14 Life Hacks That Will Save You Money
Savvy shoppers might be the masters of coupon cutting and buying on a budget, but those aren’t the only ways to save money. If you don’t take advantage of all the life hacks available, you’re leaving free cash on the table.
With a little effort and creativity, you can cut hundreds or even thousands of dollars a year from your expenses. Plus, if you handle a few small items on your to-do list that you’ve been putting off, you can even find ways to earn more money without working more. Take these steps to gain control of your financial future.
1. Scan Receipts for Cash Back
You can save money on groceries, gas and other purchases by using apps like Fetch, Ibotta or Upside, which give you cash back on grocery store purchases. All you have to do is claim offers in the app. You could earn $10 or more a week for just a couple of minutes.
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2. Use Costco's Pharmacy (No Membership Needed)
Membership warehouse stores like Sam’s Club and Costco have good prices on prescription drugs — and you don’t have to be a member to buy them. So, take advantage of Costco’s low prices on doctor-prescribed meds without shelling out $60 or more a year to join the club.
3. Ditch Your Low-Interest Savings Account
If you’re still using your first savings account, you’re getting a low interest rate. Some high-yield savings accounts offer rates of 5.00% APY and higher. With that APY, if you deposit $25,000 and leave it there for a year, you’ll earn about an extra $1,250 for doing nothing.
Failing to open a high-interest savings account means you’re saying “no thanks” to free money — and why would you do that?
4. Shop With Discount Gift Cards
Want to get cheap or even free gift cards? Gift card exchange websites sell discounted gift cards for all your favorite retailers — and for less than their remaining value. Warehouse clubs also off decent discounts on gift cards. Stock up and use them instead of cash for your future purchases.
5. Carry Cash
Research shows that if you pay in cash rather than with a credit card, you’ll spend less. Take this tip one step further and only carry large bills like $50s or $100s, which are hard to break — it’ll keep you from making impulse purchases.
6. Decline the Rental Car Insurance
A lot of private auto insurance policies and many major credit cards provide coverage for rental cars, particularly when rented for personal use instead of business. Check the policies to make sure, but chances are good that you can save money on your car rental and skip the expensive insurance coverage the company offers.
7. Make a DIY Cleaner
You can make an inexpensive, all-purpose household cleaner by loosely filling a heat-resistant glass container with leftover citrus peels and adding equal parts boiling water and white vinegar. Cover the mixture and let it sit for a week before straining it into spray bottles.
8. Skip the Shopping Cart
When you run into the grocery store to “pick up a few items,” carry them in your arms instead of using a cart or shopping basket. By forcing yourself to hold your purchases, you’ll be less likely to buy things you didn’t intend to buy and don’t truly need.
9. Ask for Free Upgrades — Don’t Book Them in Advance
Use this trick to upgrade your vacation for free: Reserve a standard rental car or hotel room and then politely ask for a free upgrade when you arrive. If one is available, it’s usually a pretty easy score.
10. Substitute the Shaving Cream
Skip the expensive shaving cream and lather up with a bar of bath soap instead. Invest in an old-fashioned bristle brush, and you’ll get the cleanest and cheapest shave available, sans cream.
11. Install a Faucet Filter
Spend a few bucks to install a faucet water filtration system and reap the rewards all year. These easy-to-use filters trap sediment and reduce chlorine and other contaminants, so the water tastes fresher. As an added bonus, cutting out plastic water bottles is good for your budget and the environment.
12. Clear That Dryer Vent
Keep your dryer vent clean and free from blockage at all times. A clogged dryer vent reduces the appliance’s energy efficiency and can cause a fire.
13. Insulate Your Outlets
Stop heat loss and drafts with inexpensive, easy-to-install foam insulating gaskets on the back of electrical wall switches and outlets.
14. Choose the Store Brand
Everyone knows that generic or store-brand products are cheaper than name brands, but maybe you don’t know just how much cheaper. According to Consumer Reports, you’ll save about 20%-25% when you buy store brands.
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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