7 Ways to Save Lots of Money
Saving money is something everyone plans on doing, but it’s much easier said than done. Even if you give yourself a certain savings plan to stick to, it’s easy to lose your self-discipline and fall into the temptation to spend money.
That’s why you need some of the best tips to help you save lots of money without allowing yourself to fall off track. There is more than one way you can begin to save your money. The best way to save a lot of money for some people might not work for others.
It’s up to you to try a few different saving techniques until you find some that work well for you. To get started on your savings journey, continue reading below. Here’s our list of several different money-saving methods you can try out today!
1. Jump on Discounts and Deals
We could tell you to stop going to the stores and spending money in general, but this isn’t realistic. There are some things you need, even if it is a new dining room table. It’s okay to spend money on these items, as long as you plan for it and find some great discounts or deals.
Stores offer different discounts and deals seasonally and depending on the day of the week. Ask your favorite stores when they markdown items. Don’t forget to be on the lookout for the best Black Friday deals as well.
If there’s something you know you need, then start saving now and then get it at its lowest price on Black Friday. Shopping during the tax-free weekend is another great way to save on the stuff you need.
2. Cook More Meals at Home
Cooking at home can save you more money than you might think. We understand that once you buy all of the ingredients you need to cook your meal, it might come out more expensive than buying food at a drive-through restaurant. However, when you cook at home, you’ll have more food that’ll last longer.
After eating, place your leftovers in the fridge and eat them over the course of the next 2 days. You can make a new meal each day, as long as you continue eating leftovers as your lunch or breakfast until their gone. A meal that lasts you several days is a money-saving meal!
3. Eliminate Unnecessary Bills
Do you have trouble saving money due to the number of bills you must pay each month? If your bills are preventing you from having extra money to set aside, then you should start discovering where you can cut back.
Eliminate all unnecessary bills and use that money as your savings money. Paying for cable, internet, or other similar bills isn’t always necessary. In many cases, these things are all luxuries.
If you don’t need all those channels or your pass to a nearby theme park, then remove them and start saving your money.
4. Give Yourself a Cash Budget
Giving yourself a budget is one thing, but giving yourself a cash budget makes saving even easier. When you give yourself a budget but have access to all of your funds via debit and credit cards, it’s easy to give in to the temptation to spend.
If you take out a certain amount of cash and only allow yourself to spend that cash amount, then you have money control over your money. Leave your debit and credit cards at home. As you spend your cash, you see the amount becomes less and less.
It’s easier to keep track of your spending this way.
5. Set Up a Savings Account
If you haven’t already done so, it’s time to open a savings account. Walk into your bank and ask them about the different savings accounts available. Not all savings accounts are the same, and you’ll want to find one that works best for you.
Some accounts even prevent you from withdrawing any funds from it until a certain date. Other ones have high-interest rates while some have smaller ones. Go over all of your options before choosing the right one for you.
Once it’s set up, put money in it and forget about it. Act like you never had the money to begin with.
6. Build an Emergency Savings
An emergency savings account should be separate from your regular savings. When you have the two different savings accounts, you can continue to save in your regular one if an emergency situation were to happen.
Emergency situations might be something like a flat tire that now needs repair or replacing, a home appliance breakdown, or something else. When emergency situations like these arise, take the money out of your emergency savings account and still have your regular savings to give you peace of mind.
Each month, come up with an amount of money you’d like to place into each account.
7. Place All Coins/Change in a Jar
Do you currently have a jar that you place all your spare change into? It’s time you start if not. Stop leaving all your spare change in your car or other random places.
Take each coin and drop it into your coin jar. It’s no different than leaving your change in other random places, other than the fact that all your coins will be there collectively, in the same place.
Over the time span of a few months, the jar will begin to fill. Once full, dump the coins out in a coin machine or bring it to your bank. You’ll then receive the dollar amount for them.
You Can Save Lots of Money With These Tips
Saving money isn’t always the easiest task to complete. It’s quite tempting to buy that new pair of shoes or some new clothes. Following these tips, however, is a great way to save lots of money with not much effort.
Try out a few of these tips listed above until you find one or a few that work well for you.
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