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Ten Money Saving Tips
Here are ten money-saving tips you can do today to build your emergency savings, take that dream vacation you have been dying to go on or to start digging yourself out of debt.
Saving money or even just trying to come up with a plan could be a very daunting and depressing for some people, especially those who are in debt or living paycheck to paycheck without a few bucks to spare at the end of the week. How can you possibly put money into savings when you don’t have a dime to spare?
I have been there…so let me tell you that things won’t change overnight. It takes time and a lot of determination to dig yourself out of debt but every little step you take is a step closer to financial freedom. The time to start is now…If you don’t start now, things will never change.
I have put together a list of ten money savings tips that you can start doing today to give you a jump-start to building your savings. Just remember to keep at it; once you see a little bit of progress you will be encouraged to keep going and take even more steps to get to where you want to be.
Adjust Your Thermostat
Heating and Cooling is a big monthly expense for most homeowners. By turning your thermostat down a few degrees in the winter and up a few degrees in the summer you will save on your monthly bill. And you won’t even feel that much of a difference, in time you will adjust, then maybe try a few more degrees.
Programmable thermostats are a great way to go. You can set it to automatically adjust the heat way down when no one is home and bring the heat back up a little while before getting home, you can do the same at night when everyone goes to bed and you won’t even notice.
Open a Savings
Open a savings account in a bank other than the bank you use for you regular banking needs. This will make it more difficult to dip into your savings for just a few buck here and there because before you know it, your account will be empty. Also, don’t opt for getting a debit or ATM card. The more difficult or inconvenient it is to get to your savings, the better.
Save Loose Change
If you use primarily cash to pay for purchases then pay with bills only all the time and put the change you have collected throughout the day away. Once a month roll your coins and make a deposit into a savings account. You will be surprised at how fast it adds up and you probably won’t even notice the difference.
Unplug Unused Appliances/Electronics
Get into the habit of unplugging appliances after you are finished using them. Maybe just unplugging the toaster once you are finished with it won’t make a big difference, but if you apply this to all appliances, electronic and gadgets you will see a big difference in your electricity bill.
You can use power strips/surge protectors If there are a few places in your home where you have quit a few cords in a certain area.
Know your Credit Score
Your credit score has a huge impact on your savings goals. It can impact how much you pay for insurance, car payments, mortgage, even if you get that job you applied for. Make sure you know what your score is and how to improve it by signing up for Credit Sesame, don’t worry, it is totally free and they don’t require a credit card to sign up.
I like Credit Sesame because it not only gives you your credit score but also shows you how you grade on the 5 factors that impact your credit score and recommendations on how to improve each of them so you know where to start to improve it. Once you improve that score be sure to check with your insurance company and bank where you have loans to see if you can lower your payments. You can read a post all about how your credit score is calculated and how to improve it in my Your Credit Score post.
Reduce Your Water Usage
Water bills can really put a dent in your monthly budget. By finding ways to use less water you will be able to save lots more cash. Try taking shorter showers or turning off the water as you shampoo, condition or lather up or never turn the dishwasher on washing machine without having a full load.
How about installing low flow shower heads or faucet aerators? You can also turn down the thermostat on your water heater a few degrees to save on energy bills. Think outside the box to find more water way to reduce your water usage.
Stop Purchasing Expensive Cleaning Products
No, I don’t mean stop cleaning but why not make your own all-purpose cleaners, laundry soap, natural dryer sheets or foaming hand soap etc.
These recipes work just as well as expensive brand name products, most can be made with a few simple ingredients you probably already have on hand and will save you a ton of money. You don’t have to do everything all at once try one product at a time and add in a few new ones every few weeks.
Cancel Memberships and Subscriptions
What memberships do you pay for that you never or rarely use? I bet you have at least one if not many that you can think of right off the top of your head. Why are you paying for that gym membership you got in January when you made losing weight your New Year’s resolution but haven’t used since.
Or what about that Netflix payment that come out of your account every month like clockwork but you barely have time to watch a few movies or shows a month?
Go through your credit or bank statement and look for all those recurring payments to see what can be canceled. If you don’t use it regularly or get your money’s worth then cancel it. You can rent a movie a few times a month or workout at home if you want with little or no cost.
How many times has your family finished supper and you package your leftovers and put them in the fridge just to end up throwing it out 3 or 4 days later without getting any more out of it than dirty dishes?
Why not take the leftover chicken or vegetables and make a stir fry for tomorrow’s supper or make chicken salad sandwiches for you and the kids to bring to school and work the next day?
Or if you are not in the mood to eat chicken two days in a row, why not freeze it and use it at a later date? There are endless possibilities if you just take the time, and you will also save on your weekly grocery bill.
Do you really need a zillion cable channels or super high speed internet? What about call waiting or even a landline to begin with? How about that extra data for your smart phone? A Lot of these services you can do without.
Check with your providers to see what options they have available that will cut down your bill. Think about what and how you can do without. There are plenty of hotspots around these days, why not use the free WiFi and drop some data from your plan. Does everyone in your household have a cell phone that you are unwilling to give up? Then drop the landline or at least some extra services that you are paying for. What about downgrading your internet speed? Chances are you probably wouldn’t notice the difference.
Sometimes all you have to do is simply ask for a cheaper monthly charge or interest rate and you will get it. Companies will not offer it but they do want to keep your business. Call your credit card company and let them know you will be switching cards because their interest rate is getting out of hand or tell your cell phone provider that you can no longer afford all the bells and whistles.
You might be surprised at how much these companies are willing to work with you just to keep your business. We recently went to see our cable provider about downgrading services that we were willing to give up. They actually lowered our bill by about $50.00 a month without us giving up any of the services we had just to keep our business! Sometimes all you have to do is just ask.
There you have it 10 money-saving tips that you can start doing today to build your savings, get on the road to being debt free or going on that dream vacation you have been dreaming about.
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Ten Money Saving Tips
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