Do you ever feel like it's difficult to find methods to save money no matter how hard you try? You strive to spend less and mean good, but something always comes up. Life gets in the way—the car needs new tires, the adolescent needs braces, the house needs a new roof—and conserving money quickly falls to the wayside.
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Here are 22 money-saving suggestions to help you fine-tune your expenditure and get started saving money right away.
Get rid of your debt.
When it comes to saving money, monthly debt payments are the biggest money suck. Debt deprives you of your earnings! So it's past time for you to pay off that loan.Reduce your grocery spending.
Most individuals are surprised to learn how much they spend at the grocery shop each month after creating a budget. And if you're a typical American family of four (with two children under the age of five), you're likely spending roughly $928 per year.Cancel any automatic memberships or subscriptions.
You're probably paying for Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes, and Amazon Prime, among other things. Any subscriptions you don't utilize on a regular basis should be cancelled. When you make a purchase, make sure to switch off auto-renew. If you cancel it and realize you can't live without it, consider resubscribing—but only if it fits into your new, tighter budget.Purchase a generic.
Giving up name brands is without a doubt one of the simplest methods to save money. In most situations, brand-name products are only better because of their marketing.Use cable to cut ties.
It's no secret that cable costs are skyrocketing. The average monthly cost of cable TV, including all fees, is over $217 per month, or more than $2,600 per year! 2 The good news is that cable is no longer the sole means to view your favorite shows. Cut the cord and learn how to save money by using network apps and streaming services as alternatives to cable.
Automatically save money.
You may be surprised to learn that you can save money without even realizing it. Yes, you can do it.You can set up a monthly automated transfer from your checking account to a savings account in your bank account.Make good use of any extra or unexpected funds.
Put a nice work bonus (congrats! ), inheritance, or tax refund (or other random stimulation!) to good use. And by "good use," we don't mean adding that fancy new stamp to your stamp collection or simply stashing it in the bank to camp out.
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- Lower your energy bills.
Did you know that by making a few changes to your home, you can save money on your power bill? Begin with easy steps such as taking shorter showers (no, we didn't mean "fewer"), repairing faulty pipes, and washing your clothes.
Installing dimmer switches and LED light bulbs, as well as washing your clothing in cold tap water.
- Unsubscribe from email subscriptions.
Email marketers are masters of their craft. They understand the allure of a 24-hour sale or an exclusive code. And don't get me started on the flashing GIFs!
If you can't stop yourself from buying something when you see a great deal, click the unsubscribe link at the bottom of the email.
Check your insurance rates ten times.
No, seriously. Did you know that having an Endorsed Local Provider (ELP) verify your insurance quotes for you can save you an average of $700?
Bring lunch (and eat at home).
Get this: the average family spends $3,526 on food outside the home every year.
3 That works out to $294 per month! Purchasing a meal
Buying lunch a couple times a week may seem harmless at first (especially if your favorite restaurant is within walking distance of your office), but packing your lunch can save you a lot of money.Inquire about special offers (and pay in cash).
If you don't ask, you'll never know—and you should always ask. Check to see if a movie theater, museum, or sporting event offers any special discounts for seniors, students, teachers, military, or AAA members the next time you buy tickets.Make the most of your retirement savings account.
You're missing out if your employer gives a 401(k) match and you're not taking full advantage of it. Set up an account with your HR department.
But keep in mind that you shouldn't start saving and investing for retirement until you're completely debt-free (except for your mortgage) and have a fully funded emergency fund of three to six months.Save money on your phone bill.
If your monthly cell phone bill exceeds your monthly grocery budget, it's time to look for ways to save money. Get rid of unnecessary extras like expensive data plans, phone insurance, and warranties to save money on your cell phone service.
Put a spending moratorium in place.
For a week—or maybe a month—don't buy any non-essential products! Consider it a contentment challenge. Take a daily inventory of what you're grateful for while you're at it. This should help you get rid of your "want-itis"!Do-it-yourself, do-it-yourself, do-it-yourself!
Consider doing it yourself before you spend the money on a new backsplash, expensive light fixture, or seat.
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Don't go to the coffee shop.
Ouch. We understand how hard this one is. However, rather than spending $5 on a daily latte, you can save money by preparing coffee at home. However, buying a bag of local beans from your local coffee shop and brewing it at home will save you a lot of money over time.The library is a good friend of yours.
Audiobooks and digital copies of your favorite novels are also available for rent at most libraries. It's a simple method to get your reading done without going broke.Consider a staycation.
A trip is the worst thing you could spend your money on if your goal is to save money right now. Try becoming a tourist in your own city instead of whisking your family away to the Greek Islands. This will not only save you hundreds (if not thousands) of money, but it will also allow you to explore your neighborhood with new eyes and have some fun while doing so.Take advantage of cash-back apps and coupons.
When it comes to saving money, nothing beats a good, old-fashioned 20% off coupon. But did you know that there are a slew of cash back applications available to help you stretch your funds even further?Consider refinancing your mortgage.
Check your figures to determine if refinancing your mortgage could save you money and years of interest.Get rid of everything that doesn't make you happy.
You'd be astonished at how much junk (that you don't even use or think about) you have in your home. And the money you can generate from those activities could mean the difference between living paycheck to paycheck or not.
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