“A penny saved is a penny earned.” – Benjamin Franklin said it, and he was right! One of the best ways to increase the value of what you earn is to find new methods to make that money go farther. So whether you’re trying to save money for a car, a house, or even just for the sake having a little extra where you want it, you can learn how to save money with these tips.
Though if you are looking for the best place to save money, that’s a different story all together. But with that out of the way, let’s get started.
How to Save Money on Daily Expenses
Related article: How To Save Money Every Day: 30 Tips
Saving, is the act of storing money. So the best techniques to really save are to change your daily habits one at a time. These tips may only save you a few bucks a day, but those little bits add up, which can mean thousands of dollars over the course of a year.
Collect Your Spare Change
This is the easiest way to start saving. Just take the left over change from every purchase, it might only be 10 cents, but put that into your savings account. Doesn’t sound like much, but it adds up quick. Let’s do the math. If you average you change at 25 cents a purchase(low side), then multiply that by three transactions a day, we get 75 cents. Put that together over the course of a year and you’ll net yourself hefty $273.75! Not bad for something you almost ignore.
Make Use of Automated Saving Tools
Companies have realized both the value of saving, and its inherent difficulties. So many banks, and investing firms have created fully automated tools for saving money. Acorns for example is an app that saves your change, and invests it for you automatically. So instead of it just sitting in your bank account, it goes straight into a higher performing investment platform. Not bad.
Go to the store and chances are you’ll chare your purchase to one of your bank cards. However doing this leaves out the sense of permanency. Or to put it simply, you are more likely to overspend if you run all of your finances through credit/debit cards. Instead try carrying cash. By making the switch to physical pieces of paper you are much more hesitant to hand it over, so you’ll naturally keep a better eye on you spending.
Find out more in our article: Does Carrying Cash Save You Money?
Eat Out Less or Order Smaller Portions
Unless you’re a fan of fast food, it’s rather difficult to eat at a restaurant for less than 10 dollars. But let’s take that number for a spin. If you were to eat something you cooked which only cost 3 bucks, instead of a cheap meal at a restaurant every day, then you’d be saving $2,555 every year. You could buy a cheap used car for that! That’s a staggering amount to pay for cheap take-out, so why not put it in the bank.
And when you do eat out, try ordering smaller portion sizes. There’s no reason to grab a full sized meal anymore. Restaurant often make way too much food for you to eat anyway, so if you’re not a fan of leftovers, then ditch them by ordering more reasonable amounts of food.
Save Money on Groceries
There are tons of ways to save money on groceries:
- Buy in bulk
- Freeze leftovers so they last longer
- Track what is going to go bad soon and eat it
- Shop when you’re not hungry
- Stick to a shopping list
The list goes on and on, and you can save a small fortune if you just keep at it. The real thing to remember is to not be wasteful, and plan it out before you shop.
There’s a lot of giving that goes on throughout the year. There’s Valentine’s Day, Birthdays, you anniversary, and lots lots more. But it’s the thought that counts, right? If you don’t want to cut back on the number of gifts you make, but still need to save some cash, then try making your own gifts. It’s not as hard as it sounds, and often times the sentimental value is much greater than any price tag.
Related Article: Best Tips for Living Frugal
Save on Entertainment
Movies, video games, books, and TV, there sure are a lot of ways to spend money on entertainment. But if you want to know how to save money on it, then there’s a lot you can learn. You can cut out the services you don’t use very often. For example, you don’t need cable TV if all you ever do is watch Netflix. You can switch to ebooks with Kindle Unlimited. They are a whole lot cheaper when you aren’t paying for paper, and you can also read a lot of books for free.
Buy Used Goods
Sometimes used isn’t an option, I’m just not going to buy used underwear… But there are plenty of things out there which are still quality even though they have been used. Craigslist is a great way to find this stuff. My friends and I have gotten couches, refrigerators, desks and more for a fraction of the price of new stuff, and sometimes even for free.
Plan Out Big Purchases
If you have to make a large purchase, then make sure to plan it out in advance. Expensive things like couches, appliances, and even cars often have promotional sales. If you can keep an eye on it, and wait till the time is right, you can save a bundle.
Cut Back on Coffee
It’s hard, I know, but if you buy coffee at a shop every day, then you are wasting a lot of money. That Java-Mocha-Cappu-Frappu-chino may be your go to drink, but it’s certainly not doing your wallet any favors. And if you can’t cut out the joe then learn how to make at home. If you do it right, you can actually make better coffee for a fraction of the price.
As a nice little bonus, you’ll probably lose quite a bit of weight too.
Make Online Shopping Hard
It’s certainly easy to create an account for Amazon then keep pouring things into your shopping cart. So do yourself a favor and stop saving your purchasing information. If you make it so you have to enter it each and every time it not only makes you less likely to purchase impulse buys, but your information won’t be stored on someone else’s servers. So you’re less likely to be hacked.
How to Save Money On Monthly Expenses
These take a bit more effort to change, but if you put in the time, you can save a lot of money on your monthly recurring payments.
Related article: How to Save Money Every Month
Change Cell Phone Carriers
You might like the carrier you are with, but there are plenty of cheap options to choose from. So long as you’re ok with cutting back on data or minutes you can save quite a bit. But you can also consider removing your phone’s insurance, though I wouldn’t recommend this if you are the kind of person who tends to break their phone on a fairly regular basis. But if you’re like me, and every phone you’ve ever had still works, then it’s just wasted money.
Save on Air Travel
You can save money on flights by implementing this one weird trick, use two computers. This doesn’t sound like it would help, but airlines raise the prices if they know that you’ve been looking at them. So hunt for deals on one machine, then switch when it comes time to buy. You can save hundreds this way.
Related Article: Save Money On Flights
Get a Cable and Internet Bundle
Cable and Internet providers will often give out great deals if you bundle your purchases together. Of course this only works if you are already paying for both of them, but at the same time it’s a great way to save up to 50 bucks a month, without having to put in any more effort after you sign up.
Make You House or Apartment More Energy Efficient
Simple upgrades to your living place will help you save money on electricity. Replacing those old incandescent bulbs with LED saves you six times as much on lighting costs. The new bulbs actually last longer too, so you don’t even have to replace them as often.
Although the real savings in energy efficiency come from learning how to save money on heating and cooling. This alone amounts to roughly 48% of household energy use. So get ready to start insulating your attic, because it’s really insulating your wallet.
Reduce Your Student Loan Payments
Refinancing your student loans can reduce the prices significantly. This is made even more true if you bundle them all into one big loan. The fact that you’ll typically get reduced interest rates, along with not having to pay multiple lenders each month is sure to give you some peace of mind.
Cut Your Car Payments
Cutting your car payments is actually quite easy. You can refinance much like with other loans, or you can go for a cheaper model. Used cars can be nearly as good as new ones, you just have to know what to look for. If you can find a car with 40,000 miles or less on it, then it will easily go another 100,000 miles without too much hassle. Cars like this have already lost up to 30% of their value, which on a 30,000 dollar car is $9,000 off.
Save Money on Car Insurance
There are many ways to save money on car insurance, and with 15 minutes you could save… You get the idea. Car insurance can be costly, especially if you have a couple of accidents or traffic violations under your belt. But there are a lot of things you can do to bring down that price. If you are going to college, then make sure to send a copy of your grades to your insurance agency, most of them will offer a discount for stuff like that.
You can also get a car and renters insurance bundle, to save money.
Check your tire pressure to make sure that it is at the factory specified PSI. For every PSI your tires are running low, you are costing yourself .3% efficiency(on average). By simple checking the pressure in your tires once a month you can save a lot of money on gas.
Save Money on Water
Make sure your toilet isn’t running. A broken toilet can waste 200 gallons of water a day. Which really adds up.
Related article: How to Save Money on Your Water Bill
How to Save Money Long Term
If you are looking to eventually buy a home, or are planning for retirement, then you are saving money for the long haul. These tactics may take longer to implement, but can mean hundreds of thousands of dollars in difference over the course of your lifetime.
Start an Emergency Fund
Emergencies have the nasty habit of popping up when you least expect it. Having some funds on hand can really save your bacon, that’s why it’s important to save up an emergency fund. Keeping enough money around to fix your car should it break down, will stop you from having to make the repairs on credit. The interest of which, can cost you thousands over a couple of years. So try to save up around 4,000 dollars. If some bad luck heads your way, then you’ll be able to handle it without breaking the bank.
Create a Budget
Creating and sticking to a budget is one of the best things you can do for long term saving. It’s not exactly fun to do, but it will help you plan for a better future. It’s also not as hard as you might think.
Create Savings Goals
Creating a savings goal will inspire you to adhere to you budget better, but you have to learn how to do it the right way. If you goal is completely unrealistic, then it will only end in failure and frustration. Take your time to figure out what you can really accomplish, instead of pointing yourself toward some unreachable goal.
Invest Your Money
What’s better than saving money? Making more money of course! Learning the ins and outs investing doesn’t have to be a nightmare. Pick yourself a good company to work with, and start getting some interest working for you, instead of against.
How to Save Money by Refinancing Your Home
There are tons of tricks to saving money when it comes to refinancing your home. Switching to a 15 year mortgage from a 30 can make a difference in total cost paid by thousands of dollars. On the other hand, switching to a lower interest rate does the same thing. So weigh out your options. There are few better times where thorough reasearch has as big of a payoff when learning how to save money.
Track Your Spending Habits
Look at your bank statements, there’s more information there than just a transaction record. By delving into this, you can get a clearer picture of where your money is really going. With that information in hand you can learn both where you’re saving, and where you’re losing money. This is critical to producing a long term savings plan.
Well I hope this helped in your quest to learn how to save money. Of course saving money can only take you so far. Find out How to Make Money Online for Free
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