finance, Uncategorized

The List of 52 Savings Tips

pexels-photo-534229

52 ways to spend less and save more. 

The original list was just 5 savings tips…now we are up to 52!

  1. Save automatically- Set up automatic transfers so saving happens on a routine basis
  2. Keep savings separate- Open a savings account that’s not attached to your checking. That way you can’t easily access it or transfer money. You’ll be less likely to dip into it if you need to go to the bank and make a withdrawal.
  3. Take advantage of employer match 401(k) contributions– Free money. This is literally free money. Contribute AT LEAST as much as your employer will match.
  4. Free entertainment- Look at your community events, volunteer, ride a bike, read a book. There are a ton of things to do that are free and enjoyable. You don’t need to spend money to enjoy yourself.
  5. Use the 24 hour rule- Wait 24 hours before buying something. Ask yourself why you want it. An impulse will usually dissipate after 24 hours.
  6. Save your windfalls- If you get a raise or quarterly commission check, save it. You’ve been managing without it this far.
  7. Save your tax refunds- Unless you’re paying off debt with this do you really need to spend it all?
  8. Negotiate bills- Check competitor rates and see if your current company will match them. Chances are they will reward your loyalty with a lower bill. I haven’t tried either yet, but BillFixers Trim both have positive reviews.
  9. Cancel cable or change packages– I mean do you really even watch all those channels?
  10. Use rewards programs– There are rewards programs for just about everything it seems gas, hotels, retail stores, restaurants.. the list goes on. If you are ALREADY craving or buying things that qualify- might as well get a few perks.
  11. Purchase generic brands– medicine, shampoo, lotion.
  12. Use less energy & water in your home- Lower your bills by using less. If you’re not in the habit already, turn the light off when you leave the room. It seems small, but these things add up. There is no reason to be wasteful.
  13. Bring your lunch– Whats the point in spending $50 on lunch every week with you can spend $10 on sandwich stuff. Im always surprised at how much money I’ve spent when I get into the habit of buying lunch during the day. It adds up quickly!!
  14. Do a ‘no spend’ day/week/month- Depending on how often you spend money create a challenge for yourself to not spend
  15. Drink alcohol at home- Avoid looking at your credit card bill the night after going to a bar by not going out. Buy alcohol before hand and drink at home.
  16. Drink water- No need to buy soda, juice, or smoothies. Water is free and you can get a reusable water bottle for like $10
  17. Switch grocery stores- If you shop at an expensive grocery store then consider going somewhere else. I switch grocery stores and I went from spending $600 a month to $400. That’s $200 that I can now add to my savings account.
  18. Plan meals- This will deter you from impulse food purchases and larger recipes cost less!
  19. Buy in bulk- Buying in bulk for nonperishable items makes financial sense. Eventually you will use all of that toilet paper.
  20. Only use free ATMS– Why pay another bank a fee to access your own money?
  21. Bring your own coffee/tea– Avoid the line and overpriced coffee on your way to wok. Making your own coffee at home can save you anywhere from $2-$4 a day- $10-$20 a week.
  22. Pay off debt- You’ll save more money without credit cards eating up your extra money. This is especially important if you are paying interest. But either wait you losing the opportunity to invest that money  when you’re giving it to credit cards companies instead.
  23. Cancel unused subscriptions- Do you still get magazines delivered? Are you paying monthly for a gym you haven’t been to in years? Cancel anything you don’t need especially if you’re paying for it monthly.
  24. Take public transportation– Cheaper and more interesting. plus you can listen to a podcast or read a book.
  25. Get a side hustle- Walk dogs, deliver groceries, start a blog. Whatever it is make sure you’re creating another stream of income
  26. Create passive income- a side hustle is something you are working at- passive income requires little to no attention. This a business that runs itself. Dividends paying investments. Real estate income that requires little of your attention.
  27. Sell old items- Craigslist, OfferUp Ebay POSHMARK  are all services where you can sell old items. Of course you can go to a consignment store or have a garage sale the good old fashioned way too.
  28. Rent out a room– If you have a spare room you can rent it out for extra money.
  29. Use coupons- If you’re going to buy it anyway, might as well get it for less
  30. Take advantage of senior/student/military discounts
  31. Take the 52 week challenge- Save $1 a week, $2 the next, $3 the next and so on for an entire year. At the end you’ll have 1,378 saved and you wouldn’t have missed it much otherwise
  32. Switch banks- If you can get a better rate, take it. There are a ton of banks, brick and mortar and online, that compete for your business. Choose one that suits your needs and pays you. My Bank Tracker allows you to search your area and deposit amount for the best paying savings accounts!
  33. Remove credit cards from wallet- You can’t use them if you don’t have them!
  34. Remove credit cards number from online accounts– It’s easy to buy a loot on Amazon when your card information is already populated. You can delete your card information and force yourself o key it in every time you want to make a purchase.
  35. Focus on preventative care- Get enough sleep, take care of your body. You’ll spend less in the future by taking care of yourself now.
  36. DIY home products- You can make your own cleaning supplies. Sometimes keeping it simple is better anyways. Check out this DIY cleaning product list
  37. DIY stuff around the house- Why pay someone to fix your sink when you can ask your resourceful friend or watch a youtube video
  38. Skip the spa/ nail salon/ golf outing- Your nails look fine, skip the $50 salon visit
  39. Use a power strip- If your major appliances are using a ton of energy, plug them into a power strip and turn it off when you aren’t using them
  40. Get a library card- Think of everything you’ll learn without spending a dime..unless you return the books late that is.
  41. Use less phone data- Cell phone plans can be pretty absorbent. Use less data. Do you really want to be staring at your phone all day anyways?
  42. Repair clothing or Trade clothing- No need to buy a new jacket when you can sew the old one or trade it for a friend’s. A clothing swap party is a great way to get clothes that are new to you, without spending any money.
  43. Trade entertainment- Maybe your friend has an awesome board game collection
  44. Balance transfer on interest accruing debt- If you can’t pay your debt off right away, at least stop paying interest
  45. Quit smoking- This is an expensive habit
  46. Set a goal- Set a savings goal to work towards. This will give you reason to save rather than just working towards nothing.
  47. Don’t pay full retail price- For anything. There are apps, deals, and coupons for virtually everything.
  48. Make your own gifts- It always seems to be a birthday or holiday right? Get creative or make an agreement with your friends to spend less money and more quality time for special occassions
  49. Holiday shopping/ Birthday shopping year round- Christmas makes December a very expensive holiday. Try spreading out your shopping throughout the year so it doesn’t hit your bank account as hard
  50. Downsize- You car, your home, your eating habits 
  51. Plan a staycation- I usually feel exhausted after a vacation anyways. This way you get to enjoy your time off, but spend less money!
  52. Be flexible with travel dates/ destinations- Apps like Groupon make seeing the world a little less expensive. You will need to be a little flexible with dates, but If you’re going to travel them might as well be smart about how much you’re paying.

 

Stay positive and good luck!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s