Saving money is always a good idea and frankly, one we often don’t give enough thought to until times get tough. The more you are proactive you are in saving, the better off you’ll be and the more financial peace you’ll have. Here are some simple ways to start saving more money today.
Simple ways to start saving more money today
Most people don’t get excited about the idea of saving money, but I love it. I’ve always loved figuring out ways to be frugal.
Why? Because saving money gives you more flexibility and less stress.
You feel better prepared for when the unexpected happens and realistically unexpected things will happen. Cars break, houses flood, the stock market crashes, and life happens and you have to deal with the financial consequences.
Finances can cause additional worry and are a source of marital strain. The more ways you can look to save and be wise with your finances, the better off you’ll be.
Slow or stop buying things you don’t need
In our treat yo’ self culture it can be challenging to choose to live more simply and not do or buy all the things your friends are. Buying a coffee at Starbucks and going out to eat are part of many people’s normal routines.
However, to start saving more money today decide to stop or significantly reduce buying non-essential items. This can be anything from lattes, meals out, and movies to Target or Amazon impulse purchases.
You might be surprised to find how much money has been going towards things you don’t actually need. Look at what the primary temptations are for you so you can being to make adjustments. Be more intentional with how you shop.
Review cell phone, internet, and cable plans
Many of us spend a lot of money on a combination of phone, internet, and cable plans. Look at what your current plan is and see if you’re paying for more than you need.
Compare prices from other carriers to see if you can get a better deal elsewhere. See if bundling your services can save you additional money.
While most people see phones and internet as necessities (I know for us they are), but perhaps cable isn’t. We canceled our cable seven years ago and have never missed it. Nexflix, Amazon Prime and Hulu are all great less expensive alternatives.
Try calling your carrier and see what’s the best deal they can give you. You may find that deals not posted anywhere on their site are something they can offer you. I know that when I initially went to cancel my cable service they offered my significantly discounted rates for a period of time.
It’s all worth pursuing as it will help you start saving you more money right away.
Compare insurance policies
You can start saving more money by comparing insurance policy pricing. First, decide what types of insurance you need and then compare prices with various carriers.
Make sure to read the fine print and that you are evaluating the same types of coverage. This is also a great opportunity to make sure you have the correct policies and coverage for your needs.
When we moved almost six years ago, I took the opportunity to compare 4 major insurance companies to make sure we weren’t overpaying. Interestingly what I found was that some companies were significantly cheaper for one type of insurance but a lot more for another.
In the end, we stuck with our same carrier as when we added up all the costs the competitors came in about the same or higher. It at least felt good to check it and make sure we had what we needed.
Review your credit card statements
Do you know what all of your monthly payments are? With the ease of online banking and auto bill pay it’s easy to forget what you are paying for.
Review your credit card statements to see where you could start saving more money. Perhaps you have a monthly subscription to something you no longer use or want.
Looking over your statements also helps you to have a better understanding of how much you are spending on what. You may find you are paying far more for things than you realized.
Introductory rates end and prices go up and if you aren’t checking your statements you may not even be aware that this is happening. You need to know what you’re paying for and where your money is going.
Track your spending & create a budget
Have you ever tracked your habits or kept a food journal? The act of writing things down helps to create awareness as well as change habits.
When you decide to write down how you are spending your money, it forces you to slow down and think. It may mean you decide not to buy something knowing you will later regret it.
Tracking spending helps increase accountability for the purchases you make even if you’re only being accountable to yourself.
After you’ve tracked your purchases and you’ve noticed your spending habits, create a budget. Give yourself boundaries and limits.
This will help you to start saving more money every month. Review your spending and budget at the end of each month to see what additional adjustments need to be made.
If you’ve decided to buy something, compare prices before purchasing. If you’re buying online do a quick search for a coupon code or use the Honey extension.
For some items consider buying secondhand to save some more money.
Even for necessities like food, check to see what sales your grocery stores are having that week. Plan your meals for the week around what items are on sale.
You don’t have to become an extreme couponer or spend a lot of time on it. I look at ads for two local grocery stores. I clip coupons on the apps for those stores and create my lists based on that. It doesn’t take much extra time, but it does help you start saving more money immediately.
Borrow instead of buy
As you evaluate what is necessary and look for ways to save more money, consider when you can make do instead of buy new. Perhaps you can use something you already have or you can borrow the item from someone else.
Be creative and think outside the box with ways you can work with what you’ve got. Build community by banding together to loan and borrow items needed for a short time. Share with friends and family.
There are a lot of great ways to start saving more money today. You just have to look for them and adjust your habits a bit. The payoff is more than worth the effort.
Plan ahead and save because you never know when it will rain. It’s one step towards living more simply and intentionally.
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