11 Easy Practical Ways to Save Money You Need To Know

11 Easy Practical Ways to Save Money You Need To Know

When it comes to saving money, we all have good intentions, right? We tell ourselves that we’ll start saving money when we reach a certain age, get a raise, or Jimmy (finally) moves out of the basement.

However, you won’t start saving money until you develop healthy money habits and prioritize your future needs over your current wants. Often, our desire to save money isn’t high enough on our priority list to postpone the purchase of a new smartphone, kitchen table, or television.

So we squander our money or, worse, go into debt to fund our latest bout of “want-itis.” That debt is then converted into monthly payments, which control both our paychecks and our lives.

Doesn’t that sound overwhelming? It doesn’t have to be that way. With a few changes to your spending priorities, you’ll be well on your way to saving money in no time. 11 Easy Practical Ways to Save Money

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11 Easy Practical Ways to Save Money You Need To Know

1. Reduce Your Grocery Spending

Most people are surprised to learn how much they spend at the grocery store each month after creating a budget. And, if you’re like the average American family, you’re probably spending somewhere around $647.

It’s so simple to walk through those aisles, picking up a bag of Oreos here and a few bags of chips there, and then topping it off with the fun goodies at the register. However, those small purchases (or budget busters) add up quickly and end up blowing the budget every month.

Save money on groceries by planning your meals each week and checking what you already have in your pantry before you go shopping. Why would you want to buy more of something you already have? You might also want to leave the kids at home so you can stick to your list more closely.

And, if you’re really looking for ways to save money, consider using grocery pickup. It is available at the majority of major supermarkets (sometimes for free). This is useful because picking up your groceries eliminates any temptation you might have felt after smelling the aroma of freshly baked chocolate chip cookies wafting through the store.

2. Make Good Use of Any Extra or Unexpected Income

When you receive a nice work bonus (congratulations! ), inheritance, or tax refund, put it to good use. And by “good use,” we don’t mean adding that fancy new stamp to your stamp collection or even putting it in the bank.

If you still have debt, you’d be better off using those funds to pay off your student loans or the balance on your credit card rather than stashing it away. If you’re debt-free, put the extra money toward an emergency fund, you know, for emergencies.

Bonus tip: If you consistently receive large tax refunds, it’s time to adjust your paycheck withholding so you can bring home even more money each month. Plus, we don’t want to give the government any more money than necessary, do we?

3. Lower your energy costs

Did you know that by making a few changes to your home, you can save money on your electric bill? Begin by taking shorter showers (not fewer), repairing leaky pipes, washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs.

While new, energy-efficient appliances are an excellent way to reduce your electric bill, they are not cheap! However, if you factor it into your monthly budget, you can pay cash for those minor upgrades.

4. Reduce Your Cell Phone Bill

If your monthly cell phone bill exceeds your monthly grocery budget, it’s time to cut back. Get rid of unnecessary extras like expensive data plans, phone insurance, and warranties to save money on your cell service. Also, don’t be afraid to bargain with or switch providers! It may take some perseverance and research, but the savings are well worth it.

5. Cancel Any Automatic Subscriptions or Memberships.

You’re probably paying for several subscriptions, including Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes, and Amazon Prime. It’s time to cancel any subscriptions you’re not using on a regular basis.

When you make a purchase, make sure to turn off “auto-renew.” If you cancel it and realize you can’t live without it, subscribe again, but only if it fits within your new (and improved) budget.

Consider sharing memberships with family or friends for the subscriptions you do want to keep. Many streaming services, such as Netflix and Hulu, allow you to watch your favorite shows on two or more screens at the same time (with an upgraded account). Everyone wins and saves this way.

6. Avoid Monthly Debt

Monthly debt payments are the most significant impediment to saving money. Debt robs you of your earnings! So it’s past time for you to pay off that debt. The debt snowball method is the quickest way to pay off debt.

This is where you pay off your debts, starting with the smallest and working your way up. Doesn’t that sound intense? Don’t worry, it’s about changing behavior rather than numbers. When you have freed up your income, you can finally use it to make progress toward your savings goals.

7. Cut Cable Ties

It is no secret that cable subscription costs are rising. The average monthly cost of cable TV is around $106, which works out to more than $1,200 annually.

The good news is that you don’t have to watch your favorite shows on cable anymore. Cut the cord and learn how to save a ton of money utilizing network apps and streaming services as cable alternatives.

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8. Skip the Coffee Shop

Ouch. It’s painful, but we get it! However, you can save money by just preparing your own coffee at home rather than paying $5 for that daily latte. Please understand that we are not advocating that you solely consume instant coffee (unless you enjoy that kind of thing). But even buying a bag of locally grown beans from your local coffee shop and brewing it at home will end up saving you a ton of money over time.

9. Sell Everything that Doesn’t Make You Happy.

Marie Kondo is on to something. Get rid of anything in your home that you aren’t using or are ready to part with in order to improve your financial situation. Your aunt gave you that antique chair, right? Selling it That antique shop crystal vase you discovered? Selling it

How much junk you have in your home (that you don’t even use or consider) may surprise you. And the money you can make from those activities could mean the difference between having a fully loaded emergency fund and living paycheck to paycheck.

10. Request For Discounts (and pay in cash)

Asking is usually a good idea because you never know unless you ask. Check to see if there are any senior, student, teacher, military, or AAA member discounts the next time you purchase tickets for a movie theater, museum, or sporting event. If not, remember that having money when you bargain is always a plus.

11. Borrow And Don’t Buy

Need a hand blender to whip up a bowl of soup or a tree trimmer for some weekend yard work? Instead of going to the store, borrow it from a friend or neighbor.

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11 Easy Practical Ways to Save Money

Conclusion

Create a budget that starts at zero before the month begins. Being deliberate is the key to using a budget. It assists you in developing a strategy so you can track your spending and determine how much you can truly set aside each month.