Saving money is a goal that everyone has in their mind, but only a few seem to achieve it. After paying all the bills and counting out all the monthly expenses, most of us seem to have almost nothing left to save.
Is this a familiar scenario for you too? You wish you just could save maybe a hundred or a little bit more every month. And you wish you took a look at your bank account and saw all your savings in there. Instead, your account’s balance is negative, and you have nothing saved apart, but you hope to survive till the next paycheck without unexpected expenses and rely on payday loans in case of the rainy days.
It is estimated that more than half of Americans have less than $1000 in their savings. Statistics show that people nowadays tend to owe more than they have in savings. Saving money is a process that doesn’t show results unless it is done for the long term. But once you figure out how to do it the right way, you might see some benefits.
First of all, saving money can teach you a lot about controlling your personal finances. You will keep track of all of your spending, and you will know where you are wasting your money. Second of all, you will get this satisfactory feeling like you are finally accomplishing something. And with that, your worth will also start to improve. Another benefit that you get once you really start saving money is the possibility of spending it on things that you like. Suppose you want to buy new clothes or move to a better apartment. Savings can help you do these things stress-free.
Don’t worry. We have some great advice for you further in this article. Just keep reading, and you will find out at least one way to saving money that might work for you.
How to Start Saving Money?
It is all about developing a habit. And like any other habit, learning how to save money requires knowledge then action. Think about it for a second. If you are currently a smoker and you wish to quit, you must learn at first all the necessary information about the benefits of not smoking, the financial benefits of not buying that pack of cigarettes, the withdrawal symptoms, and how to deal with them. Once you have acquired all of this information, then you need to take that first step into transforming from a smoker to a nonsmoker.
The same rule applies when it comes to saving money. You must first do your own research about the benefits of saving money, the best ways to save money, budgeting tips, the spending habits that you need to give up in order to make money-saving an easier task.
Once you have done your research, then you need to take that first step to transform from a money waster to a money saver. And that first step is always the hardest. It takes just that first step, those first one hundred bucks, that first cash deposit, to get things in the right direction for you.
If you have tried saving money before and you have failed, then try again. Success only comes through perseverance. Another thing that might help you start saving money is not to make money-saving a hard task. You don’t have to eat once a day or wear the same pair of underwear for a month straight.
The money-saving process must be fun, so it is your job to make it fun. That is the easiest way to start saving even a little bit. What we know about humans is that we quit anything that we don’t like doing.
50 Ways to Save Money
To help you even a little bit into your money-saving process, we have created this list of ways to save money. There are a lot of articles out there that offer money-saving tips, so we have tried to do our best to give you a helping hand.
Now, these might not work for every one of you, but I think it is best to pick those that may be right for you and give them a try.
Coupons, Sales and Others
1. Cashbacks on online purchases are awesome
There are different sites out there that help you earn a percentage of cashback every time that you shop online. Cashbacks work on websites as Amazon also on retailers such as Walmart. Just find the best deal for you and shop ahead.
2. Track sales on every expense you do
Sales are a great way for you to save money. Most people don’t think too much when they shop around. Don’t just pull out your credit card every time you are asked to. Ask for sales and see what’s convenient for you.
3. Don’t give up the change
You would be surprised at how much you are wasting right now, only by giving away the change. Get a pot and put the change in there from time to time. After some months, you might have saved more than you think and have stretched your family budget.
4. Keep note of your expenses
One of the best ways to save money is by keeping track of everything that you spend. By doing this, you will know for sure what’s really useful for you and what’s not. Keep a notebook, especially for expenses, and write down every single dollar you spend.
5. Check the prices
A lot of people don’t realize that they are wasting their money, buying something they could get at a lower price. Make sure to check the prices of the things that you are buying. See if you can actually get the same item for a lower price.
You don’t have to settle for the very first price that a seller gives you. Try to negotiate and ask if there is a discount. You can save up to 20% or 30% of the price point if you simply master the art of negotiation. That money can easily go into your savings account. So the next time you are shopping for a new pair of shoes, ask if there is a discount.
Save Through Money Management
7. Work on your credit score
If you are not well informed, a good credit score can help you a lot in saving money. Working on improving your credit score can pay off a lot when you are looking to get a house mortgage, a car loan, or even a same day loan. A good credit score means that you can have the advantage of gaining lower interest rates, and the money that you don’t pay goes back into your pocket. That is phantom income.
8. Negotiate interest rates
You would be amazed at what the power of negotiation can do for you. If you are currently paying off a loan at a certain interest rate, you can ask for interest rate deductions, and don’t be so surprised when you find out that they lowered it for you. All you have to do is ask.
9. 0% APR cards for your credit card balance
Your credit score might not be at all times high, but you can still be eligible for this type of card. Transferring your balances to these cards can save up a lot of your money. You don’t have to pay all that money off fees and interest rates that benefit you nothing.
If so far, you have been correct with every payment for your house or your car, and if your credit score is more than ok, then you should consider refinancing. Imagine if you have a house, and you have been making regular payments every month, and you decide to refinance and get a second house. Your interest rate can drop even by 50% if you do things right. Once more, you save money through phantom income.
11. Never miss a payment
One of the simplest ways to save money is by simply paying things on time. Most of the bad debts come from people not paying in time. Do yourself a favor, and no matter the circumstances, make the payments you owe on a quick payday loan or any other type of loan. You’re going to see the benefits later.
12. Use cash regularly for shopping
Try to avoid digital financial services, including digital transactions as much as you can. You may not realize this, but digital transactions suck in the fees, bit by bit. Instead of using the ATM, get money from inside the bank. Instead of paying your groceries with your credit card, use cash. Cash is the best way to avoid paying more and more money on fees.
13. Automize your bills payments
You want to avoid those late fees as much as you can. It would not hurt if you could automize your bills payments and, if the case, installments on your installment loan. This way, the money is retrieved automatically from your account, and you don’t have to remember a ton of things.
14. Make long term investments on your assets
Instead of saving your money now and ignoring the fact that your car needs to be repaired, make an annual subscription and have it fixed at a much cheaper rate. Things like your car, your house, your appliances, are assets to you, and they’re going to need repairing from time to time. It is better to be subscribed and pay less.
15. Limit your spendings
Never buy anything that is unnecessary. Always think twice before you rush into spending money. Ask yourself if you can really afford to do this or maybe it is better to spend this money later. Don’t rush into decisions that might make your life harder.
Save by Being Healthier
16. Eating healthy is cheaper than ordering take out
Eating healthy and organic food is much less expensive than going to a restaurant to eat. Cooking and eating at home is a very practical way for you to be healthy but also save money.
17. Quit smoking
If you currently are a smoker, then consider quitting. From quitting, you will get health and financial benefits. Your body will thank you, and so will your savings account. Just do the math on how much you spend on cigarettes currently, and how much you could save if you stopped.
18. Start jogging
Maybe that gym subscription is not really that necessary for you. If you are looking to save up some cash, then start jogging every morning. Work on abs and push-ups at home and jog every morning. You will be shocked at the results on your body, and you’ll save money at the same time.
19. Drink water instead of soda
Water is a healthier solution compared to soda. It is cheaper even. So the next time you’re out, drink more water. It will keep you hydrated, thus making you think clearer. It will also save you some cash.
20. Choose rationally when eating out
Just because you are going to eat outside does not mean that you should spend three hundred dollars. Try to be more rational when eating out and consider the best options for you and your finances.
Downgrade Your Services
21. Slower Internet
If you are continually working with your computer, it is more than understandable that you need a good internet connection. But it is not like you need to get the fastest internet out there. If you are currently using a 30 Mbps, you might want to consider downgrading and paying less.
22. Cut down some of the cable service
I highly doubt that you have the time to see all of the channels that your cable service provides you. Cutting down some of the services also means cutting down some of the costs. By the end of the day, it is more convenient.
23. Consider using a VoIP telephone
An internet telephone service tends to be way cheaper than the usual subscription you get from phone companies. It might be hard for people to reach you, but you will be able to save some money.
24. Request discounts on bad services
If you get a better offer for a service you are already paying, then call them and ask for a discount. You would be surprised how much you can cut down on your expenses and save money.
Change Your Social Habits
25. Invite friends over instead of going out
Everyone loves going out from time to time. But everyone knows that it can be expensive. Try something new for a change. Instead of going out, invite friends over your house. Or you can even go to their house. This way you can have fun remaining on a budget.
26. Offer to cook together
No one wants to eat a meal alone. It is a different pleasure when you get to prepare a meal with someone you know. It can even be cheaper. You can both split up the ingredients and the labor, and by the end of the meal, you both have saved some extra money.
27. Go for a night walk instead of the night club
Maybe you are used to always going to night clubs. How about you start going for a night walk. It is healthier, and it refreshes your thought. It also keeps you sober and sharp, and it also brings you closer to your financial success.
28. Try offline dating instead of online dating subscription:
Asking someone face to face to go out is still in fashion, you know. If so far, you have been spending money on dating apps, try offline dating. Go out there and have genuine conversations. This way, you don’t have to pay an app again.
29. Stick to a limited circle of friends
The more friends you have, the higher the chances they’ll invite you to go out. Keep your circle small and save up.
30. Learn to say NO
There is power in using the word ‘No,’ and you must learn how to use it. If you don’t think you can afford to go to a party they are inviting you to, then just say no.
Save Money At Home
31. Use a gas water heater
Electricity is more expensive. A gas water heater can save you money in the long term. A gas water heater will also keep working during a power outrage.
32. Replace normal light bulbs with fluorescent light bulbs
These types of bulbs last ten times longer and consume 75% less energy. If you are thinking about saving money, this is a smart way to do so.
33. Have regular energy check-ups
Your electric company should probably do this for free. Performing these regular energy check-ups keeps you up to date about your home’s insulation and the improvements that are needed.
34. Use energy-friendly appliances
Appliances are the devices that consume most of the energy. Make sure to buy appliances that don’t consume a lot and that are energy-friendly. They might cost more but pay off in the long run.
35. Coldwater to wash your clothes
Not only will you save money on energy, but you will also protect your clothes.
36. Get a solar panel
Green energy is the best type to save money. A solar panel might be a bit expensive, but it would be so efficient, and you will save more than you might think. You can use one for your heater and your light bulbs. That’s energy and money saved.
37. Use more blankets
The air conditioner can run your bill pretty high during the winter months. Instead of keeping it on all night long, you can simply use more blankets to heat up.
Save Money On Transportation
38. Subscribe if you always use public transportation
If you always use public transport, then make sure to be part of the subscription. This is going to save you money.
39. Ride the bike more often
This is my personal favorite. There aren’t many places where you can’t go by bike, and if you own one, the rides are free. You don’t have to pay for anything, and you enjoy the ride.
40. Drive a manual transmission car
They tend to cost less. If you have a limited budget to buy a car, then a manual transmission car is going to fit perfectly on you.
41. Always keep tires inflated
Make it a habit to check the air in your tires regularly. This will not only keep you safe but will also make sure that the car is more fuel-efficient.
42. Buy your car on the internet
You can get great deals on the web if you are looking to buy a car. You can even save yourself a lot of money. Just be smart and make sure that you pick something that’s worth it.
Invest to Save
43. Educate yourself
You can save up tons of cash if you just have the right information before making an investment.
44. Purchase low-cost mutual funds
Be on the lookout for funds that will cost a total of 0.5%
45. Use smart savings accounts
Choose a saving account that puts more money into your pocket than it takes.
46. Try to avoid fees
Though fees might seem small, if you collect them together, you will get a hefty amount of cash out of it. Try your best to avoid paying unnecessary fees.
47. Keep track of your investments
Always know where your money is going. Remember that not everything that looks like an asset is actually an asset.
48. Invest in commodities
Investing in commodities such as gold or silver can save you a lot of money. In the long term, you might even come out of the investment with a significant profit.
49. Choose the right broker
Always choose a broker that invests his own money in the same area where he is managing your money. A broker can either save you money or cost you money.
50. Raise your financial IQ
Knowledge is the best asset out there. The best way to save money is by gaining more financial knowledge.
Saving money is much easier than you think. People do this all the time, and that means that you can do it also.
We hope the money-saving tips that we mentioned above help you on your way to saving money successfully. Just go ahead and choose the options that you think will work for you, and don’t be afraid to experiment. Don’t despair if you will not succeed immediately and remember that in case of an emergency or some unexpected expenses that should be covered urgently, there is a great remedy – online loans with instant approval. There is no shame to apply for financial assistance!
Remember, saving money is not a hard task to do. It only requires focus and determination.