Tips for saving money are very important, especially in the commercial world we live in.
People spend money on a lot of things, and before we know it, all our hard-earned cash is gone. Good thing there are a lot of ways to manage your money and spare some savings.
Below we’ve listed some frugal living tips to help you save money.
Saving Money Tips: List of Some Best Ways To Save Money
1. Take Note Of Expenses
You save more money when you spend less.
Making a list of your daily expenses will make you conscious of your expenditures. Having this list allows you to track where most of your money goes. This gives you an idea if you still have enough for your next purchases or if you have money left over for savings.
2. Create A Budget Plan
Limiting your expenditures leads to savings.
Creating a budget makes you focus on spending only for what you need and less on what you want. Budgeting helps you allocate your money the most efficient way. You will never go wrong in having a physical document or tracker to help track your spending and/or your saving.
3. Allot For Savings
To save money, make sure you commit yourself to doing it.
A good way to stick to this commitment is making an effort to allocate part of your income or allowance for savings. Don’t rely on cash left after all your spending. Make a conscious effort to dedicate some money to savings.
4. Choose The Right Savings Tools
Saving money may be a difficult task, especially given all of your needs and wants but there are mechanisms to help set aside money for saving.
You can create a separate account at your bank dedicated to savings or you can look for investments and treat them as part of your long-term savings.
5. Look For Cheap Activities
Sometimes we can’t help but go out with family and friends after school or work. This usually means doing activities where we have to spend. This may include shopping, watching a movie or a concert, or fine dining. Next time, suggest alternatives like game night, watching movies, or cooking at home.
6. Make DIY Gifts
We get to attend a lot of birthdays, weddings, and other parties in a single year. And on most of these occasions, we buy gifts that take a big chunk of our savings.
You may want to create a cute DIY gift the next time you have to give someone a present. This is actually very easy since the Internet provides a lot of creative ideas.
7. Buy In Bulk
You can still have savings even when you spend.
For example, when you buy groceries, buying in bulk will help you spend less. Most stores offer discounts for items purchased in greater quantity. Buying in bulk helps you save not only money but also time and effort.
8. Cook At Home
Admit it: we spend most of our money on food. Whether we indulge in fine dining or choose fast food, eating out consumes a huge chunk of our daily expenses.
To save money, why don’t you just cook at home and invite your loved ones over for dinner. It’s cheaper to buy ingredients plus you can make bigger servings when you cook your own meals.
9. Repair Things Yourself
We usually throw out gadgets that no longer work or clothes that have holes in them and we end up buying new ones to replace them. Why not repair them yourself (if you can). This way, more money stays in your wallet and doesn’t go out the window.
10. Negotiate Credit Card Rates
For those who have credit cards, it may be hard not to use one.
Most of the time, we end up having to pay for too much in our credit card bills due to sudden unexpected purchases. There are expenses which are hard to avoid and will hit your bills. So try to contact your card provider and negotiate lower interest rates for payments.
11. Clean Your Closet
Try to check your closet and see what items you no longer use. You will notice you’re no longer using most of the stuff you keep in your closet. These unused items may be worth a lot of money, so why not take those things and sell them. Organize a garage sale or sell your things online to earn some cash.
12. Quit Vices
Too much cigarette smoking and alcohol intake are not only bad for the health but also bad for the wallet. Why don’t you try cutting out these indulgences? You not only save your health but your bank account as well.
13. Conserve Household Utilities
Every adult has to deal with a lot of bills — including household related bills like electricity. Too much power usage at home can kill your budget due to paying high bills. Try conserving electricity to save your budget by cutting down on your usage of appliances at home, if necessary.
14. Install LED Lights
We can’t help but use a lot of lights at home, especially at night. To help save us from electric bills going overboard, why not change your light bulbs to LED lights. LED lights provide the same wattage but with minimal power. The power you save will translate to savings on your budget.
15. Cut Down On Buying Coffee
It’s hard to resist ordering your favorite coffee at a nearby coffee shop. A study shows that most people spend $8.43 on average for every stop at a coffee shop.
Instead of spending this much for coffee, why not create your own at home or in the office. This way, you make yourself — and not coffee shop owners — richer by saving a few dollars.
16. Stop Being Brand Conscious
You may have a particular preference for brands of food, clothes, and other stuff. And most of the time, your favorite brand may be more expensive than its competitors.
To save some cash, try to look for alternatives. Check out other brands with the same quality but lower price to help you fund your savings.
17. Cancel Unused Club memberships
This is one expense that some of us leave unnoticed. Some gym members spend an entire month or two — even a whole year — without hitting the gym. If you don’t use it, better cancel it. This way, you get to put that unused money back to where it belongs — your wallet.
18. Try To Avoid The Mall
If you can’t take the heat, stay out of the kitchen. The same goes for malls. It’s very unlikely for one to go to the mall and not be tempted to buy anything. So for your saving’s sake, keep your distance from malls if you have nothing to buy.
19. Think Of Dressing Minimal
Are you used to too many layers of clothes and accessories? The more you put on your body, the more you need to spend on buying these extra items.
Think of dressing simply to help you save some cash. It won’t hurt your body — more so your budget — if you decide to tone down your fashion sense.
20. Check Out Free Events
You definitely need to unwind after a long stressful week at school or at work. For some, going out to concerts and other paid events helps ease that stress but, that might be stressful for your budget. Keep an eye out for free concerts or activities to help you have fun without spending so much.
21. Take Public Transportation
Your car will have a lot of maintenance needs including machine calibration, tire checks, and gasoline which are all expensive.
Lessen your use of your car so that your car maintenance isn’t as expensive. Take a bus or train on your next trip to work or school to spare some cash.
Sticking to some saving money tips will help you put some cash away for your emergency fund. Here’s a video from Forbes which explains why it’ll cost you not to have savings for an emergency fund:
For those who would like to know how to save money quickly, these tips for budgeting money will come in handy. Stick with these frugal living tips to see your expenses go down and your savings go up.
Do you have any other saving money tips in mind? Share with us your ideas in the comments section below.