Do you find it challenging to save money? Do you try to save money every month but fail miserably? Well, believe it or not, you are not alone! Many people find it hard to save money even when they are earning a sufficient amount. Also, some people have the habit of impulsive shopping where it’s very easy to lose track of the money you are spending. Unless you take action against such habits, you will have a tough time controlling your splurges and saving money for a rainy day.
So, have a look at these top tips to save money, and you will surely find one (or maybe three) that suits you.
Tips to Save Money
Following are some clever ways to save money:
1. Finish Paying Back Your Debts
Firstly, if you are trying to save money, you must ensure that all your debt is paid. Otherwise, whatever you save will just go towards paying interest on your loan. Make it a goal to pay back a certain amount quarterly to get rid of your credit fast and save all that money.
2. Stop Using Your Credit Card
You can also stop using your credit card, so it doesn’t become a dreadful credit cycle of doom with no end. Cut that card up, throw it away, and don’t call your bank the next day to request a new one because you “lost” it. Another clever way to save money is to give your credit card to a friend or relative you trust so you avoid any impulsive shopping sprees.
3. Separate Your Wants and Needs
Here’s a basic lesson in finance. Your wants and needs are two different things. No matter how much you say, “I need that upcoming iPhone 14 Pro Max,” you don’t! You may want it, but you surely do not need it.
4. Start Budgeting
Make a monthly budget by tracking your income and spending. Deduct your expenses from your income, and that’s the amount you have left every month. Put a percentage of this amount towards paying back your loans, and save the rest, even if it’s a small amount.
5. Cut Down On Your Spending
While making your budget, you will be able to analyze your expenses. Often, we spend little amounts every day that sum up to a significant amount by the end of the month. Track your spending so you can cut down on things you are just wasting money on.
6. Cook Your Meals
Eating out daily for lunch and dinner can add up to a massive total every month. Switch to cooking fresh meals at home, and you will be surprised to see your savings. The internet has a ton of simple recipes that you can start with if you are a beginner. For instance, how to boil water. (Yes, it’s really there.)
7. Compare Insurance Quotes Before Buying
If you are looking into buying insurance, make sure they offer market-competitive quotes, so you get a good deal. You should always compare insurance policies before making your decision.
8. Unsubscribe Services You Don’t Use
Today, every person is subscribed to a zillion services. Some just keep getting renewed without our knowledge. Don’t let these streaming services take over your bank account. Unsubscribe from the ones you don’t use and keep one for entertainment.
9. Buy Drugstore Brands
Instead of spending hundreds of dollars on luxury brands, switch to drug store brands that offer the same quality. There are plenty of good brands out there providing value for money. You can easily find dupes for all the luxury brands you use.
10. Cut the Cable
With so many streaming services available today, do you really need cable too? If you need it for the news, social media is a great way to keep yourself up to date on the current happenings in the world. In fact, some news channels offer free online streaming on YouTube.
11. Keep a Lookout for Discount Coupons
There are plenty of ways to find discount coupons in America. Coupons can help you save quite a bit of money, so there is no shame in picking up that scissor and cutting out a clipping from the newspaper because, at the end of the day, it will help you save money.
12. Treat Yourself Wisely
It is fine to treat yourself once a month. You can also set quarterly or half-yearly targets and splurge on something you have had your eyes on. Just make sure it is not something too extravagant.
13. Do NOT Cross Your Spending Limit
When you start budgeting, you will have some amount in hand to spend on your basic needs every month. You must spend this amount wisely. Try to keep a rack of your groceries and toiletries, so you know what you are running out of. Organize your pantry and cabinets so items aren’t out of place and you can easily tell what you need.
14. Declutter
Marie Kodo has been saying this for years now, get rid of things that do not bring you joy. Declutter by selling things you do not use. If you are an impulsive buyer, there must be many items in your closet that are new and unused. Either donate them or sell them.
15. Save Automatically
Most bank accounts have the option to open a fund where you can put some money monthly. This is a clever way to ensure you don’t spend that money and save a portion of your income without reminding yourself or accidentally spending from it.
Final Thoughts
So many strange things have been happening in this world these days that you can’t be sure what’s coming next. Perhaps the alien invasion we have all been waiting for will finally happen. Or perhaps our electronics are going to turn against us in a fit of robot rage and gang up to wipe humans from the face of the Earth.
On a serious note, with the economy crashing globally every day, saving money on the side is crucial so you can use it for something important or even as an emergency fund. This is one of the many lessons we all learned during the pandemic. Pick a few of these tips to save money, and you will surely see your savings expanding in a short time.
