This post is all about the best money saving techniques to try right now.
Alright girly pop, we’ve all been there –
You know, that sinking feeling when you check your bank account and realize you’ve spent way more than you planned, and there’s nothing left to show for that hard-earned paycheck you got on Friday. It’s like your money has developed a mind of its own and danced away into the abyss, leaving you scratching your head and wondering, “Where did it all go?”
But don’t worry, love. You don’t have to live in financial chaos. It’s time to take charge of your finances and start saving some money with the following best money saving techniques.
Here are the 7 best money saving techniques that you can start implementing right NOW.
Table of Contents
1. Create a Budget
Everything starts with a budget. Without knowing how much money you need to cover your essentials, you won’t know how much money you have left over for discretionary spending like subscriptions, dog toys, or your favorite Iced Shaken Oat Milk Espresso.
Creating a budget isn’t just about listing out the cost of your rent/mortgage and all the monthly bills; it’s about diving deep into your monthly bank statement to find out where your money is really going.
Have you ever thought you’re only spending $200 on groceries, only to discover it’s much higher when you include all those Target runs? To assist you in this process, consider using my free printable budgeting template to organize all your expenses. This visual aid will highlight areas where you can reduce expenses and allocate your funds more effectively.
I would suggest starting with a 50/30/20 budget, a simple and effective method. You can learn more about it here. This budgeting strategy designates 50% of your income to necessities, 30% to discretionary spending, and 20% to savings. If you’re able to save more, you can adjust the percentages between wants and savings accordingly. This budgeting approach will help you stay accountable to your financial goals.
2. Automate Transfers: Prioritize Yourself
Now that you’ve got your budget in place, it’s time to take action. One of the most effective strategies for saving money is to automate transfers. Move your money out of your checking account before you even see it!
Paying yourself first means that before you start spending your paycheck, you allocate a portion of your income towards savings or investments. This ensures you save consistently, weekly or bi-weekly depending on the frequency of your pay.
Since you’re following all these steps *eyes emoji*, you should already have your budget and an idea of how much you’ll be able to save. If that number is 20% of your after-tax income, then simply calculate 20% of your paycheck and INITIATE TRANSFER. If your employer offers direct deposit, you can easily set up a 20% direct deposit straight into your savings account or make arrangements with your bank to do so.
And don’t worry, if your savings percentage falls short of the 20% mark – every little bit makes a difference!
So, go ahead and set up those automatic transfers to your high-yield savings account, retirement fund, or any investment of your choice. It’s a super simple way to finally place yourself and your financial goals at the top of your priority list!
3. Make a Grocery List and Use It
You’ve probably heard the age-old advice, but here it is again: don’t head to the grocery store on an empty stomach!
When it comes to cutting back your monthly expenses, one of the most effective tricks in the book is to put together a grocery list and meal plan before your shopping trip. Trust me, without a plan, you’re more likely to give in to those impulse buys and overspend on things that end up going to waste.
So, let’s get organized.
Start by creating a detailed list of the groceries you need for the week, all based on your meal plan. Here’s a fantastic resource with a 10-item grocery list designed to last you the whole week.
Now, when it’s time to hit the store, do your best to stick closely to that list. Oh, and let’s not forget about going generic. Seriously though, there’s no convincing me that Walmart’s brand of rice, canned corn, or medicine is any different from the fancy-name brands.
AND before you even step out the door, for the love of all that’s delicious, check your freezer. You might be surprised at the dinner possibilities you already have waiting for you right at home.
4. Delay Impulse Purchases and Use Price Trackers
“If I like it, I’m going to get it in another color,” right? But should you?
Impulse buys can be a real headache for those of us trying to stick to a budget. Before clicking that Buy Now button on Amazon, give yourself a 3-day delay.
I think the official rule is 30 days, but I find that to be a bit excessive unless you’re eyeing a new car or a large purchase like that. For those, sure, give yourself 30 days to think and potentially avoid buyer’s remorse. Whether it’s a short 3 days or a full month, this cooling-off period lets you reconsider the purchase. It helps you decide whether it’s something you genuinely need or if it’s just a passing desire. Don’t let those “yOu HAve 7 hoURs tO bUY at 30% oFF” fool you. If you clear your cookies, chances are, the discount will still be available tomorrow.
Social media has a way of making you feel like you absolutely must have it, but personally, I’ve discovered I only really use about 10% of the things I’ve been swayed to buy. And half the time, they’re not even that great—they’re just affiliate income for someone.
PRO TIP: Try using price trackers to keep an eye on an item’s past prices. Ever wondered if those Amazon Prime Deals are genuinely a steal? More often than not, they’re the same price they were a month ago before they got dressed up for a prime deal day. Don’t believe me? Pop an Amazon product URL into CamelCamelCamel to check out its price history. You might be in for a surprise.
This website can also be handy for figuring out when that product usually goes on sale, so if you do decide to treat yourself, you can snag it at the absolute best price.
5. Lower Your Car Costs: Shop Around for Insurance
STOP accepting those yearly car insurance increases and shop around!
(Well, unless you have a habit of getting into an annual fender bender, then maybe stick with the company that is still willing to insure you, I joke but you get it)
But seriously, now, how you approach this topic really depends on your own unique relationship with your current car insurance provider. Either way, I’d recommend at least peeking at what other companies have to offer. I am not saying to call your insurance agents and demand a lower rate, that sounds intimidating, and I wouldn’t do it myself, unless I had some leverage, of course.
If you own a car, you’re likely already familiar with the hefty costs associated with it. Many people simply renew their policies without shopping around for better rates. The result? They end up paying more than they need to for their coverage.
Do yourself a favor and invest a little time in comparing different insurance providers and their policies. Most of them offer online quotes. You know, the kind where you just must hand over your email address and promise your first-born child in exchange for a number. But once you’ve got that number and it’s lower than what you’re currently paying, you can decide to make the switch right away or, if you’re feeling brave, give your current provider a call and let them know that another company is offering you a better deal. Just make sure you’re comparing apples to apples by selecting the same type of coverage you currently have.
You may be surprised by how much you can save by switching to a different insurer.
6. Review Your Utility Bills
Is your electricity bill running around $300 per month? Well, I certainly hope not, unless you’re living it up in a super fancy 10-bedroom mansion.
If you have a feeling that your electricity bill is sky-high, there’s a good chance it is. And it might not entirely be your fault.
Sometimes, those utility companies tend to sneak in some extra charges on the cent per kilowatt-hour (kWh) price. Now, don’t get me wrong, your utility bill also depends on stuff like how energy-efficient your appliances are, the age of your windows, and a bunch of other factors. So, don’t go pointing fingers at ComEd right away. But here’s what I really want to highlight: the kWh price.
Even if you’re getting your bills from ComEd, in some cases, you might actually be getting your electricity from a not-so-budget-friendly alternative retail electric supplier (ARES). So, it’s worth checking to see if you’re one of the unlucky ones in that situation. You can turn this into a group project and ask your friends about their kWh rates on their bills and see how it stacks up with what you’re dealing with in your area. Or, you could take the direct route and give ComEd a call to see if there’s a cheaper supplier available.
If your electricity bill checks out, there are still some energy-saving moves you can make! Simple tweaks like using energy-efficient light bulbs, adjusting your thermostat, and sealing up any drafts can put a nice dent in your monthly expenses.
7. Switch Your Cell Phone Plan
Alright, let’s get real – our cell phones are practically glued to our hands these days. I’d never suggest parting ways with your best friend just to save a few bucks, but there are some clever moves we can make to keep more cash in our pockets.
The thing about cell phone plans is that they can sneak up on you cost-wise, especially if you’re paying for features and data you don’t use. So, here’s the deal..take a moment to give your cell phone bill a once-over and figure out if it’s a good match for your actual needs. Are you paying for a Hot Spot that you barely use? Or maybe you’re paying extra for phone protection when you may be able to get it for free through your credit card issuer. Read this article for more information.
Many cell phone providers offer all sorts of plans, and you might just stumble upon a more budget-friendly option that still checks off all your must-haves. Keep in mind, the price you pay per line can vary, depending on how many lines you need in your plan. Single-line plans tend to hit your wallet harder with post-paid plans, so I’d suggest you look into prepaid plans that many providers offer but don’t always shout about. It’s still T-Mobile, but the only difference is you pay before you use the service instead of after.
PRO TIP: Check out providers like Mint Mobile – they literally offer T-Mobile’s service with a lower price tag. You can keep your old phone number too!
This post was all about the 7 best money saving techniques to try right now.
Posted By: Angelika · In: Finance
