Now that we’ve hit the big picture items, let’s look at some smaller, more practical ways to save money regularly.
- Use an automated tool or app to automatically put small amounts in your savings account.
- Prep for grocery shopping so that you don’t overspend.
- Order smaller servings at restaurants
- Get discounts on entertainment.
- Map out major purchases so that they fit into your budget rather than buying on impulse.
- Restrict online shopping so that you’re not making impulse buys while surfing the internet.
- Bundle cable and internet services to get a lower rate.
- Switch your cell phone plan to a cheaper option.
- Monitor your electric bill and take actions to reduce electricity usage (turn A/C off when leaving the house, turn off lights, etc.).
- Lower your car payment by refinancing.
- Lower your student loan payments by refinancing.
- Cut your mortgage payment by refinancing.
- Use a lower interest loan; such as a home equity loan or line of credit, to pay off high interest credit card debt.
Oftentimes, changing just one habit can you save you lots in the long run
- Give up coffee or reduce alcohol consumption. It not only saves you money, but there are definite health benefits.
- Cancel your gym membership and work out at home.
- Take your lunch to work instead of eating out.
- Borrow books, magazines, and videos from the library.
- Lock up your credit card and checkbook and only pay in cash.
- Review your bank statements and compare them to your budget.
- Set limits for birthday and Christmas presents.
- Share gardening tools and equipment with your family and neighbors.
- Shop around for insurance especially car insurance.
All of these tips and strategies are great for creating immediate, short-term gains. But, it is also important to have a long-term plan, as well as a budget to help you implement your saving plans.