Saving money is a great place to start on your road to financial freedom. In this post, we are going to outline some of the best ways to save money. Everyone has reasons that they can’t save money but when saving becomes a priority, you will see how it can benefit you long-term. I have compiled a list of money-saving tips that I personally use every single day to try and cut back on my spending and create better habits.
1. Track your spending (Use an App!)
The starting point for everyone is knowing where your money is going. Using an app to track spending makes it simple and easy. All you do is link your account and the tracking will begin. Once you download the app, you will begin to see exactly where every dollar is going. This is the first key step to big savings.
2. Don’t pay for convenience
I am guilty of this, I will always pay for convenience, unfortunately, this is taken advantage of. This is exactly why Door Dash can charge such high delivery fees, they know people will pay it. Sometimes we must, but I encourage you if you have the time to try to take the drive down the road to your favorite restaurant. This simple tip could save you up to 25% on your purchase every time you use it.
3. Cut the Cord!
Try to be honest, how often do you watch TV? If you are an avid television watcher, consider what channels you watch. Is there a cheaper streaming option that includes all your favorite shows? A lot have people have already begun making the switch from traditional cable to streaming services, maybe it is time for you to join the trend. I switched to streaming over two years ago and have saved so much as a result. Plus, there are no contracts so if you do find you are not benefitting or do not like it, then cancel.
4. Cut Down on the Subscriptions
Most services offer a free trial option, perhaps maybe even a month-long free trial. Take advantage of those promotions. I often do this and what I will find is that I do not use the product or service as often as I thought I would, then I just cancel my subscription before I lose a dime. Taking advantage of this could save you a lot of money in the long run. Be careful though, or else these subscriptions will drain your account $15 at a time until there is nothing left.
5. Try Eating in
This has so many benefits, maybe cutting back on fast food can help your spending and kickstart a new health goal. I know I am guilty of picking up a fast-food breakfast a couple of times a week and just throwing away that $10 because, after all, it’s only $10, right? Well, if you get that $10 meal three times a week it becomes over $1,500 per year! This is an easy way to cut spending, maybe skip the happy meal for a home-cooked option.
6. Start Small!
With everything, it is always best to start small and work your way up. That means starting one day at a time. Then try a week, then a month, and finally you are on your way to building a giant savings account. Even starting as little as a dollar at a time will be more than you had yesterday, celebrate the little milestones and you will get a sense of accomplishment that makes you want to keep going.
7. Use the 30-day rule
This is one of the most common money-saving tactics on the internet. When you are out shopping and see something you want, wait 30 days before you buy it. Chances are that item that you so desperately wanted doesn’t seem worth it anymore. If after 30 days you have decided you just cannot live without whatever it is, go ahead and buy it. There is no harm in buying nice things for yourself, the ultimate goal is to show you that maybe you don't need everything that you want. We can all be victims to impulse buying, but this tactic tries to mitigate the damages.
8. Don’t Fall Victim to the Sale
Marketers know exactly what they are doing when they put a sale sign in their window. Those cheap prices are the bate on the hook, once you are in the store, they try to convince you to spend money you didn’t plan on. Plus, if the customer starts wandering into the full-price section, even better! Hopefully, you can implement the 30-day rule because sales are often a trap. Try to stick to your budget when you are out shopping and only buy what you came for. Remember, you are not saving money if you start spending money you hadn't planned to.
9. Try to halt spending altogether
Lastly, try to put a stop to your spending altogether. Going a day, week, or month at a time only buying the essentials is a great way to ensure that you are spending your money effectively. If there is something you were planning to buy on sale, of course, grab it. This rule is a good way to show yourself the power of saving and maybe these results will get you excited to keep going!