![]() ![]() An energy audit can lead to energy-efficient improvements that could potentially save you more than $1,000 per year. Many utility companies offer you a discount for paying your bill online and receiving paperless statements. We've broken down our top tips by category to help you get started right away. In addition to the general money-saving tips above, there are more specific ways you can start saving money based on your personal finances.įor instance, most people can cut their utility and grocery bills, reduce their car insurance premiums, or pay less in credit card interest with just a few simple money hacks. So if you have extra time in your schedule, you can save money by fixing or making things that you would other buy or pay someone else to do.Įven if you're not handy or crafty enough to build your own furniture or sew your own clothes, you can still save a few bucks off of your weekly and monthly expenses by meal-prepping or mixing your own household cleaning products. They say everything in life costs either time or money. But if they're not really worth it if they're preventing you from achieving bigger dreams and goals.īy cutting back on how often you go out, you can still enjoy an occasional evening of indulgence and social time with friends while still working toward your savings goals. Meeting friends for drinks every Friday or eating out for lunch three days a week may seem like simply luxuries you should be able to enjoy. Sure, you might look forward to that monthly gourmet coffee subscription, but wouldn't you rather put that money towards a vacation, a new car, or early retirement? 7. Many of us don't take the time to think about why we spend money the way that we do. If you can eliminate some of your debt (say a credit card bill or car payment), you can free up more money to cover your everyday expenses as well as any goals you're working towards. But unlike housing, food, and utilities, most debt is optional. It's very easy to look at debt as just one of those expenses that you have to pay every month. You'll be surprised and how much cash you can free up with just a few changes. Once you've created a budget, you can look for ways to reduce your spending and free up more money you can put towards savings.Ĭonsider dropping a streaming service you don't use that much, downgrading your gym membership, or acting out half the amount of times you are now. ![]() Get more tips on automating your savings. You can even have your tax refund deposited straight into savings so you won’t be tempted to spend it. Take advantage of online banking to set up automatic transfers from your checking to your savings account at regular intervals and fund your savings without lifting a finger. It's easy to forget to put aside that money for your vacation and then blow it on something else. The biggest hurdle to saving money is simply doing it. Setting specific savings goals allows you to plan out your savings strategy and improve your chances of attaining that goal.įor example, if you want to have $2,000 in six months for a vacation, you can then plan out home much money you need to put aside each week or month to reach that goal.įind more ways to set savings goals. They make it easy (and almost fun) to create a budget and adjust your spending. If you find the whole idea of budgeting overwhelming, you can try out one of the best budgeting apps. That's because it's nearly impossible to take any other steps toward saving without first knowing how much money is coming in and how much is going out. ![]() Learning how to budget is an essential first step to saving money.
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