We all want to save money, at least that is what I’m told. So why is it so difficult for some?
We all want to save money, at least that is what I’m told. So why is it so difficult for some?
When people think of saving money, the first thing that comes to mind is, “what do I have to give up?”
There are loads of ways to save without having to sacrifice that $4.00 latte, but you will need to do a little prep work. Here are 10 ways you can save money today without a ton of effort.
#1 Automate, Automate, Automate
By setting up automatic transfers from your checking account to your savings account each month, the money will accumulate over time without any additional work on your part. Paying bills can be tedious and time-consuming, but there are things you can do to make it easier, starting with setting up automated payments. Putting your recurring payments on autopilot can make paying your bills less of a headache. This will free up time so you can focus on managing other aspects of your financial life, not to mention avoiding late fees.
#2 Lower the cost of driving
Refinancing your auto loan and taking advantage of lower interest rates could save you money over the life of your loan. Shopping around for car insurance regularly can also help you cut costs compared with simply letting your current policy auto-renew. You can't control prices at the pump, but you can do several things to cut your gas use and save money. Try using a gas app to pinch pennies when you do fill up. Carpool if you are able, use cash instead of a card, and skipping the premium option are just a few ways to save on gas.
#3 Cancel unnecessary subscriptions
You might be paying for subscriptions you no longer use or need. Reviewing your credit card or bank statement carefully can help you flag any recurring expenses you can eliminate. Another way to check if you have any outstanding, unused subscriptions is by going onto your phone’s App or Google Play store. Both apps have a list of all the active subscriptions that you are currently paying for, and you can choose to cancel any of them at any time.
#4 Cut the cord
I personally have not had cable for several years and do not miss it at all. Investing in an HD antenna will let you watch all your favorite network TV stations live, in high definition, with no cost beyond the antenna itself. There are so many cheaper alternatives in live TV streaming services. While Netflix, Hulu, Amazon Prime and Disney Plus are the most popular, they are not the only ones available. A quick Google search of “the best streaming services” will help you select what is best for you and your family. Do you really want to be shackled to an expensive service like cable that broadcasts a whole lot of nothing? Try cutting that cord, you may be surprised.
#5 Make a List before you go shopping
A little work before you go to the grocery store can go a long way toward helping you save money on groceries. Check your pantry and make a shopping list to avoid impulse and buying something you don't need. Cutting coupons never hurt anyone and only takes a few moments out of your day. You can also sign up for the loyalty program. Most grocery stores offer loyalty programs that are free to join. By signing up, you can benefit from member-only discounts that automatically deduct at checkout — without the need to clip coupons. Consider buying items on sale whenever possible, especially if the cost is normally high. Sale items are often displayed in prominent locations throughout the store, such as at the entrance and ends of aisles.
#6 Increase insurance deductibles
Increasing your deductible is just one way to save money on home insurance, car insurance, or any other type of insurance. This is perhaps the easiest and quickest way to save because you can it do right now. However, while you will immediately save money on your premium, increasing your deductible may cost you money in the long-term, if you can't afford to make a claim, but that’s the purpose of an emergency fund. Also paying those premiums once or twice a year, rather than monthly, can add up to a substantial savings.
#7 Take advantage of cheap and free entertainment
There are so many inexpensive forms of entertainment, and it's amazing how few people take advantage. Now with the nicer weather coming your way, there are so many fun adventures to take with your family or on a date. Berry picking, hiking, a day at the beach, a picnic at a wine vineyard (one of my favorites) or a concert in the park are just some examples. Look in your local paper for free events and get the whole family involved to help come up with some ideas. You don’t need to spend a ton of money for some quality time with your loved ones.
#8 Stay healthy
Medical expenses can be outrageous, especially if you have a high deductible. Take care of your body in little ways that, combined, can really improve your overall health. Drink water instead of soda when you eat, choose a salad now and then instead of the burger, take a short lunch so you have time for a fifteen-minute walk, take the stairs instead of the elevator, or go outside and play with your kids. Making small healthy choices will really make a difference in how you feel every day plus will improve your long-term health.
#9 Leave those cards at home
Plastic forms of payment are too easy for most of us to use, leave your debit and credit cards at home, at least until you've established some financial discipline. Try paying cash for everything when you go out. Only bring enough cash to cover what you intended to purchase before you left your house. You would be amazed how much more difficult it is to part with cash than it is to swipe that card. Also paying with cash vs credit can help keep that debt in check. Once you spend the cash in your wallet, it is gone. You won’t find a bill in your mailbox 30 days later.
# 10 Adjust Your Spending Realistically to Live a Life You Love
When it comes to staying within your budget among rapidly rising inflation, there are many ways you can adjust your spending while still living a life you enjoy.
Take some time to examine your budget and spending habits and remember that the best way to use your money will be unique to you. What works for your neighbor’s family may not work for yours, and vice versa. Understand what you value and figure out if there is any discretionary spending you can pause or change. Now may be a great time to return to your values and priorities list to ensure that your spending habits are still aligned with what’s most important to you.
If financial freedom is what you want, trying any of these suggestions is a great place to start.
