Need more money? If you answered yes, don\u2019t worry \u2014 you\u2019re not alone. While there are plenty of approaches to getting more of the green stuff, one of the most effective ways of working with what you already earn is to master the art of saving money. <\/p>\n\n\n\n
Watching your spending doesn\u2019t have to mean tightening your belt or resigning yourself to bargain bins and scratch-and-dent sales for all of eternity! In reality, it\u2019s just about cutting back on waste and spending your money on purpose, not out of habit.<\/p>\n\n\n\n
Following these money-saving tips can help you cover those rising bills \u2014 with the freedom and flexibility to keep living life to the fullest.<\/p>\n\n\n\n
Did you know the average American household spends $219 per month on subscriptions<\/a>? That\u2019s $133 more than most of us realize.<\/p>\n\n\n\n Whether you\u2019re bingeing Prison Break on Netflix, bumping the new Taylor Swift album on Spotify, catching up with The Angry Video Game Nerd on YouTubeTV, or trying out a Salmon and Kimchi Skillet via New York Times Cooking, those subscription costs can add up.<\/p>\n\n\n\n How to cut back on subscription fees and still get all your faves:<\/p>\n\n\n\n Did you know that Americans waste 92 billion pounds of food each year? That\u2019s roughly 145 billion meals, costing Americans close to $473 billion annually<\/a>. With the rising cost of food, it\u2019s hard to fathom this much waste. <\/p>\n\n\n\n You don\u2019t have to be Gordon Ramsay to master the art of cooking \u2014 it just takes a little dedication, time, and maybe even some bravery to chow down on meals that regrettably missed the mark. Keep things simple \u2014 you don\u2019t need to spend $100 on fresh ingredients per meal. Instead, focus on eating healthy for less and cutting back on grocery expenses. <\/p>\n\n\n\n How to cut back on grocery bills and still eat what you love:<\/p>\n\n\n\n In the United States, we\u2019ve been spending big on entertainment \u2014 Americans spent some $26 billion<\/a> on books and $121 million<\/a> on music each year. That\u2019s a pretty substantial chunk of change! <\/p>\n\n\n\n If you\u2019re a big fan of books, audiobooks, and magazines, consider borrowing these items from the local library<\/a> \u2014 you can access their curated collections for free and save a ton of money annually.<\/p>\n\n\n\n How to save money on books, audiobooks, music, and more:<\/p>\n\n\n\n The temperatures are cooling in the northern hemisphere, and it\u2019s a great time to think about saving on utilities. Did you know that the EPA estimates you can save 15% on heating and cooling<\/a> costs just by making sure your home is well insulated?<\/p>\n\n\n\n A home that fails to retain heat during the long winter months (or cool air in the hot summer season) is going to leave you feeling uncomfortable while carrying the cost of a higher utility bill. The best way to save is by making sure your home is properly insulated and managing your thermostat.<\/p>\n\n\n\n How to save on your utility bills:<\/p>\n\n\n\n Insurance is how we safeguard our possessions and put our vehicles on the road \u2014 we can\u2019t operate a car or take out a mortgage without it. Americans spend an average of $2,388 on auto insurance<\/a> per year and $2,285 on homeowners insurance<\/a> for a $300,000 policy \u2014 that\u2019s over $4,500 annually!<\/p>\n\n\n\n You don\u2019t need to cover your home in bubble wrap, fill in the pool, throw out your trampoline, and drive 20 mph to get a good insurance rate \u2014 there are several different methods to lower your monthly premiums and save money. <\/p>\n\n\n\n How to save money on insurance:<\/p>\n\n\n\n A recent study<\/a> found that more than a quarter of all Americans (27%) use doom spending to cope with stress \u2014 for younger generations, that number is even higher, at 35% of Gen Zers and 43% of millennials.<\/p>\n\n\n\n While the numbers are hard to quantify, the pattern is clear \u2014 people spend money to cope with anxiety, then feel anxious about their financial situation, so they spend even more money. It\u2019s a toxic spiral that can be incredibly hard to break out of. <\/p>\n\n\n\n If you\u2019re struggling with doom spending, these 10 tips can help<\/a>.<\/p>\n\n\n\n Online shopping has revolutionized the way we purchase things we need. It\u2019s convenient, but it also comes with a price \u2014 you can\u2019t scroll through social media without seeing hundreds or even thousands of ads every day.<\/p>\n\n\n\n In the US, online shopping costs about $6,156 per year on average<\/a>. While some of those purchases are more than worth it, it\u2019s important to separate out what you really want from those momentary impulse buys.<\/p>\n\n\n\n How you can save on shopping:<\/p>\n\n\n\n Want an extra boost for your savings? These simple power-ups can take your budgeting and saving habits to the next level.<\/p>\n\n\n\n Wait, this article is about saving money, right? <\/p>\n\n\n\n It may sound counterintuitive, but spending some extra money to pay off your debt can actually help you save money in the long run.<\/p>\n\n\n\n Those high debt balances can really eat up your budget, especially from credit cards (with an average APR of 21.51%<\/a>). Paying the minimum balance on your credit card debt every month usually comes with long pay-off schedules and a ton of interest \u2014 money you shouldn\u2019t have to spend. <\/p>\n\n\n\n Stop giving credit card companies your hard-earned cash. Instead, create a plan to pay off that high-interest debt as quickly as possible. <\/p>\n\n\n\n Making it a priority will save you money over time and get you out from under those monthly payments, giving you more flexibility to spend in other areas, pay off other debt, or increase your savings.<\/p>\n\n\n\n It will also improve your credit score and give you access to credit cards with better rates and offers, like automatic cash back on every purchase.<\/p>\n\n\n\n It\u2019s far too easy to skip your savings deposit. Everyone\u2019s been there. You plan on adding money to your savings account, but by the end of the month, there isn\u2019t enough left to do it \u2014 or you just plain forget.<\/p>\n\n\n\n Create an automatic savings plan and put your savings on direct deposit to keep your savings goals on track. Just set up a recurring transfer from your checking account to your savings account!<\/p>\n\n\n\n Be sure to pick the day of the month that makes the most sense to you. A few days after payday is often the perfect day to do that, giving that paycheck just enough time to clear and then putting the money up right away.<\/p>\n\n\n\n A great way to increase your retirement savings is to see if your employer offers 401(k) matching funds. When you add money every month to your 401(k), many employers will match those contributions up to a certain amount.<\/p>\n\n\n\n In other words, they\u2019re willing to give you free money just to help you save for retirement. Free money is a rarity in this life \u2014 don\u2019t leave it on the table!<\/p>\n\n\n\n A fun, DIY way to save money in the short term is to participate in a savings challenge. The idea is to make a game out of saving money, and you can even challenge your friends.<\/p>\n\n\n\n One great example is the no-spending challenge \u2014 try not to make any non-essential purchases for an entire week!<\/p>\n\n\n\n Next, switch things up and go for a vice-tax challenge. Pay a \u201cfine\u201d to your savings account every time you skip a good behavior or do a \u201cbad\u201d one. What counts as good or bad is completely up to you.<\/p>\n\n\n\n For example, you could pay a fine to your savings account any time you skip your workout or whenever you eat out at a fast-food joint. Whether you build your savings or build healthier habits, you win either way.<\/p>\n\n\n\n Saving your credit card or debit card information at a favorite online store like Amazon or on Instagram makes shopping much more convenient. Unfortunately, that convenience also makes it easy to spend money without thinking about it.<\/p>\n\n\n\n By removing your credit card information or your PayPal password from your browser, individual websites, and even your cell phone, you create a small barrier between your bank account and impulse buys.<\/p>\n\n\n\n It also has the added bonus of protecting you from online hackers by making it that much harder to steal your information!<\/p>\n\n\n\n Big upcoming expenses can definitely hurt your savings if you\u2019re not prepared for them. The best way to stay ahead and not sacrifice your hard work and discipline is to plan ahead and prepare for big purchases and expenses. <\/p>\n\n\n\n Is it time to retire your trusty 1984 Peugeot 205 and upgrade to something a little more contemporary? Are you planning on cruising through the Aegean, island hopping from Naxos to Mykonos? Or maybe those guitar lessons have been paying off and you\u2019re ready to buy a brand new Fender Stratocaster! Whatever your big expenses are, you can mitigate any necessity to dip into your savings by planning ahead and saving up. <\/p>\n\n\n\n When you reach the point where you can cover your new purchase, keep setting money aside for your emergency fund<\/a> to take care of any surprises. When you need to make withdrawals from that fund, be sure to pay yourself back.<\/p>\n\n\n\n If you\u2019re struggling to stay afloat and need to start making some extra cash to pad your savings, consider finding a side hustle to earn a few extra dollars. Start by evaluating your weekly schedule and your interests \u2014 you need to find something that works with your lifestyle and something you have enough time for!<\/p>\n\n\n\n Do you live in a city with lots of events? Consider signing up for a ridesharing app like Uber or Lyft and take a look at an event calendar in your city \u2014 you can take people to and from the big game or concert and make some extra money fast.<\/p>\n\n\n\n Not into driving? There are plenty of other options<\/a> you can explore \u2014 it can be easy and fun to find a side job to work on your own terms, and earn some extra money in the process. <\/p>\n\n\n\n At the end of the day, the best way to save money is to be intentional about your spending. <\/p>\n\n\n\n Buy the things you need and the things that bring you joy. But if your gut doesn\u2019t feel sure something\u2019s worth it, let that one go.<\/p>\n\n\n\n To help you make those decisions, track the money you\u2019re spending on your favorite retail sites and in those impulse-buy categories. By staying on top of your finances, you\u2019ll know what you need to do to make ends meet \u2014 by spending less, by building your income<\/a>, or both.<\/p>\n\n\n\n\n
2. How to save on groceries (save $2,400+\/year)<\/h3>\n\n\n\n
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3. How to save on books, audiobooks, and more (save $50\/mo or more)<\/h3>\n\n\n\n
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4. How to save on utilities (save 15% or more on your energy bill)<\/h3>\n\n\n\n
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5. How to save on insurance (save 5-25% on yearly costs)<\/h3>\n\n\n\n
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6. How to save on doom spending and other expensive habits<\/h3>\n\n\n\n
7. Hit the pause button (save hundreds per year)<\/h3>\n\n\n\n
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Seven more tips to make the money you save go even further<\/h2>\n\n\n\n
1. Pay down high-interest debt<\/h3>\n\n\n\n
2. Automate your savings<\/h3>\n\n\n\n
3. Max out your employer\u2019s 401(k) match<\/h3>\n\n\n\n
4. Try a savings challenge<\/h3>\n\n\n\n
5. Delete that automatic billing info<\/h3>\n\n\n\n
6. Plan for upcoming expenses<\/h3>\n\n\n\n
7. Find a side hustle<\/h3>\n\n\n\n
The very best way to save money<\/h2>\n\n\n\n