10 Easy Ways to Save Money
The best way to save money is to never spend it in the first place, but unfortunately, we all know this isn’t how things actually work. To make your hard-earned money go further and give you peace of mind, these ten tips will show you how to get what you need without breaking the bank. Whether it’s cutting back on daily necessities or making long-term investments, these ideas will help you save as much money as possible without feeling like you’re depriving yourself of the life you want to live.
1) Cut your grocery budget & Save money
Everyone knows that food can be a huge expense, but do you really know how much you're spending on groceries each month? The average American household spends more than $500 per month, with families in some states spending twice that amount. Saving money on groceries is not as difficult as it sounds; check out these 10 simple strategies for slashing your monthly grocery bill by hundreds of dollars.
2) Eat out less & Save Money
Eating out is one of life’s greatest pleasures, but it also comes with a big price tag. Make it a habit to eat out less and save yourself some money. It can be difficult at first, especially if you love going out, but if you can only do it once or twice a week instead of three times per day, you’ll have an easier time managing your budget and saving money. Find other ways to entertain yourself so that dining out doesn’t become necessary—go for a walk or hangout with friends instead. The more you do it, however, the easier it will become and soon enough you won’t mind eating in every night as much as going out. Before long, your bank account will thank you too!
3) Buy second hand goods & Save Money
Buying used goods is a great way to save money. For example, if you’re looking for a new pair of shoes and aren’t picky about having them be brand new, shop online for second hand items at places like eBay or Craigslist. If you’re in college, see if there are any campus-wide second hand shopping events where you can get great deals on gently used books and electronics. And if your town or city holds frequent flea markets and garage sales, make it a point to visit those often; even if everything there is outdated, it’s not difficult to find great stuff for only a dollar or two per item.
4) Use coupons & Save Money
If you’re shopping for groceries or getting ready for a big event, it can be easy to overspend. If you’re looking for a way to save money, start using coupons. Whether your goal is to save $5 on coffee or $20 on car insurance, there are plenty of ways that coupons can help you spend less without sacrificing quality. One caveat: remember that some coupons are better than others, so read up on tips before you hit up your local store! Your investment in new knowledge could pay off big-time.
5) Cook more at home & Save Money
Preparing food at home can be a great way to save money while improving your overall health. For example, in one study published in JAMA Internal Medicine, researchers found that people who cooked at home more frequently had lower BMIs than those who cooked less often. That’s because cooking your own meals helps you stick with healthy ingredients—unlike dining out or ordering takeout, which tends to be high in calories and fat. If you’re not a big cook, learn how to make a few go-to meals so you can cut down on eating out later. A nice bonus: it’ll also save you time when meal planning for other family members who do want to cook!
6) Get an additional job & Save Money
Making money is hard; saving money is harder. If you’re truly determined to take your finances seriously, consider getting an additional job or doing freelance work on nights and weekends. The extra income from a second job will allow you to get ahead faster and in turn make it easier for you to save money. What’s more, you can use your new extra income as a reward for sticking with your financial plan. It’s important not to just go out and spend that extra cash—the point of earning it is so that you can put it away somewhere safe until you need it.
7) Cancel subscriptions you don’t use & Save Money
There are all sorts of subscription services out there that are taking advantage of people looking for a way to save money. While these programs might be useful, you don’t need all of them—and they can add up pretty quickly if you’re not careful. For example, you might be paying $9.99 per month for Netflix and Hulu Plus, $8.99 per month for Spotify and Pandora, and $7.99 per month for Amazon Prime. Suddenly your TV bill has jumped by a little more than 60 percent (not including Internet). To stop spending money on subscriptions you don’t use, check them one-by-one for benefits or features that aren’t relevant or that you don’t take advantage of.
8) Reduce the number of utility bills you pay for & Save Money
Paying your water, gas, and electric bills every month can be frustrating—particularly if you're trying to pinch pennies. Fortunately, there are easy ways you can save money on utility bills without making drastic lifestyle changes. For example, limit your time in hot showers and take shorter showers. Change light bulbs and install energy-efficient appliances to make your house more efficient. Turn off unused lights when you leave a room, unplug electronics when they aren't in use, close windows during peak heat hours to keep air conditioning costs down during summer months, etc.. Remember: small improvements can have a big impact on your monthly savings!
9) Spend less time in traffic & Save Money
Drivers in some of America’s most congested cities waste 4.2 billion hours a year stuck in traffic, adding up to over $160 billion in extra fuel costs and lost productivity. You can save money on gas by combining your errands and planning ahead, but you’ll also save time if you avoid peak driving times altogether—and there are lots of ways to do that: Talk with co-workers about staggering work hours so that your lunch breaks align or request a job change that lets you leave earlier than everyone else. Carpool with friends who live near each other. Use public transportation (if it exists) or carpool whenever possible.
10) Stop wasting money on little things & Save Money
Many people don’t realize just how much money they are wasting on small purchases. People who buy lunch everyday might spend a few dollars each day, but even if they only spend $3 a day over a week and take a five-day workweek, that adds up to $60 of wasted money in just one month. That’s almost enough money for two trips to your favorite fast food restaurant. The best way to save money is to stop wasting it on little things that add up over time.