How to Save Money: 10 Smart Tips For Saving A Little (Or A Lot) More
Saving money is a goal for many people, but it can be hard to achieve. That’s because while the idea of saving money is simple, actually doing so can seem overwhelming. The good news is, you don’t need to start with a bang in order to see your savings account grow. Start by implementing one or two of these 10 ways to save money today, and then add more as your budget allows.
Saving money doesn’t have to be stressful or difficult - all you need are smart strategies and a little creativity!
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10 Ways to Save Money
- Cook at Home: Dining out may seem like the more convenient option, but the average cost of a restaurant meal is about $15. That’s $60 a week and $2,160 a year.
- Buy in Bulk: If you can afford to buy items in bulk, you’ll save money over time. For example, if you buy a case of water every few weeks, your weekly expenses will add up to around $1 per bottle. If you were to buy a 12-pack instead, that would work out to just under 50 cents per bottle - an annual savings of almost $260!
- Purchase Generic Brands: When possible, purchase generics rather than name brands as they are often cheaper and just as good quality.
- Locate Deals Online: Looking for discounts on items you want or need is easier than ever with sites like Groupon and Living Social. These sites allow you to find deals on things like restaurants, spas and clothing retailers near you - all without leaving your house!
- Use Coupons: You don't have to clip coupons from newspapers either - there are plenty of coupon websites where you can find deals online or have them sent to your inbox each month (e.g., Retail Me Not).
- Switch Services: Do you pay for cable TV? Or have a cell phone contract? Consider switching providers or services if they are not meeting your needs anymore and you're paying
Make your savings automatic
One of the easiest ways to save money is to automate it. Whether it’s your mortgage, car insurance, or retirement account contributions, it’s important to set up an automatic drip of funds going into these accounts. This will ensure that you are always funding these accounts and your savings will grow over time.
Seek out good deals
If you have a little extra cash, spend some time searching for deals. You’re sure to find something that will save you money on your next purchase. The internet is a great place to search for deals, but don’t forget about stores near you either. If you know of any stores near to where you live that offer discounts or coupons, sign up for their mailing list so you can receive the deal as soon as it becomes available.
Invest in a CD or other Certificate of Deposit
One of the best ways to save money is to invest in a Certificate of Deposit (CD). A CD is a fixed-term investment where you deposit your money for a predetermined amount of time. CDs are FDIC insured, so it’s safe to invest with them. What’s unique about a CD is that they offer high interest rates and low risk. The downside is that you won’t be able to withdraw your money until the term expires.
The best way to save using CDs is by investing in long-term CDs that have higher interest rates. If you park your money for five years in a 5% CD, you can earn almost $10,000! For more information on this strategy, read our article about CD laddering.
Cut unnecessary expenses
One of the simplest ways to save money is to cut unnecessary expenses.
This isn’t a big investment, but it can make a big difference over time. For example, if you’re only using your car to commute 3 days a week and could easily share rides with coworkers or family members on the other days, you could save around $700 a year in gas. Eighty-three percent of Americans have unused vacation hours from work that accumulate every year, so take advantage of those hours by taking more than the allotted time off for vacation and don’t pay for them - you never know when you might need them. Cutting back on small luxuries like coffee or going out to dinner can also be helpful in saving money.
Change your spending habits for the better
One of the best ways to save money is to change your spending habits for the better. You may want to consider moving your credit card balance from a high-interest card to a lower-interest card to save on interest payments, or you may want to set up an automatic savings account so that some of your paycheck goes straight into savings.
Another way of changing your spending habits for the better is by avoiding temptation. For example, if you’re tempted by expensive clothes at the mall and want to buy them on impulse, stop yourself and decide how much you can afford to spend instead. Then wait until you have saved enough money before spending it on clothes. By doing this, you will avoid overspending and saving more money in the long term!
Pay off debt
If you have debt, it’s time to start paying it off. This is a tried-and-true method for saving money. If your debts are at 0% interest and you pay $500 a month, you could be debt free in about 7 years and save more than $12,000 in interest!
Sell unused possessions
One of the best ways to save money is to sell what you don’t need anymore. Whether you want to declutter your home or make some extra cash, selling unused items is a great way to get rid of things you no longer need and make some money at the same time.
When it comes to making money, it doesn’t matter if the item has never been used or if it’s an antique that’s worth thousands. If someone wants it bad enough, they will buy it from you!
This tip can be applied in a variety of ways. For starters, put a free ad on Craigslist or eBay for selling old clothes, books, furniture and other household items. You can also sell these items at a local yard sale. Or maybe you have an item that could fetch a decent price at a vintage store - why not see if they want to buy your item? The possibilities are endless!
Start a personal blog
Blogs are a great way to make money, but they’re also an easy way to save. Whether you choose to write about your life or share your favorite recipes, you can use your blog as a platform for saving money. The most obvious way is by monetizing the site through advertising or affiliate marketing. But you can also use it as a place for freebies for people who subscribe. You might not be able to buy groceries this week, but if you offer something like a free month of recipe ideas in exchange for their email address, there’s a chance they will sign up- and even if they don’t, they’ll be more likely to click on your ads when they do see them elsewhere on the internet.
Another benefit of starting a personal blog is that it forces you to think creatively about how to stretch your dollar and find deals that others may not always consider. You might not be able to afford cable TV on one income, but if you bundle with internet or phone service with another provider, you might get a better deal than just looking at TV alone. You could even start with free websites like Blogger or Wordpress and grow from there!
If all else fails, do what I did in college: blow off studying and go hang out at the library! A lot of libraries provide free wi-fi these days and often have study rooms/lounges where students can do work without being disturbed- and again no
Offer your skills as part-time help
Do you have a skill that can be used to make money (i.e., childcare, dog walking, accounting)? Whether you're looking for extra income or want to pick up some part-time hours in your free time, consider offering to help people with their skills.
Many of us have skills that we don't use on a daily basis and could offer as part-time help. For example, if you're an accountant, you might want to offer your services as part-time help. If you're an artist or designer, you could offer your services to local small businesses. The possibilities are endless!
The best way to find clients is through social media. Find a group of people who might need your type of service and then post something relevant on their page - "I do accounting work for small businesses." You can also reach out to local mommy groups on Facebook or other sites by posting similar ads on Facebook groups related to your skill set/area of expertise. It's worth trying out different methods because it'll take time before you figure out what works best for you!