10 Practical Ways to Save Money

Say goodbye to debt.
Monthly debt payments are the biggest money suck when it comes to saving. Debt robs you of your income! So, it’s about time you get rid of that debt. The fastest way to pay off debt is with the debt snowball method. This is where you pay off your debts in order from smallest to largest. Sounds kind of intense, right? Don’t worry, it’s more about behavior change than numbers. Once your income is freed up, you can finally use it to make progress toward your savings goals.
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 paying roughly $928.1 per year. Yikes! It's so simple to stroll through those aisles, picking up a bag of Oreos here and a few bags of chips there, and then topping it off with the delightful treats at the cashier. However, those small purchases (also known as budget busters) build up quickly and wind up blowing the budget every month.
Terminate automatic memberships and subscriptions.
You probably have several subscriptions, including Netflix, Hulu, Spotify, gym dues, trendy subscription boxes, and Amazon Prime. Any subscriptions you don't use frequently need to be canceled. And when you buy something, be sure to switch off auto-renew. If you unsubscribe and later decide you can't live without it, consider subscribing once again—but only if it is within your new, more realistic budget.
Consider splitting memberships with certain family or friends for those subscriptions that you do want to keep. You can watch your favorite shows on two or more screens thanks to many streaming services, like Netflix and Hulu (with an upgraded account). Everyone benefits and saves this way.
Purchase generic.
Giving up name brands is undoubtedly one of the simplest methods to cut costs. The marketing is typically the only aspect of name-brand products that is superior. Look at that box, for example! The logo is very elegant. And that pretty about sums it up. In comparison to their marked-up brand-name counterparts, generic versions of medicines, everyday foods (such as rice and beans), cleaning products, and paper products are significantly less expensive while performing equally well.
Use cable to cut ties.
It is no secret that cable subscription costs are skyrocketing. With all fees included, the typical monthly cost of cable TV is over $217, which works out to more than $2,600 year! 2 The good news is that you don't have to watch your favorite shows on cable anymore. Cut the cord and learn how to save a ton of money utilizing network apps and streaming services as cable alternatives.
Don't go subscription service happy though, just remember that. Only register for streaming services that you want to use. You might actually spend more than just cable if you sign up for everything available.
Automatically save money.
You can save money without even realizing it, did you know that? Yes, you can program your bank account to move money automatically each month from your checking account to a savings account. You can also set up your direct deposit so that 10% of each paycheck is automatically sent into your savings account if that makes you nervous. Boom!
Spend extra or unexpected income wisely.
When you get a nice work bonus (way to go!), inheritance or tax refund (or random stimulus!), put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank to camp out.
If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra dollars to build up your emergency fund—you know, for emergencies.

Bonus tip: If you get large tax refunds every year, it’s time to adjust the withholding on your paycheck so you can bring home even more money each month. Plus, you don’t want to give the government any more of your money than you have to, right?
Bonus advice: If you consistently receive sizable tax refunds, it's time to change the withholding.

Lower the cost of energy.
Did you know that a few simple changes to your home can help you save money on your electricity bill? Start with some easy changes like taking shorter showers (we didn't advise less time in the shower), mending leaky pipes, washing your clothing in cold tap water, and adding dimmer switches and LED lightbulbs.
While buying new, energy-saving appliances is a terrific method to reduce your power bill, they are pricey. However, if you include it in your monthly budget, you can eventually build up the money to pay cash for those upgrades.
Choose not to receive emails.
They excel at what they do, email marketers. They are aware of the seductive allure of a 24-hour sale or a special discount. And speaking about dazzling GIFs,
When you notice a special offer, if you find yourself unable to resist shopping, click the unsubscribe link at the bottom of the email. Do it! Your inbox will be far less congested, and you'll feel less motivated to spend money. Win-win situation!
Verify the cost of your insurance.
Actually, no. Did you know that having an Endorsed Local Provider (ELP) verify your insurance prices will save you, on average, $700? $700! You owe it to yourself to at the very least ask them to check over your finances and find any savings.

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