15 Amazing Ways to Save Money
Have you ever thought of saving some extra money in your budget? Not only that, also you would be able to afford a real vacation, and at last you would be also debt – free. To solve your this issue we have put our heads together and made some extra effort to come with a list of those 15 amazing ways through which you can actually save some extra money on your monthly income.
Now most of you guys might be thinking and worried about that how should you take a start? If you guys are worried about this thing then stop worrying because here are few steps which will help you to take a start today on your money saving plan.
So let’s get started, just simply stick to us!
Steps To Start Saving Money
The first and most important step of money saving is your mindset because saving money begins with your mindset.
Try to keep your mind away from money saving techniques. We have thought about a budget at an American based finance company named as NerdWallet, as an expenditure plan because saving money doesn’t mean you have to quit spending at all. Saving money means you just have to prioritize some of your financial goals over others.
Here are 4 simple tips depending on how much you want to save.
- Stay Focused On Your Budget
- Daily Money – Saving Tips
- Monthly Money – Saving Tips
- Long-Term Money – Saving Tips
Stay Focused On Your Budget
So are you ready to take a start? We advise you the 50/30/20 budget for smart money management. Now most of people might be thinking that what does 50/30/20 means? So let me tell you that’s the different percentages which you have to dedicate to your different necessities, give me a minute and I will explain that to you. First of all dedicate 50% of your monthly income to all of your needs and from the rest of the 50%, first off all you need to separate 30% from remaining 50% and dedicate it to your wants and remaining 20% to your savings. If you ever feel like that any of your quota is exceeding these percentages then make some adjustments to make them fit to the formula.
Now at this time as you are working towards your financial goals, don’t forget to put your newfound funds in your savings account to maximize your money. There are some best online accounts which pay interest rates 150 times higher as compared to large traditional banks.
Daily Money – Saving Tips
Do you know that simple pinches to your daily routine can produce small savings that add up over time. Check out the tips which I have mentioned below to save on your everyday activities such as grocery, shopping, entertainment and dining out,
- Take Advantage Of An Automated Tool
Digit and Qapital are those 2 apps which will automatically transfer small amounts from your checking account to a different saving account. The working strategy of Bank of America is also same as each time you swipe your card.
- Take Manual Saving Actions
You can also take manual saving actions by emptying your pocket everyday and start collecting that extra change. Now at this time as you have collected your extra change now take that to the and deposit them directly in to your saving account instead of checking account, and if you ever want to watch your savings then instead of using credit cards you should use dollar bills.
- Plan Your Grocery Shopping
A little effort before you go for grocery shopping can actually help you to save a lot on your grocery shopping. Simply check your kitchen cabinets and make a list of groceries you need to shop for, after that use coupons and loyalty programs to make the most of your savings as you shop.
- Order Little Servings At Restaurants
Saving money doesn’t mean that your social life needs to suffer. Eating at restaurants everyday can actually drain your bank accounts quickly, but you can still dine out and also stick to your budget. Make a choice for appetizers or split an entrée with your dining partner to save money when you eat.
- Acquire Discounts On Entertainment
Gain benefit of free days at museums and national park and that will cause you save more on entertainment costs. Other than that you can also ask for discounts for students, senior and military persons and also for other discounts at the time of purchasing tickets for everything including concerts, movies and theme parks.
- Formulate Major Purchases
Record your purchase of appliances, furniture, electronics and other purchases according to annual sale periods, and also don’t buy anything quickly either, also wait for a day or two before buying anything.
- Avoid Online Shopping
Always keep in mind to avoid shopping online. When you shop regularly at a retailer’s website. It is pretty much easy to create an online account to save your billing information. But if you push yourself to input your shipping address and credit card numbers every single time you order then chances are that you will make fewer impulse purchases.
- Create Your Own Gifts
Buying gifts for birthday’s, weddings, and graduations can quickly add up some pretty amount to your bills. Get yourself on DIY track to start saving more on gifts.
Monthly Money – Saving Tips
You might need to do some legwork in order to reduce your frequent payments, but the potential efforts makes a worthwhile. Have you ever thought that how much you could save just by changing your cable package or by refinancing your car loan? Let me tell you clearly that you can save $40 by changing your cable package and $50 just by refinancing your car loan. There are more ways through which you can save more on your monthly expenses so just stick to us.
- Reduce Your Car Payment
Refinancing your car loan can be a great idea because by this you can save at least $1000 or more than that, depending on the time period and interest rates of your car loan. That’s just only one way there are many which you can search on internet.
- Change Your Mobile Phone Plan
When it comes about saving money on your mobile phone then one of the best ways to save on your mobile phone is to change your mobile phone plans. Other than this there are many ways to save money on mobile phones, and for starters you guys may not need the insurance plan and by removing insurance from your plan you will be able to save $100 per year per connection.
- Cancel Unnecessary Subscriptions
First of all unsubscribe that auto – renew option for all those unnecessary services which you aren’t really using, for example unsubscribe to those streaming services and subscription boxes. Doing that will help you to remove at least some of those frequent charges from your monthly statement of your credit card bills.
- Cable TV and Internet
By just changing your cable package to as low as $40 per month you will be able to save more than $1000 over two years by just switching the packages of your cable tv and internet, depending on your carrier and subscription packages.
- Keep An Eye On Your Electricity Bills
Have you ever thought that even little bit ups and downs in your electricity bills can make a big difference on your monthly expenses? So make sure that you are tracking your electricity bills properly. This can make you save a lot on your monthly bills also.
Long – Term Money Saving Tips
To save over a long term to pay for your dream vacation or to make a down payment on your new home don’t just happen easily, it requires a proper planning and discipline. To learn what you need to set your goals to save on long term just simply stick to us and we will show you that how can you make a plan and stick to it to save on long term.
- Record Your Spending
First of all get a piece of paper and pen in your hand and make a record of your monthly expenses to find out where all of your money goes. Now minus your expenditures from your income. This step will make your progress towards your goal a bit easier. To track your cash NerdWallet offers you a free cash which will help you to track your cash easily, and also by this app you can discover new ways to save and even build your credit scores.
- Set Your Saving Goals
Before setting up your saving goals first think of the purpose why and for what you are saving money. For instance, to save for a wedding? Or are you preparing yourself to buy your first home? Keep that purpose in mind always and that will help you to stay motivated and stick to your goals. After that set a realistic and specific goal such as you have to save $5000 in an individual retirement account this year, or to pay off the debt of my credit card more faster. It is okay to take a start by little steps, it would be easier for you and will also help you to stick to your money saving plan.
Here you go guys this was the list of those 15 amazing ways through which you can save more money on your monthly income. So stop wasting time and take an action today and start saving more from today. we would love to hear from you guys so don’t hesitate to drop a comment below to let us know that how these steps helped you out in saving money.
Good luck guys and have a nice day!