If you’re looking for simple yet effective money saving strategies, you are in the right place. These 13 money saving strategies are guaranteed to help you cut back on your spending.
Limiting spending is an essential piece of the puzzle when it comes to reaching your financial and savings goals. That’s why you need to know about these money saving strategies.
When it comes to saving money, every dollar really does count. It’s so easy to say “Oh, it’s only $5 a month.” But guess what- that’s $60 a year!
I am not here to tell you what you are allowed to keep in your budget and what you need to cut out. If visiting the coffee shop every day brings you tremendous joy, you should continue doing that.
I AM here to tell you that making small changes in your money spending habits can really add up. Don’t underestimate the power of a dollar. Those dollars DO add up overtime.
This blog post has small, actionable items that you can implement immediately. We will also discuss bigger ticket items such as paying off debt and creating a budget.
This post is all about 13 highly effective money saving strategies.
1. Pay Off High Interest Debt
If you have any high interest debt such as credit card debt or personal loans, you should focus on paying those off ASAP. When I say “high interest debt” I am thinking of debt with interest rates higher than around 7%. The interest you owe on these debts is higher than the interest you could EARN if you were investing your money instead. This is why we want to focus on paying down these high interest debts as soon as possible (and avoiding them in the future as much as possible).
2. Unsubscribe From All Retail Emails
When you unsubscribe from all those retail emails that crowd your inbox, you will avoid temptation to buy things that you don’t really need. You know what they say- “Out of sight, out of mind”. Email marketers are very very good at what they do. So if you can avoid these emails all together, you will be better off. Bonus: Your inbox will feel much more peaceful every time you open it 🙂
3. Cancel Unused Subscriptions
Do you know how many things you are subscribed to? Are you absolutely positive you still use all of them? It’s a good idea to go through your bank account statements to see if you are still paying for any subscriptions that you may have forgotten about. Since they tend to be pretty low in cost, they may be sneaking by without you noticing them. Canceling them will allow you to save more money, even if it’s just a small amount.
4. Plan Meals in Advance
Spend one day a week planning out your meals for the following week. This will save you time and money. You will not have to worry about taking time out of each day trying to figure out what to eat since you will already have it figured out. You also won’t be so tempted to run to a restaurant to order out if you already know the plan.
Writing down or typing out your plan will help you stick to it. I personally like to plan using the Notes app in my phone. If you enjoy eating out, you should incorporate a few meals out in your plan. Just be sure the number of times you plan to eat out aligns with your financial goals since eating out is more expensive than cooking at home.
5. Pack a Lunch
If you’re someone like me who still has to physically go to work in an office (or hospital, school, etc.) include a packable lunch in your meal plan. Packing your lunch everyday is a fantastic way to save money. Dining out for lunch 5 days a week can really add up overtime. Even if your meal is only $10 a day, that’s over $200 a month!
Including packable lunches in your meal plan will make this an easy goal to accomplish. You can spend time on Sunday prepping some lunches for the week OR you can double your dinner recipes so that you can easily pack leftovers for lunch the next day.
6. Shop With a List
Now that you have planned out all of your meals in advance, write down a list of all of the ingredients you need. Stick to this list when you are in the grocery store. Only buy items that you have written on your list.
Or take this advice from my friend, Amanda: Grocery shop online. By shopping online, you will avoid wandering all of the aisles in the store and therefore will not be tempted to purchase things you don’t need.
7. Remove Your Saved Credit Card Information from Your Phone/ Computer
Storing your credit card information in your phone and/or computer makes it really easy to impulse buy anything that you come across online. If you had to get up to go get your card, are you sure you’d actually follow through on that purchase? If you really need something, you will get up to go get your credit card. If you don’t need it, you’ll likely say “I’ll do it later” and then you’ll forget about it!
8. Think About a Purchase for 30 Days Before Following Through
When considering a new purchase, think about it for at least 30 days before making your move. See a cute pair of pants on an Instagram ad? Put them in your cart and if you are still thinking about them 30 days later, you can buy them. This will help you only buy things that will really add value to your life.
9. Avoid the Sale Section in Stores
Usually the sale section leads to impulse purchases and we need to avoid these types of purchases as much as possible. It’s usually the impulse buys that make us stray away from our budget. Just because something is “such a good deal” does not mean that you need it or that you should buy it. The sale section is there to tempt you to buy things you weren’t planning to, so avoid it as much as possible!
Exception: Maybe there is something you’ve been wanting for a while (and you’ve completed the 30 day think time). This is an excellent time to check the sale section to see if that item can be purchased for a smaller price.
10. Avoid Lifestyle Creep
This might be the most important one on the list! Many people think that when they get that raise they have been waiting for, they should go out and “treat themselves.” Definitely treat yourself to a nice dinner out or maybe even buy that new purse you’ve been eyeing. But don’t get too out of control such as getting a new car or moving into a new apartment.
If your cost of living increases every time you get a raise, you’re never going to see that extra money you are making. Try to stick to the lifestyle you had before so you can save that extra cash you’re now making.
11. Automate Your Savings
Setting up automatic transfers is one of the best things you can do for your financial health! You can automate pretty much anything these days.
You can set-up automatic contributions from your paycheck to your 401k. You’ll never see that money show up in your bank account and therefore you will not be tempted to spend it. Also- you probably won’t miss it as much as you think you might since 401k contributions will also lower your taxable income.
Depending on your bank, you can probably also set up automatic transfers within your own account. First create a budget to determine what is a feasible amount to save. Then set up a transfer so that every time you get paid, you automatically transfer that feasible dollar amount into your savings account.
12. Create a Budget
Creating a budget is the ultimate money saving strategy! There are several budgeting methods out there so I am confident that you can find one that works for you. Some of the most popular methods are the 50/30/20 method, the pay-yourself-first method, and the zero-based budgeting method.
{To learn more about how to make a budget: 3 Foolproof Personal Budgeting Methods to Help You Achieve Your Financial Goals}
13. Open a High Yield Savings Account
It is so important to have a savings account to keep your saved money separate from the money you spend. This helps make sure you don’t dip into your savings for your daily spending. Having a separate savings account will help you stick to your budget. High yield savings accounts (HYSA) have the added benefit of earning a lot more interest than traditional savings accounts. As of September 2022, you can earn about 2% interest on the money in your high yield savings account depending on the bank you open your account with. I use Ally, but there are several other great options out there!
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