In short, are you struggling to keep aside a part of your income and increase your savings?
Initially, Saving Money can seem difficult and a distant dream.
Nonetheless, once you learn the art, it can help you pay off your debts, reach your goals, and attain Financial Freedom. Especially in 2020, there are numerous ways to do it.
Get in the right mindset and start TODAY!
Let’s look at some of the ideas which could prove to be a catalyst to Save Money!
1.Adopt Extreme Ways:
Certain tips can sound insane and embarrassing but can prove to be efficient in the long-run. Always remember every Dollar counts!
- Cut down the cost by shaving your head and simplifying the Hair Care.
- Cut your own hair and save the high monthly expenses of going to a Salon!
- Instead of running after Brands, try to buy Unbranded Groceries.
- Use Frozen Water Bottles in place of AC. Not only will you cut down the Electricity Bill, but it is equally good for the environment.
- Live with your parents and get rid of paying High Rents!
2.Carry Your Lunch Box To Work:
On average, an American spend around $3,500 a year on regular lunches.
Everyday expense adds up in the long-run. If you aren’t careful regarding your expense, you could land up in trouble, such as Credit Card Debt.
However, making and packing your lunch to work is one of the smart ways to save your money. Making lunch to work can save the average person at least $100-$150 a month.
3. Try to Open a High-Yield Bank Savings Account:
Savings Accounts, usually at Brick & Mortar Banks, have really Low-Interest Rates, i.e., 0.09%, mainly because they have a higher overhead cost like paying for the building, for example, paying the tellers, etc.
Low-Interest Rates are a major problem because people are losing out on easy, passive money.
On the contrary, High-Yield Savings Account offers Interest Rates more than the National Average of a Standard Savings Account. It is an excellent avenue to get a return on your Savings.
Always aim to keep your precious money in a Savings Account that offers higher than the average Interest Rate.
4. Try to Stop to Pay For Cable TV:
According to Statistics, the Average Monthly Cable Bill in the USA (in the rest of the world, around $50) is over $100, and it is expected to climb in the next years to around $200- $300.
Why pay for Cables when there are numerous low-cost alternatives?
Take a look!
- HBO Now service – $14.99
- Netflix service – $7.99 -$13.99
- YouTube TV service – $40+
- Hulu service – $7.99 -$39.99
- Sling TV service – $20 to $40
- Amazon Prime Subscription: $119 / Year
5. Live Below Your Means:
In today’s era, managing Financial Life can be hard between Retirement Planning and Paying Bills.
However, living below your means and maintaining a minimalist lifestyle can enable you to lead a happier life.
- Pay off your debt!
- Cut down on Expensive Lifestyle.
- Pay Expenses Annually or Quarterly.
- Automate your Payments.
- Stop using Credit Card.
6. Start Investing:
Investing is the best way to compound your wealth over a long period of time.
No matter how minuscule your paycheck is, set aside an amount to invest in Stocks or Mutual Funds.
Instead of living beyond your means, Investing now will also help you become prepared for Early Retirement and live on the Interest of your Investments.
7. Avoid Making Big Purchases:
Although this may sound like one of the easiest Money Saving Tips, it can be difficult for most of the population.
Making big purchases will severely add to your debt.
Before you make your next large purchase, ask yourself the following questions, and you will get your answers!
- Can I really afford it?
- Do I even need this?
- What else could I spend this chunk on?
- Is there a return policy?
After you get in the habit of asking yourself those questions, you will save money for years to come.
8. Opt For Birthday Freebies:
On your Birthday, score a lot of free Birthday Stuff by showing Documents that holds proof of your Date of Birth.
- Voter ID Card.
- Driver’s License
9. Meal Planning:
Did you know that the average person wastes over 40%- 45% of the food they purchase?
Yes, 40%- 45%!
When you have trouble eating at home, then try one idea – the $5 Meal Plan.
Get Meal Plans emailed directly to you. In that case, you can get the exact shopping list you need to cook the meals.
In this way, one can save both time and money.
10. Stop Overpaying Bills For Your Cell Phone:
Cell Phone Bills can easily cost over $100 /month.
On top of that, if you have a family, then you may be easily paying more than $100 / month.
One of the best ways to Save Money is by switching to a Cell Phone Service Provider, which provides both an affordable plan and a great service.
11. Get Rid Of Your Timeshare:
Timeshares aren’t as amazing as the Salespersons portray it to be. They are expensive and have incredibly Low Resale Values.
Initially, you are asked to attend a Presentation and stay back the entire time where they offer lucrative stuff like Free Vacations, iPads, Cruises, among others.
All you have to do is listen to the presentation and get your freebies. Sounds simple right?
After sitting through the Timeshare Presentation, people generally get intrigued and think that getting hold of a Timeshare is one of Save Money’s best ways.
Nonetheless, the reality is. Timeshares are expensive! Here’s why!
- Annual Maintenance Fees
- Low Resale Values
12. Stop Smoking!
According to the American Lung Association, Smoking kills nearly 500,000 people in the U.S. annually and costs $333 Billion /Year in Healthcare Expenses.
It has numerous side effects, such as Lung Cancer, Heart Disease, and many other Medical Problems.
Not only Smoking is exceedingly unhealthy, but it is also costly.
According to Business Insider, Cigarettes can cost around $5- $15. If you smoke a pack a day, that can be as much as$150-$450 a month.
It is advisable to cut down on your Smoking & create a budget.
Budgets help people to be mindful of their income and efficiently manage the expenses!
Budgets help people reach their goals, pay off debt, make more money, and retire happily!
13. Search For Work From Home Jobs:
In today’s era, with the advent of technology, Online Jobs makes it easier than ever to Work From Home, and the trend is expected to continue well into the future.
If you are looking forward to a new Career Path to earn money from home, take cues:
- Sell on Amazon
- Start a Blog
- Online Teaching
- Social Media Manager
- Content Editor
14. Passive Income:
Keeping a Passive Income is an excellent avenue to make money while doing very little work to maintain that Income Source.
In the beginning, to start earning Passive Income, one has to lay the foundation.
Once you set up the Passive Income Source, Income continually comes in without much effort and operates independently.
Passive Income Ideas:
- Affiliate Marketing
- High-Yield Savings Accounts
- Rental Properties
- Online Store
- Online Course
15.Drive an Affordable Car:
An average person in the U.S. spends $481- $360 to pay Equated Monthly Installment (EMI) towards a new car!
Imagine how many people take out High-Interest Loans to pay for their car.
Once you include Gas, Maintenance, Insurance, Taxes, Registration Costs, the expenses will soar higher! It is always advisable to purchase a Car whose expenses should be less than 10-15% of your Monthly Income.
16. Pay Off Your Debt :
If you pay off your Debt quickly, you will be paying less in Interest Fees.
Sooner the better!
Plus, freeing up your money will enable you to save for other Financial Goals, such as Early Retirement.
17. Spend Less On Restaurants:
The majority of the people love to eat out and splurge at Restaurants.
However, not keep track of your Bills can prove to be deadly!
If a family of 4 goes out multiple times and spend over $50/ Day at a Restaurant, it can add up around a lumpsum amount in a single month.
Imagine how much money that family could save by not going to Restaurants.
Eating out less / month is one of the best ways to save money because it will help you save a nice chunk over the long-term.
18.Cancel Unnecessary Subscription Services:
There are currently Subscription Services for everything, including Meal Deliveries, Clothes, Streaming Services, and more.
Undoubtedly, Life has become easier with Services delivered straight to you.
However, subscribing to too many services can lead you to shell away lumpsum Money.
If you want to cut down your Cost, start by evaluating which ones are actually useful, and then cut out the ones you no longer require. Cutting out the services you no longer need is one of the fastest ways to Save Money.
19. Save On Your Grocery Expense:
It is not at all difficult to save money on Groceries. If you are clueless, try these sure-shot ways!
- Meal Planning
- Always keep a Grocery List.
- Look out for Sales
- Get hold of Coupons
- Sign up for a Grocery Store’s Loyalty Card
20.Cancel Your Gym Membership:
Gym memberships can be expensive, especially if you are not using them. Not getting the full value out of your Gym Membership will escalate your expenses.
Therefore, cancel it as soon as possible and eliminate the extra expense to Save Money!
21.Learn About Personal Finance:
It is recommended to start reading Personal Finance Books to enlighten yourself regarding improving your Financial Situation.
Undoubtedly, Financial Literacy is one of the best ways to Save Money and gain control of your life.
Here’s a list to get started:
- Broke Millennial
- The Year of Less
- Meet The Frugalwoods: Achieving Financial Independence Through Simple Living
- Work Optional: Retire Early the Non-Penny-Pinching Way
- The Broke and Beautiful Life
- You Only Live Once
- Mom and Dad, We Need to Talk
- Get Money
22. Get Paid To Complete Online Surveys:
Complete Paid Online Surveys and earned money.
Keep aside the income from the Surveys and put it into your Savings Account!
Signing-up for the listed companies, and you may be able to earn anywhere from $25 to $100+ / month.
All of them are Free to Join & Use. All you have to do is to Answer Surveys and Test Products to get paid!
- American Consumer Opinion
- Survey Junkie
- Opinion Outpost
- VIP Voice
- Pinecone Research
- Prize Rebel
- Product Report Card
- Survey Clubs
It’s best to sign up for as many as you can to earn some pretty good amount.
23. Opt For Insurances With Better Plans & Lower Prices:
Insurance is a necessary expense.
Before settling for one, you have to look around for better plans and lower prices.
In case you don’t, you might end up paying extras and waste your money.
An average person pays too much for various forms of Insurance because of unawareness and lack of knowledge.
Since Insurance is a necessary expense, one must learn the know-how to save money well into the future!
- Make a comparative analysis of Products by checking out with different companies.
- Make changes in Coverage Amounts.
- Understanding the Jargons of Insurance!
- Contacting your Insurance Agent and asking for Discounts.
24. Save Money On Your Vacations:
Vacations can be expensive and can lead you to lose a considerable portion of your SAVINGS!
However, there are numerous Money-Saving Tips for Holidays and Vacations.
Here are some of the best way to save money on your next vacation:
Use Airbnb For Vacations:
Nearly for all categories in every part of the world, Airbnb offers short-term Rental Vacation Homes. Comparatively, they are cheaper and more affordable than a conventional Hotel or a Resort. All the Airbnb Rentals have Kitchenettes and can help you save money from spending on Food. Also, if you are traveling in a group, you can split the cost for a Rental Home for much less than it would cost everyone to get a Hotel Room.
Be flexible with your Flight Dates:
Did you know sometimes a difference of just a day or two can save you over $100 per flight? Next time you book your flight, try and apply this strategy!
Avoid Going on Vacations During Peak Travel Season:
If you have a budget constraint, travel in the mid or off-season to save money. Going on Vacation during peak Travel Season can get really expensive!
Eat like a Local:
Instead of visiting plush restaurants on your vacation, go out and eat like a local.
25. Stop Gambling:
Gambling is all about throwing money worthlessly.
It is a hazardous activity, and people end up in bankruptcy. In short, it is an unwise Financial Choice.
According to Statistics, in the U.S, people lose over $100 Billion in gambling each year.
If you are someone who gambles, STOP doing it today!
One of the best ways to Save Money is to stop gambling entirely.
26. Create An Emergency Fund:
26% of Americans have no Emergency Fund.
Only 40% of Families have enough in savings to cover three months’ worth of expenses.
Quite frightening as it sounds!
An Emergency Fund is one of the best ways to save money.
It also saves you from going into Debt in case of any crisis like Job Loss, Pay Cut, Unexpected Expense, and so on.
In the absence of an Emergency Fund, you may have to opt for a Loan and rely on Credit Cards. All of those things can cost you tonnes of money in the long run.
27. Purchase Secondhand Items:
One of the best ways to Save Money is to opt for Secondhand Items like Furniture and Clothing on Craigslist or Facebook Marketplace.
Always perform necessary Research before making a purchase and avoid falling for deals that sound too good to be true!
28. Go & Buy a Water Filter:
According to The Water Project, Americans spend around $100- $150/ Year on Bottled Water.
Instead of spending $100- $150 on Bottled Water/ Year, you can probably buy a Water Filter.
Always remember, to save money, sometimes you may have to spend a little.
29. Cut Down Your Health Care Costs:
Next to Rent or Mortgage, Health Care Cost is on the rise.
Here are some Cues on how you can do it:
- Go for less expensive Medicine that treats the same condition but cost less than branded Drugs.
- Plan for urgent and emergency care.
- Take care of your health by exercising and avoiding Smoking.
- Choose a Health Plan that is right for you and avoid paying High Premiums.
30. Downsize Your House:
Home is an important aspect of everyone’s life.
Mostly, people opt for a large house compared to the size of the Family.
It is recommended to always go for a house that caters to the size of your Family.
If you have a Large-scale House and you don’t really require that amount of space, you are probably spending more on:
- Mortgage or Rent
31. Stop Keeping Up With Others:
In today’s era, Social Media has become an important medium to share our lifestyle.
Every day, we get to see people posting pictures of their New Cars, New Clothes, iPhones, Holidays, and etcetera.
Don’t fall for these and avoid keeping up with them.
Instead, pay off your Debt and start saving for Retirement to live a better and healthier long-term Financial Life.
What is the best way to Save Money? Do you have any saving tips to share? Add on!