It might seem simple that saving is just another task on your to-do list which will be marked with no such effort, but it’s not. You need to fully devote yourself for the sake of your survival by eliminating the urges that have a negative impact on your spending habits.
By being mindful of this concern and staying on a trail to save, you will achieve your goal of saving for the future. This can save you big time because we never know when we are going to lose a big chunk out of our pockets, life is very uncertain as well as the economy nowadays.
So, how can you save yourself in these hardest of times and prepare for a better future for yourself and your loved ones? Don’t worry we will tell you how. In this article, we will give you a practical guide that includes effective strategies to save big, no matter what the economy’s situation is. Read on and we will tell you over 50 tips that will help you start saving today.
General Savings Tips
Behind every great strategy, there are the pillars of foundation, in this case, the basic and effective tips, that do the heavy work. Follow these to lay a strong foundation for saving big with the least effort and problems.
Build an Emergency Fund
Life is full of uncertain costs. You will be sure that everything is perfect and going smoothly, but that’s when these uncertainties will strike you, and your only savior is going to be the emergency fund. Invest your time, effort, and money in building an emergency fund that can stand toe-to-toe with these uncertainties and save you.
Stick to a Realistic Budget
Make a budget plan on paper or use technology to your advantage and calculate, track, and manage your expenses on an app. Once you know your spending, make a realistic budget that allows some savings as well. But, don’t get too serious or excited while making a budget plan, it neither should be too restrictive nor flexible.
Automate Savings Contributions
Once you analyze your spending and set a realistic budget, move one step further and automate savings by transferring a fixed amount into your savings account. This strategy is your best bet as it won’t let you overspend as you will have set aside your savings beforehand, eliminating any issues that arise otherwise.
Set Short-Term Savings Goals
While automating savings, don’t run a mile at the very start, instead, take small steps by setting short-term saving goals. These can be very helpful for in-the-need hours like down payments, a family vacation, or for a surprise. Once you start saving for small purposes like these, you will be motivated and ready to start saving big, for any uncertain costs.
Harness the Power of Compound Interest
Once you’ve familiarized yourself with the perks that short-term savings give you, only then you will harness the true power of compound interest. For example, you can grow your retirement bank and other long-term investments. It’s better to start early and learn how to be consistent, reinvest the interest, and embrace the power of dividends.Â
Banking, Credit, and Debt Savings
Savvy management of banking, credit cards, and debt accounts opens doors to substantive savings.
One of the best tricks that smart individuals have up in their sleeves is the knowledge of banking, along with credit and debt savings. This helps big time in saving bigger for the better. Do spend time learning and implementing if you want to save successfully.
Pay Credit Cards in Full Each Month
A common mistake among ordinary and financially uneducated individuals is that they don’t avoid credit card interest charges. It may seem very beneficial to an ordinary person that you can get your bills paid with credit money if you are short on it or don’t have any. But that’s a major trap. Forgetting to pay the dues monthly can leave you with more interest to pay each month, without spending a cent.
Pay Down Credit Card Debt
Once equipped with the basics of how interest on credit cards works and costs you a little, leaving it to be bigger, it’s best to pay down those debts if you have any. Pay down debt as fast as you can to save as much as you can.
Skip ATM Fees
Find a bank that refunds ATM fees and provides widespread, fee-free ATMs. Or, withdraw cash only at your bank’s ATMs. Avoid standalone ATMs which often charge expensive fees.
Check Your Credit Report
Errors on credit reports can lead to higher loan rates and credit card fees. Review reports annually for accuracy and dispute any errors immediately. Monitoring also helps detect identity theft early.
Automate Bill Payments
Set up automatic payments for fixed monthly bills like utilities, phone, internet, insurance, and loan payments. This avoids late fees and free up time. Monitor statements to ensure correct amounts are paid.
Ways to Save on Entertainment
Having fun does not need to break the bank. Take advantage of free and low-cost entertainment in your community.
Visit the Library
Libraries offer free access to books, movies, music, magazines, computers, WiFi, and more. Many also provide free passes to local museums, zoos, and other attractions. Libraries provide endless entertainment for just the cost of a library card.
Seek Out Free Local Events
Look for free concerts, festivals, fairs, exhibits, classes, and events happening nearby. Most communities host a variety of affordable seasonal activities. Scour Facebook, community calendars, park websites, and local papers for savings opportunities.
Volunteer at Events
Many concerts, festivals, marathons, and other activities need volunteers to help run the event. Volunteering a few hours gets you free admission. You help a worthy cause while enjoying a fun day practically for free!
Ways to Save on Family and Friends
Celebrating loved ones does not need to derail your savings goals. Get creative with inexpensive and meaningful ways to show you care.
Set Limits for Gifts
Talk with family about setting reasonable spending limits for gifts. Focus on sentiment rather than dollar amounts. Handmade and experiential gifts often create the best memories.
Shop Early and Strategically
Start holiday shopping early and buy discounted items throughout the year. Black Friday, Cyber Monday, and post-holiday sales help trim costs. Make a list and avoid impulse buys.
Prioritize College Savings Over Gifts
If you have kids, skip the toys and contribute to a college savings account instead. Family and friends may also contribute directly to the account as gift ideas.
Buy Less, Quality Clothing
Skip cheaply made fast fashion. Invest in staple, high-quality items that last years rather than seasons. Hand-me-downs between siblings and swapping clothes with friends are other great ways to save.
Organize Community Swap Meets
Gather friends, neighbors, and community members for a clothing/toy/book swap rather than buying everything new. Set guidelines for items allowed and frequency of swaps. Great way to declutter, save money, and connect!
Food Savings Tips
Groceries likely eat up a sizable chunk of your budget. A bit of planning and smart shopping goes a long way.
Brown Bag Your Lunch
Packing a lunch costs a fraction of eating out. Make batches of soup, chili, or salad at the start of the week for easy lunches. Bring leftovers when possible or keep frozen meals on hand for lunch breaks.
Cut Down on Dining Out
Restaurant meals get expensive, especially with drinks, apps, desserts, and tip. Limit dining out to special occasions or try just going for drinks or appetizers. Splitting meals can also cut costs in half.
Meal Plan and Shop with a List
Plan meals for the week based on sales flyers and what you already have. Make a detailed list organized by store section before shopping. Don’t shop hungry and avoid impulse buys.
Drink Water Over Beverages
Soda, juice, sports drinks, coffee, and alcohol jack up grocery bills unnecessarily. Filtered water from the tap is an easy free alternative. Get a reusable water bottle to make it easy.
Double Recipes and Prep Ingredients
Double recipes like casseroles and soups and freeze half for later. Also prep produce once when you get home from the store – wash, chop, and portion fruits, veggies and meal ingredients. You’ll save time and waste less.
Health Savings Tips
Managing health costs wisely saves substantially, all while feeling your best.
Prioritize Preventive Care
Regular checkups, screenings, dental cleanings and exams catch problems early. Preventive care leads to fewer illnesses and injuries that require expensive treatment down the road.
Choose Generic Prescriptions
Generic versions work just as well as name brand prescriptions in most cases. Ask your doctor to prescribe generic when possible. Use apps like GoodRx to locate the pharmacy with the best price.
Compare Prescription Prices
Medication prices vary greatly between pharmacies, even in the same zip code. Call around for quotes. Ask about loyalty card savings and generic equivalents. Buy in bulk for long-term medications.
Buy Store Brand OTC Medications
Opt for the CVS, Target, or Walmart version of over-the-counter medications instead of named brands. The ingredients and effectiveness are virtually identical at a fraction of the price.
Home Savings Tips
A few upgrades around the house create savings that keep giving.
Compare Homeowners Insurance
Shop insurance quotes every 1-2 years to find the best rate. Consider raising your deductible to lower premiums. Also review coverage to eliminate unneeded extras. We also have a detailed guide on how to save money on home insurance in Atlanta.
Refinance Your Mortgage
If interest rates have dropped significantly since you got your mortgage, consider refinancing. Closing costs are required, so weigh savings vs costs. Eliminating PMI may also make sense.
Conduct a Home Energy Audit
Many local utilities offer free home energy audits to locate leaks and suggest efficiency upgrades. DIY audits are also possible. This saves on utility bills immediately.
Weatherproof and Sunproof Your Home
Caulk and weatherstrip around windows and doors to seal leaks. Plant trees for shade. Install window awnings, solar screens and blackout curtains to keep your home cooler. Small upgrades make a big difference!
Conserve Water and Use Green Cleaning
Look for leaks, install low-flow faucet aerators and showerheads, turn off water while brushing teeth, and take shorter showers. For cleaning, use vinegar, baking soda, and other natural solutions over expensive toxic chemicals.
Transportation Savings
Getting where you need to go does not need to be expensive if you use the right modes of transportation and shop around for deals.
Compare Car Insurance Rates
Car insurance costs can vary hundreds of dollars between companies. Compare quotes every 6 months to find the best deal. Consider raising deductibles or dropping collision coverage on older cars.
Use Public Transit When Possible
Buses, trains, and subways get you to work affordably. See if your employer offers discounted transit passes or pre-tax benefits. Walking and biking are other low-cost options.
Check Multiple Sites for Airfare Deals
Prices for the same flight differ across booking sites. Check aggregate sites like Kayak initially to find trends, then comparison shop directly on airline sites. Consider budget airlines as well. Sign up for fare alerts.
The Power of Coupons
Coupons seem old school, but can lead to impressive savings when used strategically.
Coupons Add Up
Casual couponing saves the average family $50-$150 per month. More extreme couponers save hundreds more. Look for coupon apps and websites, Sunday newspaper inserts, and special store kiosks.
Maximize Savings
Read coupon policies so you don’t waste money on excluded items. Combining manufacturer coupons, store coupons, and sales maximizes value. Stores like Target let you stack savings and do price match guarantees.
Technology and Saving Money
Technology makes implementing many of the strategies in this article quick and easy. Apps, websites, and tools specific to saving exist to help.
Use Helpful Apps and Sites
Apps like Digit, Qapital, and Acorns help automate your savings. Sites like Honey find online coupons and price track items. Budgeting apps like Mint provide useful spending insights.
Tech Provides Convenience
Technology allows easy price comparisons, digital coupons, mobile payments, automated investments, bill pay, and more. You can manage finances anytime, anywhere in just a few clicks.
Conclusion
It does not take extreme lifestyle sacrifices to build savings. Implementing even a handful of the tips in this article will add up to impressive savings over time. Look for areas where you tend to overspend based on your values and goals, and cut back there first. Consistency and mindfulness in spending and saving leads to financial growth and flexibility. Evaluate your progress and savings rate periodically, and adjust strategies as life circumstances change. The savings journey may have ups and downs, but small steps forward make a sizable difference in the long run.
