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Tired of overspending? Want to cut expenses without giving up your favorite things? Here are a variety of creative ways to save money on everything from food to getting married.
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Food and other essentials can take up a big portion of your budget, but there are many clever ways to save money on groceries.
Discount grocery stores and bulk stores like Aldi or Costco often have lower prices than traditional grocery stores. While these stores may have more limited selections, this can help you save time and money.
Not only does meal prepping save you time during the week, but it also helps you avoid the temptation of eating out or ordering in'both of which eat into your bank account more than you might like. Plus, prepping your own meals makes it easier to meet your nutritional goals.
Generic brands can be quite a bit cheaper than name brands. For example, a can of generic black beans may cost $0.78, while a can of name-brand beans might run you $1.28. That's $0.50 saved on one item. Do that consistently, and you'll notice the savings.
Shopping on Tuesday, Wednesday or Thursday may help you find more discounts on groceries. Stores often run sales midweek and offer coupons or savings on specific weekdays. Try out a few different days and plan your trips according to when you find the best deals.
Using a cash-back credit card is a great way to save money on purchases you would make anyway. Look for a card that offers cashback on your biggest spending categories, such as groceries, gas or dining. Pay off your entire balance each month to avoid interest charges.
Prepare a list before you hit the store and try not to stray from it so you can stay under budget. Try doing pick-up orders so you can see your total before you check out and delete any unnecessary items from your cart. Keep an eye on sales and plan your meals around what's in season to score discounted prices.
For those constantly on the go, buying gas is a necessary evil. However, there are several ways to cut your spending down when you're filling up.
How you drive has a significant impact on your gas consumption. Sudden braking and accelerating not only wastes gas but also wears out your car. Driving smoothly at an even pace can help you get more distance out of each drop of fuel.
Taking good care of your car can also help to optimize your fuel usage. Frequent tune-ups, properly filled tires and regular oil changes make your vehicle more fuel-efficient, while also keeping it out of the shop.
Carpooling with friends, family or coworkers lets you split the cost of fuel to save on gas. It also reduces your carbon footprint and may offer added benefits like access to carpool lanes.
Using gas price comparison apps can help you find the cheapest gas prices in your area so you're always paying the lowest prices possible. Some apps can even be used to calculate trip costs or earn rewards.
Energy rates continue to rise every year, with many households paying hundreds each month to keep the lights on. If you're feeling the drain, here are a few ways to lower your electricity bill.
Ever heard of energy vampires? Your electronics keep drawing power even when they're not in use. Unplug your device chargers, game consoles and TVs when you're not using them'it's a small effort that can make a big difference in the long run.
LED bulbs use around 70% less energy than traditional bulbs, and they can last up to 25 times as long too. This means you save money on your electric bill and on replacement bulbs by switching to LED. Dimmer switches also work well with LED bulbs to stretch your energy.
Use your appliances during off-peak hours to cut your monthly bill. Power companies often charge lower rates during times of day when demand is lower, such as before 3 p.m. and after 7 p.m. Try doing your laundry at night or running the dishwasher in the morning to start.
The Department of Energy estimates that you can reduce electricity costs by up to 10% annually by adjusting your thermostat seven to 10 degrees from its normal setting for eight hours each day. With a programmable thermostat, you can easily schedule temperature changes to use a little less energy when you don't need it.
Air leaks can cause your heating and cooling system to work harder and use more energy. Check your doors, windows and vents for leaks to make sure you're not paying for more electricity than you need. Sealing these with caulk is an easy, low-budget solution.
Ceiling fans can help circulate air in your home to make you feel cooler when it's hot outside and warmer when it's cold. This lowers your energy use while keeping you comfortable.
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Saving money for a house takes time and discipline no matter how you slice it, but there are ways to make the process a little easier on yourself.
To give your savings a boost, open a high-yield savings account earning a competitive interest rate. Then, automate your saving by scheduling automatic transfers or sending a percentage of your paycheck straight to this account.
If you're renting, consider moving to a smaller apartment or sharing a living space with a friend or family member to reduce your rent and free up more money for a while. You may also be able to negotiate with your landlord to lower your rent.
Transportation costs can add up quickly. Consider carpooling, taking public transportation or biking to work to spend less on gas and ride-sharing services.
Saving in the background, or without thinking about it, is a smart solution for anyone who has trouble remembering to save. Many money-saving apps offer round-up transfer options to automatically send a portion of every checking account transaction to your savings account.
Cancel any services you have but don't need including streaming, gym memberships and food delivery services. Take that extra money and move it to your savings account each month. Try an app like Rocket Money to organize your subscriptions and see which ones you might be able to cut.
Challenge yourself to not spend any money for an entire weekend. Instead, find free activities to do and cook for yourself. Many people spend the bulk of their extra cash on the weekends, so even one or two spending breaks can make a difference in your house savings fund.
Who said you can't have your dream wedding without breaking the bank? Here are some fun and creative ways to save money for a wedding.
You'd be surprised by how much you can save just by choosing a date that's not in high demand. Get married on a weekday or pick a weekend in an off-season month to take advantage of lower average costs.
You can save a lot of money by making your own decorations. Get creative and make your own centerpieces, flower arrangements and wedding favors. You can also borrow decorations from friends and family or rent them from your local party rental companies.
Dedicated wedding venues grow costlier every year. Go the non-traditional route and have a breathtaking ceremony at a park, the beach or in your backyard. You'll often save money at non-traditional venues, and many places allow weddings even if they don't specialize in them.
One of the most straightforward ways to save money on a wedding is to trim your guest list. You often pay for drinks and food at a per-person rate, and larger venues charge higher prices. Consider limiting your guest list to your closest friends and family members. Or, invite everyone to the ceremony and a select number of guests to the reception.
Wedding dresses tend to be very expensive, but you can save money by buying a pre-owned dress. Companies like Pre Owned Wedding Dresses and Stillwhite make it easy to shop secondhand from a variety of styles and designers.
Instead of having an open bar, consider serving a signature drink. This adds a personal touch to your wedding and typically costs a lot less than a fully-stocked bar.
Plated dinners are often the most expensive way to serve food at a wedding. Consider a potluck-style reception, serve a fun build-your-own food bar or offer just dessert instead. Guests are often pleased just to eat, and you can let them know ahead of time what you're planning.
Entertainment doesn't have to cost a fortune either. Skip the pricey DJ and curate your own playlist and rent a sound system, or ask some of your guests to perform ahead of time as their gift to you. The memories created will be priceless, and your savings will thank you.
Stationery, decor and accessories may go on sale at different times of the year. Before you make a purchase, do a quick search online to see if there are any discounts available and try to purchase things several months in advance to give yourself more time to bargain hunt.
Are you interested in learning more about hot sale quick coupling? Contact us today to secure an expert consultation!
The best way to save money is whatever way will work for you. The easier it is for you to commit to saving, the more regularly you'll do it and the faster you will be able to reach your goals.
The first step to saving is to make it a habit. Here are some tips for getting into a habit of saving.
1. An emergency fund is a must. Chances are you've already been told that you need an emergency fund somewhere in the ballpark of three to six months of your income. Yikes! Overwhelming, right? At America Saves, our motto is 'Start Small. Think Big.' In keeping with that, we recommend starting with an emergency fund savings goal of just $500. Learn more about emergency funds here.
2. Establish your budget. The best way to jumpstart establishing a budget is to realize your spending habits. On the first day of a new month, get a receipt for everything you purchase throughout the month. Stack the receipts into categories like restaurants, groceries, and personal care. At the end of the month you will be able to clearly see where your money is going. Additionally, your bank or credit union may have this as an online-banking feature. Seeing what you spend in total on food, shopping, etc. can be humbling!
3. Budget with cash and envelopes. If you have trouble with overspending, try the envelope budget system where you use a set amount of cash for most spending. And once the cash is gone, it's gone.
4. Don't just save money, save for your future. There IS a difference!. As you begin to #ThinkLikeASaver, don't simply spend less. Save with a purpose, such as college expenses, retirement, or for emergencies. Learn more about what you should be saving for here.
If you've taken the America Saves pledge, you've already chosen a savings goal which means you're ahead of the savings curve!
5. Save automatically. Setting up automatic savings is the easiest and most effective way to save, and it puts extra cash out of sight and out of mind. Automatic savings means you have a process in place to save at regular intervals, whether that's monthly, weekly, or daily.
Instruct your employer to direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer's direct deposit, ask your HR representative for more details and set this up today.
If you don't have an employer or maybe your sources of income vary, check out our other strategies to save automatically.
6. 'Start Small. Think Big,' with a short- term goal. The truth is, people save more successfully when they set a short-term goal. For instance, committing to saving $20 a week or a month for 6 months is much more attainable that setting a goal to save $500 a month for a year. Once you reach the short-term goal, you'll have created a habit of saving you can be proud of! You'll be able to keep going strong with a new goal.
7. Start saving for your retirement as early as possible. Few people get rich through their wages alone. It's the miracle of compound interest, or earning interest on your interest over many years, that builds wealth. Because time is on their side, the youngest workers are in the best position to save for retirement. Learn more about different options for saving for retirement in your workplace or on your own here.
8. Take full advantage of employer matches to your retirement plan. Often as an incentive, employers will match a certain amount of what you save in a retirement plan such as a 401(k). If you don't take full advantage of this match, you're leaving money on the table.
9. Save your windfalls and tax refunds. Every time you receive a windfall, such a work bonus, inheritance, contest winnings, or tax refund, put a portion into your savings account.
10. Make a savings plan. Those with a savings plan are twice as likely to save successfully. That's where America Saves comes in. If you take the America Saves Pledge, we'll help you set a goal and make a plan. And it doesn't stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system. Take the America Saves Pledge here.
11. Save your coins - literally. Putting aside just 50¢ a day over a year will get you almost halfway to an emergency fund. Check with your bank or credit union, and research apps that offer programs that round your purchases up to the nearest dollar and put the difference into a separate savings account.
12. Use the 24-Hour Rule. Avoid purchasing expensive or unnecessary items on impulse with a self-imposed 24-hour rule. For any non-essential item, wait 24 hours before purchasing. It's perfect for online shopping where your items can simply be added to your cart to purchase later.
13. Treat yourself, but use it as an opportunity to save. Match the cost of your nonessential indulgences in savings. So, for example, if you splurge on a smoothie while out running errands, put the same amount into your savings account.
14. Calculate purchases by hours worked instead of cost. This mental math tactic really helps you to #ThinkLikeASaver. Take the amount of the item you want to purchase and divide it by your hourly wage. For example, if you're considering a $50 pair of shoes and you make $10 an hour, ask yourself if those shoes are worth working for five hours. Sometimes they are, sometimes they won't be.
15. Unsubscribe. Avoid temptation by unsubscribing from marketing emails and texts from the stores where you spend the most money. By law, each marketing is required to have an unsubscribe link, usually at the bottom of the or you can reply to any text with STOP, and that should opt you out of their list.
16. Place a reminder on your card. Remind yourself to think through every purchase by covering your card with a savings prompt such as, "Have you met your savings goal for the month?" Write the message on a piece of masking tape or colorful washi tape on your card.
17. Participate in a local Investment Development Account (or IDA) program. If your income is low, you may be eligible to participate in an IDA program where your savings are matched. In return for attending financial education sessions and planning to save for a home, education, or business, you typically receive at least $1 for every $1 you save, and sometimes much more. That means $25 saved each month could become several hundred dollars by the end of the year. Find an IDA program near you.
18. Pay off credit cards in full each month. The miles and cash-back are only valuable if you're not falling into debt or paying interest. Learn more about debt and credit here.
19. Start with a goal of reducing your credit card debt by just $1,000. That $1,000 debt reduction will probably save you $150-200 a year in interest, and much more if you're paying penalty rates of 20-30 percent.
20. Use only the ATMs of your bank or credit union. Using the ATM of another financial institution once a week might seem like no big deal, but if it's costing you $3 for each withdrawal, that's more than $150 over the course of a year.
21. Check your credit report for free once a year. Use your annual free credit report from the three credit reporting bureaus to look for inaccuracies or opportunities to raise your score. Credit scores are used by loan providers, landlords, and others to determine what they'll sell you, and at what price. For example, a low credit score can increase the cost of a 60-month, $20,000 auto loan by more than $5,000. Learn more about your credit score here.
22. Pay your bills on auto-pay. This ensures they are paid on time, in full to avoid late charges. As a bonus, some loan providers offer a small interest rate deduction if you enroll in auto-pay.
23. Get free debt counseling. The most widely available help managing your debt is with a Consumer Credit Counseling Services (CCCS) counselor. CCCS' network of non-profit counselors can work with you confidentially and judgement-free to help you develop a budget, figure out your options, and negotiate with creditors to repay your debts. Best of all, the 45-90 minute counseling sessions are free of charge and come with no obligations. Get started here.
24. Take advantage of your library. Libraries are gold-mines of free entertainment. They offer several entertainment options including classes, e-books, and audio-books. Some libraries even allow you to borrow things like tools and sewing machines!
25. Browse online for free or low-cost local entertainment. Check out local events on Facebook or Eventbrite to plan some downtime. There are often events and activities listed that you probably aren't aware are happening.
26. Volunteer at festivals. Cultural festivals and events often offer free admission to event volunteers. Contact the organizers of your favorite event to ask about volunteer opportunities and benefits.
27. Create a family spending limit on gifts. Discuss placing spending limits on gifts within your family and/or a system where you only purchase one gift for one person over the holidays. Not only will it relieve financial stress for your family, but it allows you to focus on what really matters during special occasions and holidays.
28. Plan gift-giving well in advance. To go alongside spending limits, give yourself time! You'll ensure that you're giving the most thoughtful gifts, which usually end up being not as expensive. Besides, it will also give you the opportunity to look for sales.
29. It's never too soon to start saving for college. The last thing kids need is more 'stuff.' Consider asking for donations to the college fund if you have enough clothes, toys, and other needs for your little ones.
30. Don't buy cheap clothes for cheap's sake. There are times where it makes most sense to prioritize quality over price when purchasing clothes for the family. An inexpensive shirt or coat is a poor bargain for older family members if it wears out in less than a year, but could make sense for quickly growing children.
31. Organize a neighborhood swap meet. Here's how it works: gather your friends and neighbors with kids around the same age and everyone brings gently used clothing, books, and school supplies, toys, etc., and receives a ticket for each item they bring. Each ticket entitles you to one item from the swap meet. If you contribute six books, you can leave with up to six new-to-you books. If you contribute seven items of clothing, you can leave with up to seven new-to-you items of clothing. All leftover items are donated.
32. Designate one day a week a "no spend day." Reserve one night a week for free family and friends fun. Cook at home, and plan out free activities such as game night, watching a movie, or going to the park.
33. Brown bag your lunch. The reason you hear this tip so much is that it works! If buying lunch at work costs $5, but making lunch at home costs only $2.50, then in a year, you could afford to create a $500 emergency fund and still have money left over.
34. Commit to eating out one fewer time each month. Save money without sacrificing your lifestyle. Take small steps to reduce your dining budget. Start off with reducing the amount you eat out by just once per month.
35. Plan your meals in advance and stick to a list while grocery shopping. People who do food shopping with a list, and buy little else, spend much less money than those who decide what to buy when they get to the food market. The annual savings could easily be hundreds of dollars.
36. 'I'll take a water, thank you.' It's standard in the restaurant industry to mark up the cost of alcohol by three to five times. An easy way to cut down on your restaurant spending without changing your habits too drastically is to skip the beverages, alcoholic and non-alcoholic.
37. Save time and money by doubling the recipe. Next time you make a family favorite, double the recipe and freeze the leftovers for another day. That way you can get two meals out of one and use the ingredients more efficiently with less waste.
38. Don't skimp on preventive healthcare. Routine dental checkups, for example, help prevent fillings, root canals, and dental crowns - all of which are expensive and no fun.
39. Go generic. Ask your physician if generic prescription drugs are a good option for you. Generic drugs can cost several hundred dollars less to purchase annually than brand-name drugs. And since physicians often don't know the costs you incur for a particular drug, you often have to ask.
40. Comparison shop for prescription drugs. Don't just rely on the closest drugstore because the cost to you can vary significantly from pharmacy to pharmacy. Make sure to check out your local pharmacist, supermarkets, wholesale clubs, and mail-order pharmacies.
41. Purchase store brand over-the-counter medications. Store brand medications often cost 20-40 percent less than nationally advertised brands, but are the exact same formula.
42. Comparison shop for homeowners insurance. Before renewing your existing homeowners insurance policy each year, check out the rates of competing companies.
43. Refinance your mortgage. Explore if you have the option to refinance your mortgage to a lower interest rate. On a 15-year $100,000 fixed-rate mortgage, lowering the rate from 7 percent to 6.5 percent can save you more than $5,000 in interest charges over the life of the loan. And, you will accumulate home equity more rapidly, thus increasing your ability to cover those pesky unexpected home repairs.
44. Audit your home energy use. Ask your local electric or gas utility for a free or low-cost home energy audit. The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year. Keep in mind that a payback period of less than three years, or even five years, usually will save you lots of money in the long-term.
45. Weatherproof your home. Caulk holes and cracks that let warm air escape in the winter and cold air escape in the summer. Your local hardware store has materials, and quite possibly useful advice, about inexpensively stopping unwanted heat or cooling loss.
46. Keep the sun out. Keep your blinds or curtains closed during hot summer days. Blocking the sunlight really does help to keep your house cooler.
47. Use less water. Install low-flow shower-heads and faucet aerators to reduce your water usage and water costs.
48. Cut laundry detergent use in half. Many laundry detergents on the market sold today are highly concentrated. Be sure to use the smallest suggested amount. Making laundry detergent is said to be relatively cheap and easy, especially if you prefer to use greener, natural products.
49. Go natural. Speaking of making your laundry detergent, using everyday items you already have around your home to clean works for many. You'd be surprised what you can do with vinegar and lemon!
50. Lower the temperature on your water heater to 120 degrees. For every 10 degree reduction in temperature, you can save up to 5 percent on water heating costs.
51. Ditch the paper: Cutting out paper towels and using cloths and napkins that you can simply wash and reuse is a simple way to save.
52. Become a Coupon King or Queen. We all know that couponing can save you lots of dough! Even simply couponing for those essential household staples like toilet paper and cleaning supplies can add up quickly (and so will your stockpile!)
53. Comparison shop for auto insurance. Before renewing your existing auto insurance policy each year, check out the rates of competing companies.
54. Check multiple sites for low airfares. Want to plan your dream vacation for cheap? Don't rely on a single airline search engine to show you all inexpensive fares. Some discount carriers do not allow their flights to be listed in these third-party searches, so you need to check their websites separately.
Looking for more tips, resources, and accountability to help you along your savings journey?
Let America Saves help you reach your savings goals! It all starts when you make a commitment to yourself to save. Take the America Saves Pledge and commit to save money, reduce debt, and build wealth over time.
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