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9 Surprisingly Easy Ways To Save Money Starting Today

9 Surprisingly Easy Ways To Save Money Starting Today

There’s a common misconception that in order to save money you have to make a ton of money. Well, that’s simply not true. You can save for the future today without a massive income. You just need to develop some responsible fiscal habits and cut excess spending. For every dollar you save, put the same amount in an interest-bearing savings account. You’ll be elated to learn how quickly the dollars can add up. Here are nine surprisingly easy ways you can get started with saving today:

 Budgeting and Investments

 

Money

    1. Choose the Right Bank

    For starters, you need to make sure you’re working with the right bank. Smaller banks tend to have better interest rates and may even give you some additional perks. It’s not uncommon for banks to offer $50 or $100 bonuses for establishing a new checking account. Seek out these opportunities and you can give your savings account a nice little foundation.

    2. Set a Budget and Stick With It

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    You can’t save if you don’t have a plan. You need to know exactly how much money you’re bringing in each month and how much your set expenses are. Based on this, you can allocate money towards different things and identify places where you can cut back and save. A budgeting tool like EveryDollar or Mint can simplify the budgeting process and keep you honest (they even directly sync with your bank account).

    3. Automate Savings Transfers

    If your bank allows for automated savings transfers, take full advantage of this. What would happen if you decided you were going to have $100 diverted to this account each month. Would you miss it? Odds are you would find a way to do without. Treat this $100 (or increase the amount if you think you can) like a fixed monthly expense – not an optional payment. You may be surprised to find that you’re still able to maintain the same quality of life. After a year, you’ll have more than $1200 stashed away.

    Around the House

    Light Bulb

      4. Cut the Cord 

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      Now that you’ve got your bank account and budget established, it’s time to start saving money and increasing the size of your account. One of the easiest ways to do this is by cutting the cord on cable. Using this handy tool, you can calculate just how much you would save. You can even select which streaming service you would subscribe to in order to replace your cable. Even with a service like Sling TV or Netflix, the average household can expect to save between $40 and $60 a month. That’s between $480 and $720 per year.

      5. Replace Your Light Bulbs

      Did you know that by simply replacing five lightbulbs in your home with energy efficient alternatives you can save $75 per year? Considering that most homes have at least triple that many lightbulbs, you could realistically save $225 each year.

      6. Shop Around for Better Rates 

      When’s the last time you shopped around for a better car insurance rate? Asking for quotes may earn you a better deal. One expert says you can save an estimated $600-$800 annually by merely comparing carriers every two or three years. That’s certainly worth the time and hassle of changing policies.

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      Social and Entertainment

      Cooking

        7. Stop Eating Out

        Every time you eat out, you’re essentially throwing money down the drain. Sure, it’s tasty and fun, but it’s not cost effective. According to a study conducted by a clinical psychologist at Kansas State University, those in the top one percent income bracket spend 30 percent less of their money on eating out at restaurants. That should tell you something right there. For a family of four, cutting back on a single meal per week can save as much as $1500 per year.

        8. Watch Movies at Home

        One of the biggest money wasters is going out to the theater to watch a movie. These days, the average ticket costs anywhere between $10 and $15. For a family of four, that means your night out could cost $60 just to get in the door (not to mention drinks and popcorn). Waiting a few weeks for the movie to come out on DVD is much cheaper. In fact, with providers like Redbox it may only cost $1.99 for the whole family.

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        9. Exercise at Home

        Quick: how much do you spend on your gym membership? Is it $15, $30, $50-plus per month? Most people spend anywhere from $240-$600 annually on gym memberships and fees. While you should definitely stay physically active, there’s no need to spend that kind of money. Take what you would spend in a single year and buy some home equipment. After the first 12 months, you’ll end up saving hundreds of dollars each year.

        You can save money without drastically compromising your lifestyle. In fact, the handful of tips mentioned here could save you thousands of dollars per year. Redirecting that money into your savings account will leave you with a healthy financial security blanket at the end of the year. Don’t wait until tomorrow – it’s time to start saving today!

        Featured photo credit: Paper Money via albumarium.com

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        Schuyler Richardson

        Content Writer

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        Last Updated on January 21, 2020

        How to Develop a Millionaire Mindset in 6 Simple Steps

        How to Develop a Millionaire Mindset in 6 Simple Steps

        We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

        It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

        How do you go about developing that millionaire mindset? By following these simple steps:

        1. Focus On What You Want – And Take It!

        So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

        Millionaires play to win, not to avoid defeat.

        This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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        2. Become Goal-Orientated

        It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

        Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

        Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

        Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

        You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

        If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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        If you are to become a millionaire, you need to start accumulating money.

        Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

        3. Don’t Spend Your Money – Invest It

        The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

        Stop working for your money and make your money work for you.

        Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

        There’s not just the stock market — there’s also property, and your own education.

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        4. Never Stop Learning

        The best thing you can invest in is yourself.

        Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

        Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

        Learn everything you can about how economics works, how the stocks markets work, how they trend.

        Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

        Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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        5. Think Big

        While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

        There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

        Aim for the stars, if you fail you’ll still be over the moon.

        6. Enjoy the Attention

        To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

        Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

        If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

        Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

        More About Thinking Smart

        Featured photo credit: Austin Distel via unsplash.com

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