10 Ways to Save More

February 28, 2018
Saving money can seem impossible. However, if you can create a flexible, workable budget, growing your savings account could be easier than you think.
10 Ways to Save More

One of the best strategies for saving is to save small amounts in different categories rather than trying to deposit a larger sum into your savings account at the end of the month. You can think of this as the “piggy bank” principle. You only put coins in your piggy bank, but if you insert them every day, the amount will grow quickly. This is especially the case if you are getting your “coins” from multiple places. 

Here are 10 ways to save a small amount of money every day, week and month. 

  1. Make your coffee (or tea) at home. Coffee shops can be fun, but you can save a significant amount ($1 or more) every time you make your “wake-up drink” at home.
     
  2. Cancel or consolidate your entertainment subscriptions. Cut cable and the number of streaming services that you subscribe to. You do not have to give them up completely, but stick to one at a time. This could save you $10 or more every month.
     
  3. Consolidate your debts. If you have multiple credit cards, consider consolidating them into one account. If you have less than $1000 in debt, an online personal loan will be a good alternative to a credit card balance transfer. Consolidating will save on interest payments, which could add up to a significant amount of money at the end of each month.
     
  4. Cut the cost of one item you buy every week. Whether it is bread, milk, bananas or something else, try buying a cheaper brand or buying less. If you buy this item often, you will be saving money every time you buy it.
     
  5. Make your own lunch. If you eat lunch out everyday (or most days), consider making it at home. Even if you buy quality foods for your homemade mid-day meal, you will still save compared to restaurant lunches.
     
  6. Use cash and save the change. You could literally put your coins in a “piggy bank.” Just make a habit of saving whatever coinage you are given after you make a purchase with cash. You might be surprised how fast this money adds up.
     
  7. Get a savings account. Where do you put all these small savings? An interest-bearing savings account will not make you rich, but it will add a few cents or dollars to your savings total each month without any effort on your part.
     
  8. Lower your utility costs. This does not require much sacrifice on your part. By lowering your water heater’s thermostat by five degrees, you can save 3-5% on your monthly energy bills. You probably will not even notice the change when you take a shower. 
     
  9. Walk when you can. Consider walking instead of driving or riding. If you walk instead of driving or taking public transit once per week, you will save a dollar or more in fares or gas.
     
  10. Buy generic. Find one item that you buy regularly and switch from a name brand to a cheaper generic option. Many times, you will not sacrifice quality when doing this because the two products have the same ingredients. 
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