How To Save Money Fast – 10 Money-Saving Tips
Learning to save money, especially finding ways to do it quickly, is something that can benefit anyone. There are many good reasons to start saving money. Maybe you suddenly got slammed with an unexpected bill, or maybe your friends just invited you on that trip of a lifetime. Or perhaps, you want to buy a house and you have to save for the down payment. You could even just be trying to grow your emergency fund so that you are better prepared for any unexpected expenses. Whatever your reason may be, there are a lot of ways to save money!
Here are 10 ways to save money fast.
Number 1 – Track Your Spending And Create A Budget
Tracking your spending is the very best way to identify areas where you can save money. All you need to do is track your spending for one month, and this will give you a good idea of where your money is going. Once you’ve identified where you’re spending your money, and you see areas where you can reduce spending, you can set a reasonable budget and then stick to it. This is a simple thing to do, and it’s a very effective way of controlling your spending.
Number 2 – Pay Off Your Debt
If you’re carrying a credit card debt, you’re wasting money. As difficult as it may be, your top priority should be to pay off your debt and free yourself from those high-interest rates. Hopefully, some of the other tips on this list will help you retain more of the cash that you can then use toward conquering your debts.
Number 3 – Automate Savings Transfers Each Payday
If you can’t seem to create a habit of saving, scheduling automatic transfers to your savings account can be a huge help. When you have a certain amount of your paycheck automatically transferred to your savings account each payday, there’s less temptation to spend it – and you can easily watch your account balance grow over time. Review your budget and choose an amount that you can commit to regularly, then put your savings on autopilot.
Number 4 – Negotiate Your Bills
While some of your bills, such as your rent or mortgage payment, may be non-negotiable, you may have some wiggle room with others. For example, you may be able to find a better deal on your car insurance or your cell phone service. Doing some research to find better rates, can take a little bit of time – but it can be time well spent if it helps you save money.
Number 5 – Set Up Automatic Payments For Bills
With our busy lives and busy schedules, it’s not uncommon to forget to pay some bills on time. An easy way to save money is to simply pay your bills when they’re due. Companies typically charge a late fee for any overdue balances. And while it may just be a few bucks here there, these fees quickly add up – especially if you pay multiple bills late. So, set up automatic payments for bills to ensure that they’re paid on time, and to avoid any late fees. It’s also important to keep an eye on your bank account balance to avoid overdrafts and accumulating additional fees.
Number 6 – Go Cash Only
Put your credit cards away, and then take out a limited amount of money from your checking account – enough to last you for a few weeks. You withdraw a limited amount and then watch it shrink. Since we’re more motivated by loss than by gain, each dollar you physically spend will force you to spend consciously.
Number 7 – Consider Relocating
Perhaps you live in the downtown core, and your mortgage or rent costs you 2-3 times more than it would if you moved just 15-20 minutes outside of the area. Relocating to an area with a lower cost of living or downsizing your home, could potentially put hundreds to thousands of dollars in your pocket each month. There can be some roadblocks that may prevent you from moving, but if relocating is an option, it may be well worth considering.
Number 8 – Stop Paying For Convenience
It’s the American way to pay for convenience. People are willing to pay $5 for a taco they can make at home for less than $1. They pay $6 for a cup of coffee at a local cafe rather than brew an entire pot of coffee at home for a few pennies. Taking a little extra time out of your day to make your food, brew your coffee, or clean and repair things around the house can grow your bank account rather quickly.
Number 9 – Make A Grocery List
Making a grocery list before you head out, will quickly save you tons of money. This will ensure that you end up buying only what you need and that you don’t fall victim to any impulse purchases. Write down everything you need for the week. The fewer times you go shopping, the less likely you’ll be to pick up something you don’t need. Plan to shop for an hour or less, and try to race the clock when you shop. This way you won’t spend time wandering around picking up things that look appealing. Also, plan to go shopping shortly after you’ve eaten. Everything will look less appealing if you’re shopping on a full stomach.
Number 10 – Downgrade Your Cable, Phone, And Internet
For most families, these three services equal big bucks every month. Monitor your use over a month or two, and decide what you need and what you could cut. Do you watch any premium channels? Is your landline phone doing anything other than collecting dust? How fast do you need the internet to be if you’re only checking Facebook and email? It truly pays to shop around and find a cheaper service.
What do you think? What are some other good ways to save money? Let us know in the comments below! If you enjoyed this article share it with your friends, so we can keep making them. Thanks for reading!