We all understand that we need to save more money.
But, the predicament is usually how to best do that.
So we’ve compiled some simple tips to show you how to save money fast.
Curb Eating Out Habit
We all have done it.
We stop for coffee on the way to work. Or we eat lunch out with coworkers. We do takeout or go out for dinner because we don’t want to cook.
If you curb these habits, you could save up to $100 a month or more.
Try some of these easy ways to save:
- Make your coffee at home and take it with you.
- Brown bag your lunch except for special occasions.
- Prepare meals ahead by doubling a recipe and freezing leftovers.
You’ll be surprised at how quickly these seemingly small acts will add up.
Cut Those Cords!
If you’re still paying high cable bills, you’re missing out on great, cheap streaming services.
Your local news is available free. So ditch your cable and get signed up with a subscription site.
Subscription sites generally cost less than $10 a month instead of cable at more than $100 a month.
If your home phone is simply an ornament because you use a cell, cut the service.
Concerned about losing your number? Port it over to a pay as you go service.
You may be surprised to find out that many of these can be maintained for less than $10 a month.
Clean Out and Clean Up
Clothes you never wear, toys that never get used, and who knows what else is taking up space. Go room by room and see what you have that’s no longer used.
Gather them together, use your cell phone to take photos and sell them online.
Craigslist and eBay are both great places to sell items.
If you have more items than you want to sell on eBay or Craigslist, hold a yard sale.
All of that sound like too much work?
If you want to skip the hassle, put the items in a local shop which will sell on consignment.
— Get Out of Debt (@getoutofdebtcom) May 3, 2018
Round up Purchases While Rounding out Savings
You can put money into your savings account every time you shop.
You could also use that money to pay down debts or invest.
This works by always rounding your purchases up to the next dollar, and saving that difference.
For example, let’s say you spend $89.12 at the supermarket.
Round that up to the nearest dollar, $90, and the difference is $.88.
So, you’d be saving .88 automatically.
This is a painless way to save money fast because you don’t have to think twice about it.
Night Out at Home
Rather than going out for dinner, drinks and a movie, opt to stay home.
Invite friends over and do a potluck where everyone brings something.
Dig out those seldom used board games, turn on Netflix, or bring out a deck of cards.
Planning these in advance can help you save money.
Plus your friends may also appreciate the idea of not having to spend a lot of money on a night out.
With everyone pitching in, these evenings can save hundreds of dollars a year.
Learn the Beauty of Used
A classic business suit, a special occasion dress, or even a winter coat can run hundreds of dollars.
Check out your local thrift shop and see what is available. While you won’t always find a great selection, if you can find something in your size, you can save a lot of money.
Thrift stores are a great place to purchase kids play clothing. They’re going to grow out of them fast anyway!
Make sure you avoid impulse purchases when shopping thrift stores.
It’s possible to lose ground when you’re saving money by buying something you didn’t plan on.
Celebrate with a Block Party
Summer holidays are a great time to get to know your neighbors and save money.
Instead of planning an expensive getaway, plan a block party.
Everyone brings something, music can be blasted out of a home, and no one has to spend a lot of money.
This is a great way to celebrate Memorial Day, Fourth of July, or Labor Day.
Make it a family event and offer fun things like:
- Face painting
- Tug o’war
- or other low-cost games that allow everyone to get involved
Careful Grocery Shopping
Most of us plan our meals, and then do our shopping.
Stop doing that now!
Gather your grocery store flyers all in one place. See what’s on sale and create your meals based on what’s on sale.
This alone can save you a lot of money fast.
Don’t overlook generics, store coupons, and manufacturers coupons when shopping.
You’ll be surprised at how much money you can save.
Fewer Store-Bought Drinks
Instead of purchasing carbonated drinks, turn to water.
Not only is it better for you but you can save a lot of money switching.
If you miss the carbonation, think about purchasing a Soda Stream where you can turn water into a sparkling beverage.
You’ll end up saving more over time than you’ll spend making this purchase.
Remember, iced coffee and iced tea can be a great substitute for soda.
Both can be made easily at home for a fraction of the price.
Even making your own orange juice is cheaper than buying it premade (and it tastes better too!).
Evaluate Your Insurance
If you’ve got more than one insurance company, you may be spending more than you should. Gather your policies together and see what you have.
Contact the insurance companies you do business with and see what you can save by combining your homeowners (or renters), car insurance and life insurance policies with one company.
Make sure your deductibles are sensible.
For example, if you haven’t had a car accident in five years and have a no deductible policy, think about increasing your deductible. This could save a lot of money on insurance.
Review your health insurance as well and make sure it meets your needs.
Lower Credit Card Interest
Contact your credit card provider and ask about a lower interest rate.
But, before you do, investigate cards that allow you to transfer balances at a zero percent interest rate.
If your card company won’t lower your rate, transfer your balances.
This type of move can offer other benefits as well.
Look for a card offering cash back or points. These can increase your savings as well.
Don’t use the card for other reasons, remember, avoiding debt is another way to save money.
Interested in a balance transfer card?
Check out our 5 Best Balance Transfer Cards
Is a transfer balance card right for you? 🤷♂️ Here’s what you need to know before you apply! 👉 https://t.co/FLSSKthqx9#MondayMotivation #Debt #DebtFreeJourney #PersonalFinance pic.twitter.com/LGv032SnmK
— Get Out of Debt (@getoutofdebtcom) October 8, 2018
Buy in Bulk Save Big
Paper goods, laundry soap, and bath needs can all be purchased in bulk. The same is true for most nonperishable items.
This can mean a significant savings over time.
Make sure you have the room to store items and use coupons when available.
Use caution if purchasing items like:
- Pet food
- Staples like flour and rice
- or powdered laundry detergent
Pet food can wind up full of bugs which means it gets tossed. Flour and rice can also have meal bugs so it’s unusable. If laundry detergent winds up turning to bricks, it’s nearly useless.
Increase Interest on Savings Accounts
Instead of hoping you’re getting the best interest rates on your savings, take the initiative to look around and make sure of it.
Many online savings accounts offer better interest rates on their accounts than your local bank. In some cases, online accounts also offer lower balance requirements which can save you money as well.
Make sure you check out all your banking options. If you find a bank account online paying higher interest, grab it.
Remember, you could save money to since you may find accounts with no minimums and no fees.
Pay Bills Online When Possible
When you’re paying your monthly bills, they’re costing more than you think.
Each time you write a check, you’re spending more than you think. Your checks cost you money, and you’re paying for postage to mail them.
Another benefit of paying your bills online is setting up automatic payments. This can help you avoid late fees which can save a lot of money over a year.
Many banks now allow you to set up a separate number to transfer money by debit card which makes your transaction more secure.
Take Advantage of Free or Low-Cost Clinics
When it’s time for your flu shot, or your pet needs to be neutered or needs a rabies shot, don’t automatically make an appointment.
Check with your local town hall for free clinics. Many Boards of Health offer free flu shots.
In many cases, you can get free, or low-cost neutering or rabies shots.
Keep in mind, if you have insurance your services may be covered. However, instead of taking a day off work (and losing a day’s pay) you can get basic care at walk-in clinics.
Your pet’s care can cost hundreds of dollars a year if you don’t check into lower cost services.
Explore Community Resources
Instead of spending money on high-priced gym memberships or dance lessons, see what’s available in your community.
Often you can find dance lessons, exercise classes, or other fun events at community centers. Not only can you take advantage of these lower cost options, you can also meet people and get involved in other events that are free or low-cost.
If you’re looking for a night out, or a breakfast you don’t have to cook for yourself, check out your local Lions Clubs, American Legions, or scouting.
Not only can you get a decent meal cheap, but your money is going to support a worthwhile cause.
Consolidate Your Loans
If you’ve got student loans, car loans, or any personal loans, think about consolidating.
One monthly payment at the same interest rate could save you hundreds of dollars a year.
Before making any changes, do your homework. If you have a local credit union, the rates are usually far less than most banks.
Be sure when you review the loan terms there are no hidden surprises or fees.
Check Your Vehicle for Savings
The cost of fuel for your car is higher. You can save money by making sure your car is properly tuned.
Replacing air filters, keeping unneeded items out of your car and making sure your tire pressure is right can save you hundreds of dollars a year.
If you’re able, think about doing your own tune-up. Otherwise, check out your local trade school to see if they have available appointments to have students perform these tasks.
Pause Before Checkout
If you’re one of the millions who has joined the online shopping craze, take a pause before hitting checkout!
Save the items and come back in 24 – 48 hours.
This gives you the chance to change your mind. Is this something you NEED or something you WANT?
If this is something you need, waiting a day or two won’t change much. If it’s something you want, then you can save money by avoiding the purchase.
It doesn’t take much to manage your #finances even on a tight #budget. Check out these tips on saving #money: https://t.co/P2jwXdkDxo#debtfree #getoutofdebt #moneymatters #moneymoves pic.twitter.com/YkKJqt07j4
— Get Out of Debt (@getoutofdebtcom) May 23, 2018
Check Out Your Home
If your home energy expenses are high, consider an audit. The Department of Energy makes it easier than ever to do it yourself.
Contact your local service provider as many of them will do free, in-home audits. The results could save you big dollars on energy.
Some free energy audits may include things like free light bulbs, plastic cover for windows, and other items. Your local electric or gas company can tell you more.
If you can’t figure out who to call, your local community center or senior center may be able to help.
Get Paid to Shop
Whether you shop online or offline, you can earn money for shopping.
Ebates is an online membership site that’s free to join. You simply do your regular shopping and earn cash-back for what you buy.
There are buy-one, get-one offers, discount coupons and more.
Don’t use this site for impulse purchases! But, if you need ink, clothing, or other items which pay you back for buying through the site you can save a lot of money fast.
Read Free and Cancel Subscriptions
If you’re being held hostage to magazine and newspaper subscriptions, you can break free.
There are thousands of free online news resources. You can also find many magazine editions online.
Stop buying books! Chances are they’re costing between seven and ten dollars each.
There are thousands of free books available online which can be read on your phone, tablet or computer.
If you prefer a hard copy, get familiar with your local library.
Don’t Carry Credit Cards
Keep your credit cards an home and carry your debit card. You’ll be less tempted to spend money impulsively.
Knowing the money you spend is coming right out of your checking account will always make you think twice.
If you do use a credit card, make sure it has some award attached. Cash back, points, etc. can add up and help you afford bigger ticket items.
If you DO use your credit card, pay off the balance in full as soon as possible to avoid interest payments. Since using cash will curb many spending habits, you will save money fast!
While it’s true we all need to save more money, we don’t always know how to get started.
These simple tips can help those who don’t know how to save money fast starting immediately! Don’t wait, your financial future can depend on your savings.
What’s the most helpful hint you have for saving? Let us know in the comments!
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