Many people struggle to save money these days, but it doesn’t have to be that way. The key is making small changes in your everyday life. Here are 10 tips for saving money that you can use right away.
1. Using a Budget and Setting Savings Goals
You can’t save money unless you know where your money is going, so take an hour to sit down and create a budget. If you already have a budget, your task is to reassess it to make sure you spend less than before. Keep in mind that you should always have an emergency fund. Once your budget is complete, set clear savings goals for yourself and work towards achieving them.
2. Get a Rewards Credit Card
If you’re going to use a credit card, you might as well get one that rewards you for your spending. There are several different rewards programs out there, so find one that fits your spending habits and offers the type of rewards you’re interested in. Just pay off your balance in full each month to avoid paying interest.
3. Meal Prepping
Prepping meals ahead of time is a great way to save money because you don’t have to buy last-minute takeout. Cooking in bulk allows you to spend less time in the kitchen and more time relaxing.
4. Automatic Saving During Each Pay Period
Each pay period, set aside a certain amount of money to be transferred into your savings account. This ensures you are “paying yourself first” and building your savings.
5. Open a Money Market Account
Another way to boost your saving is by putting your money in a money market account. They are like the regular savings account, except they come with check writing and a debit card. Evolve Bank & Trust offers a tiered interest rates, and interest accrues daily and compounds monthly.
6. Cutting Subscriptions
It can be easy to forget about monthly subscriptions like Netflix and Spotify. Most of the time, you get so much material that you forget what you’re paying for it. Cancel the subscriptions that you don’t need and save money.
7. Using Promo Codes and Coupons
Using promo codes and coupons is a great way to save money. When shopping online, look for coupon codes before making a purchase. In addition, you can always look for discounts before purchasing something in person.
8. Tightening Up on Energy Usage
As people become more aware of their environmental impact, they are also trying to save money on their energy bills. By tightening up on your energy usage, you save more money and help the environment. For example, turn off lights when you leave the room and unplug electronic devices when they are not in use.
9. Refinancing Loans
When you refinance loans, you get access to cheaper rates on the same loan. This allows your monthly payments to go down and ultimately saves you money in the long run. If you have loans, look into refinancing as soon as possible.
10. Taking Staycations
It’s easy to want to spend every weekend at the newest restaurant or bar, but you can save money by staying in town. Instead of spending money on mini vacations, spend your weekends indoors or at low-cost activities. This allows you to save money without feeling like you’re missing out.