Fifteen Ways to Help You Save Money

Research shows that money is the biggest source of stress for Americans. Millenials are especially concerned. According to a study, 58 percent of Americans age 18 – 34 are so concerned about their current financial state that they’re unable to save for their future. Most financial related stress comes from the rising cost of living and/or substantial debt. In fact, the average American owes at least 5,700 dollars in credit card debt. If you’re having trouble falling asleep at night because you’re worried about paying bills and saving extra cash, check out the tips below that will help you save for your future.

1 – Take a Break From Netflix

Turning off the TV has numerous financial benefits. If you’re not watching TV (or browsing your phone instead) you’ll be less exposed to ads that will tempt you to spend money on things you don’t need. Turning off the TV also saves on your electric bill. If you find that you can live without certain cable channels or multiple streaming services, you can cancel them and save yourself the monthly fee. And, if you’re not watching TV, you can focus on more productive things like running a side business.

2 – Sell What You Don’t Need

You don’t have to live a minimalistic lifestyle to save money, but most people have too much stuff. A good rule to follow is if you haven’t used an item in the past year, you should sell it. This goes for clothes you haven’t worn, hair styling tools you haven’t used, and decorations that have been kept in boxes in the closet. Selling these items frees up space in your house and fills your wallet with extra cash. 

3 – Choose The Right Savings Account

There are several high interest savings accounts that can help you earn money simply by saving a few extra dollars every month. Try to find one that doesn’t charge a monthly fee. Compare different types of savings accounts and interest rates at BankRate.com

4 – Use Credit Cards Wisely

Credit cards that offer rewards are helpful, but they’re also dangerous. Overspending on credit cards is too easy and too common. If you’re struggling to stay within your budget, remove the cards from your wallet and store them in a safe place within your home. By removing them, you remove the temptation to overuse them.

5 – Master the 30 Day Rule

A popular shopping technique that can help you save money is the 30 day rule. Basically, what you do is wait. If you want to buy something, wait 30 days, and then ask yourself if you still really want it. A lot of the time, the answer will be no. Too often, people get caught up in the moment and buy things they don’t need. Later, the excitement wears off, and they regret their purchase. This method of shopping allows the excitement to wear off before you make the mistake of overspending. 

6 – Master the 10 Second Rule

Another popular shopping technique that reduces the amount of impulse shopping you do is the 10 second rule. When you pick up an item, before you put it in your cart, ask yourself why you want it and if you really need it. If you can’t compile a compelling argument to buy the item, put it back and move on. 

7 – Always Bring a List

When you go grocery shopping, bring a list with you. Only buy what’s on that list. If you go without a plan, it’s too easy to get distracted and add impulse buys to your cart. And never, ever shop hungry. That’s just dangerous.

8 – Hang Out at Home

If your group of friends love to hang out often, suggest having a night in with homemade food or games. By staying in and making cocktails or cooking dinner together instead of going out to expensive restaurants or bars, you provide yourself with a chance to have fun and save a lot of money.

9 – Test Your Skills

If something in your house breaks, or your sweater tears, try fixing it instead of replacing it or paying someone else to fix it for you. You might be capable of more than you think. And with YouTube instructional videos for practically everything you would ever want to do, you can teach yourself a new skill and save money at the same time.

10 – Consider a Balance Transfer

If you’re paying a ton in interest, consider transferring your balance to a new card. There are several credit cards that offer zero interest for a set period of time on balance transfers, meaning the payments you make will go straight to the principal amount instead of being wasted on interest. You’ll likely have to pay a 3-5 percent fee on the money transferred, so only consider this if you have a substantial amount of your card that will take you a long time to pay off if you keep wasting money on interest payments.

11 – Avoid Convenience Foods and Fast Foods

When you’re tired from a long day of work, it can be incredibly tempting to swing through a fast food drive through or buy a convenience meal from the grocery store. Both of these choices are bad for your wallet. Meal prepping can seem overwhelming at first, especially if you’re not a great cook, but there are plenty of easy recipes you can whip up in a couple of hours one day that will provide you with quick and cheap meals throughout the week. Use resources like Pinterest to find easy low-cost recipes, and consider investing in a crock pot. 

12 – Use Coupons

Coupons, and weekly flyers, are an excellent way to save money on groceries. Searching for deals and clipping coupons is time consuming, but if you plan your shopping trips around bargain prices, you’ll save a lot of money each month on food and home supplies.

13 – Buy Used When You Can

Check consignment stores, local resale shops, eBay, and Goodwill for used items that you can use in your home or closet. Buying used is smart for your wallet and good for the planet. 

14 – Try Generic Brands

You can save on several items in the grocery store if you choose to purchase the generic brand instead of the name brand. Don’t let the label fool you. Many times, the products taste or perform the exact same way. 

15 – Create a Dream Board

It’s important to remember what you’re striving for. Perhaps you have a goal of being debt free in five years. Maybe you’d like to buy a house before a certain age. Or the goal might be to own your car. Whatever dream you have, remind yourself of it daily. Do so visually by creating a dream board and hanging it somewhere you’ll see it every day. 

Learning to be responsible with money is a process. Don’t beat yourself up when you make a mistake, and celebrate each small victory. Use these tips as a guideline along the way, and start saving money for your future one step at a time.

If you have a method of saving money we can add to this list, please comment your idea below.