Learn to shop smart, bundle services, cancel subscriptions, and save money long-term.
From changing daily habits to reducing monthly bills, we have gathered several ways to save money.
Automate the process
Try saving money by setting up an account or app that makes it easy. Acorns allow you to automatically transfer small amounts from your checking account to a separate savings account. Here are some apps that help you save automatically.
Sort your coins and bills.
Start collecting change every day by emptying your pockets. Instead of putting your collection into your checking account, take it straight to the bank and place it directly into your savings account. Use dollar bills instead of credit cards when you want to watch your spending. Cash is harder to part with than plastic.
Shop smart before heading to the store
You can save a lot of money on groceries if you prepare in advance. Prepare a grocery list and check your pantry to make sure you don’t buy anything you don’t need. You can maximize your savings by getting coupons and joining loyalty programs.
Ask for smaller portions when dining out
Save money when you eat out by choosing appetizers and splitting an entree with your dining companion.
Enjoy entertainment discounts
Save money on entertainment by taking advantage of free days at museums and national parks. Discounts may also be available for seniors, students, and members of the military.
Plan out major purchases in advance
When it comes to buying appliances, furniture, cars, electronics, and more, you should follow annual sale periods. Don’t make rash purchases either. Avoid buyer’s remorse by waiting a day or two before making a purchase.
Limit your online shopping
Increase the difficulty of shopping online in order to prevent you from overspending. Make sure you enter your shipping address and credit card number each time you order instead of saving your billing information. It may prevent you from making impulse purchases.
Give your friends and family homemade gifts
Consider DIY projects or cheap gift ideas, such as herb gardens and baskets.
Cut down on gas usage
Prices at the pump can’t be controlled, but you can save money by cutting your gas use. Maybe think about carpooling or taking turns to drive with a friend.
Lower your car payment
You could save a considerable amount of money over the life of your auto loan by refinancing and taking advantage of lower interest rates.
Bundle cable and internet
Changing your cable package may allow you to save $40 per month on your cable bill. By bundling your cable and internet service, you can save more than $1,000 over two years, depending on your provider.
Switch your cell phone plan to prepaid
If you want to save money on your cell phone bill, you can change your plan to a prepaid account, but it’s not the only option. You could save nearly $100 per line, per year, by eliminating insurance from your plan.
Save on energy
What if you could reduce your electric bill just by making a few tweaks to your home? Take shorter showers (we didn’t say fewer), fix leaky pipes, wash your clothes in cold water, and install LED lightbulbs to improve your energy efficiency.
Lower your student loan payments
Income-driven repayment plans can save you several hundred dollars per month on your student loan payments.
Cancel automatic subscriptions and memberships
If you’re like most people, you pay for plenty of subscriptions, such as Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes, and Amazon Prime. If you don’t use your subscriptions regularly, it’s time to cancel them.
When you purchase something, make certain auto-renewal is turned off. Once you cancel it and realize you can’t live without it, subscribe again-but only if it is affordable with your new budget. You might also consider sharing memberships with some family or friends for those subscriptions you do plan to keep. Netflix and Hulu, for example, let you watch your favorite shows across multiple screens (if you sign up for an upgraded account). It’s a win-win for everyone!
Calculate your monthly cash flow by subtracting your expenses from your income. By doing so, you can also mark your progress towards saving. Use a budget app to keep track of your spending. Alternatively, you can follow these five steps to keep track of your spending.
Refinance your mortgage
The monthly savings from refinancing your mortgage can be several hundred dollars per month.
Set savings goals
Make sure your goes are realistic and achievable. For example, you may want to save $5,000 to put into an individual retirement account this year. Or perhaps you want to pay off your credit card debt more quickly. Calculate how much you would have to save each month to reach your saving goal using a savings goal calculator.
Say goodbye to debt
Saving money is most difficult when debt payments are due each month. When you are in debt, your income is taken away. Get rid of those debts as soon as possible. The debt snowball method is the fastest way to pay off debts. Your income will be freed up to help you reach your savings goals once you have gotten rid of debt.
Unsubscribe from emails
You can unsubscribe from emails very easily. There’s no denying that 24-hour sales and exclusive coupons are irresistible. Not to mention all those flashy GIFs!
You can unsubscribe from a newsletter at the bottom of the email if you just can’t resist shopping when you see a special offer. Just do it! You’ll have a less cluttered inbox, and you’ll feel less tempted to spend. The solution is simple.
How to save money on a budget
Keeping a budget is one of the best ways to manage your money.
Because you don’t have to stop spending to save money, a budget is a spending plan. Prioritizing one financial goal over another is all it means.
For smart money management, we recommend the 50/30/20 budget. Your income should be distributed as follows: 50% to necessities, 30% to wants, and 20% to savings. Amounts that exceed these percentages should be adjusted to fit the formula.
To maximize your money, make sure you put any newly discovered funds into a high-yield savings account for the purpose of reaching your ultimate financial goal. Online accounts can offer much higher interest rates than large, traditional banks.
Monitor your spending by category and find savings opportunities.