Top 8 Simple Ways To Save Money

Save Money

These days, it’s not just the price of gas that’s causing us to spend more money. Everything from groceries to clothing is getting more expensive. As a result, many people are opting to save money by doing things themselves. But even if you’re not handy with tools or skilled at DIY projects, there are plenty of ways to save money without breaking a sweat.

There are lots of ways to save money. Here are some of the best ones:

Avoid impulse buys.

Impulse buys are the cause of many financial troubles. You need to avoid them at all costs. If you see something that you want, but don’t need, don’t buy it! At the very least, wait until tomorrow to decide whether or not you really want it. If you still want it after sleeping on it, go back and get it.

Before making a purchase, always compare prices with other stores or websites. You can use online price comparison sites like PriceGrabber or Google Shopping to find the best deals on products you want.

Be aware of your spending habits.

Expenses

Take time to see if you’re spending money on things you don’t need, like magazines or snacks when at the store. If you’re constantly buying items like this, ask yourself why and make a plan to cut back on unnecessary expenses.

Buy generic products instead of name brands.

If you’re looking to save money, then buy generic products instead of name brands. They are usually the same quality but much cheaper. You may have to do some research online to see if a store brand is identical to the name brand. Some stores even offer their own versions of luxury items for a fraction of the price that you would pay for them in other stores or online.

If your favorite store is running a sale on a particular item, stock up while they’re cheap! You can also buy in bulk at warehouse clubs like Costco or Sam’s Club and freeze them for later use.

Downsize your home.

You may not need a bigger house, but a self-storage unit from Squab Storage instead. 

Self-storage is one of the most affordable ways to store items that are not in use. It can also be used as an additional room or office space if needed.

If your home is too large, consider downsizing to something more manageable. This will help you save money on utilities and maintenance costs down the road.

Clip coupons and use store loyalty cards

The Internet makes it easy to find coupons for just about anything you need — from groceries to clothing to household items and more. You can even find coupons for restaurants and movie theaters online as well as printable vouchers for free samples or trial offers of new products you might not otherwise have tried out of your own accord. Some stores even offer discounts when you use coupons while shopping in person at their brick-and-mortar locations.

Use cash instead of credit cards for small purchases.

When you use cash, you’re more aware of how much money you’re spending. Using a credit card can make it easier to spend more than you planned, especially if the bill arrives at the end of the month or at the end of the year.

When you use cash, you’re also less likely to spend money on impulse buys and impulse purchases. You have to actually count out bills or coins and place them in your wallet or purse before you can make a purchase. This gives you time to think about whether or not that item is really worth the money — whether it’s something that will add value to your life over time or just another thing that will clutter up your home and closet.

If you still want to use credit cards for some purchases, set an upper limit for yourself when using them. For example, don’t use a card for any purchases over $50 unless absolutely necessary. If it’s something small like gas or groceries and there isn’t another option available, then use cash instead so that you’ll have no question about whether or not the purchase was worth it.

Make a budget and stick to it.

Making a budget is the most important step in any financial plan. It gives you a clear look at where your money is going and allows you to decide what you can afford.

There are plenty of apps and programs available that can help you create budgets and track your spending over time. Mint is a great option if you’re looking for a free program that does everything from tracking your finances to helping you find lower-interest credit cards.

Once you’ve created your budget, you’ll need to stick to it. If you have trouble sticking to the plan, try setting up an account with an online bank that automatically transfers money from your checking account into savings or investments on a set date every month.

If you’re not sure how much money to put aside for savings, start small and increase it gradually as you get used to living on less.

Eat at home more often.

When it comes to saving money, eating out is one of the biggest drains on your budget. Even if you’re careful about what you order and how much you consume, restaurant meals can easily cost more than three times as much as an equivalent meal at home.

Always remember that eating out is expensive and unhealthy. If you eat out three times a week, you’re probably spending $300-$400 per month on food. If you cut back to one or two meals a week, you’ll have an extra $100-$200 per month in your pocket. You can start by cooking more meals at home. If you have time, cooking from scratch is cheaper than eating out or buying pre-made meals from the grocery store. And if you don’t have time, consider getting a meal kit service like Blue Apron or Plated that delivers pre-measured ingredients and recipes right to your door. These services can be pricey but they’re convenient and healthy — and they can help save money over eating out every night.

There you have it. You don’t have to be a financial wiz to start saving! Start small and make sure you have an end goal and inspiration. You’ll definitely reach financial freedom in no time.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.