Learning how to save money isn’t that difficult. If you find ways to save money could you finally take a real vacation? Pay off your looming debt? Or start saving 20% of your income?
Whatever your short term and long term money goals are, this guide can help you save money with the best money saving tips.
How to Start Saving Money
Becoming money savvy begins with how you think about it.
Just because you have a monthly budget (if you don’t, here is how to create one), doesn’t mean you can’t have fun anymore. It simply requires you to make sure your spending is less than your income — and that you are living within your means.
A great way to manage your money is to create a monthly budget and follow it which is what we’ve gone over. Remember that it is essential that you set a budget for yourself to understand exactly how much you can spend according to your needs.
This process will help you to know your expenditure and also assist you to handle overspending. You can also benefit from budgeting apps to help you save without even thinking about.
Daily Money Saving Tips
1. Cut down money expenditure on buying costly items: The first and foremost technique that one can make use of in order to save money is by cutting down the money expenditure that one carries out on purchasing costly items. Try to purchase those accessories that are cheap and have a warranty option available on them.
2. Unplug appliances when not needed: Vampire electricity can cost you hundreds every year. It’s a smart move to unplug appliances that aren’t used very often. Keeping these appliances plugged in when you’re not using them leads to a higher electricity bill. So even if you can save a few bucks on your monthly electricity bill by unplugging a toaster, every penny (or dollar in this case) counts.
3. Plan out your expenses: Many people admit to spending money recklessly, that is it is easy to spend money on things which we don’t really require. Thus the best strategy is that we should plan out their expenses in advance (E.g. budgeting for a home renovation) so as to avoid spending money on useless articles.
4. Use an automated tool: It can be difficult to save if you aren’t automating it. Digit and Qapital can help by taking out small amounts from your accounts to a savings account. By automating your savings, you have no choice to save money each month.
5. Get discounts on everything: Take advantage of cash back sites that offer discounts on things you spend on every day. If you are planning a bigger purchase like a laptop or TV, utilize coupons from sites like ReferralCodes.co and SlickDeals to get the best price.
6. Make your own gifts: Birthday gifts, fathers and mothers day gift, wedding and other types of presents can add up. You can save money by making your own gifts and they are much more thoughtful as well.
Monthly Money Saving Tips
7. Lower your car payment: If you have a huge car loan payment that’s eating your monthly budget you can look into lower your interest rate to save $1,000 over the life of the loan. Discover how you can lower your interest rate on your car with LendingClub, the online refinancing process makes it easy.
8. Bundle cable and internet: A lot of budgets are eaten up by hefty internet bills, but did you know that there are providers that now offer monthly services for only $30 or less per month? I imagine that’s less than what you’re paying now. Find more ways to get discounted or even free internet.
9. Monitor your electric bill: Big or even small changes in your electricity usage at home can help you save as much as $600 annually on your electric bill. Companies like Arcadia even pay Americans to save on energy, simply by turning off the lights for an hour, you get paid. Discover how to get paid to save on energy.
10. Lower your student loan payments: Refinancing your student loans can lower your monthly student loan payments by several hundred dollars each month ($300 on average).
If you are interested in refinancing student loans, it’s simple to check. Here are our top 5 picks for refinancing student loans. You can get your new rate in under 2 minutes by visiting the lender to check your rate (doesn’t affect your credit score):
|Fixed: 3.25% - 7.25%|
Variable: 2.72% - 7.43%
|Fixed: 3.50% - 7.89%|
Variable: 2.53% - 9.06%
|Fixed: 3.64% - 7.50%|
Variable: 2.53% - 9.06%
|Fixed: 3.89% - 8.07%|
Variable: 2.5% - 7.12%
11. Don’t get charged unnecessary bank fees: You can save $100s by not getting charged for unnecessary bank fees. Companies like Cushion fight your bank on your behalf so they refund you for unfair fees! Cushion negotiates bank and financial fee’s so you get the most from your accounts. Discover how you can make $100s of dollars by using Cushion.
Watch Your Savings Grow
Make sure to commit to your saving and check how you’re doing every month. Not only will this help you stay on track on your financial goals, but you can make adjustments as needed. These money-saving tips can help you save money every day and reach your goals and live a better life.