Woman putting money into a piggy bank

15 Simple Ways to Save Money

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You work really hard and try to save money, but it seems like something always comes up. Money is tight, and it seems there is always something that needs to be fixed, making it almost impossible to save money.

The good news is, that you aren’t alone. It happens to all of us. What’s the answer? The key is to make a plan and stick with it. Is it easy? Of course not. But, can it be done? Absolutely!

While saving money isn’t easy, it’s essential to do. That’s why you should make it a priority. There are plenty of ways to save money that don’t involve making huge sacrifices, either.

If you want to save money, you must focus on both short-term strategies and long-term strategies. You can’t change everything overnight, but if you are consistent, you can learn to put some money aside. 

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Woman putting money into a piggy bank

15 of the Easiest Ways to Save Money

1) Track Your Spending

The first thing you need to do to be able to save money is to create a budget and start tracking your spending habits. This means every single thing you purchase, no matter how minuscule it may seem.  

Once you have the numbers, organize the amounts by categories, such as gas, groceries, and mortgage. Then total all of them and use your credit card and bank statements to make sure you are accurate and not forgetting anything! 

Creating a budget and tracking the way you spend will allow you to find your bad spending habits and make changes. Money spent on all those little things you don’t need can turn into savings. 

2) Set Goals

Make a list of both your short-term and long-term financial goals.  

One way to save more money is to set a goal. Your long-term goal should be something you’re saving for, maybe a new car, a nice vacation, or retirement. After you have listed your goals, decide how much money you’ll need and how long it will take you to save for it.

You should set small, achievable short-term goals that you want to obtain, such as buying a new laptop or the latest iPad. Having those fun rewards on hand can make saving more immediate and motivates you to save money. 

3) Set up Automatic Savings

Set up automatic deposits into your savings account to keep you saving money consistently. Almost every bank lets you set up automatic transfers between your checking and savings accounts. You can choose when and how much to transfer. That way, a portion of every paycheck goes directly into your savings account.  

Manually transferring money to your savings account makes you more likely to forget to do it.

4) Reduce Your Grocery Bill

The grocery store can be a big waste of money if you don’t pay attention and plan accordingly.  

Before you go shopping, plan all of your meals for the week in advance and make a list. Also, make sure to eat before you shop. And buy generic or store brands instead of name brands. If you do so, you will save time and money. 

5) Cancel Memberships and Subscriptions

Paid memberships and subscriptions can be a big waste of money. We often end up paying to join something and then stop using it after a few months. In the meantime, we’re still paying for it.

Cancel any memberships you have, like gym memberships. You can work out at home for free and save money. YouTube has hundreds, if not thousands, of free workout videos. 

Also, memberships like Amazon Prime, Hulu, Netflix, or Disney Plus add up if you’re using all of them. Consider keeping the one you like best and canceling the rest.

6) Cut Your Electric Bill

You can save money on your monthly electric bill by making some easy changes to your home. For example, take shorter showers, install a programable thermostat, fix any leaky pipes, wash clothes in cold water, stop using the dry cycle on your dishwasher, and swap out your light bulbs for LED bulbs.

These tiny changes can add up to big savings over a year.

7) Shop for Cheaper Insurance

Contact your insurance carrier to find out if they can offer you better rates, especially if you’re a safe driver. If not, shop around with other insurance companies to find out what they offer.

If you own a home, shop around for cheaper homeowners insurance.

8) Cut Back on Entertainment

Many people are unaware of the amount of money they spend on entertainment. Eating out and going to the movie theater several times a month can get costly. Instead, start eating at home and plan home movie nights. Save going out for special occasions.

9) Carpool

When possible, cut back on driving to save gas, and try carpooling with coworkers.

10) Change Cell Phone Plans

Cell phone plans can be another drain on the wallet. Reach out to your cell phone provider to see if they offer cheaper plans. If not, consider going to pre-paid or shopping around with other providers to find something less expensive.

11) Cut Your Cable/Satellite Cord

Cable and satellite services have gotten ridiculously expensive. Cut the cord and go to over-the-air television. You can buy an antenna for under $20 that will allow you to pick up all of the major networks for free.

You can also purchase a streaming service, but make sure you don’t sign up for several and bump your bill back up.

12) Refinance Your Mortgage

If you own a home, shop around with various mortgage companies and banks to see if you can get a lower interest rate. Refinancing can often save hundreds, even thousands per year in interest.

13) Pack Your Lunch

Eating lunch out every day, or even a few times a week can add up fast. Instead of going out to eat on your lunch break, pack your lunch and take it to work.

14) Shop at Consignment and Thrift Stores

When shopping for clothing, stop going to name-brand retailers. Instead, shop at consignment and thrift stores. You can get clothing for a fraction of the price of big retailers. There’s a chance you can also find brand new clothes with the tags still attached.

15) Sell Things You Don’t Use or Want

Clean out your closets, shed, or garage and sell those things that you don’t use or want anymore. It’s a great way to make some extra money and declutter at the same time.

What is the 30-Day Rule?

Another easy way to save money, especially if you’re an impulsive buyer, is to try the 30-Day Rule. It can also aid in budgeting and help you make better financial decisions.

If you are considering buying something, wait 30 days before making the purchase. After 30 days, if you are still considering the purchase, go ahead and make it. If you have forgotten about the item or realize that you do not need it, you will save money. 

If you are impulsive, the 30-Day Rule can help you develop patience and make intelligent financial decisions.

Final Thoughts

If you want to save money, you need to look at your spending and think about what you can do now to change your spending habits. The time to start saving is now. Changing everything overnight is not a realistic goal. Instead, you must be patient and consistent. If you concentrate on the present and learn to budget, you will start saving money for your future.  

An effective budget is all about being intentional with your money. It makes you accountable for every single dollar and gives it a job before you spend it. 

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