Pay off your debts (smallest first)
If you have a lot of debt, it can feel like you’ve a mountain to climb and no equipment. But debts only get worse if you ignore them, and one way to tackle it is to identify your smallest debt and clear that first. Make the minimum payments on the rest and as you get rid of one, move on to the next. It will feel amazing and you’ll feel more in control.
Stick to your shopping list
If you’re the kind of person that heads to the grocery store with a scant mental list at best, then you’ll more than likely end up buying things you already have, AND forgetting what you really need. So make a list before you go, and you’ll find you’re not replicating things you’ve got at home, you don’t forget the must-haves and you only spend what you need to. Result.
Cancel your unused subscriptions
How many of us have treated ourselves to a magazine subscription or signed up to a trial of a service we no longer use? If you’ve got a stack of unread magazines, a gym membership you’re not actively using or any other kind of continuity service that’s not worth its weight in gold, then ditch it. You can save the extra cash or put it towards a credit card – whatever makes most sense.
Ditch the brands – switch to generic
Chances are, your mom or grandma or such like swears by a specific brand or make; whether that’s a kind of laundry detergent or a specific brand of coffee, we all have our preferences. But much of the time, the store’s own brand is just as good, or good enough to pass if you’re trying to save a dime or two. You can always go back to your preferred brands if the generic version isn’t palatable.
Cut the cable – switch to streaming
Cable is a real treat for many of us these days. The price of an average cable account has risen by 52% in the last three years, so it’s not necessarily the best way to chill out at home. Check out the assorted streaming services and make the most of the introductory offers – just remember not to auto-renew, and cancel them if you’re not using them anymore.
Save on payday, automatically
You know that expression about what you don’t know can’t hurt you? Well, that’s quite relevant here – you could set up a small amount each month to be deducted from your paycheck and go straight into a savings account, and if that happens the same day as your pay hits your balance account, you won’t even miss it.
Put unexpected cash to good use
Sometimes nice surprises happen in the form of a windfall or tax rebate, or perhaps you’ve had a nice bonus from work. Great! However, as tempting as it might be to splash out, if you’re trying to cut your costs, the most sensible thing to do would be to use it to pay off some debt or pop it in a high interest savings account. After all, nobody knows you’ve got the extra cash, so don’t squander it.
Redress your tax withholdings
If you find that you’re either short on your tax each year or you’re getting a big rebate, you need to review how much tax you pay. If you get caught short each year, that could be painful – and if the reverse is the case, you could be saving that excess rather than sending it to the government. If you need some help, seek professional advice – the money spent there might well be worth it.
Reduce your energy bills
You can’t avoid needing electricity or other utilities, but you can be mindful of how you use it, and how much. Using LED light bulbs and dimmer switches, fixing that dripping faucet and replacing your appliances with better energy efficiency rated ones (as they need replacing) are all simple ways to cut those utility bills.
Check your insurance rates before renewing
It’s a bit of a hassle each year, having to trawl through price comparison sites to find the cheapest deal, but you shouldn’t assume that your provider will reward your loyalty. The savings could be pretty sizeable, especially if you’re switching to a new provider and benefiting from the new customer offers. It really can be worthwhile shopping around.
Take a packed lunch
OK, it might feel like no fun at all, and it may make you feel like a freshman again – but if you think that perhaps you’re spending $5 a day on your lunch when you could be spending $2.50, think of the savings over the course of the month. If it becomes habit, you’ll soon get used to it and the savings will be delicious too.
Cook at home more
We all like going out for dinner – or lunch, or supper – well, any meal, really. But it all adds up, and if the pennies are tight, this is an easy way to cut back. It doesn’t mean you can never eat out again, but if you save the meals out for special occasions and perhaps pay day, you’ll appreciate them all the more. So will your account.
Cut back on the takeout
Gosh, this one might feel like a challenge. Yet think about it – $40 or so on a pizza delivery, or pick up a $5 (or two) pizza at your local grocery store as part of a weekly shop. Maybe not as thrilling, and you’ll need to be more organized – but if you’re cutting costs, this is a no-brainer.
Check up on discounts
That old maxim about if you don’t ask you don’t get is true. If you’re a student, a senior citizen, a member of the armed services or maybe a teacher, there are often discounts available. It never hurts to ask – the worst they can say is no, and where’s the harm in that.
Join the library
Libraries are an underused resource, and they don’t just offer books. Many have magazines and newspapers and a host of other things, and they run events and activities for the local community. If reading is a favorite pastime of yours, save your bucks and take out a library book.
See if cash payment is cheaper
There are still quite a few stores that prefer a cash payment to a card, because they have to pay a charge. If you can, ask if they will discount for cash payments and see what happens. It won’t work everywhere but you’ll soon learn where it does – and then you can make a saving each time.
Review your cell phone bill
Cell phone tariffs can be sneaky – insurance when you first get your new handset might seem sensible, but if you’ve had it a while, it might be money for old rope (as the expression goes). Also, are you paying out for data you’re not using, or are you out of contract? It’s worth keeping an eye on all these things in case you can change something to make a saving.
Try a spending “No” day or week
You’ve heard of a yes day? You might have seen the Jim Carrey film Yes Man. Well, try a ‘no’ day, specifically for spending. See if you can go a whole day without paying for anything: no mid-commute coffee, leftovers for lunch, heading straight home rather than via a bar, cooking from scratch instead of that cheeky order of Chinese food. It could surprise you how easy it can be.
Consider DIY – yes, do it yourself
There are lots of jobs that you call someone in for – and for some, you should. Anything big, definitely call in the experts (you know, electrics, big construction jobs etc). However, there are things that you can do yourself – painting and varnishing, for instance, inside and out. YouTube has loads of how to videos – see what you can do for yourself to save the bucks.
Bypass the coffee shop
It feels like such a small cost – and such a necessity. But just think about it – that daily latte costing $3.50 a time is over $70 a month, which could be a tidy saving if your budget is stretched every month. Maybe limit yourself to one a month, on pay day, and you’ll be sure to enjoy it all the more (along with your wallet).
Take a staycation
There’s a big old world to explore, but if you’re watching the pennies, paying out to take a vacation might feel like an extravagance too far. So why not stay at home? Yes, you know your own immediate neighborhood, but even your own town might have undiscovered surprises – and your state may be a treasure trove of history you never realized. Plus you might need some down time on your couch.
Enjoy free local trips
How many times have you passed your town museum or that quaint little art gallery? Is there a world of culture in your town you’ve never gotten round to visiting? Sometimes it’s so easy to overlook what’s right under your nose, and so many places are free to enter, just asking for a donation. Check out what’s on your doorstep.
Make use of cash-back apps and coupons
There are a surprising number of cashback sites and coupons out there. Some people make it a full-on hobby, collecting coupons and counting up how much they’ve made in cashback. So consider those for the purchases you would make anyway. Just don’t buy something you don’t need just because you have a coupon…
Refinance your mortgage
Lots of us have enjoyed low interest rates on our mortgages in the past, but lately that’s not necessarily the case. If you have a mortgage and your interest rate isn’t fixed, you might find that your repayments have gone up. It may be worth asking your bank if there are any better deals than your current one – and see what a difference that has on your monthly balance.
Sell what you don’t need or want
The artist William Morris put it brilliantly: “Have nothing in your houses that you do not know to be useful, or believe to be beautiful.” On that basis, see what you have that you don’t use, or don’t care for, and see if you can sell it. One person’s junk is another person’s treasure, it seems. You’ll gain the space back too.
Wait for it
It might seem old fashioned, but it’s what prior generations had to do, as grandparents and maybe even parents will attest to. Sometimes you shouldn’t get it straight away – if you save for it, you’ll feel more satisfied once you finally get it. And really, how much stuff do you really need? Less is more, after all.
Try the envelope approach
Here’s another old approach that has come back into fashion in recent times: take out what you are budgeting in cash in an envelope, and once it’s all gone, you go home. That way you can’t spend more than you’ve allocated, and that feeling of paying in notes and coins feels more finite than the electric chip in your card.
Round your purchases up
Did you know that some banks offer the option to round up your purchases at the till, and put the difference in a savings account for you? Say you spend $73.12 on groceries, your bank could put the extra 88 cents in savings, and over time it will all add up. Plus a savings account will tend to have a better interest rate than a standard checking account, so you’ll earn more money on your money.
Try the 24-hour spending rule
Sometimes impulse purchases get the better of us – and even if at the time you think you need it, sometimes waiting a day can be the time you need to think it over. If you can’t stop thinking about it and you’ve been really restrained with your spending recently, it might be the reward you need. But all too often, you can get by without. That 24-hour wait could be the time you need to work it out.
Unsubscribe and unfollow
How often have you seen an email or a post about a special offer, or a flash sale, and decided to have a quick peek? $50 bucks later, you’ve got a new pair of boots or some more scatter cushions, and you probably feel pleased at your purchase…but also a bit guilty. The answer? Unsubscribe from those emails, unfollow those posts. It’s a legal requirement and it removes that extra temptation.
Only use your own bank’s ATM
Banks can be sly – you go to get some cash out, possibly to try and limit your spending (well done you), but it’s not your bank or credit union and they levy a $3 fee for the transaction. Ouch. Might not seem much at the time, but add them all up and if you’re a regular ATM user – well, you do the math.
Try a Secret Santa or a no-gifts rule
The holidays can be an expensive time – drinks and dinners, office parties, gift exchanges and new outfits. So one simple way to cut back on all that spending is to agree to no gifts. If that feels too Grinch-like, try a Secret Santa. That way you’re only spending on one person, maybe $20, and you can even ask for a gift you actually want, if you use one of the many sites that offer the service. Happy holidays!
Volunteer at local festivals and events
Festivals and events are sometimes free to enter, but rather more often they have a fee – and live music events can be pricey. The good news is that many of these kinds of gigs need volunteers to help set up, run and clean up. If you can get onto a volunteer list, you can earn your access through your time and effort, and still get to enjoy the occasion.
Cook twice the volume and freeze half
If you’re already into your cooking, you may be wise to this tip already. However, it might be a great little boost for you. Cooking twice the amount you need means you’ll buy more, which tends to be cheaper by weight, and you’re only using one lot of energy. Oh, and how amazing to have a meal already cooked.
Switch to a free, refreshing water
It’s a small suggestion but it’s better for your teeth as well as your checking account. When you go out to eat, rather than having that drink – whether it’s an alcoholic one or soft – ask for water instead. It’s free from the faucet, and it’s sugar free so your teeth will thank you as well. Even if you are paying for a bottled water, it works out cheaper than a bottle of wine.
Reduce the temperature of your hot water
It might sound complex or scary, but it really isn’t – if you dial down the temperature on your water heater, to say 120 degrees, that ten-degree reduction can shave 5% off your bill in a year. It won’t feel any different – most water heaters are set too high anyway – and it’s better for your skin too.
Make a weekly meal plan
It might not be the exhilarating experience of grabbing whatever you like at the grocery store, but making a meal plan for the week is a great way to cut your expenses. Even better if you plan in part based on what you already have, so you’re not spending more than necessary. You also benefit from not having the old quandary of what to have for dinner each night.
Shorten your showers (and skip baths)
Don’t worry, it’s not suggesting you stop showering – more that you cut a minute or two off the time you’re luxuriating in there. You won’t lose out on your ablutions but you will cut down your heating and water bills that little bit. And when it comes to saving money, every little bit adds up.
Winterproof your home
It can be expensive to fully insulate and winterproof your home, but there are some cheaper ways to make your home warmer and cosier. Simple options like sticky strips along windows and doors to reduce draughts, thick curtains and chunky draught excluders, that kind of thing. Your local hardware store will likely have advice on what to use, as well as the recommended products.
Give a swap scheme a try
There are plenty of thrift stores if you need to shop second hand, but don’t underestimate the power of sharing and swapping. Plenty of people have things they’re not using, and if you have a nice neighborhood or a close group of friends, you can set up a swap arrangement for things you no longer want or need, in exchange for other people’s things they no longer want or need. All it takes is some initiative.
