You want to find ways to save money. But don’t want to skip your daily Starbucks! Well, we have some straightforward tips on how you can still enjoy your Starbucks while saving money.
You want to pay down your debt and save money all at the same time. Fortunately, there are some useful solutions that you can use to help yourself. Read on to find out more!
Spending your money wisely is important in all aspects of life. It keeps you out of debt and lays the foundation for a secure financial future. That’s why it’s vital to avoid making common spending mistakes that eat away at your financial resources, leaving little left over to save. Here are seven ways to save money!
Get Rid of Your Debt ASAP
We have to ask the question. Do you have a budget in place? If you do not, that is the first and foremost thing you need to do! Here are a few free online sources to create your budget. (We do not recommend or have any association with these budget tools).
Once you have your budget in place, the next step is making sure you have at least $1,000 in a savings account. You cannot pay off your debt until you have an emergency fund in place for those life moments. Once you have your emergency fund in place, start paying off your debt by utilizing the “Snowball” or “Avalanche” methods. Compare each here!
Stick to a Grocery Budget
Great ways to save money..Really!
After completing their budget, most people are shocked to learn how much money is wasted at the grocery store each month. And if you’re an average American family of four, with two kids 5 and under, then it may be surprising to learn that you can spend up to $928 on groceries every single month!
It’s so easy for us to walk through those aisles, grabbing what we want without thinking about our purchases or where all this spending will eventually lead. But these small items are not as cheap as we think because when added together, they blow the monthly budget consistently and often leave nothing left over to pay other bills like car payments.
With the grocery store becoming more and more of a destination, it’s easy to forget that you can save money by planning out your meals for each week. If you have kids, leave them at home while shopping, so they don’t pick up something from the candy aisle!
When shopping for groceries online, it’s straightforward to stick to your list and avoid impulse purchases. You also save time because the whole process of picking up or having them delivered is a lot faster than going through each aisle in person!
Online grocery pickup at stores like Safeway, Albertsons, Publix (among others) can be an efficient option that saves money and eliminates temptation when we smell those freshly baked chocolate chip cookies while shopping.
Reduce Your Cell Phone Bill
If your monthly cell phone bill competes with the cost of groceries, it’s time to cut back. If you can’t eliminate extras like costly data plans and insurance eating away at your wallet, switch providers! It may take some persistence, but this will be a worthwhile endeavor if saving money is worth anything.
Divorce Your Cable Provider
Cable prices are rising like crazy. The average monthly price for cable TV is about $217 a month, including all the fees—which adds up to over $2,600 a year! Sound expensive? There’s good news: Cable isn’t the only way to watch your favorite shows these days – cut the cord and find out how you can save big with alternatives such as network apps and streaming services. But remember–don’t go subscription service happy here; sign up for what you’ll actually use not to spend more than your prior cable bill.
Reduce Your Energy Bills
Did you know that energy and water bills are the most expensive part of your monthly expenses? You can save money with these tips!
This can help save up to 20% of your energy costs!-Turn off lights when not in use, especially in the morning and evening, when electricity costs the most!
-Install a programmable thermostat that will automatically lower/raise the temperature when you’re away.
It is not a lot, but everything helps!-Unplug small appliances when not in use. This could save you up to $250 a year.
-Take shorter showers (not fewer)
-Fix leaky pipes and wash your clothes in cold water
-Install LED lightbulbs and dimmer switches in most frequently used rooms
Cancel Those Unused Subscriptions
Chances are, you have multiple subscriptions like Netflix, Hulu Spotify, and Amazon Prime. Cancel any that aren’t used consistently to save money, and make sure to turn off that auto-renew option.
If you have friends and family who enjoy watching TV just as much as you do, consider sharing a membership with them. Many streaming services like Netflix or Hulu let you watch your favorite shows from two or more screens (with the upgraded account). This way, everyone will save money on their subscription while still enjoying all the content they want!
Stop Smoking
Quitting smoking is not easy, but it is possible with the right mindset and support. If you’re a smoker, take a moment to think about your reasons for quitting. Have you found that you’re smoking more than usual or would like to quit for your health? It’s easier to make a change when you’re motivated and ready.
Are you smoking a pack of cigarettes a day? I know it is not easy to quit, but your health and bank account ask you to! If so, you are spending roughly $200 a month and $2,400 a year on this habit.
Pack Your Lunch
An overlooked obvious money-saving tip is packing your lunch. It is hard to see by doing this simple action, we could save $1,200 a year. If you spend $8 a day for lunch, and when you pack your lunch, it costs you $3 a day. There is a savings of $25 per week, $100 per month, and $1,200 per year. If you need additional funding for your emergency fund, this is a great place to get those funds.
Sell Stuff That Takes Up Room
Another money-saving hack that can help you save money and give you more space in your house. Start by collecting up all the unwanted stuff that’s been lying around your house and sell it on eBay or Craigslist. You can easily make up to $100 just by selling off dust-collecting items like old shoes, books, jewelry – even electronics! This could boost your savings account by a few hundred dollars in no time!
Lots of Ways to Save Money…I Hope These Options Help You!
As you can see, there are plenty of ways to save money without giving up your daily Starbucks. These straightforward tips should help you get started on the right track and make saving more manageable for everyone! If you’ve got a question about how we can help with this or anything else related to personal finance, don’t hesitate to reach out.
