Saving Money Is Easier Than You Think
According to CNBC, the median American household has $4,830 in a savings account. Though I think its safe to say most people would disagree with this number.
In recent years, having “savings” of any amount has become more of a dream than a reality. But there are small and easy ways to help make it happen once again.
Change Your Perspective
Instead of thinking “how much money will this cost me?”, try thinking, “how many hours do I have to work to be able to pay for this?”
Changing the way you think about things can have a bigger impact than you’d expect.
Add ‘Em Up
Review your bank statement. Add up all transactions under $10—it’ll likely be a shocking amount. Did those purchases really matter?
Financial awareness is key.
Take the “52-week Challenge”
Save $1 the first week, $2 the second week, $3 the third week, and so on. You will save $1,378 by the end of the year.
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Google Before Your Buy
Google your purchase before you make it. You’d be surprised to find a cheaper price elsewhere, or maybe coupons, discounts, or possibly even negative reviews that could change your mind.
Stick to a Budget
This one is over-played, but still holds its value.
Making a budget and actually sticking to it can be an easy way to put things into perspective and open your eyes to how much you actually spend. Especially when the budget is challenging for you.
Collect Your Loose Change
Loose change adds up. Save up all those dimes and nickels that you find in your pockets, car seats, and couch cushions. Put it all in a jaw and take it to the bank at the end of the month.
Cut the Cable
Cable TV is a thing of the past. And it can eat up close to (or over) $100 a month. Choose streaming services tailored to your viewing needs instead.
Accept the Ads
Take it a step further and opt for the ad-included versions of streaming services. It’ll only inconvenience you for a few seconds at a time, and save you half the cost each month.
Use Cash, Not Cards
There are tons of studies that prove that having to count out your total in cash causes you to spend less than mindlessly swiping your cards.
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Pause Before Your Purchase
When you’re about to make a big purchase (or any purchase, really), take some time to think it through before you pay.
The suggestion is 30 days, but if you can manage even 48 hours, your wallet might thank you. It is said that the urge to buy will pass in 30 days (or less).
Exclusive E-mail
Set up an e-mail address that is exclusively for rewards programs. This can keep your main email uncluttered while funneling in coupons and savings.
Use Round-up Apps
There are some purchasing apps that will round up every purchase to the next dollar and saves the difference to go toward future purchases.
This can be done with bank accounts, too.
Cut the Coupons
There are various coupon apps available these days to help you save as much as you can on nearly anything. Do a quick google search before you head to the store to see if something pops up.
Casper1774 Studio, Shutterstock
Make Your Appliances Last Longer
Zipping up zippers on your clothing before putting them in the wash is said to significantly save on the wear and tear of your machines.
Choose Your Appliances Carefully
Some appliances use more energy than others.
Consider boiling water in an electric kettle rather than on the stove or in the microwave. The kettle consumes less energy.
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Stick to a List
This one is always tough for people. Sticking to a shopping list keeps you focused and avoids impulse buying.
This also saves time—and time is money.
Change Your Font
If you happen to print a lot, you can save on ink by changing your font. Choose a font with smaller characters, like Garamond, or with thinner type, like Century Gothic.
Target Tips
If you shop at Target often, take advantage of their REDcard (debit) program. It offers a debit card option that links to your existing checking account.
You earn 5% back on everything you purchase in store and online.
Sundry Photography, Shutterstock
Check Your Ceiling Fans
Switch your ceiling fans to the correct seasonal setting. They should spin counterclockwise in the summer and clockwise in the fall and winter.
This can save you money on heating and cooling by ensuring the fan is working the way you want it to.
Skip the Smokes
Again, also obvious. But if not for your health, do it for your wallet. Smoking a pack a day costs about $177 a week, or $9,200 a year.
Check Buy & Sell Pages First
Before you run out and pay full price for a brand-new item, give a quick glance on your local buy and sell pages.
You may find the item in good condition for much less, or sometimes even brand-new.
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Buy Generic
Most grocery products have a generic brand that costs less. And sometimes those generic brands also come with less ingredients (which is a bonus).
If you can buy the same thing for less, why wouldn’t you? Apparently, many professional chefs use generic brand ingredients.
Take Advantage of Interest
Move your savings into a high-interest account. It will accrue money over time, and you will be less likely to withdraw from it.
Cook More Vegetarian Meals
Meat is the costliest of all foods Americans consume regularly. Studies show that vegetarians save $750 compared to meat-eaters annually.
Prep in Advance
Preparing your meals in bulk can help you save money and prevent impulse takeout or restaurant meals.
Drink Water First
Drink a glass of water before any other beverage. Craving a soda, juice, or milk? Drink a glass of water first. This can curb the temptation and save money on the pricier beverages.
Do-It-Yourself
Watch YouTube tutorials for simple household fixes. Improving your DIY skills can save you money and stress.
Close the Doors (and vents)
Closing doors on rooms in your home that you’re not using can help save on heating and cooling costs. At the same time, close vents in the rooms you don’t actively use.
Embrace Vinegar
Save costs on cleaning supplies by switching to vinegar. It’s an all-natural and cost-effective fabric softener, all-purpose cleaner, rug restorer, stain remover, deodorizer, etc.
Go LED
If you haven’t already, Replace incandescent bulbs with CFL or LED. Switching just five frequently used bulbs to LEDs could save you around $44 a year on electricity.
No-Spend Days
Choose one day per week, and one weekend per month to have as “no-spend days”.
On those days choose to make your own coffee, lunches/dinners, and stay in and play board games or go out for family hikes. Anything that doesn’t cost money.
Swap the Gym for YouTube
YouTube offers tons of free exercise videos and programs. Yoga With Adriene is one popular channel. Most popular exercise routines these days can be done with minimal to no equipment.
Make It Yourself
Buy yourself a fancy reusable mug, and make your own coffee. It’ll save you more money in the end than your new cup will cost.
The average American spends approximately $1,000 annually at coffee shops.
Drive Sensibly
Aggressive driving (hard braking, speeding, rapid acceleration) lowers gas mileage by up to 33%.
Make It at Home
Just like your coffee, you should also be making your own lunch. This can lead to substantial savings. Eat breakfast before you go, and pack your own food for the day.
Use the Library
The library is an untapped hidden gem. You can borrow (for free) books, movies, music, technology, puzzles, etc. You can even use crafting machines at most local libraries—all for free.
Dine At Home
As previously mentioned, eating at home in general saves a ton of money. Plan your meals for the week so you stick to your shopping list and avoid feeling pressured to come up with meals at the last minute.
Buy Whole vs. Precut
It’s not always feasible to buy bulk over individually packages foods, we get that. But buying whole veggies instead of pre-cut bags of veggies will also save you money.
Don’t pay for convenience. Cut up your own veggies and put that extra few bucks back in your pocket.
Grow Your Own
Cramped for space? Some produce grow well in pots. Even having 1-2 pots of produce on your front step could save you some money. Tomatoes, strawberries, lettuce, etc. are easy starters.
Green onions can be grown in a small pot on your window sill indoors, too.
Production Perig, Shutterstock
Use the Cold Setting
Wash your clothes in cold water. Most detergents have a cold-water version that work just as well in cold water rather than warm.
Warm or hot water requires your hot water tank to heat up, costing you more money than using cold water.
Volodymyr TVERDOKHLIB, Shutterstock
Final Thoughts
Saving money can be a daunting task, but making these small and easy changes can start saving you a few bucks here and there that will ultimately add up over time.
It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.
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