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10 Money Saving Tips for a Balanced Life

10 Money Saving Tips for a Balanced Life

Money means a lot, no matter where one is at present on the financial journey, but we all know it is possible that a single incident can turn the table around. So it’s important to save money for a financial crisis. Following are some saving tips that can help to monitor your spending habits.

1. Start selling, stop collecting

People have many things which they are not using. But still, they keep these things. In the first place, one should not buy such things, but since you already have them. try to to sell them off. Today we have number of online sites where we can our stuff; and use the funds for number of other worthy financial goals.

2. Sign up for free customer rewards

There are number of retailers who are attracting the customers by giving out reward point for every purchase you make no matter where you live. So try to sign up for such. Just create a Yahoo or Gmail address just for this purpose and collect as many cards you can. One can add these discounts and rewards to earn points on purchases at the store by using rewards credit cards for cash back or some other benefits. Remember the above point and buy only what you need.

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3. Decide your shopping list and stick to it

Create a list before you go for grocery shopping, it’s the easiest way to save money as you will buy only things which are there on your list. When you are without a list, you tend to end up with unplanned purchases and making impulse buys, things that cost you money but are not really required.

Creating a shopping list not only helps you to buy items that fit your meal plan, it also helps in avoiding buying food which you might waste. It’s not about creating a list, but more importantly, sticking to it, that makes all the difference.

4. Declutter that closet

Look in your closets and find everything and anything which you are not using any more. Don’t just throw it away, use it for your benefit. You can sell those on eBay or the consignment shop, or donate it for the tax deduction. All of these options result in money in your pocket for the old stuff you don’t want anymore. Decluttering is also psychologically refreshing experience.

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5. Move your bank account to get more perks 

Now a day’s banks are offering a number of benefits to lure the customers, like greater interest rate or zero monthly fees for your saving account. Try to do a  research of newest banking offers in market. Some banks even offer sign up bonuses just for opening an account and for setting up direct deposit.

6. Avoid convenient foods and fast food

Instead of nuking on prepackaged dinner or fast food when you get home, one should try to make something healthy and simple for yourself. An hour’s worth of preparation will leave you with a number of easy, cheap snacks and dinner options. This will not only save your money, but also keeps you healthy which is an even better result than just saving money.

7. Install LED or CFL wherever required

You can save money by being careful in your use of electricity. One should make use of energy efficient light bulbs that might cost a bit more, but have a longer life than normal bulbs. These use less electricity which results in saving money on your electricity bills. There are two types of bulbs you can use: CFLs or LEDs. Though LEDs are a bit more expensive than CFLs, they light up instantly, doesn’t get too hot, and last for decades.

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8. Remove your credit card details from online sites

People tend to save time by saving their credit card details in online account. Its easy way to buy things just clicks and buys, which leads to unnecessary purchases. The best way to avoid this is simply delete your card information from your account.

In that way, you be forced to dig out your card and look for details which will give you some time to think whether you really need this or not. It is irritating filling the details time and again. Sometimes being forced to do these extra steps is all you need to convince yourself that you do not need these items.

9. Do price comparison

Most of us buy grocery from the same store without even realizing that some other stores have better deals. Just prepare the list of things you want to buy, and then shop the same items at different stores each time. Thus eventually, you will find which store has cheaper rates. Just make this store your regular shopping point and you will be able to save some money.

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10. Avoid using credit cards

People use credit cards out of temptation, for impulse buys. You should use it for emergencies only. Hide credit cards by keeping them at a safe place in home, not in the wallet. Try not to carry it around as we sometimes we end up buying things which are not required, resulting in loss of money.

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Abhay Jeet Mishra

Writer at Lifehack & Enterested.com

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Published on November 11, 2020

10 Best Ways to Save Money Faster and Smarter

10 Best Ways to Save Money Faster and Smarter

People love to talk about budgeting, reducing spending. and investing. But unfortunately, talk is cheap, and poor money management is expensive. It’s easy to talk about the best way to save money, but putting it into practice is a different thing.

What people need to talk about is the practical and efficient ways you can quickly save money to accomplish your goals. After all, they don’t teach this stuff in school.

Here are the 10 best ways to save money faster and smarter.

1. Cancel All Your Subscriptions

Yes, all of them.

Okay, you can keep your wifi and trash. But other than that, cancel all your monthly subscriptions for one month. You will survive, I promise. Better yet, you will realize you won’t miss all of them.

Now that you have had 30 days to examine what you really missed and what you never thought twice about, you can add some of them back in. The others? you never have to think about them again.

This is something you can and should do with every part of your life. If it’s clutter, cancel it. Being able to step back and see what is cluttering your life and what is excelling your forward helps improve your quality of life and financial standing.

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2. Automate Savings From Your Paycheck

Many of us are so excited about getting a new job that we rush through the paperwork during the hiring process. Good news for you, I have had lots of jobs so I have seen it a million times.

There is an option for a portion of your paycheck to go directly into a secondary savings account. This is by far the most effective way to save money every month. We tend to spend most of what we have. So, if we take it off the top first, then it’s less likely to be spent. Just head over to HR and ask. It will only take two minutes.

3. Cancel the Happy Hours for the Rest of the Pandemic

We are in the middle of a global pandemic, which means that there is no better time to buy some drinks from the local store and stop shelling out $5 a drink at the local cocktail bar. When we look back at our bank statements, we are always shocked that fast food and alcohol can add up so quickly. You can easily save a couple of hundred dollars just by taking this step.

A great exercise is to print out your last bank statement and highlight all the areas of alcohol and fast food. The amount may surprise you and make you think twice about that old fashion.

4. Online Grocery Shopping

Some people think online shopping increases the amount they spend. For the most part, I would agree—except for this category.

Online grocery shopping is now a no-brainer, though. Whenever you walk through a grocery store, two things always happen: you always grab impulse items, and you never know the total of your cart until you checkout. This means that we always spend more than we originally planned.

With online shopping, you can see your total as you add items to your cart. You are way less inclined to make those impulse purchases and because of that, I would venture to say that you could even pay to have them delivered to your door and still save money each month by choosing online grocery shopping.

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5. Get a Famzoo Debit Card

This is something my wife and I swear by, and it’s great for the entire family! Famzoo strictly exists to help families and kids budget their money better. Each month, my wife and I have an allotted amount loaded onto our pre-paid Famzoo debit card. This amount has changed every year depending on promotions, kids, stage of life, etc.

The important part is that when you give yourself the freedom to spend a certain amount, you are more likely to only spend the allotted amount. Think of it as a diet. If you are counting calories, you are more likely to stick close to the amount you set. You can also look for some tips online to better stick to your family budget.

6. Purge

This is actually my favorite to do, and it is actually one of the best ways to save money. Raise your hand if you have ever moved. Okay, so everyone.

When we move, we are always amazed at how much junk we have acquired. I have found that about every 6 months, I can find a couple of boxes to sell online of things that we never use. This not only gives you so extra quick cash, but it also keeps your house more tidy and organized.

Now, go clean out that garage!

7. Amazon Subscribe and Save

32! That is how many items I have setup on amazon subscribe and save. Let me explain.

This sounds expensive, I know. But it actually saves us hundreds of dollars per year! We all need toothpaste, shampoo, razors, laundry detergent, toilet paper right? This feature is truly a triple threat. When you have more than 5 items on subscribe and save, you automatically unlock the max savings for every product on your list. This can be up to 20% per item!

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Now, even better is that it ships straight to your door on the exact day you want the item, maybe monthly or maybe you only need it every 4 months. This way, you never have too much or never run out. Either way, it’s totally customizable.

Lastly, there is no contract for any items, which means you can switch brands or items at any given time at no cost. My advice: every single staple item should be on your subscribe and save.

8. Rewards

This may ruffle some feathers, but if you are using your debit card for purchases, you are missing out on free money! We have this notion that credit cards are evil but in reality, they are the same piece of plastic as your debit card.

How you use it can be bad, don’t get me wrong. But if you want my opinion though, ditch the debit card and get a rewards credit card. Use it just like you would your debit card and make sure to pay it off as soon as the statement comes in!

Just to give you an idea of how powerful this can be in terms of money, here are some things that our miles have paid for:

  • 4 nights in Vail with Flight
  • Rental car in Vail (convertible might I add)
  • Flight to Ireland
  • Flight to Hawaii
  • Multiple staycations at very nice Hotels

That’s roughly about 7 thousand dollars in travel expenses so far! Remember that the credit card is just a tool and can be one that benefits you if you use it wisely. Ironically, this can be an effective way to save money.

Pro tip: If you don’t trust yourself carrying around a credit card, then set up all your monthly bills with your credit and leave it in a drawer at home. This way, you rack up miles but don’t get tempted to overspend.

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9. Vacation With Friends

Now, I know travel is hard right now but what a perfect time to go grab an Airbnb in the woods with a couple of friends and detox from the world right now!

Vacationing alone can be pricey and get rather boring quickly, but if you split lodging and set out for a road trip, it can become affordable quickly! For a couple of hundred bucks apiece, you can have one of the most relaxing vacations ever. Don’t forget to pick up your food at the local grocery store to avoid eating out every meal!

10. Make a Budget

When is the last time you updated your budget or made one for that matter? Making a budget is like writing down your goals. If you don’t make a budget, then you will struggle to save.

How can you know if you are spending wisely if you are not tracking everything?

Our advice would be to get a finance app like Mint, Every dollar, or personal capital. All these apps are free and do a tremendous job of tracking spending and budgeting. I still am old-school and have an excel spreadsheet which I do highly recommend.

Work Smarter, Not Harder

The entire goal is to boost your bank account while reducing the effort required. Efficiency is the name of the game, and automation is the key player. Luckily, we live in a world that has more perks than we can ever take advantage of. But if I were to choose a few, it would be the ones above.

Taking on all 10 of these steps may seem a little daunting. You can first try to pick three of your favorite and start there. Saving money doesn’t have to be a chore as long. As we use the tools correctly, it can be quite effortless. And now, you have a great blueprint to get started!

More Tips on Saving Money

Featured photo credit: Sharon McCutcheon via unsplash.com

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