HOW TO SAVE MONEY QUICKLY

in moneysaver •  2 years ago 

How to save money quickly – Tips to help you slash your spending fast

It’s no secret that saving money can be difficult. With bills, groceries and many other expenses, it can seem impossible to put away any extra cash at the end of the month. However, there are some easy ways to save money quickly, including making smart spending decisions with your credit cards and finding extra cash by getting rid of subscriptions or canceling insurance you don’t need anymore. Check out this guide on how to save money fast and start putting some cash away in your savings account right away!

Use your cash (it keeps you in check)
The only way I was able to start saving $1,000 a month was by using cash. When I use a debit or credit card I spend more than when I use cash. The reason is because with cash, it's real and tangible, so it makes me think twice about the purchase. Try this for one week - don't buy anything with plastic, just use cold hard cash. You'll be surprised how much you save!

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Learn what needs vs. wants really mean
It's important to know what is a need and what is a want. This will give you the ability to better allocate your budget and make sure that money goes where it's needed most. If you're in debt, use this opportunity to find out how much you owe and how long it would take to pay off each loan. And lastly, if there are any opportunities for raises or promotions in the near future, now is the time to ask for them!

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Start saving right away

  1. Track your daily expenses for a week and see what you spend the most on. This will help you identify areas where you could cut back on spending. 2) Cut out any unneeded subscriptions (e.g., Netflix, cable, gym membership, etc.). These are all things that are hard to give up but can be worth it in the long run if it means saving money now. 3) Eat out less often and when you do make sure it's at restaurants with lower prices. 4) Stop impulse purchases; this is something I still struggle with myself. One way to control this is by setting limits on how much money you have available in your account each month so when it runs out, no more purchases.

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Know where your money goes
The first step in saving money is knowing where your money goes. It's easy to think that all your hard-earned cash just vanishes, but tracking what you spend will give you a better idea of where it's going and how much has been wasted. You can do this by keeping an accurate record of every purchase for a week or two. Write down what, where and when the purchase was made and how much it cost.

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Stop eating out so much
If you want to start saving more money, the first step is cutting back on how often you eat out. The average meal for two at a restaurant costs about $30 and that's not including drinks or appetizers. That can be over $500 per month! You could use that extra cash for so many other things instead, like saving up for a big purchase or going on vacation.
To make it easier on yourself, try cooking from scratch at home instead of ordering in or going out to eat.

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Shop at stores where everything is on sale
Tip #1: Shop at stores where everything is on sale. Tip #2: When eating out, cut back on the extras like appetizers and desserts. Tip #3: If possible, use public transportation or carpool with a coworker. Tip #4: Opt for online shopping when possible. It will be more cost-effective than driving to a store that may not be in your area. Buy generic brands instead of name brands: Tip#5: Buy generic brands instead of name brands. Sometimes they can taste just as good! If you know how to cook, make it yourself: Tip#6: Make it yourself. Spend some time watching cooking videos or reading up on recipes and try them out!

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Never pay full price for anything ever again
The best way to save money is by not buying anything at full price. Some of the best ways to do this are waiting for things like clothes, cars, or electronics on sale and then buying them when they hit their lowest point. You can also get discounts if you sign up for a credit card that offers cash back or a percentage off when making purchases in certain places. Ask for a discount every time you go into a store. People are often willing to negotiate with you about prices if it means getting rid of an item sooner rather than later. And finally, wait until the end of the season to buy winter clothing because there’s always plenty on clearance during those months.

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Get a side hustle
If you want to get a side hustle, one of the best ways is by utilizing a skill that you already have. For example, if you know how to sew, then make and sell clothes. If you have a knack for cooking, open up a food truck. If you're good at making crafts, sell them on Etsy or at craft fairs. The possibilities are endless! And it's a great way to bring in some extra cash while also doing something that you enjoy. But there's more than just those options: You could also tutor kids, run errands for people who can't drive (or don't want to), babysit other people's kids, clean houses, walk dogs...the list goes on and on.

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