-year mortgage, the interest on that loan will cost you a lot of money. In the long run, switching to a 15-year fixed-rate mortgage will save you thousands of dollars.
22. Sell everything (that doesn’t bring you joy).
Marie Kondo is on to something. For the sake of your financial future, declutter the items in your home that you don’t need and are ready to part with. Your aunt gave you that antique chair, right? Market it. That antique shop crystal vase you discovered? Market it. How much junk you have in your home (that you don’t even use or consider) may surprise you. And whether you live paycheck to paycheck or not depends on how much money you can make doing those things.
23. Learn the power of “no” (or “not now”).
Today’s society values immediate pleasure. In an hour or less, our favorite restaurants’ food can arrive at our door. The show you want to binge is available and waiting for you. Social media advertisements claim that you need this, that, and the other. As of right now. We only need a few clicks to fulfill almost all of our desires!
But, you will save a ton of money if you can postpone some gratification by employing the magic of “no” (or “not now”).
Building better financial habits all around requires a significant mental shift. It’s also another approach to develop more contentment as a person. Savings with a side of psychological and emotional well-being? Please, yes!
How to Start Saving Money—Right. Now.
You won’t begin saving money until you develop sound financial practices and allow your future needs to take precedence over your present demands, which is to say, when you make saving money a priority. Do it, then! With one easy trick, you can break the cycle of living paycheck to paycheck: Create a zero-based budget before the month starts.
Being deliberate is the key to using a budget. It assists you in developing a strategy so you can track your spending and determine how much you can truly set aside each month. A zero-based budget requires you to give each and every dollar a name or task before you save or spend it. Keep in mind that how much money you make actually doesn’t matter; what matters is how you spend and conserve it.
Do you need assistance managing your finances? Download Pullce, our free budgeting app. It’s the most effective method to manage all of your savings and spending in one spot!
You are capable of completing this. Use these 23 suggestions to start saving more money and spending less right away to make 2023 your finest financial year yet.