Make a Budget
Of course, making a budget has to be on the list. You might find budgeting boring, but look at it in a different angle. A budget will help you cut useless expenses while saving for something you really want. Not so boring now, is it?
Cut on Restaurants
The major money eater is restaurants. If you can manage to cut all restaurants, do so. If not, try cutting one restaurant the first month; cut one more the next month and so on. When you do eat out, ask for water instead of drinks. You will quickly realize that a big part of your pay used to go on eating out. Now you can put that money in your savings account instead.
Buy Store Brands
Unless there are outstanding specials, the store brands or generic drugs are cheaper. Usually, you get the same product at a much lower price.
Use streaming services
Use streaming services like Netflix instead of cable. These services are at least half the price than cable.
Use voice over IP (VoIP) phone instead of regular phone services. You will pay between $35 to $70 per year for that service, and long-distance calls in Canada and the USA are free. Voicemail and caller ID are included in the price, along with many other features that you do not have with traditional phone services. All you need is a good internet connection.
Do the 52-Week Money Challenge
The 52-Week Money Challenge is an easy way to save $1378 in your year. The first week, save $1. The second week, save $2 and so on up to $52 on the 52nd week. You can do it in reverse if you prefer. Save $52 the first week, $51 the second, and so on to $1 the 52nd week, whichever way works best for you.
Treat Yourself and Save
Make it a rule that every time you treat yourself—be it a cappuccino or a new book—you have to put the same amount in your savings. If you cannot afford to save, you cannot afford to buy.
Shop for clothes at end-of-season sales.
Save Any Extras
Put all your loose change in a jar. Save any bonus, money gift, or income tax return that you get. If your pay increased, live off your previous salary and put the difference in your savings account.
Cut Coffees and Bring Your Lunch
Instead of going to the coffee shop every morning and stopping at the convenience store to buy your lunch, make your coffee at home before leaving and bring your lunch. These might seem like minor savings, but multiply the amount you spend each day by the number of days you work per year. You will save a couple of hundred dollars just there.
These are just a few of many tips. You do not have to follow them all. One or two will make a big difference in your savings. All you need is determination. Once you start, it will get easier with every passing month.