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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

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        Last Updated on June 26, 2020

        25 Easy Tips on How to Save Money Fast

        25 Easy Tips on How to Save Money Fast

        “How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

        If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

        You don’t really need to order in food. You don’t really need to buy expensive perfume.

        Building from that, you can work out how your regular expenses can be reduced.

        As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

        And remember: a budgeted lifestyle does not mean a bad or boring one!

        But first, understand what budget you can cut down on daily:

        • Regular expenses for the average adult (can be trimmed but not eliminated):
          • food
          • rent/mortgage
          • cell phone
          • insurance
          • socializing/entertainment
          • transportation
          • hygiene products
          • household bills
        • Irregular expenses for the average adult (can be eliminated or cut down a lot):
          • travel
          • clothing
          • medication (*depends)
          • grooming (hair, nails etc.)
          • gifts

        Now, let’s dive right into the 25 ways to save money fast:

        Save Money on Food

        1. Bring a stock of food to the office/work

        Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

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        Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

        2. Buy the store-brand version

        Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

        3. Eat cheaper cuts of meat

        Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

        4. Have group dinners

        If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

        Save Money in Transport

        5. Get a bicycle

        Save on gas money and bus/metro fares with this underrated mode of transport.

        6. Use public transport and/or don’t get taxis

        Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

        7. Find the cheapest gas

        Regularly check out where the cheapest gas can be bought.

        Save Money in General Shopping

        8. Shop online

        Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

        9. Sell your old stuff

        Get your unwanted belongings up on eBay ASAP and earn a few dollars.

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        Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

        10. Bulk buying stores

        For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

        Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

        11. Become a flea market/car boot sale/street market guru

        You can find original gifts and develop good negotiation skills at these places.

        12. Generic brand medication

        More often than not, the generic version of paracetamol and other basics work the same as the branded version.

        13. Choose deodorant, not perfume

        It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

        Cut Down on Household Expenses

        14. Printing

        Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

        e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

        Expand the margins of what you are printing as often as you can to save on paper.

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        15. Minimize SMS and phone calls

        A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

        16. Shop around for insurance

        Most people don’t spend enough time searching for the best insurance deal.

        Keep a watchful eye out for deals and new competitors in the market.

        17. Try re-negotiating your rent/mortgage

        If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

        18. Don’t get a TV

        Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

        19. Pool your internet bill with a neighbour

        My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

        Save Money in Socializing, Entertainment And Travel

        20. Have house parties

        Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

        For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

        21. Open festivals, meetups and events

        It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

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        22. Volunteer

        If you can’t pay for a ticket, volunteer and get to be there anyway.

        23. Housesit

        There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

        Save Money on Hygiene and Beauty

        24. DIY beauty

        French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

        25. Fewer haircuts/volunteer at a trainee hairdresser

        If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

        Bonus: Effective Money-Saving Tips for Everything

        Here’s a summary of what you can generally do to save more money:

        • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
        • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
        • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
        • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
        • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
        • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
        • Stop and think. Do I really need it?

        Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

        What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

        Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

        More Tips for Personal Finance Management

        Featured photo credit: Unsplash via unsplash.com

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