Everyone's situation is different, and there is no one-size-fits-all when it comes to saving money. But no matter where you are in life, you can start making saving money a habit.
The more you do it, the easier it will be to become a super saver.
7 Ways to Save Money
1. Create a 50/30/20 budget
Follow the 50/30/20 budget which means devoting 50% of your after-tax income to necessities, 30% to wants and 20% to savings and any debt payments.
2. Pay off high-interest debt
If you can pay off high-interest debt more quickly by making extra payments, you’ll save on total interest paid and free up your finances sooner. But don’t spend the money you save from paying off debt, instead, start putting the money into high-yield savings. Keep in mind, you may have to pick up a temporary side job to put extra money towards debt. Driving jobs side jobs are very popular and offer flexibility in your schedule.
3. Set-Up Automatic transfers
Don’t spend time thinking about making a transfer from your checking account to your savings account each month. By setting up automatic transfers the money will accumulate over time without any additional work on your part.
4. Count your coins
Set your change aside every day. After you have a sizable amount, you can deposit it directly into your high-yield savings and watch your account grow. Plus, when you use cash, you tend to spend less money. Cash is a good way of psychologically forcing yourself to budget.
5. Prep for grocery shopping and dining out
It may seem corny but coupons work. Apps like Flipp help you sort through sales flyers and coupons from local stores when you enter your ZIP code. Make sure you’re signed up with loyalty and reward programs where you routinely shop and dine out. Nowadays it’s simple to get discounts just by downloading the company’s apps.
6. Use a cash back credit card
Some cash back credit cards could earn you as much as 15% cash back on gas, groceries, restaurants and even prescriptions. Just make sure to pay off your bill each month to avoid paying interest and fees.
7. Get discounts on entertainment
Check local community for free events like concerts, trips to the museum, festivals, or movie nights at the park. You can also ask about discounts for students, seniors, veterans, military families, first responders and more.
Final takeaway
Saving money gets simpler the more you do it and the more you experience an increased banking account from your saving habits.