How to Save Money

How to save money fast - 10 simple tips to help you slash your spending and boost your savings

How to save money fast. Sounds like an oxymoron, right? But not if you use these 10 tips to help you slash your spending and boost your savings...

Track Your Spending
Keep track of where every penny goes. This makes it easier to see where you're wasting your money, and how much extra cash is coming in each month. When you know what's going on with your financial situation, it's easier to make adjustments and cut expenses (and those pesky credit card bills). Whether it’s through an app or a spreadsheet, tracking your spending is a surefire way to shrink those balances—fast.

Avoid All Luxuries
Don’t waste money on luxuries when you can live just as well without them. Each dollar spent on a luxury is one that isn’t going toward an essential need or something that will grow your investment portfolio. If you never bought another luxury, how much faster would your wealth grow?

Remove Convenience Items
Convenience items make our lives easier, but they can also add up to major expense. If you’re trying to figure out how to save money, it’s a good idea to try cutting down on these purchases. These convenience items aren’t vital so try scaling back their frequency or finding more cost-effective solutions. Reduce Eating Out: Eating out is one of our biggest sources of wasted cash.

Get Rid of Cable TV
If you haven’t cut cable TV yet, get rid of it. Cable subscriptions can be expensive, but they add up quickly! If that cost isn’t a big deal to you, think about all those ads bombarding your senses 24/7 – how can that possibly be good for your mental health? If cable TV is important to you, try cutting back on it by subscribing only when there’s something worthwhile on or try an online streaming service like Netflix or Hulu Plus.

Move In With Friends
In today’s age, technology has made communication incredibly easy. If you’re looking for a cost-effective way to trim some fat from your budget, consider moving in with a few roommates. You’ll be able to split rent (and utilities) with multiple people—lessening costs on each individual person and allowing more cash to go toward other areas of need.

Change Your Meals at Home
Eat dinner at home instead of ordering out or going to a restaurant. Restaurants are expensive because they have servers, says Sam Dogen, co-founder of personal finance website Financial Samurai. Ordering at a restaurant comes with an average 20% tip — typically $12 on a $62 bill. You would have spent close to $70 by the time you leave. Plus, if you do eat out more often than not, be sure you’re ordering smart.

Cut Down on Alcoholic Drinks
One of biggest expenses for people is eating out. If you want to learn how to save money fast, it’s a good idea to look at your drinking habits. Alcohol adds up quickly! With some effort, you can cut down on those weekly drinks with friends so that more of your paycheck goes into savings. Invest in some mason jars, fill them with alcohol, and hide them behind something else in a cabinet so that they’re not easily accessible.

Sell What You Don’t Need Anymore
If you’re struggling financially, there’s always room for improvement. This can be as easy as selling items that are just taking up space in your home or garage. Visit sites like Craigslist and Ebay to list items that no longer serve a purpose. For example, if you have an old snowboard gathering dust in a corner of your garage, list it for sale on one of these websites. You might not get as much for it as if it were brand new, but every little bit helps.

Learn to Love Public Transport Section: 10) Always Check Sales and Discounts Before Shopping
If we’re in a hurry, it’s easy to fall into that old trap of oh well, I have time and there’s a sale on so I might as well just grab these things now. But nothing is more effective at busting your budget than impulse purchases—especially when you factor in sales tax. Always check for discounts or sales before buying an item, especially if you don’t need it right away.