Some simple budgeting and saving tips can help you save much more of your income than you usually do. These tips can help you save more and save bigger. Probably, it can actually help you improve your spending lifestyle, so you have more leftover for essential purchases.
So, here are 10 money saving tips for beginners.
10 Money Saving Tips for Beginners
1. Cook and Pack Lunches (Read: Cook in Bulk)
Learn to cook, even if it’s something as simple as lentils or rice. Doing so will help you avoid ordering out multiple times a week. You can at least cook a lot in bulk and make it last throughout the week. What’s more, you’ll be able to pack lunches for yourself to eat at work.
This may not seem like much, but it’ll save you hundreds of dollars a month, and thus, thousands a year. This is one of the best money saving tips for beginners.
2. Save Leftovers to Reheat Later
Make sure to freeze or store your meals to make them last as long as possible. Even if you’re ordering out occasionally, don’t force yourself to eat it all in one go. You can save leftovers to reheat later.
This makes a huge difference when you’re pushing your monthly shopping or eating budget. You can just reheat some leftovers for dinner or lunch. You won’t have to think too much about it and it’ll save you $30-40 of ordering out or shopping.
3. Make a Meal Plan Before Grocery Shopping
If you plan out your meals for the week, you’ll know exactly what you need to buy. That way, you can buy in bulk, and not overspend. You’ll also probably be able to save more on discounts, and use coupons for much larger savings.
4. Embrace the 24 Hour Rule for Shopping
It’s called delayed gratification. If you feel like you must buy something, wait for 24 hours before you make that decision. The impulse to impulse buy usually fades by then. You can also try imagining the purchase and cash in your hand and thinking about what you’d rather have.
5. Buy Essentials in Bulk
Non-perishable, useful items which are staples should always be bought in bulk. Yes, you probably won’t save much by buying 3-4 cartons of milk or multiple cartons of eggs. However, you can save a lot on cooking oil, cleaning supplies, detergents, etc. The prices of these items rise first when inflation hits. You can avoid a lot of overspending through bulk buying.
Use as Many Coupons as You Can
The internet has made it fairly easy to find any sort of coupon you want for anything. Sites like Coupons.com, Fetch Rewards, and browser extensions like Honey help you save a lot of money.
If you’re doing your grocery shopping online, take advantage of those reward points and discount codes. Don’t let them go to waste. All that’ll do is give you buyer’s remorse.
6. Create a Yearly Budget
Start by writing down estimates for your major expenses every month. Use these to estimate your major expenses for the year. You can then see how much you spend on non-essentials every year. You can start by budgeting to reduce those expenses.
Then, you can start tracking your expenses to reduce them where ever you can.
Use an App to Track Expenses
There are hundreds of free financial tracking apps out there. They’ll give you a total of your monthly spending, and don’t require any setup or learning curve. If you’re really serious about budgeting, you can even think about pairing your spending account with the app. That way, you can track most of your purchases automatically.
7. Set Up Automatic Payments for Your Savings Account
Instead of remembering to transfer money into your savings account, setup an automatic monthly payment. Most banks allow this now. However, in case your bank doesn’t have this option, just setup a monthly repeating reminder.
As a rule, you should transfer at least 10-15% of your monthly paycheck into savings. This will help you save up for a rainy day and grow your nest egg. Compound interest over many years goes a long way.
8. Improve Your Savings Habits on Special Days
If you find yourself unable to commit to greater saving habits, mark them with special days. For example, save a little extra income on the 1st of the month. Or save some extra income on a holiday like Easter, Labor Day, or even Valentine’s Day. Just find an excuse to do so. You’ll thank yourself for saving more than before.
9. Always Save any Extra Income (Read: Save Your Bonuses)
If you come by any extra income like a bonus or an increment, or even a special prize, save it. It’ll pay off double or triple what it’s worth. You can also get extra income from freelance projects, or from your investments. You should save all that income most of the time.
Yes, you can spend some of it occasionally on an indulgence or a luxury. However, don’t make that a habit. Instead, save today, so you can spend tomorrow. This is one of the best money saving tips for beginners.
10. Get Rid of Useless Subscriptions
How many useless subscriptions are draining your bank account every month? Whether it’s multiple audio or video streaming services, audio books, meal delivery kits, gaming services, custom clothing delivery services, etc. Get rid of the ones you’re not using. You may find yourself paying for a service that you barely use once or twice a month.
Want to listen to any song without ads? Just use YouTube with an ad blocker. Want to stream a movie or a TV show? Ask yourself if you can do without it. You can also find a lot of movies streaming for free on livestreams for different TV channels.
Of course, this doesn’t mean you should get rid of everything that you enjoy. Just institute some balance in your spending.
With these 10 money saving tips for beginners, you’ll save much better, and much bigger than before.
