8 Simple Tips to Save a Ton of Money Fast
Living on a budget can be challenging, especially when you’re trying to save money fast and improve your financial situation. However, it can be done! If you’re living paycheck to paycheck and hoping to boost your savings as soon as possible, try out these eight simple tips for saving money as soon as you can.
- Shop online
You’re not saving money if you’re shopping on price. In fact, I find that many times, paying full price for products doesn’t really save you much at all. Rather than doing your shopping in stores and paying too much for basic items, do your research and buy what you need from trusted online shops. There are lots of affordable alternatives out there—trust me!
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- Use cash back credit cards
Credit cards offer perks like cash back, frequent flyer miles and travel protection that can help you save big, but only if you use them strategically. Sign up for a credit card that offers rewards in categories that you spend money on most frequently. For example, I have an American Express Blue Cash Preferred Card that gives me 6% cash back on groceries and department stores purchases, so I take advantage of those benefits whenever possible.
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- Keep your car running longer
To save money on repairs, you can extend your car’s life by keeping it well-maintained. Have your mechanic inspect your vehicle every time you get an oil change and replace any worn tires or brake pads. As much as possible, do routine maintenance yourself so that you don’t have to pay for labor later. Also, use public transportation when it makes sense. Going from place to place on foot or by bike will help you cut down on fuel costs over time.
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- Avoid subscriptions
You’re probably paying for things you don’t need, like Spotify or Netflix. You may even have subscriptions you forgot about, which can add up to hundreds of dollars per year. The easiest way to avoid these charges is by setting up an email alert that tells you when there are new charges on your credit card bill. Then look over your latest statement and cancel any unwanted services right away.
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- Buy used products
Buying used products not only saves you money, but it keeps perfectly good stuff out of landfills. You can buy many types of products secondhand, such as clothes and furniture. You’ll find tons of deals at thrift stores and garage sales, where you can buy name-brand items for much less than they cost new. If you don’t mind buying slightly used or pre-owned products, give thrift shopping a try!
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- Rent instead of buy
A simple way to save money is by renting instead of buying. For instance, if you want a new couch, instead of purchasing one, rent one for an event or maybe even longer. It may cost you more up front, but when you figure in all your costs (equipment rental vs buying vs paying off), it’s possible that you will be able to save money by renting. If not, just return it at no cost. It can’t hurt!
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- Quit smoking now
If you’re trying to save money, cigarettes are an expensive vice. One pack per day can cost around $10, which is almost $350 per month if you smoke that many cigarettes. Think about how much money you could save each month by quitting smoking! Let’s put it in perspective: you could drive your net income up and increase your savings rate by more than 25% just by not smoking one pack of cigarettes per day. Imagine what that would do for your long-term wealth.
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- Split costs with friends/family
If you have plans with friends or family, split costs as much as possible. Say you’re planning on seeing a movie but want to splurge on snacks; bring your own! Or if you plan on going out for dinner, bring some cash and offer to pay for part of your friend’s meal if they pay for yours. No one wants awkward moments when splitting checks so be gracious and offer up equally.
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