17 Easy Things You Can Do To Save Money
If it seems like the world is getting more expensive, that’s because it is.
But there are still ways to live well and have inexpensive fun in a higher-priced world. By using these strategies, you can keep more of your paycheck for yourself.
Upgrade Your Savings Account
If you’re not taking advantage of a savings account that gives back to you, then you’re missing out on free money. Whatever you’re saving for, you should do it in an account with a competitive annual percentage yield (APY).
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Milli Bank, a mobile bank that’s Member FDIC insured, offers an excellent 4.75% APY for its high-yield savings account. Milli Bank also offers useful tools like Jars that allow you to separate your funds to save toward personalized goals. It also has real-time tracking that shows how your spending affects your savings goals. Not only does the money you deposit keep growing while you’re not looking, you’ll also learn where you can adjust your spending habits to save more.
Whether you value a high APY or savings tools that help you reach your goals faster, you should make the most of your savings account.
Live Below Your Means
Living within your means is a good first step, but ideally you should live below your means. Spending less than what you make each month and focusing on savings allows you more chances to take advantage of opportunities when they come up.
Spending less isn’t possible for everyone in every situation, but if you’re able to, this list has tons of ways to help you cut costs.
Drive a More Fuel-Efficient Car
Ask yourself if you really need that 6,000-pound gas-guzzling SUV. When you’re in the market for your next car, look for a more fuel efficient car with things like racks that can help you haul your stuff. That’s money you can spend on living better — or a new bike.
Cancel Unused Gym Memberships
With the average monthly cost of a gym membership above $50, according to Statistic Brain Research Institute, it can be a costly expensive if you aren’t using it. If you have a gym membership, consider if you’re really maximizing it.
If it’s not going to good use, cancel the membership and work out by walking, running, hiking, or following exercise videos at home. Or, sign up for a less expensive gym if you like some of the equipment for workouts you can’t recreate at home.
Spend Less for Cell Service
One thing you might not think to negotiate is your monthly bills, but there are ways to save even on those recurring costs. Take your cell phone bill. You may be able to lower it by seeking out discounts you’re not taking advantage of, like for putting your bill on autopay, or reducing the amount of data you use. You can even call your service provider and see if whether they have any additional ways to help you save -- after all, they have an incentive to keep you as a customer. Or, look into discount carriers that charge less for using the same towers as the major telecom companies.
Buy Off-Season
Just because something is really expensive right now, that doesn’t mean it will be in three months.
“Timing is everything when it comes to shopping,” said Jon Lal, founder and CEO of online coupon and cash-back website BeFrugal. “Time your purchases with the seasonality and popularity of items, and get it in the off-season or when stores have too much inventory.”
That might look like buying next winter’s snow boots from the clearance rack in the spring, for example – it involves planning ahead.
Use Your Credit Card Less
Credit cards have notoriously high interest rates and are difficult to pay down. Billionaires from Warren Buffett to Mark Cuban say to cut the plastic. If one of your goals is to build wealth, avoid going into debt with them.
Wait 24 Hours
For purchases over $50, or a limit you determine based on your budget, wait 24 hours to make sure you really want it and you’re getting a good deal.
For e-commerce purchases, some companies will send coupons or incentive offers to complete the purchase if you put the item in your cart, then leave the site. This can be a great strategy to save money on an item that you actually need to buy!
Buy Generic
Most informed consumers buy generic, according to a study by economists from Tilburg University in the Netherlands and the University of Chicago. For example, nine out of 10 pharmacists and doctors buy the generic version of aspirin, which can be as much as 80% less expensive. And, professional chefs prefer store-brand sugar, salt and baking powder to name brands.
Buy Refurbished or Open-Box Electronics
The price cut on refurbished or open-box items can be substantial. Returned electronic products were often not even defective in the first place, so you have a pretty good shot at scoring a virtually new laptop, TV or smartphone for a great price.
Dress Up With Secondhand Goods
You don’t have to spend top dollar to look like a million bucks. There are many ways to get designer clothes at a discount.
Thrift stores or online marketplaces are a great place to find high quality clothing, shoes, and bags at a reasonably price.
Trade Your Books
Most books are a one-time read. After that, they become bookcase dust collectors. So, trade them for other used books, either with your friends, at a local bookstore or online at sites like PaperBack Swap.
Use Your Library
Libraries are a great resource not only for books but for digital books, audio books, magazines, DVDs and CDs, too. It’s one of the few places where you can get some of these items for free, so take advantage.
Make It Yourself
From toys and gifts to cosmetics and cleaning products, there are many costly items you could make yourself with materials you already have on hand. It’s often not only less expensive, but it can even provide a great family project. And it’s all just a Google search away.
Bring Your Lunch to Work
Ask yourself if you’d rather have those meals out with co-workers or if you’d rather have money in your pocket for your future. Then, buy a lunchbox. To make it easy on yourself, meal prep recipes you can prepare in bulk, like salads, chili, or pasta.
Quit Smoking
Whether you smoke cigarettes or vape, smoking is expensive. The Alabama Cooperative Extension System reports it costs an average of over $1,000 per year to vape. Quitting could be beneficial to both your lifestyle and your life expectancy. Get serious about cutting this bad habit — and any other habits that are making you poor — and watch the savings roll in.
Floss Every Day
There’s strong evidence that good oral health can help your overall health. Bacteria and inflammation due to gum disease can even lead to other diseases, according to the Mayo Clinic. Grab some floss and you may be able to avoid other costly dental work.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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