The economy is struggling, and many people are looking for ways to save more money. This is a list of 15 smart, effective ways to save money. Take a look.
Living in today’s world can be expensive. It seems like every day you see one of your friends announcing their latest purchase on social media, and it puts your own spending habits into perspective. In order to save money each month, you need to learn how to cut back on the small things that add up to make a big difference over time. These 15 ways will help you do just that!
TRANSFORM OLD BILLS INTO SAVINGS
Isn’t it great when you finally pay off a school loan or a long-standing credit card bill? Instead of squandering the money, Stefanie O’Connell, millennial money guru and author of The Broke and Beautiful Life, recommended putting it into savings.
“If you recently paid your final $300 monthly payment on your student loans, start putting that $300 into your savings account,” she advises.
“You may apply this method to lesser issues as well, such as the magazine subscription you recently discontinued.”
Are you paying for items you no longer use, such as gym memberships or smartphone apps?
According to Justin Howell, co-founder and CEO of Rize, a savings and investment software, cleaning the house is a good idea.
“Unroll. “Me and TrueBill can assist you identify your subscriptions and get rid of the ones you don’t need,” he claims. “This might potentially save you a lot of money this year.”
Bobbi Rebell CFP®, presenter of the Financial Grownup podcast, suggests that there may be a chance to negotiate a better rate with monthly subscriptions, memberships,
or other continuing commitments, such as software or applications you pay for every month, that you wish to maintain.
“[If] businesses know you appreciate the service and all it takes is the proper pricing to get you back,” she adds, “it’s worth the effort for them.”
She also recommended, if possible, letting the membership expire, since the firm may give you some excellent bargains to get you back.
You may hunt for coupons and rebate chances while shopping online, but have you tried haggling using a website’s chat function? According to Michael Wheeler,
who teaches a bargaining course for Harvard Business School’s digital learning program, HBX, doing so can result in a reduced price.
“Begin by asking for a discount in basic, unambiguous terms,” he advises. If you get a no, remain persistent and ask again in a kind tone. You could be (happy) surprised by the outcome.
TRACKING OF PRICES
Amazon is famed for its low prices, but that doesn’t mean you’re always getting the best deal. With a little perseverance, you can assure that you’re receiving the finest value Amazon has to offer.
David Mercer, founder of SME Pals, a site dedicated to assisting entrepreneurs in turning their company ideas into viable enterprises, recommends utilizing a pricing tracker such as ranktracer.com.
“Amazon has many thousands of vendors behind the scenes that constantly adjust their pricing as they compete with each other,”
he explains. “Combine hourly tracking with Amazon discounts, if available, to consistently get the lowest pricing from Amazon.”
RECEIVE PRICE ALERT EMAILS
Price Alert for Amazon is used by Gabriella Santaniello, the founder of A-Line Partners, an independent retail research organization.
“If the price of my preferred item drops, they send me a price alert email,” she explains. “Now that many designers have Amazon storefronts, this method works just as well for clothing as it does for domestic products.”
If you have additional favorite merchants, Santaniello suggests joining their email lists, joining loyalty programs, and downloading their app for discounts and special benefits.
WHILE YOU SHOP, YOU CAN EARN
Liz Eischen of the Kitchen Table Finances weblog has saved a lot of money by utilizing the Ibotta app, which rewards users for purchasing at stores including Target, PetSmart, and Boxed.com.
“Ibotta has helped me save money by making me more conscious of what I buy,” Eischen explains. “I spend a few minutes before shopping exploring the current deals on Ibotta and identifying things on which I may receive cash back.”
These funds are deposited immediately into a savings account.
BROWN BAG LUNCH
According to Janette Pavini, savings expert atCoupons.com, taking your lunch to work may save you a couple thousand bones every time.
“A typical deli meat and rubbish sandwich, a bag of chips, a cookie, and iced tea costs around$11.50 each day.”That is about$ every time! You could make a nearly similar mess at home for roughly$ 700.”
She also claims that organizing your daily menu around what is on trade at the grocery store may save you up to 35 on your food expenditure.
Also, remember to subscribe up for your grocery store’s fidelity program, use tickets, and request a rain check if a trade item is out of stock so you can enjoy the reduction price when it becomes available.
ENJOY THE COMFORT
While curbside pickup and grocery delivery may appear to be extravagances, they can really save you money and time.
“By having the groceries delivered to you or picking them up curbside at the store, you eliminate impulse purchases, which may easily add 20% or more to your grocery expenditure,”
explains Kimberly Foss, CFP®, and bestselling author of Wealthy by Design: A 5-Step Plan for Financial Security.
“Aside from the money you’ll save, the time you’ll gain may be the most valuable savings of all.”
CHECK OUT YOUR PRESCRIPTIONS
Prescriptions should not be overpriced. Joe Sanginiti, CEO of FamilyWize, a pharmaceutical savings organization, advises choosing generic prescriptions over brand-name medications.
“Generics are as effective and substantially less expensive,” he claims. “The average cost of a generic medicine is 80-85 percent less than its brand-name counterpart,
according to the FDA.” He also advises customers to look around because pricing might differ between pharmacies.
BRING YOUR OWN WATER
If you’ve been accustomed to purchasing bottled water, you’re aware that the cost may quickly mount up.
Instead of purchasing water, Zaida Khaze of Wiggletot, a diaper changing solution, transports filtered water in her preferred Zojirushi stainless steel water bottles.
“I anticipate that I will save $23.33 per month because I spend $13.33 per month for filtered water against $36.66 for bottled water purchased in cases of 24,” she stated.
“The savings are considerably greater if I purchase water at any event, where the price varies between $2 and $3 per bottle.”
EAT AT HOME
Eating out on a regular basis is an extremely costly habit. Stan Smith, CEO of SaveDaily, a private label platform that facilitates daily saving’ for anyone,
recommends beginning by attempting to eat out one fewer time each week. “Depending on how frequently you eat out,” he writes,
“this may add up to more than $30 per week in savings.” “Do that for a month and you’ll have an extra $120 in your pocket.”
Smith also suggests that if you do go out, you forego the alcoholic beverages or restrict yourself to one if you usually order more than one.
While you’re conducting your spring cleaning, collect all of your lightly used home things and sell them to get some additional money to put in your savings account.
“It’s never been simpler to sell your excess items; apps like Letgo, Offerup, ThredUp, and Chairish, as well as Facebook Buy and Sell Groups, may be an easy and quick method to transform that rug you no longer need or those end tables that no longer fit your décor into extra savings,” adds Foss.
Instead of paying for an expensive gym membership, get your training material from DVDs, YouTube, or low-cost apps.
Don’t want to give up all of your favorite machines and classes? Showering at the gym is inconvenient, but it may save money. “If you’re a serious exercise fanatic, bring your clothes for the day with you,
get ready for work at the gym, and then head right to the workplace.” “Tara Falcone, CFP® and Founder of ReisUP, a financial services company dedicated to increase financial education and access, says “Doing so four to five days a week will help you save money on your water/sewer and power bills.”
You might be fined up to $10 if you use the wrong ATM! Depending on the bank you belong to, ATM and other banking fees can quickly pile up.
“You may avoid paying exorbitant ATM fees by only using your own bank’s ATM, or, better yet, some online banks enable you to use any ATM in the globe for free.” “Alexandra Horigan, money expert at Aspiration, an online bank, agrees.
“This is especially useful for regular travelers who never know where they’ll be withdrawing cash next.” Horigan also suggests transferring to a bank that does not profit from “failure fees,” which occur from overdrafts or late payments on credit card bills. Simple and Chime are two banks that do not levy overdraft fees.
If you’re trying to save money, it can be easy to get discouraged when you think about how much you spend each month on things like rent, car payments, and cable bills. But what many people don’t realize is that there are many small things they could do each day to save hundreds or even thousands of dollars in the long run.