So as the title suggest, you're obviously looking for ways on how to save money. Everyone would love to save a bit of extra cash. But it's not as easy as it sounds.
Struggling to get by week after week ?
Don't stress, we've all been there. An unexpected bill or an unplanned trip to the doctor and expensive medical bill can really set us back and it is most definitely very frustrating!
While some of these hacks may not apply to you, you may find even one or two which could be useful and even saving $50 a month can make all the difference to some of you.
The stresses of life and money worries can really knock us down when we are struggling to get by and being able to save that little bit can put us on track to paying off our debts or going on that holiday we've always dreamed of.
These simple hacks cover the follow topics :
So there is something for most people in this post :) You will have to make some changes to your lifestyle if you want to start saving cash but some of these aren't too tough to do.
Now, let's dig into some of these hacks and get started saving some extra cash ! Remember, over time small savings can add up and before you know it, you could have some extra cash ready for a dream holiday !
Okay, some of you will read that and say Hey! I love my cigarettes. But hear me out. How much do you think you could save if you cut it out ?
Not sure, then use this great tool and calculate it yourself. Simply put in how much you spend and smoke and it will calculate how much money you could be saving not to mention the added health benefits.
There is also some helpful quit smoking information on that site which may also help you.
Now let's take averages to get a vague idea of what can be saved here. The average American spends $70 a week on cigarettes according to the US Centers For Disease Control And Prevention.
How does $280 a month savings sound ?
Not too shabby eh ? Okay, you might be seriously addicted to smoking and can't kick the habit. Well then, how about cutting down on it and saving maybe $100 a month?
Still an extra $100 can add up over time.
So cutting out smoking can on average save you $3,360 per year
This saving doesn't include the extra premium you pay for health insurance when you state you are a smoker so there are even more savings to be had.
Right, you are now feeling like crap. I have to cut down on entertainment expenses? Well, believe it or not, there are many ways to have fun without spending a ton of money.
I'm specifically talking about entertainment like going to theme parks, days out with the family etc, visiting and exploring places, cinema, concerts etc.
Discounts, Coupons, Sales, Deals can really help with this. Don't forget students, military vets, pensioners etc. can also get discounts in some things so always ask about them before making a purchase.
This website has coupons and discounts on many things from concerts to movie tickets.
Check out this awesome post on 50 free things to do in America from coast to coast
Oh this is a big one. I'm guilty of it too. So many great deals I've got to have them all ! But what is all this costing ?
According to Statista graph, you can see the average annual spend of an American and it is predicted to increase into 2022. As of 2018, the average annual spend is $2012. We can definitely get this down and start saving money.
Online shopping can really get out of hand if not checked. So where can we find a good bargain ?
These are just some examples of online shopping you can do on a budget and save some cash. It's all about cutting down those expenses but you might get more for your buck with some great deals.
Shopping for our favorite brands can be exciting and fun, especially the ones we love so much. The only problem is they tend to be quite expensive. Luckily, there are tons of website where you can shop for clothes for cheaper than the traditional brick and mortar style brands.
Here is a list of 12 great websites with fashionable and affordable clothing.
Here is a statistic that I found surprising, the average American will spend $161 per month on clothes and services. Check out this source if you want more information on this.
That comes out at $1932 per year.
Imagine what you may save over the course of the year if you cut this bill down. And with the websites listed above, you may very well be able to cut this down and further save money without too much effort.
You don't have to suffer and live a terrible life to save. You can simply cut down on the bill instead.
Need tips on how you can eat out on a budget ?
Check out this Eating Out Without Biting Into Your Budget for some guidance on where to start.
Eating out can be a big expense. Here's some good old statistics to back up these claims. If you eat out on average twice per week and spend the average American price of $11 per meal , that adds up to aprprox. $1,043 per year according to Statista
So imagine what you may be spending if you are eating out more than twice a week ?
Costs can certainly add up and cutting it down can yield some great benefits and savings. Grocery stores have great deals if you do enough digging. Also, a very big expense is lunch when at work.
This can be one way you can trigger a spending cut by making your own lunch and bringing it to work. If you are looking to lose some extra pounds, it might be a great time to start, with both health and savings benefits.
Believe it or not, you can reduce your insurance premium if you shop around. Yes, it can be a boring nightmare going through it to find the best deal for you.
If you want to try find the cheapest auto insurance rate in your area, check out Compare.
Simply plug in your zip code and it'll scan through the different rates based on certain metrics including your age, gender etc. Who knows, you might get lucky and find some cheaper options.
Ask yourself a simple question, how often do I actually use half the channels I have ? Do you really need cable ? There are so many other cheaper options out there today like Netflix, Amazon Prime etc.
According to Leichtman Research group, the average monthly cost of cable is $104
People are already realizing that this is nonsense with other cheaper options but if you haven't, it might be worth checking you bill. You could save $1248 per year.
For all the drinkers out there, you could save a lot of money if you cut out or even down your alcohol bills. If you just drink on the weekend, the average American will spend $2,500 per year on this
Between smoking and drinking, you could have massive savings if able to cut down on it. Obviously, people struggle with this but maybe the thoughts of the new car or holiday you can travel on with the extra money might be enough to get you over the line.
If you're having trouble calculating what you spend on alcohol, this calculator may help.
I'm going to be honest. When researching for this post, I started to look at my own alcohol expenses over a year and all I can say is wow. I genuinely couldn't believe I was spending so much money.
Maybe you too might have a similar situation and cut back those costs.
We all love and need a good car. But do we really need the expense that comes with it ?
Here's something that may shock you. The average monthly payment on cars is at an all time of..... drum roll..... $523. Absolutely shocking ! I honestly thought this was a mistake.
Just check out this article for more information on that figure if you want.
Obviously, you can get a better deal than this and cut down the money you spend. There are tons of great options out there for far less cost. Even cutting it back to $400 a month saves $1476 per year and you could obviously get that a lot lower.
That doesn't even take into account the price of gas, maintenance, insurance etc.
Now, if you live in a city and don't have far too travel for work etc, you could consider riding a bike or public transport. Just think of the money you may save if you do it that way.
Yes, this might be a small one but it can add up. Instead of using any bank machine, just use the machines from your own bank instead. Banks charge fees to use their ATM's so this can add up.
Now, it might not be a large sum but over the course of a year, the average American spends $150 on these fees according to Statistica. Simply by withdrawing your money from your own bank can save you some extra cash.
Audit your home energy use and cut back on gas/electricity bills. You can audit it yourself or get a free audit by a professional (free in some countries) This website has some useful tips on how to do it.
The cost per month for energy bills can range depending on state, anywhere from $73 and up.
So if you can conduct an audit and find a solution, you may be able to reduce this bill and save money.
Struggling or overwhelmed with debt ? Get free debt advice and work out an action plan to help with this. Once you have some solutions, you may be able to eventually start saving too.
Don't be too hard on yourself, you can start one step at a time.
Get more information here on debt advice and counseling options.
Many people spend a lot of money on mortgage interest rates. According to Valuepengiun, the average U.S. Mortgage Rates for a 30-year fixed rate mortgage is currently 4.38%, with actual offered rates ranging from 3.50% to 7.39%.
Home loans with shorter terms or adjustable rate structures tend to have lower average interest rates.
Some mortgages allow the option to re finance. This means you could find a better alternative at a far better interest rate. This could save you thousands over the years.
Even tiny percentage decreases in interest rates can really make a big difference.
You can experiment with this loan calculator and see how much money you would spend at different interest rates based on your own current circumstances.
The average cell phone monthly bill is............ $80. That is quite high in fairness. Just check out the information here on that whopping price.
Shopping around can save you hundreds if not thousands. You can compare plans here
With prices so high, even getting a $50 per month plan saves over $360 per year on the average cost.
A lot of retailers have these programs where they reward loyal customers. Check out this article on how to sign up for these and start saving extra money now. it is usually as easy as registering your email address and opting in once you make a purchase.
Be aware though, obviously you don't want a ridiculously large amount of annoying emails but there can actually be some great offers so I suppose it's a small price to pay for a potentially good deal.
While you may find it hard to save, don't be too strict on yourself. Saving can be a very difficult thing especially when money is tight. But with these simple tips, you might even find one way to save an extra few dollars.
Start small and don't completely just shut your life out of all things fun. It's important to have a life too ! But some of these tips can show you just how much you really can save.
If you want tips on how to improve your life now that you are obviously trying to create a better life by saving, this article may help also.
I was surprised with some of these tips myself when writing this (especially the car monthly costs) and I'm sure you might be too.
The very best of luck and I hope you all become lean mean saving machines in no time. :)