Is the current pandemic making it difficult to save? It’s causing millions to lose their work, plunging families into financial ruin.
Saving money is getting even more difficult with so many expenses increasing around us. Gadgets, clothes, cars, and food are only the tip of the iceberg.
Don’t worry, however, below are the 10 best ways to save your money. These are all quick and effective tips to help you save cash for a rainy day or to fix your credit.
Continue reading for ways to save money and get some extra cash:
Table of Contents
- 1. Make a Record of Your Expenses
- 2. Set a Savings Goal
- 3. Cut Down Your Groceries
- 4. Say Goodbye to Debts
- 5. Open a Savings Account
- 6. Save Your Money with Hacks
- 7. Create Extra Income
- 8. Cancel Unnecessary Subscriptions
- 9. Control Your Impulse Buying
- 10. Maintain Your Belongings
- Practice These Simple and Practical Ways to Save Your Money
1. Make a Record of Your Expenses
Figure out how much you need to save by keeping track of all your expenses. You can download an app or check your bank statements to see how much comes and goes.
Once you have a record, you can identify areas where you can save. Try placing a set budget to avoid overspending on one essential like debts or taxes.
2. Set a Savings Goal
One of the best ways to save money is to know what you are saving for. A saving goal keeps you on track with your priorities and gives you an idea of the total amount needed. Perhaps you plan on getting married, going on vacation, or saving for retirement.
Choose if you want a short-term or long-term saving goal. A short-term goal can take one to three years while long-term can take five or more to reach. Set a small, achievable goal so you don’t end up short on money when paying for your essentials.
3. Cut Down Your Groceries
You may think that buying all your groceries now is the best way to save money, but you’re wrong! Your additional purchases can add up your total payment and will end up blowing the budget every month.
Plan your meals every week by making a list of the ingredients you need and their expected prices. Take a good look at your refrigerator and freezer so you know what you already have before heading out.
Compare prices between supermarkets so you can shop at the one with the cheapest prices. Remember to get the smallest cart when shopping to avoid getting too much of what you need.
4. Say Goodbye to Debts
Monthly debt payments are one of the biggest obstacles in saving money since it robs you of your income. Start by gathering all your debts and make a list from the smallest to largest amount to pay. Always pay the minimum payments on all debts first.
Find some extra cash and allocate all the cash towards the smallest debt. Once the smallest debt is gone, roll the payment to the next on your list. Repeat the process until your debt is gone and you only have to worry about your taxes and essentials.
5. Open a Savings Account
Try restricting access to your money by opening a savings account. Have a portion of your paycheck automatically deposited to reduce the temptation to spend the money elsewhere. You should also set an automatic payment for your bills and taxes.
Your savings account can also act as your emergency funding, retirement money, or long-term savings. Note: depending on your bank, you can get an interest of 0.9% to 2.05% adding to your money every year.
6. Save Your Money with Hacks
Use an online tool to calculate the interest you can get over the years. It helps you determine how much your savings grow if you start saving an amount every month. An example of an online tool is mint.com where you see your income, expenses, and compare budget amounts.
Another hack is by learning how to coupon. With coupons, you can buy items in bulk so you can get discounts or rebates. If you are an online shopper, extensions can help you find the best coupons like Honey or Gumdrop.
7. Create Extra Income
Lack of income is the main reason why most people aren’t saving money. Check for clothing, houseware, and electronics you no longer use and place them in another room. Sell those unwanted items in a garage sale or sell them online using Facebook or eBay.
You can also rent tools or equipment like drills and cameras. If you have an extra room, rent it out to a short-term resident. Another option is offering to do odd jobs around the neighborhood.
8. Cancel Unnecessary Subscriptions
Every app and service offers a subscription or membership fee to get premium features. Cancel the subscriptions you don’t use daily and try finding free-to-use websites. Make sure to turn off the auto-renew option when you make a purchase.
If you cancel it and decide you can’t go without it, manually subscribe every month. Do this so you can keep track of the monthly payment and your budget. Consider sharing subscriptions with your friends or family to lessen the pay.
9. Control Your Impulse Buying
Shopping has gotten easier with the use of credit cards, ATMs, and apps. Give yourself a day or two to cool your head and ask yourself if what you’re buying is something you need.
Limit your spending by making a list of the objects you plan to buy and only bring the amount you need. You can go even further by not bringing your debit or credit cards.
Stay away from the mall if you feel too emotional or feel like going on a shopping spree. You can bring a friend who’s willing to get in your face to tell you not to buy anything.
10. Maintain Your Belongings
Avoid getting repairs and replacements to save more money. Keep your home, car, and belongings in good condition. Perform a regular maintenance check to protect the value of your assets.
Start by painting your walls and ceilings to maintain the interior and exterior. The paint prevents black mold spores, stains, and moisture from occurring. Try learning how to repair things in your house and car.
Practice These Simple and Practical Ways to Save Your Money
Stop spending, start saving money! Manage your money and follow your budgets well. Keep these ways to save money in mind and you can reach your goals faster.
Thanks for reading! If you liked the article on ways to save your money, feel free to read our other blog posts for more helpful financial guides and tips.