We all could stand to save some more for that special purchase or retirement but most of us have no idea where to start. Well these tips will assist you in saving and finding ways to save a little extra. I may not recommend them all at once but utilizing as many as you can is good and will jumpstart your savings. Use as many as you are comfortable with and try to work them into a pattern or routine to maximize your savings.
1. Automate your savings. By segregating a part of your paycheck to automatically be deposited or transferred to a savings account will make saving easier. You will not see the money in the account where you spend from and in essence will not even miss the money you designated to save.
2. Lay off credit cards in general. People tend to spend more when they use credit cards to make purchases. These can lead to credit card debt which most of us can relate to. But by spending cash you will think twice before making that unnecessary purchase that will most likely cost you extra due to high interest rates on the debt. Sometimes the rewards are not worth the risks associated with taking on credit card debt.
3. Read as much as you can. Warren Buffett reads constantly and is one of the most successful investors of all time. And he is also one of the richest people in the world today. He lives within his substantial means, or rather well below them, and he reads constantly. Knowledge really is power and the more informed you are the more likely you will be able to make wise financial decisions.
4. Use the library for reading. Unless you plan on referencing a book many times or reading it again over and over there is little reason to buy a book. You can instead borrow it from the local library instead. And with digital books and ereaders in the picture you can even borrow a library book on a Kindle or iPad. They may even have DVD’s that you can borrow and Internet that is free to use while you are in the library.
5. Stop making trips to Starbucks. I am a huge believer in my morning cup of coffee but I chose to avoid Starbucks and their several dollar cup of coffee. Instead I make mine at home and take it to work with me. I go to the store and buy the coffee, creamer, and flavor I want and brew it in the morning before I leave. I save hundreds of dollars a year by doing this one simple task.
6. Exercise is key to a healthy lifestyle and your financial wellbeing. Not only does it reduce the potential of health associated costs but makes your life so much better in other areas you may not have considered.
7. This one may be for you and it may not but hang out with frugal friends. By doing this you will be less likely to spend money you may not have to keep up with your friends. I am not saying that you cannot enjoy an evening out with people who are not frugal but it will cost you in the long run if you do not have the cash to cover the tab. And that can lead to the use of credit cards to simple have a night out on the town.
8. Start a money making hobby. I used to take pictures while in college and paid for most of my undergraduate degree’s lifestyle that way. Now I use my writing of ebooks to make some extra money. I even have some “gigs” on Fiverr where I bring in some extra cash as well. If you enjoy something and can turn it into a profit generating venture, why not. That way you do your hobby and may get paid in addition to the joy of the hobby in the first place.
9. Get a good night’s sleep. Just like exercise this is a habit that can reduce stress and increase productivity. Also, the more rest you can get the less likely you may get sick. Keeping the body in motion is good but rest is also equally as important.
10. Get a water filter. Avoid buying bottled water and get a water filter such as a Brita or equivalent. Most bottled water has been found to be little more than tap water any way so avoid the costs associated with this and stick to water you filter yourself at a fraction of the cost.
11. Avoid cleaning products if possible. You can use vinegar to clean many things in your household and avoid harmful and costly cleaners.
12. Replace lightbulbs. Many people still use the less efficient lightbulbs from just a few years ago and it is costing them as much as $50 a year. With CFG and LED bulbs you can save a lot of your hard earned money from going to the electric company. That and in the US the old 60-watt bulb has been removed from the stores and it is no longer available for purchase.
13. Try free activities. You do not always have to pay to have fun. In most cities and towns there are some activities that are free to the public. You may just have to search to find them depending on where it is you live. Of course larger cities will have more opportunity for someone to find a fun free activity but that does not mean people in smaller communities are left out of this. Look where you live and I am sure you can find something free or cheap that is fun.
14. Cut cable. This one may be harder for some than others, like me. My wife is from Peru and does not watch that much TV really while I am from the US and was raised with TV shows in addition to my parents. I do not want you to think they abandoned me for a TV to do their thing. But let us face it cable TV as well as satellite TV is extremely expensive to have these days. In a case like mine we made some compromises on the TV aspect of our home life.
15. Improve your credit score. If your credit score is better, you will be given more advantageous loan conditions such as a lower interest rate. For more information on this subject feel free to check out my ebook Your Credit Report and You on Amazon.com or at http://amzn.to/1pWL32T.
16. Take care of your things. This many seem like a no brainer but many people do not care for their possessions and have to replace or repair them when it could have been avoided. Take your car as a prime example, do preventative maintenance and you may avoid costly repairs later on down the road so to speak.
17. If you do use credit cards, try the ones with rewards. Provided you pay off your credit card every month you will avoid the costly interest charges that go along with carrying a balance. And if the card has some type of reward then go ahead and use it wisely and take advantage of the rewards.
18. Use apps that allow you to talk to people for free. As I said earlier my wife is from Peru where her family still lives. Now keeping in touch could be extremely costly but with WhatsApp and Skype we can talk to her family just about any time for free provided we have Internet or our cell phones with data.
19. Cook at home. If you can try not to eat out all that often and save the money you would spend on meals out and have a nice meal at home. Not only will it save you money but chances are it will be healthier for you as well if you cook the meal yourself and not from a prepackaged source.
20. Stop procrastinating. This can help you avoid late fees with credit cards, loans, and missed appointments. Over time these fees add up and care completely unnecessary.
21. Always double check things. People make mistakes and I know I do. So it never hurts to double check things and make sure the bill is correct, the right prices we charged when you bought something and that you pay things on time to avoid the late fees we just discussed.
22. Get a prepaid phone. This is up there with cutting cable. If you do not rely on a cell phone all that much or do not use a lot of data, this could be an option for you. If you are like me and use a lot of data, this is not an attractive option at all. But for some it is doable and can save you hundreds of dollars a year.
23. Avoid real flowers. This is sort of along the lines of cutting cable and getting a prepaid phone. Some people are very creative like my mother, sister and wife when it comes to decorating with fake flowers and making them look very attractive. I am not so lucky and if pressed I will always go with the live plants as I like them and think they just look nicer. But as my wife points out she just is sad when they die so maybe it is best to just avoid buying them unless it is a special occasion.
24. Stay with friends and family when you travel. Hotels are expensive and if you can stay a night or two with someone you know you can save quite a bit on a longer trip.
25. Swapping clothes with friends. Now here it may not be for you but many people are open to exchanging clothes with friends or even through one of the many apps on smartphones designed to achieve this as well. If you do not like something but it still is in good shape look to exchange it with someone. That way you clean up your closet of unwanted clothes and may get something in exchange that you will wear.
26. Shop at outlet or factory stores. Yes, the merchandise is slightly different from the regular store but if you must have a certain brand and it offers an outlet style chances are you will be the only one to know the difference. And for even more savings shop close to a national holiday.
27. Get a water flow regulator for your shower. A lot of water is used in a shower or even while brushing your teeth so get a water flow regulator for your shower. And if you are brushing your teeth turn the water off while you do not need it. And for that matter some people do that as well in the shower.
28. Do not go to extremes with the temperature. Use a programmable thermostat for your house and it will save you money over the long haul. And try to avoid extreme temperatures in your house as well. If you can use ceiling fans to help moderate the temperature in a room by moving the air around in a much more economical manner.
29. Ask for a raise. If you need to earn more money sometimes it is as simple as asking for a raise. While you may not always get one the worst thing that they can tell you is no. But what if they actually said yes? More money to you and your bank account for time you already have dedicated to your job.
30. Put any extra money towards savings. And raises, tax refunds, gifts, or unexpected funds need to go straight towards your savings. What you did not expect you will not miss and retirement will be much more fun if you have a nice nest egg and if you have an emergency fund it needs to be funded as well. There are always emergencies that occur so always keep that fully funded and these funds are ideal for both reasons.
31. Cancel subscriptions you do not need. A lot of people waste a lot of money on subscriptions that are not really needed. Magazines, clubs, memberships and newspapers are not always needed. If you do not take full advantage of it maybe consider canceling the subscription and use the money somewhere else. I know we were not reading the paper we got twice a week and canceled the subscription and are saving about $20 a month.
32. Get your hair done at a beauty school. This may work better for some than others but it is an option. I know just about anyone could cut my hair but my wife would not think of trusting just anyone to touch her hair. This one is really up to you and your comfort level.
33. Unsubscribe to daily deals. While there may be some good deals most of these are for things that you do not really need in the first place. By not seeing the deal you will not be tempted to buy something that you may really not need.
34. When you go out of town have a friend house or pet sit. Pet care can be very expensive so if a friend can watch you house and care for your pet that is money well saved and you can offer your friend some money to do this simple task for you. And if they need a favor you will be the first to offer your assistance to help them in return.
These are 34 things that can help you save some money in simple ways that you will not really even have to think about.
If you have any questions or need any additional information, please feel free to contact me directly. And do not forget to go to www.kirkgmeyer.com for my weekly blog updates.
