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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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Andrea Francis

Andrea loves being productive and getting things done. She shares practical tips to help people achieve what they want in life.

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Published on November 5, 2020

8 Best Finance Apps For Effective Budget Tracking And Planning

8 Best Finance Apps For Effective Budget Tracking And Planning

Looking for ways to effectively track, plan, and manage your budgeting? Well, there is a multitude of apps for that! Finance apps are the best options around for tracking and planning your budget and keeping you accountable. After all, using a pen and paper can make it cumbersome to track.

The apps that we’ve listed below do a ton of the heavy lifting for you and provide a wide array of functions to help you with your financial needs.

How to Pick a Suitable Finance App

When looking at some of the best finance apps that are ideal for budgeting, we found these particular features to be important. Keep these in mind when looking for ideal finance apps.

  • User interface – Navigation is key in any circumstances of an app. This is especially true for helpful apps like finance apps. You want to be using them regularly. As such, the interface should be simple to navigate.
  • Habit building – Finance tracking is all about building money habits, and apps have unique ways of building those habits. There is the app itself but features like push notifications are also essential in some circumstances.
  • Syncing – You should be able to connect your bank account to these finance apps, and that process should also be pretty easy to do, too.
  • Usefulness – The number of features that the app has should be relevant and make it something you want to check. Sure, some of these finance apps work in the background, but those on this list help significantly when you check them regularly.
  • Data presentation – The number of reports and analytical data is a core focus for these finance apps as well since it allows you to make sound financial decisions.

1. Best Finance App Overall – Mint

    If you’re looking for an overall quality finance app, Mint is the first that comes to mind. It’s one of the most well-known personal finance apps around and for good reason. It provides you with a complete financial picture all in one place.

    By connecting your debit and credit cards to your account, Mint will provide you with a list of transactions and break them into categories, showing you exactly where you are spending your money. You can also track billing and create a budget on the app to help you stay on track of your savings goals.

    A new feature that Mint rolled out recently is the ability to see your credit score. Through this feature, you can also see the factors that are contributing to your credit score. Beyond that, you can also track investments and schedule routine utility payments.

    Download Mint here.

    2. Best Finance App for Debt Management – YNAB

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      You Need A Budget (YNAB) is an app that is built on four rules:

      1. Give every dollar a job.
      2. Embrace true expenses.
      3. Roll with the punches.
      4. Age your money.

      Based on these four rules, the app will help you build a better budget while also allowing you to gain control of your spending. You can import transactions from your checking account and apply them to each budget category to get an accurate look at your spending.

      This app also provides detailed reports to show you your spending habits while you are striving to keep a balanced budget in the various categories. YNAB will also point out other spots that you can improve your spending.

      According to YNAB, the average user will save about $600 in the first two months and can save over $6,000 in the first year. It sounds promising for a debt management app.

      Download You Need A Budget here.

      3. Best Wealth Management App – Personal Capital

        Another solid choice is Personal Capital. It focuses on wealth management but also serves as another personal finance app. Through this app, you can manage assets and investments along with setting up a budget for everyday spending accounts.

        This service integrates with over 14,000 financial institutions, allowing you to link your bank account(s) directly to the app and through it. By linking your bank account to the app, you can track your spending, too.

        That said, the app really shines when you connect it to your investing accounts. By doing so, you have a convenient spot to track your portfolio by account, asset class, or individual security. The app can also show you opportunities to diversify, manage risk, and find any hidden fees that you could be paying.

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        You can also compare your own portfolio to the major market benchmarks to help you keep track of whether you’re on track to reaching your goals. You can also get financial advice from this app as the financial advisors here are registered and can provide you with advice tailored to your goals.

        Download Personal Capital here.

        4. Manage Your Subscriptions – Clarity Money

          One of the popular business models that companies are moving to these days is subscription-based. While this model does have its merits, one of the many problems that we face with this model as consumers is that we find ourselves subscribed to things we don’t need. Paying for a streaming service is nice, but many people often are subscribed to multiple streaming services.

          Because it’s so difficult to remember and even track all the subscriptions we’re paying for, this particular app can provide us with clarity. Clarity Money is all about bringing to light what you are paying for and providing you with a convenient way to cancel and throw away unused subscriptions you’re not using.

          Beyond removing unnecessary subscriptions, the app also looks at your spending behavior and offers suggestions for ways to improve your financial health. You can even make deposits to your savings account through this app.

          Download Clarity Money here.

          5. Best Bill Paying App – Prism

            If you’re looking for a convenient app that shows all of your bills and financial apps, this is the app for you. Prism takes pride in having 11,000 billers on this app. This is the highest amount of billers on bill-paying apps you can find. From billers like large banks to even small utility companies, chances are high that the company you’re paying for accepts this app.

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            In terms of actual function, you can add your bills to the app and the app will then automatically track it. It’ll send you date reminders to pay the bill as well so you won’t get hit with late payments. On top of that, you can schedule payments to be made the same day or several days in advance as well. Prism is a nice app that allows you to pay bills in one sitting without having to log in to several accounts.

            Download Prism here.

            6. Best Shared Expenses Management App – Spendee

              Many of these apps are focused on providing services to a single user. This is natural considering most of these apps are asking for your banking information. However, this is one of the few apps on here that allows multiple people to use it.

              With Spendee, the idea is to create shared wallets with your friends and family that you can then use to manage shared expenses for a household budget. You will need to get bank transactions for this to work, but that is fine. After that, the app will categorize all of the transactions and tally how you’re spending money every month.

              You’ll be able to add cash expenses manually as well for accuracy. Beyond those features, you’ve got bill tracker functionality to ensure you pay your bills and avoid late payments. There is also a budget component that will allow you to save and ensure you don’t overspend.

              Download Spendee here.

              7. Best Visuals on Finance App – Mobills

                Mobills is another bill management app that offers a great presentation of information. The app focuses on bill management and offers typical features you can find in these apps. These include categorizing your bills, paying them through the app, and setting up budgets to ensure you stick to them.

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                That being said, Mobills delivers these features remarkably. It presents you with charts that are completely interactive and can help you analyze your financial life. Also, moving bills to various categories is easy and smooth to do.

                Download Mobills here.

                8. Best Finance App for Budgeting Overall – EveryDollar

                  Dave Ramsey is a personal finance expert who urged people to follow a zero-based budget method. This method is the idea that every dollar serves a purpose in your budget. It’s this concept that has inspired the name of this app: EveryDollar.

                  With that in mind, the app provides a monthly expense tracker that you can connect your bank account to. This will take note of important transactions to ensure your spending is in check. You can even split expenses between multiple budget items. The tracker also provides you with an overview of how much money you’ve spent this month and what you’ve got left.

                  Staying true to the name, EveryDollar also has a money management aspect that will help you set up a money management plan. You’ve got access to money management experts who will guide you through financial planning.

                  Download EveryDollar here.

                  Final Thoughts

                  Many financial apps are available to help you achieve your financial goals. Each app has its own perks and benefits to consider. The nice thing about many of the apps on this list is that they have free trials that allow you to get a good feel of them before fully getting them.

                  More Finance Apps

                  Featured photo credit: Austin Distel via unsplash.com

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