Saving money is an art. Everyone is not that good when it comes to managing money. It has become more difficult to save some cash than ever for many of us. Most people suffer from this problem because they are not financially educated, and they end up going broke. They try hard, but it’s still impossible for them to save money. They even have a tight budget, but they can’t find additional smart ways to save money.
In this article, I’ve come up with the best things everyone can do to boost his chances of successfully saving money so he can save for all his short-term and long-term goals.
10 Smart Ways to Save Money
Below are the ten easy ways to have more money this year.
1. Track Your Spending.
The very first step you can take in order to save money is to record your expenses. How much is your income and where you spend it–that means from buying coffee to cash tip. Tracking your spending can give you an accurate image of where your every buck is going and where you’d like it to go instead. You can take the help of technology to track your expenses. Some of the most popular money-tracking apps are:
- Personal Capital
- Clarity Money
2. Cancel Automatic Memberships & Subscription.
I know you would be paying for multiple subscriptions like Diney+, Prime Video, Netflix, Hulu, and gym memberships. Now, it’s high time to cancel any of the subscriptions you’re not regularly using. And make it possible to turn off auto-renew while making any purchase. If your current membership expires and you think you can’t go without it, subscribe again.
3. Eating Out Once in a Month.
Saving money without sacrificing your lifestyle is the most satisfying thing to happen to anyone. It’s fine having dinner outside once a month. Try to take small steps in order to reduce your dining budget. It’s good for both—your body health and financial health also.
4. Pack Your Lunch.
If buying lunch at the office costs you $8, but bringing the same meal from home costs only $3, then over a year, you can create up to a $1250 emergency fund. You can even make a significant contribution to a college plan or retirement fund.
5. Unsubscribe from Emails.
Affiliate/Email marketers are really good at what they do. They manipulate you to spend some cash on buying their worthless products by showing coupons and flashy GIFs. Most people even buy them, and after some time, there’s no use of them. And they do the same thing again. Trust me, unsubscribing them may help you save a good amount of money.
6. Skip the Coffee Shop.
People used to go to coffee shops when they wanted to spend some quality time with their loved ones. And most of the time, they had coffee at their homes, but now, coffee has become a trend. You’re not up until you have Starbucks. Coffee shops have become a meeting place. After every hour, an employee comes and pays $5 on the latte and goes to his work back. It’s is really painful. Make coffee at your home and try to save that money.
7. Use Cashback Apps & Coupons.
Cashbacks apps are definitely worth it. These great apps are changing the way consumers shop and save. You can take advantage of sales to help save money. Reward apps have made save money fun. By making it an interactive game with some good points, you can enjoy yourself while reaping the benefits. The best cashback apps for 2021 are:
- Capital One Shopping
- MyPoints (I’ve personally used it, I also made a decent amount of money)
- Swagbucks (One of the best cashback apps)
8. Save Money Automatically.
Yes, you can save money without even thinking about it. Almost every bank offers an automated transfer between your checking and saving accounts. It is one of the easiest ways to save money. You have to set up your bank account to automatically transfer funds from your checking account to a savings account every month. You can even set up your direct deposit to automatically transfer 10% of your paycheck into your savings account. Woah!
9. Save Money for a Purpose.
Don’t just save money, but save for a purpose. Saving money for a reason will give you the motivation to save more and more money. You can save for anything, such as your college expenses, retirement, a holiday trip, or emergencies.
10. Save Your Windfalls & Tax Refunds.
Put a portion into your savings account of every windfall you receive, it can be an inheritance, work bonus, or a tax refund.
Did you know, even the high-earners and ultra-wealthy save money as it’s dominant for everyone. I’ve shared some of my personal favorite money-saving tips that I follow to save money.
Don’t forget to think outside the box. Even small changes can make a giant difference!
Try to discover smart ways to save money yourself.