Tips to Save money
Does the topic of saving money make you feel a little guilty? You have good intentions when it comes to saving money, but something always comes up.
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The car needs new tires, the teenager needs braces, the house needs a new roof—and just like that, saving money takes a back seat to life stuff. So, you put it off. You tell yourself you’ll find ways to save money once you reach a certain milestone, like when you hit a specific age or get that raise, you’re after.
Tips on how to save money
But in reality, you’ll only start saving money when you learn healthy money habits and let your future needs be more important than your current wants—aka when you make saving money a priority. And you don’t need everything to magically line up perfectly before you start saving. There are plenty (and we do mean plenty) of practical ways to save money and breathe some fresh air into your budget.
With a few tweaks to your spending, you’ll be on the fast track to saving money in no time. It’s not rocket science, though. Here are 20 money-saving tips (that actually make sense).
Here are some practical ways to save money, these ways help you out to save your money that you can use when needed.
1. Say goodbye to debt.
Monthly debt payments are the biggest money suck when it comes to saving. Debt robs you of your income! So, it’s about time you get rid of that debt. The fastest way to pay off debt is with the debt snowball method. Don’t worry, it’s more about behavior change than numbers. Once your income is freed up, you can finally use it to make progress toward your savings goals.
2. Cut down on groceries.
Most people—after they do a budget—are shocked to find out how much they’re actually spending at the grocery store each month. It’s so easy to walk through those aisles, grabbing a bag of Oreos here and a few bags of chips there, and then top it off with the fun goodies at the register. But those little purchases (budget busters) add up quite a bit and end up blowing the budget every single month.
3. Cancel automatic subscriptions and memberships.
Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use on the regular. And make sure that you turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but only if it fits into your new and improved budget.
4. Save money automatically.
Did you know that you can save money without thinking about it? Yup—you can set up your bank account to automatically transfer funds from your checking account into a savings account every month. If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each paycheck into your savings account.
5. Reduce energy costs.
Did you know that you can save money on your electric bill just by making a few tweaks to your home? Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes, washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs.
You never know until you ask—and you should always ask. Next time you’re getting tickets at a movie theater, museum, or sporting event, check to see if they have any special discounts for seniors, students, teachers, military, or AAA members. If not, never underestimate the negotiating power of cash!
7. Lower your cell phone bill.
If your monthly cell phone bill competes with your monthly grocery budget, it’s time to find ways to cut back. Save money on your cell service by getting rid of extras like costly data plans, phone insurance, and useless warranties. And don’t be afraid to haggle with or completely switch your provider! It might require a little persistence and research, but the savings are worth it.https://youtu.be/CkqbUVhw_qQ