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Eleven Genius, Creative Ways to Save Without Leaving Home

Eleven Genius, Creative Ways to Save Without Leaving Home

Let’s face it. You’re probably spending more money than you want to each and every month. With car payments, rent, mortgages, student loans, food costs, and dozens of other expenditures constantly draining your bank account, it’s a smart idea to save as much money as you can on the little things.

Plus, did you know that saving money can lower your stress level? It also opens the door for you to never have to say “no” to making a purchase that you really want or need.

Saving money is difficult, right? Surely only those who have mastered the art of self-control can possibly manage to create an aggressive budget that makes room for savings. You could make a budget and save some money but then you’d have to deprive yourself of all the things you like.

Actually, there are plenty of easy ways to save money right at home! That’s right! By making a few small changes to your habits you could start saving money right now. Check out these eleven great tips for saving money at home and add yours in the comments!

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1. Buy Gift Cards on eBay.

Love going out to eat? Do most of your shopping at a particular store? Do you know that you can shop eBay and find loads of people selling their old gift cards for a discount? In most cases you can save 10-20% off of the value of the gift card! In fact, I’ve got my eye on a few cards right now.

2. Use Coupon Websites.

If you’ve ever seen an episode of the TV show “Extreme Couponing,” you know just how incredible the savings can be when you shop with coupons. Tough work, you say? Coupon sites like Money Saving Mom can make saving with coupons a snap. There are also cash back sites like TopCashback, eBates, or Giving Assistant that can get you anywhere from 1% to 10% cash back on ordinary purchases that you make online. Not as hard as you thought, right?

3. Change Your Drinking Habits.

If your beverage of choice at home is a soda, you’re throwing money out the window every single time you open a can or bottle. Even more expensive than bottled soda is bottled water, which routinely costs 30% more than soda and about 20x as much as tap water. Do yourself a favor and stick with tap water. If you don’t trust your local drinking supply, a filter for your tap– or a filtered water pitcher– can still save you hundreds every year.

4. Use This Water-Saving Shower Trick.

We’ve all stood under the shower for what seems like an eternity, letting the warm water relax and soothe us. You just want to stay in the shower for hours. A money-saving technique I learned from One Good Thing by Jillee could cut your wasted water in half. Instead of standing under a running shower while you lather your hair and skin, simply use the water to wet and rinse yourself. By turning off the faucet while soaping up you can save gallons of water each time you shower.

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5. Set up Automatic Deposits into a Savings Account.

If you’ve looked at your bank account at the end of the month, you’ve probably asked yourself, “Where did all of my money go?” It’s easy to spend at the moment and leave nothing for later. If that’s true in your case you might need to “trick yourself” into saving money.

Try setting up automatic transfers to move $5, $10, or $20 at a time from your checking to your savings account throughout the month. In most cases, you won’t notice the money leaving your account until you see it begin to stack up in your savings at the end of the month! You could also try a service like Acorns, which rounds up each purchase you make and puts the extra money toward a stock portfolio of your choice.

6. Make Home Repairs.

You can save money by making small improvements to your home. Even simple changes like adding draft stoppers to your door or changing your furnace filter regularly can make a big difference, according to AC repair company Right Now Air. You should also consider installing low-flow faucets and/or toilets and adding more insulation to your home. The savings can add up big time throughout the year.

7. Unplug Appliances.

Are you familiar with the phrase “vampire power?” It’s your appliances using energy when they are not running but are left plugged in. Your television, phone charger, hair dryer, and laptop can all be unplugged when not in use, saving you money on your electric bill.

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8. Make Popcorn!

Have you ever noticed just how pricey your favorite brand of potato chips is? Despite the fact that potatoes are one of the cheapest commodities in the world, potato chips (and other salty snacks) can cost more money per pound than steak!

Instead of buying potato chips, try making popcorn at home. It’s cheap, simple, and can be flavored in dozens of different ways.

9. DIY Your Home Decor.

Buying expensive decorations at stores like Hobby Lobby or TJ Maxx (I love both but they’re pricey) can really hurt your bank account. Instead, find a great project on Pinterest and create these decorations yourself! You’ll cut the costs quite a bit and you will have a fun craft project to enjoy alone or with your family.

10. Ditch the Gym Membership.

An average gym membership can cost upward of $25 per month. That’s $300 in a year! Yowza. Save yourself a bundle by working out at home. YouTube is filled with an incredible number of workout guides that you can watch anytime, anywhere. My personal favorite is The Fitness Marshall.

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11. Cut the Cord.

If you’re still paying for a cable or satellite subscription, you’re missing out on huge savings. A membership to Netflix or Hulu will cost one-fifth the price of a satellite subscription and can provide just as many quality TV episodes and movies as your old dish or cable provider. Do yourself a favor and cut the cord.

Saving money doesn’t have to be boring, and it’s far from impossible. In fact, with these eleven simple tips you can start saving money right now without even leaving your house,

Leave a comment and let me know which tip you’re most excited to try!

Featured photo credit: 401(K) 2012/Flickr via flickr.com

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Jimmy Winskowski

Freelance Author

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Last Updated on June 6, 2019

The Average Retirement Savings and How to Save Wisely

The Average Retirement Savings and How to Save Wisely

Are you on track for retirement?

If not, don’t worry, I’m not sure either. I save each month and hope for the best.

Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

What Does the Average American Have Saved for Retirement?

Saving for retirement is tricky.

Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

Here are the average savings Americans hold by age bracket:

20’s – $16,000

During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

30’s – $45,000

At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

40’s – $63,000

This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

50’s – $115,000

During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

60’s – $172,000

By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

Ways to Save Money on a Tight Budget

The sad reality is that most Americans aren’t saving enough for retirement.

Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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How to Save Money Each Month

By this point, you know the average amount of money you should have saved for retirement based on your age.

But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

Top Money Saving Challenge Tips

To prepare for your financial future and not be another statistic you need to be different.

How?

By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

Automatically Contribute Towards Retirement

If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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Use the Right Tools to Know Where You Stand

Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

Bring in Experts to View Your Blind Spots

If you have too little or too much money saved, you should consider hiring financial experts.

Why?

You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

Regardless of the reason, getting help may help improve your financial situation.

Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

Speed up Your Retirement Contribution

After learning how to manage your money well, the next best thing is to earn a higher income.

You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

By starting a side-business.

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This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

Reach Financial Freedom with Confidence

What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

My guess is that you’d feel happy and relieved.

Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

If you do, you’ll save money and pay debt faster.

Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

Featured photo credit: Huy Phan via unsplash.com

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