Inside: Learn money-saving habits that can help you start saving more right away!
Looking to save more money each month? When it comes to the household budget, many people are searching for additional ways to stretch their dollars and save more money.
Everyone has habits related to their money. Once you see where you spend without even realizing it and identify where you need to shift things, you can create money-saving habits that will help you to save more.
The more you’re willing to change your routine and habits, the more money can be potentially saved each day. But often people don’t know where to start when it comes to changing these habits, or even where they could be potentially saving the most money.
With that in mind, here are some of the money-saving habits you need to try.
Money-Saving Habits to Try
Ready to save more money? Here are some money-saving habits you can start today.
1. Analyze your spending
One of the first things that you should do is look at your monthly outgoings. These are the bills that you pay every month.
Analyze your statements and look for additional places to save. A great way to do this is to get your bank and credit card statements and look at each transaction.
You may find direct debits that you may have thought have been canceled, but weren’t. You might also look at how much you are spending on various categories each month like utilities or food.
This gives you the chance to understand your spending habits and look at ways you can make some big savings. The more ways you can simplify, the more money you can save.
2. Buy budget brands
Shopping can get overwhelming with the number of options there are in stores. There is typically a large selection of products stating they do the same thing, taste the same, and in some cases look the same.
In many cases, you are paying for the brand name or different packaging. It is as simple as that. Next time you go shopping, try some of the store brands and see if you notice any difference.
Most times you won’t and you get to save some extra money in the process.
3. Declutter and make some extra money
There is money to be made in the things that you no longer want and need. Perhaps you gave old technology you don’t use, or maybe you need to scale down your wardrobe, whatever you don’t need sell it online to make some extra money.
You won’t believe how much you could make and what you don’t love anymore could be a huge blessing to someone else. The more you declutter and sell, the more you can boost your finances.
This can also be a great way to save money as you start to look at the things that you need and perhaps buy less knowing exactly what you have.
4. Use up what you have
Ever look in your cupboard and find you have lots of bottles, jars, and tins for things? But yet you are still shopping, buying duplicate products. Start using them up and clear out the space.
A great tip is to shop your cupboards. Before heading to the store, look at what you have and what meals can be created by those ingredients instead.
Look in your cleaning cupboard and use up the products you already have. Check your wardrobe before making that impulse purchase for new clothes.
Use what you have and be mindful that you don’t need to keep spending. It could save you a lot of money. Learning to make do instead of buying new not only saves you money, but it’s also good for the environment.
5. Research before purchasing
When buying bigger ticket items, take some time to research and compare prices before purchasing. This will help you to save more money and hopefully prevent buyer’s remorse.
No one wants to spend a lot of money on an appliance or vehicle that has mechanical issues shortly after being purchased.
Unfortunately, there is no way to guarantee that won’t happen, but spending a little time looking at options and reading reviews can help you to make a more informed decision that will save you money in the long run.
6. Have a savings goal
Another helpful money-saving habit is to always have a goal you’re working towards. A savings goal for something you want to achieve such as a down payment on a house or to pay for a specific vacation.
It can help you to make sacrifices and put money aside to achieve those goals. It makes you more focused on what you want to achieve and will motivate you to continue your money-saving habits.
7. Negotiate what you can
While not everything is negotiable, you may be able to negotiate more than you realize. If you find a flawed item in a store, there is no harm in asking if you’re able to get a discount on it.
When your internet bills rise over time, you can contact your service provider to see if you’re able to get a better rate. The same is true with your cable company. Better yet, consider getting rid of cable altogether.
For the times when you have an option to negotiate, don’t be afraid to try it. You may find that your simple question or offer saves you quite a bit of money!
8. Use your community resources
Are you a member of your local Buy Nothing group? It can be a great way to save money by getting things you need for free.
It’s a great way to get to know people in the community and to pass along the things you no longer need as well.
Another option is to shop in thrift or charity shops. They offer items at lower prices so you can save money while also giving an item a second chance at life.
9. Wait before you buy
Many purchases are made on impulse. It’s how they get you in the check out line. Stop and ask yourself if you really want or need the additional item before you buy it.
Stores don’t want you to think. They want you to buy, but the more intentional you are with your shopping the less clutter you’ll accumulate and the more money you’ll save.
For bigger purchases, make a habit of waiting twenty four hours to make a decision.
It can be easy to get caught up in a scarcity mentality, but when you’re spending a lot of money you don’t want to make an emotionally based decision. Giving yourself additional time will help you to think it through more rationally.
10. DIY what you can
Ever thought about not buying products at all to do your cleaning? You can create great DIY cleaning products, and you’ll likely already have many of the ingredients on hand.
Doing some research online and finding recipes to try could save you a bundle. You could find a remedy for removing mold off sealant in your bathroom, or a fabulous solution to mopping the floors, and more!
It’s surprising how inexpensive they are to make. You may never buy a cleaning product again.
There are also great DIY options for some health and beauty products as well. You can save money while making products that are better for you.
What Money-Saving Habits Do You Plan to Try?
I hope you’ve found these ten money-saving habits to be helpful. Which ones do you plan to try? Share it in the comments section!
Sign up on the form below to get weekly tips on simplifying and living intentionally sent straight to your inbox! You’ll also get the free 8 Quick Wins for Decluttering checklist to help you start simplifying today.
Something I’ve been doing for several years is saving my dollar bills – they add up very quickly. When I get upwards of $200, I use it for a trip, something I’ve wanted to get for a long time, or just to have on hand for something fun. I’m thinking about adding $5 bills to this exercise – they probably add up even faster than the $1’s!
I love that idea, Laurie. Thanks for sharing!
Love this post Julianna! I like the point you made about analyzing your spending. It really puts you back in power and nobody should be a victim to their finances.
I also love that you mentioned selling your clutter! Between my parents and I we made over 2000 last summer selling our clutter on Facebook! And it was almost all cheap junk.
Thanks for sharing. In addition to your cupboard, you should also analyze perishable foods from your refrigerator that you may be discarding cause they go bad. Incorporating a weekly meal plan will help save money by first incorporating foods you have on hand prior to hitting the stores. We always check to make sure we have everything we need for the week. We post a pad on the fridge next to our meal plan to add items (staples running low, etc). We save a lot of money by grocery shopping with a plan and not walking up and down the aisles for impulse buys. We have been meal planning for years. It also avoids spending money going out to eat or ordering take-out because you forgot to take something out of the freezer or you are missing one ingredient.
Very useful advice thank you. I have especially the idea of DIY.