Do you wish you had more money left at the end of the month? Do you want to start an emergency fund but you can't figure out where to squeeze the extra money from? Maybe you're tired of having student loans hanging over your head each month. There are some small steps that most people can take to save big money without drastically changing their lifestyle! Think about it this way…it's a lot easier to stick to a moderate diet than to drastically change your diet. I know how hard it is to save money and I know the best ways: save money without losing your mind or making drastic changes.
Implement these small moves and reap the monetary benefits. I think these are some of the best ways to save money!
Best Ways Save Money
1. Make one extra mortgage payment each year.
It doesn't have to be one extra payment made at the end of the year, though it could be. Instead, send in an additional 1/12 of a payment each month. On a 30-year mortgage, you'll shave 5 years off your loan term by doing this.
2. Automate your savings.
Maybe you can only save $50 a month, but those regular deposits will eventually grow into a significant amount. Save what you can and do it on autopilot. Pay yourself first and you'll ensure there's some money in the bank. I absolutely love my Capital One 360 accounts for this! Not disciplined enough to do this? Digit will do it for you! It's helped me save over $6000. Sign up for Digit here or learn more about Digit here.
3. Watch less television.
Consider cutting down your cable package or getting rid of it altogether. After all, how many of those 250 TV channels do you actually watch each week? You can save a ton of money by switching to Netflix, Hulu and Amazon Prime.
4. Use automatic bill payment.
If you avoid late payments, you'll also avert late fees. Many banks include an automatic bill payment feature with their checking accounts.
5. Drop your bad habits.
Tobacco and alcohol products are pricey items. Your health and your bank account will both benefit if you stop drinking and smoking. While you're at it…ditch your lotto ticket habit!
6. Keep your old car for one more year.
If you can stick it out for one more year, you can save money and pay cash for a better car next year. Plus you'll avoid the higher insurance premiums that come with a newer car. {I drove the same car for over 14 years until it had well over 200,000 miles on it. It can be done and it's oh-so-worth-it!}
7. Consider refinancing your mortgage.
Do a few calculations and see if refinancing makes sense for you at this time.
8. Examine your cell phone plan.
Cell phone plans change regularly. You might find that you can go with a cheaper cell plan without noticing the difference.
9. Shop generic.
From cereal to pharmaceuticals, there's a lot of savings to be found with generic products. If you shop at Aldi, you'll find that most of their products taste as good as or better than the name brand!
10. Use the library.
Since you pay taxes, those books in the library are partly yours. Go get your free library card and check out a few books instead of buying them. Interlibrary loans ensure that you can get your hands on nearly any book, free of charge. You can also borrow videos and audiobooks from the library! Make sure to check out Hoopla and Libby…two awesome apps that work with the library to allow you to download audiobooks and ebooks to your phone or tablet.
11. Buy used books.
Many websites have used books for a fraction of the price. Two such websites are AbeBooks.com and alibris.com. You can even sell your books when you're done.
12. Eliminate your home phone.
The number of households with a landline lessens each year. Since you now have a cell phone, it's hard to justify also needing a home phone.
13. Avoid ATM fees.
Stay within your ATM network or get cash back at the store when you use your debit card. It's unnecessary to pay for accessing your money. After all, it belongs to you.
14. Prevent yourself from overdrawing your bank account.
Some people seem to do this regularly. At most banks, every overdraft costs roughly $35. Even if you're only overdrawn a dollar, you're now $36 in the hole.
15. Take your lunch to work.
Eating out is expensive, especially if you do it daily. Even fast food costs significantly more than bringing your own lunch. If you spent $5 a day for lunch, this could save you over $1200 a year!
Are you currently saving money in any of these ways? Could you benefit from adding a few more? Add up how much money you could save by implementing these financial moves and imagine what you could do with all that extra money!
Other Great Ways to Save Money
Save Money Without Even Trying
