Is there a secret to saving money?
Most people will budget and automate a transfer to their savings, and that’ll be the end of it. But there are so many unexpected ways to save so much more, and many methods are fast and easy to implement.
Here are six frugal tips that the average person hasn’t tried, but absolutely should.
Put Yourself on a Spending Freeze
A good place to start with reevaluating your spending is to pause it completely. It could be for a day, two days, or even a week. You’ll save money no matter what and you’ll gain perspective as you watch what maybe you would have bought if you weren’t on a spending hiatus.
Cutting Back on Alcohol
We’re not trying to crash the party; people are entitled to letting loose and enjoying themselves. But consider just how much it can cost to go out, even if you only have one or two drinks. Let’s say you go out with coworkers every Friday and have two happy hour cocktails at $10 each.
Cut that down to one drink a week, and you’re saving $40 a month. That doesn’t sound like a lot, until you realize that’s nearly $500 a month — that could be a plane ticket. It’s good to drink responsibly, both for your health and your wallet.
Change The Way You Save
Consider moving some (or all) of your existing savings into a high-yield savings account. Most savings accounts don’t provide spectacular amounts of interest unless you’re putting away serious cash. So if you want to supercharge your savings, find accounts that give 3-4% interest.
That’s triple the returns that other accounts would offer, which will also discourage you from taking your cash out prematurely.
Go on a Subscription Sabbatical
Nearly every subscription you own is a want, not a need. So let’s be honest with ourselves: how many do you have that you could easily get rid of with little to no impact on your quality of life? We’d wager it’s over half, with many even falling into the category of “actively siphoning money” from you, and you aren’t using it.
Think of it almost like an elimination diet; either pause or eliminate your subscriptions for a few months, see how you feel, and add things back in if they really add that much value.
Be Creative With Transportation
Getting from point A to point B can be a lot less expensive when you consider your options. Walking, biking, taking a bus or train, and even carpooling can all be significantly cheaper than taking a car. If you live in a city with good transportation, you could even cut out your car entirely.
It might take you a few extra minutes to get around, but considering that the time can translate into hundreds of dollars of savings every month, we think it’s worth trying out.
Teach Yourself to Make and Fix Things
The internet is an incredible resource for information — this blog is the perfect example! So why not save yourself the time and money by teaching yourself to repair and make things? It’s still vital to know when it’s time to call in the professionals; taking on major home improvement tasks yourself is usually the opposite of a frugal move.
But as far as making lasagna, fixing a broken coffee machine, or sewing a patch to your jeans? You can learn all this in an afternoon.
