Are you someone who struggles to save money? If yes, then you are not alone. We all know how life-changing saving money can be, but it is still difficult to do.
There are a lot of things that get in the way of saving money. It could be the temptations of impulse purchases, repayment of debts, the you-only-live-once mentality, lack of saving discipline, and much more.
If you plan to save money but never really do it, you may want to find and embrace the easiest ways to save money. It would be simple life adjustments that may even feel effortless but will pay in the long run.
Ready to get started? Read on for 15 easy money-saving tips.
1. Cook Meals at Home
This should be the first thing that comes to your mind when trying to save as much as possible.
Buying your groceries and preparing meals at home can save you a lot of money. According to the Bureau of Labor Statistics, the average American Family spends approximately $3000 per year dining out.
If you cook at home and carry your home-cooked lunch to work, you could save a huge percentage of this money.
Home-cooked food typically costs approximately ⅓ of what of restaurant meals. However, you can save even more if you learn to meal plan, cook in batches, repurpose leftovers, and store your food correctly.
2. Use Coupons and Discount Codes
Coupons and discount codes can help you save a few dollars every time you shop in-store or on the internet.
Always look for physical flyers or brochures in your mailbox or at the store entrance, as they often contain extra discounts. You also want to keep an eye on online coupon websites such as RetailMeNot and Coupons.com.
Be sure to explore the official websites and apps of your favorite retailers. Often, they will have coupons and discount codes hidden somewhere for you to discover. The same applies to email newsletters from your preferred brands. Sometimes, they do come with discount codes you can use to buy items you have wanted before. Careful, though; this can lure you into buying what you do not need just to use the code. It will only be effective if you use the promo codes for purchases you need, not those that suddenly appear appealing because of the discounts. Lastly, cashback apps like Rakuten and Ibotta provide coupons and offer cashback rewards on qualifying purchases.
3. Cancel Unused Subscriptions
How often do you watch shows on the several streaming services you pay for? How often do you go to the gym after getting that expensive membership? What about the shopping services?
These are just a few examples of services whose memberships you may want to cancel if you do not use the services frequently.
They are typically services you can do without. Therefore, paying for and not using them is a deliberate waste of money.
Go through your bank statements and cancel out any services that renew monthly yet go unused. You could easily save hundreds of dollars every month for this.
4. Shop at Thrift Stores or Secondhand Shops
A study by The Cool Down revealed that you could easily save 25% of the costs by buying secondhand items.
Whether looking for clothes, books, kitchenware, shoes, toys, decor, furniture, or tools, it is always an excellent choice to check out the thrift stores in your neighborhood and city before looking for new options.
You may not only save money while at it; you are likely to find gently used items and sometimes unique and even vintage pieces going for throw-away prices.
Just ensure the item is in good condition before paying for it.
5. Set up Automatic Transfers to Savings
Taking a portion of your money and putting it into your savings account calls for a high level of financial discipline.
If you are still battling this, consider automating your savings.
With automated savings, the manual part of saving money will be taken away from you.
Once your paycheck hits your account, a portion of the money you have decided to save will automatically be transferred to your savings account.
This is such an effortless way to ensure you reach your financial goals. It will save you from the impulse spending that typically comes before saving money.
6. Cut Down on Impulse Purchases
A 2022 study found that Americans spend an average of $314 monthly on impulse purchases. How closer to your financial goals would you be if you saved this amount monthly instead of buying items you do not need?
Many people assume that impulse purchases only go-to items such as shoes and clothes. While they take a considerable percentage of people’s impulse purchases, they also include simple purchases such as McDonald’s and Starbucks.
Learn to stop impulse buying by shopping on a full stomach, shopping with just enough cash, and deleting your card information from online shopping platforms.
You also want to try and find other hobbies other than window shopping or going to the mall. It is one of those hobbies that pushes you to spend more money.
7. Compare Prices Before Making Big Purchases
Do not buy the first item you bump into when you are about to make a big purchase.
Whether it is an appliance, a house, or a car, you want to take time to make comparisons and get the best offer there is.
Visit different vendors online and offline, go to different real estate agent’s offices and car yards, and make price comparisons.
It will take you more time and effort but save you thousands of dollars.
You are better off taking time researching and doing comparisons than rushing to close deals that you will regret not long after.
8. Bring Lunch to Work or School
Buying lunch costs between $9.90 and $25, depending on where and what you are getting it.
On the other hand, the average home-prepared meal costs approximately $4 for groceries.
The difference is massive, and it quickly adds up to substantial amounts.
You can prepare meals in advance for your lunches or repurpose your dinner leftovers. Having it in a reusable tin and reheating it for your lunch will let you have warm food, all while saving over $10 for every day of work or school.
9. Use Public Transportation or Carpool
An article published by Forbes revealed that if you are in a carpooling group of 4 people, you could easily cut your commuting expenses by an incredible 75%. Find colleagues and friends and propose the idea of carpooling to them. You could save so much money while at it.
You also want to check ride-sharing apps and see if you land something that could work for you.
This way, you not only save money, you reduce pollution and the number of cars on the road.
The same applies to using public transport. Studies have shown that you can easily save $7000-$9000 per year if you drop your private car for public transportation.
This considerable amount could go to your savings, retirement funds, or even debt repayment.
10. Turn off Lights and Appliances When Not in Use
According to energy.gov, lighting accounts for approximately 15% of your energy usage.
Switching off bulbs during the day to take advantage of natural lighting can save you energy bills. It may not be hundreds of dollars, but certainly enough to do something else for you.
The same applies to switching off appliances that are not in use. Doing this will not save thousands or hundreds of dollars, but the seemingly small amount can still go a long way for you. If you are frugal, you know every penny’s worth, and such small acts can go into facilitating your other needs.
11. Buy In Bulk for Frequently Used Items
Buying items you frequently use in small quantities means you are not only spending more per unit price, but you will also have to make frequent trips to the grocery store.
Buying in bulk means saving up to 50% per unit price, consuming less fuel with reduced trips to the grocery store, and lowering your chances of impulse purchases that come with frequently visiting grocery stores.
Some of the best items to buy in bulk include meat, diapers, paper towels, toilet paper, laundry detergent, pasta, coffee, oil, shampoo, and kitchen condiments.
12. DIY Cleaning and Home Maintenance
Cleaning products are already way too expensive. You do not want to keep spending more on cleaning by calling in professional cleaners. We get it; cleaning is not everyone’s cup of tea; it takes too much effort and time.
However, you can make a schedule that will make everything easier for you. You do not have to clean your entire house at once. You can create a checklist and clean small bits every day. This way, you can easily spend at most 30 minutes per day to maintain a spotless house.
The same applies to home maintenance. You can save so much money by mowing your lawn, maintaining your gardens, cleaning your yard, clearing the gutters, changing the air filters, etc.
13. Reduce Dining Out and Opt For Home-cooked Meals
While dining out is such a fun and convenient thing to do, it costs so much money that you could save and spend on something that matters more to you.
If eating out is how you meet and catch up with friends, you may want to find other options, such as meeting over home-prepared dinner, picnics, or even walks.
Food in restaurants costs at least three times more than home-prepared meals. The charges get even higher if you factor in tips, fuel, and sometimes parking fees that are involved.
Cut all these costs by planning meals, buying groceries, and cooking at home.
14. Negotiate Bills and Services
The bills you get are rarely fixed prices. Whether it is rent, hospital bills, internet, cable TV, or mobile service, you can always get lower prices or discounts on your packages.
The thing is, you may not always succeed in this, but it certainly works magic for the times it goes through. And, according to the statistics of people who have done and continue to make calls to negotiate their bills, your chances are pretty high in getting that bill lowered.
It may pay to find good negotiation points, such as the prices of your provider compared to their competitors, before making that call. For hospital bills, you may want to request an itemized bill and compare individual item’s prices to national averages before making that call.
Your chances of succeeding are much better when you have a good negotiation point.
15. Use Energy-Efficient Appliances and Light Bulbs
According to the Appliances Standards Awareness Project, households can save $300-$500 annually by swapping their appliances for more energy-efficient options. The amount becomes even higher considering most household appliances have a 15-25-year lifespan.
Some of the best energy-efficient appliances that save money include dishwashers, fridges, HVAC systems, washing machines, and clothes dryers.
With LED energy-saving bulbs, studies have found that they use up to 90% less energy than regular bulbs and last up to 25 times more than their regular incandescent counterparts.
Easy Money-Saving Tips
While saving money is a known great initiative towards achieving your goals, it does not come naturally to everyone. Many people struggle to even put a penny aside for rainy days, big purchases, or other goals they have.
You, however, do not have to start big. Start with these easy life adjustments to help you spend less and save more for your short-term and long-term goals. They will be small but gradual steps towards the life you have envisioned.
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This article was produced and syndicated by A Dime Saved.
