Everyone wants to save more money. If you’re struggling, you may need a few tips to get you started. Below are twenty great money saving tips to help you build up your savings and stop spending excess money when you don’t need to.
1. Make a Change Jar
Change adds up more quickly than you might imagine. Make a change jar in your home and throw in any loose change you find. You can easily save over a hundred dollars a year just by using this jar.
2. Join Customer Rewards Programs
Customer rewards programs can save you quite a bit of money and rarely cost anything up front. Sign up for e-mail lists and use the coupons as they arrive – you can get everything from free nights at hotels to free meals just by signing up.
3. Switch Banks
Always make sure that your bank is putting your money to work. Switch from a paid checking account to one without fees and make sure that you’re getting a good interest rate. If possible, check out whether or not you can join your local credit union instead of dealing with a national bank.
4. Cut the Cords
Cutting out your cable subscription can save you thousands of dollars a year. Instead of paying for channels you don’t use, use a combination of streaming subscriptions and over-the-air channels to get the entertainment that you crave.
5. Sell Your Collectibles
If you’ve got collectibles sitting around the house, it’s usually a good idea to turn them into cash. If you’re not getting any joy from them, why not get paid? Don’t bother holding on to them too long – it’s impossible to tell when the bottom might drop out of the market.
6. Build an Emergency Fund
Try to put away a bit from each paycheck to make an emergency fund. When you get sick or have financial difficulties, you can dip into this fund to get help without blowing your budget.
7. Create a Budget
The best way to save money is to have a budget. Figure out how much money you spend every month and put it on paper. From there, figure out which costs are necessary and what you can reduce. Once you have a budget, stick to it.
8. Track Your Spending
Track where your money goes. There are tons of great, free apps that will alert you whenever you spend money. If you pay attention, you might find that you’re spending money even when you’re not aware of it leaving your account.
9. Deposit to Savings
Deposit any extra money you get directly to your savings account. If you need to move it, that’s fine – but it’s always easier to save money when it’s already in the right place.
10. Create Goals
It’s also easier to save money when you’re doing it for a good reason. If you really want to save, write down the reason why you’re saving money and put it up on the refrigerator. Being reminded of that goal can help you to save.
11. Reduce Your Debt
The cycle of debt is tough to break. Pay off your smallest debt first, and then use the money you were using for monthly payments to pay off the next debt and so on. In time, you’ll find yourself debt-free.
12. Save Your Refunds
Don’t spend your tax refund when you get it. Instead, throw the refund into your emergency fund or use it to pay off debt. You should think of your refund not as free money, but as money that’s temporarily been spared from your spending habits.
13. Pay Off Your Credit Cards Monthly
Paying off credit cards monthly is a great way to avoid interest. It’s also a good way to keep your credit score high. If you can pay off your card as soon as it is used, you’ll look great to potential lenders and save money at the same time.
14. Cook at Home
Going out to eat almost always costs more than eating at home. If you’re really interested in saving, try to eat at home as much as possible. Once you figure out that you can buy a whole week’s worth of groceries for the price of going out to eat two or three times a week, you’ll find more reason to eat at home.
15. Use the Library
The library is a money-savers best friend. It’s not just a great place to get books – you can also rent movies and video games from most libraries, and you can even join clubs. If you’re looking for a great educational and social hub, your local library simply cannot be beaten.
16. Prep Meals for the Week
Eating out at work can get costly very quickly. If you want to save money, make your work lunches for the week ahead of time and bring them to work in order to save some dollars every day.
17. Keep Up with Car Maintenance
Major car problems can destroy your savings account. If you want to avoid trouble, get your regular maintenance done according to schedule. This will keep your car on the road longer and help you to avoid buying a new vehicle.
18. Go with Generics
Store brand is often the way to go if you want to save money. Store brand products are generally the exact same thing as name-brand products, but with a much lower price tag. Pay for what you need, not for what’s on the label.
19. Buy for Life
A little long-term planning can go a long way. Buy appliances, clothing, and even vehicles that will last longer so you have to replace them less frequently. You might spend more upfront, but you’ll save more over time.
20. Plan Your Splurges
Instead of shopping when you feel stressed, create a fund that you can use to celebrate your goals. When you know that you have money set aside just for spending, you’ll be less inclined to tap into the money that you are working on saving.