25 Easy Ways to Save Money Right Now

A lot of people struggle with saving money, which is something that has always come easily to me. I’m a “saver” by nature and I’ve respected the value of money since I was little girl (thanks, Dad!). After I bought my first house in my early twenties, people started asking me for financial tips. I now own three properties and I haven’t hit 30 yet. I’m not saying all of this for accolades but simply to provide some background on why I think that I can provide helpful money saving tips at the ripe old age of 29 (yes, that “and counting” piece of my blog snuck up on me a little bit).

In my New Year Blog Plan, I promised a financial health series and I thought that a great way to kick it off would be easy ways to save money that you can implement right now.

piggy-bank-1189875_640 (2)25 Easy Ways to Save Money Right Now

Sign up for free rewards. Many retailers will offer you free rewards simply for shopping at their stores. For example, I have earned $300 in free groceries just for buying my weekly groceries. This tip only works if you are spending on essentials items that you need anyway and not just spending money to get free rewards (sounds obvious, but you’d be surprised).

Make your credit cards work for you. Similar to in-store rewards, many credit card companies offer rewards such as cash back, travel miles, insurance, and discounts on products and services. Even better, many have valuable sign-up bonuses that can really jump start your savings. I have several credit cards and I use them at specific stores in order to maximize my benefits.

However, and this is important, I also pay off my balances in full every single month. If you can’t do that or the temptation of having a credit card is too much for you, then don’t get one (let alone several). Ongoing debt will counteract any of the bonuses that the cards give you.

Make efficiencies in your home, such as energy efficient bulbs and appliances, and programmable thermostats. No one likes to spend money on things like utilities, but unfortunately we all have to. However, there are ways to be smart about it and keep more of your money in your pocket.

Pay attention to “time of use” utility fees. It’s easy enough to do your laundry and run your dishwasher outside of peak hours, so why not start? That’s just two of many suggestions that you can incorporate to save on your monthly bills.

Make a budget and stick to it. I am amazed by how many people I know who don’t have a budget. If you don’t know where your money goes each month, how are you going to find ways to save that are personal to your situation? I can provide general tips, but unless I examine your expenses, I can’t create custom-tailored recommendations.

For example, what if you are spending an obscene amount of money on fast food, coffee breaks, happy hour, or entertainment without even realizing it because you aren’t tracking? Budgets are all about allocating your funds (no matter how limited) where they make the most sense. If you aren’t saving any money but you are hitting up happy hour with your friends every Friday, then it might be time to re-evaluate your priorities and make some changes. Bonus: if you are able to follow your budget, you can create a “fun fund” so that you can go to happy hour every so often.

budget

Purchase items for value and not for price point alone. If you’re trying to save money, you might think that buying the cheapest product on the market is the way to go. However, if the cheap version is going to break in a month and you have to buy another one, then it doesn’t actually work out better for you than if you had purchased the version that offered the best value from the start.

Eat at home as often as possible. Eating out is expensive and usually won’t help you to reach your wellness goals either. Not only do JP and I always bring our lunches to work, but we host friends at our house and we also go to their places for dinner. It’s a lot more comfortable, healthy, cost-effective, and delicious than going to restaurants or ordering in.

Buy a deep freezer. Wait a minute. I told you that I would help you save money and here I am telling you to buy something! However, a deep freezer will let you buy food items at great prices (read: when they’re on sale) and freeze them to use later.

Make regular, on-time debt repayments (and not the “interest only” or “minimum payment” options). It might seem like a good idea pay the least amount of money possible towards your debts so that you have more money available during the month, but all that’s doing is allowing your debt to stick around longer and rack up interest charges. Even if it’s an extra $50 a month towards the principle amount, pay something. Also, this goes without saying, but pay your bills on time to avoid sometimes hefty (and unnecessary) late fees.

Make as many of your own products as possible. As I mentioned, I have started making my own personal care products. In addition, I’ve also started making my own household cleaning products. It is more work and I won’t sugarcoat that but it saves money, saves the environment, and saves you and your family from being exposed to toxins. Bonus: homemade products make great gifts!

puppy-1022421_640 (2)Give up on the lottery. I understand that you’re buying hope and living a fantasy out in your head until the numbers are announced. However, your odds of winning are so minuscule that it would make a lot more sense to allocate that money towards something useful.

Consolidate your debt on a low interest line of credit. Interest payments on consumer credit cards are outrageous and retail credit cards are even worse. The sooner you can stop giving that money away, the better.

Focus on paying down your biggest debt first. If you can double up your mortgage payments once a month and change your payment frequency to weekly instead of monthly, you will be surprised at how much interest you save by decreasing the amortization period.

Create lists before you go shopping and stick to them. Decide what you need to buy at home away from the temptation of impulse buys. Then, when you’re out shopping, stick to buying the pre-determined items you’ve planned on and not everything else in sight.

Exercise at home rather than at a gym. For the cost of some exercise DVDs (or even free workout programs on the internet), you can get (or stay) healthy and fit on the cheap. Bonus: get outside for your daily sweat session.

running-1081694_640 (2)Consider buying used items. You can shop at garage sales or second hand stores for many household items. If that’s not your thing, consider checking out Kijiji or Craig’s List.

Use your local library. You can borrow books, DVDs, and access many free (or very reasonably priced) programs through the library’s services.

Attend free local events. Many towns hold free festivals and events or offer discounted admission to local attractions on certain days of the week. Take advantage of these options rather than paying full price for events and attractions in other towns.

Avoid paying bank fees. If you can bank with a company who offers free basic banking, make the switch. Also, don’t use generic ATM machines because each withdrawal is going to cost you.

Plant a garden. You can grow many of your own fruits and vegetables, which not only taste better but are much cheaper! Bonus: if you have extras, you can share with your friends and family.

budget; save moneyComparison shop. JP and I will always check multiple sources before we make any purchase so that we can either “price match” at our preferred retailer or simply go to the store (or website) offering the lowest price. However, whatever you do…

Don’t compare yourself to others. Some people may be living charmed lives but you have no idea how much debt they have or if they are truly happy. Be grateful for what you have and don’t try to keep up with the Jones’.

Plan your vacations ahead of time or opt for “last minute deals.” If you are a picky traveler, plan in advance to take advantage of the best prices. If you don’t care where you go so long as you get to go somewhere, select a cheapie last minute deal.

Eliminate unnecessary expenses. Do you really need cable or a landline phone? You can save a bundle if you go without one or, ideally, go without both. Grams, this one is for you!

Be a smart driver. Don’t accelerate like a crazy person and burn your gas; don’t slam on your brakes and come to hard stops; and do regular maintenance on your vehicle to help it last longer. Even something as simple as an oil change can catch problems early and keeping your tires inflated will improve your gas mileage. Bonus: walk, take public transit, or ride your bike whenever you can. Your body and your wallet will thank you.

budget; save money

What are your tips to save money?

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22 thoughts on “25 Easy Ways to Save Money Right Now

  1. Awesome tips! I need to work on a budget with my husband, since we are newlyweds. We’re looking forward to buying our first home later this year. You remind me of my dad – A saver, very frugal, and he’s reaped his rewards – He’s retiring in a week!!

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    1. My dad retired early as well and taught me everything that he knew πŸ™‚

      Congrats on your recent marriage – that’s a fun and exciting time. The budgeting won’t be as fun, but hey, at least you’re buying a house together soon! That’s a great accomplishment.

      Thank you for reading πŸ™‚

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  2. I have a Roth IRA that I max out every month. Like you, some of my friends have come up to me for financial advice and ask why they would throw $400+/month into something when they could go shopping or eat out, etc. (although I have a BA English I sometimes think I should have gone the Finance route!). I am surprised how many people have their financial priorities out of whack. Too many are concerned with what money can get me right now rather than understanding the power of compound interest and how that only works in your favor. There’s nothing wrong with enjoying your money but I also think the brunt of it should be going in investments and retirement accounts to secure a solid foundation later. πŸ˜‰

    Liked by 1 person

    1. I think it’s definitely a balance between enjoying life now and saving for the future. I wouldn’t put my current goals on hold for a future “maybe” but my goals also don’t include shopping or eating out, lol. I do max out tax savings vehicles, but I also enjoy the present because you never know if you’re actually going to live to retirement age (scary, but true).

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  3. These are great points! I actually just consolidated my credit cards into a line of credit…I am saving almost $200 a month on the payments and I am just putting the money that I saved back onto the principal to pay it off faster.

    The one tip that I have learned about getting out of debt (and I have lots from school etc) is to pay your minimums on all debts but to pick your smallest debt and put extra money towards paying it off. Once that debt is paid off you take the minimum from it plus the extra that you were paying towards it and start paying that onto your next biggest debt. It is called the snow-ball effect (I think) lol.

    This way you feel great because you can see your debt being paid off, one bit at a time, and it will help to pay off your debt quicker.

    Liked by 1 person

    1. That must be nice to have some extra money every month – no one would complain about that! LOL

      That’s a great strategy. I’ve never heard of it, but it makes sense. I’ve always wanted to pay off my biggest debt first (which also happens to be my worst interest rate – UGH, I gambled wrong on that one), but I definitely see your point!

      Liked by 1 person

      1. Because I own a small business, I happen to know that those perks you get are paid for by small businesses particularly. It’s just a personal thing but it offends me because so many people don’t know that and would hate that for their favorite locally owned small businesses. I sound preachy but it’s not how I mean it!!

        Liked by 1 person

      2. I don’t think that my cash back or air miles have anything to do with small businesses, but even if they did, we do live in a society where being competitive is a necessary part of being successful in business. I’m sure that small businesses are getting customers that they usually wouldn’t because of the marketing angle from the perks as well (though I’d need an example of a small business provided perk to be sure).

        I’m always going to try and make my consumer dollars go further and get rewarded for making purchases that I need to make anyway.

        Liked by 1 person

  4. Great post! I only disagree about paying the largest debt first as I would feel very unmotivated at not being able to pay anything off. I am following the Dave Ramsey ‘Snowball’ plan, paying off the smallest balances first then moving to the next smallest. Anyway, I love this post! I also bought my first property in my 20’s, as a single mom. High fives to us!!

    Liked by 1 person

    1. Another blogger mentioned that to theory to me and it definitely sounds interesting! My personal perspective is that my mortgage is huge and I will be paying so much interest on it. Anything that I can do to lessen that burden is gold in my book. To be fair, my mortgages are actually my only debt, and I pay more on the largest one (which also, unfortunately, happens to be my worst interest rate – oops!). I definitely see merit to both approaches. Thank you for reading!

      Liked by 1 person

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