
10 Tips for Saving Money Every Day
Saving money is a way to invest in your future every single day. Saving money doesn’t have to mean depriving yourself, and can be easy with the right budgeting and planning ahead. Here are ten ways to save money each day effortlessly:
1. Make coffee at home.
Daily trips to coffee shops can suck a huge amount of money out of your account. Making coffee at home is one way to eliminate spending. But you don’t have to cut out your trips to cafe completely — consider only getting coffee once a week, on Friday mornings before work or Saturdays with a friend.
2. Get rid of cable.
Cable can cost families hundreds of dollars per month and thousands per year. Think about what your favorite shows and programs are, then consider switching to paid services like Hulu and Netflix which usually less than $10 per month.
3. Eat in more often.
This advice is often given, but can be hard for people to implement. Eating in saves a lot of money over time and can often positively contribute to one’s overall health. Cutting out fast food or convenience foods can save your wallet and waistline. To succeed at this goal, start by creating a weekly grocery shopping list and stick to your meal plan. Allow yourself to eat out once weekly at first.
4. Keep a penny jar.
It’s easy to lose your loose change in pockets and washing machines, but keeping a penny jar is an easy way to keep track of your change and to feel accomplishment as the penny jar grows.
5. Pay with cash.
Studies have shown paying with cash is an effective way to spend less money because the spender knows exactly how much is in their pocket. Consider taking out a specific amount of cash each month.
6. Contribute to a 401k or retirement plan.
Contributing to a retirement plan is investing in your future live and self. It’s one of the best ways to save money without having to think about it. If you sign up for money to be automatically routed into these accounts, you won’t even notice.
7. Have a goal.
Want to pay off debt, or vacation in Costa Rica? Want to pay off student loan debt, or put a down payment on a home? A clearly defined savings goal gives you a sense of purpose. Instead of feeling deprived when you don’t purchase of pair of shoes, you’re thinking about your larger goal.
8. Avoid “fast fashion.”
Poorly made or cheap clothing perpetuates a cycle of spending. Consider placing a ban on shopping for a few weeks or a month, or buy just one high quality piece instead.
9. Take on side work.
If you’re in a position to take on a side job and you’re still happy with your current income, you can put that money directly into your savings. This helps you to feel in control of your finances and can help you learn or hone your skills.
10. Directly deposit part of your income into a savings account.
If you put away a certain amount of your paycheck into a savings account or emergency fund, even if it’s just $5 a month, you are setting the habit of saving that will help you throughout your lifetime.
