There are different ways to cut back on your spending to help you alleviate financial problems in the future, like emergencies, and make it easier for you to breathe easier when it does happen. Continue reading below to see tips and tricks for different ways to save your money in the long run.
Short-Term Savings Goals
You can earn interest on it with an online Savings or Money Market account, or even invest it. Aiming for short-term savings goals can help you turn over money in a week or a year. You can earn interest on it with an online Savings or Money Market account or invest it.
Only Use Your Bank’s ATMs
Make sure you only use your bank’s ATM to withdraw money. When you withdraw from a non-affiliated ATM once a week, it might cost you more over the course of a year. You might want to check out banks with the lowest ATM fees.
Avoid Overdraft Fees
The $20 to $35 you spend by bouncing a check or overdrawing your account each month would save you $240 to $420 a year.
Use online bill pay
Using online bill pay can help you keep an eye on your balance and avoid overdraft. Plus you save money on stamps and paper checks, just fill out the form and click submit!
Not only do some banks provide sign-up bonuses for opening an account, they offer attractive interest rates to new customers as well.
Improve your credit score
A good credit score goes a long way to be approved for highly desired cards, loans, and more. The higher your score, the better the chances are for you to qualify for good terms.
Get a rewards Card
Nowadays there are many credit cards that rewards users with free travel, cash, or products. Many of the rewards card don’t have an annual fee, if you’re spending money why not get rewarded for your purchases.
See our full list of the best credit card bonuses and which of these credit cards works best for you based on your spending behavior.
Make monthly credit payments in full and on time
Make sure that you pay your credit card payments on time because f you make a late or faily to pay your credit card in full, the high-interest payments and the late payment fees will cause problems to your monthly budget.
Remove credit card information from your online accounts
When you have your credit card information saved in your accounts, it’ very hard to break the habit of spending your money since you can just simply click and buy. This can help you alleviate any temptations to spend your money or any impulse buy.
Negotiate rates with your credit card company
You have the right to negotiate your current interest rate, especially if you’ve been making your payments on time.
Complete a balance transfer
You can also transfer your balance to a different card with a 0% Introductory APR. Check out our list of the Best 0% APR Balance Transfer Credit Cards. If you need help, you can see how to transfer your credit card balance.
Stop using credit cards
If you aren’t able to use credit cards responsibly, then keep them at bay. Make sure to leave them at home when you don’t need to use it instead of your wallet.
If you need to keep a card for emergencies, that’s okay.
Spend one, save one
Each time you spend on non-essential items, you can match the amount you spend and save it. At minimum, save the spare change from any purchases on your debit and credit cards. The Acorns App helps provide an easy way to round up your purchased and automatically invest your spare change.
Ask to waive fees
You can request to waive a fee when you sign up for a service that has fees attached to them. While some services are designed to have no fees attached, most do. You can check out these checking accounts with no monthly service fees and these cards with no annual fees.
Choose quality over quantity
Although it’s tempting to buy the cheaper version of an item, choosing quality will save you more in the long run.
Keep track of your expenses
The most important thing to do to save money is to keep track of your expenses. While most people aren’t aware of what they spend, small purchases usually add up throughout the month and mess with your budget.
Using a personal finance app can help keep control over your spending or simply want to organize your personal finances.
Make a weekly “money date”
Make sure to take some time to update your budget, review your accounts and track your progress. So if you want your financial life to improve, so you need to spend time with your money.
Plan your meals around your grocery store flyer
Pick your recipes based on ingredients that are on sale and what you have on hand.
Shop on Wednesdays
If you browse on Wednesday, you can get first access to that week’s deals. At the same time, stores will also honor the previous week’s coupons, so you can maximize your savings at the same time.
Shop for food with a list and stick to it
Without a list, it’s easy to make impulse buys and unplanned purchases, so when you create one yu can make sure to focus on the items that you actually need and not buy unnecessary food that might go to waste.
Drink more water
This will cut back on your soda, juice and tea expenses. Bring a refillable bottle with you everywhere and opt for a glass of water when you dine out.
Substitute regular coffee for expensive coffee drinks
You can substitute expensive coffees by buying a regular one or make your own coffee right at home.
Prepare meals at home
You can prep your own meals at home to save money, you can watch Youtube tutorials on how to do beginner friendly meals. This can help avoid money you spend from takeout or dining out.
Don’t fear leftovers, repurpose them to new dishes
You can use leftovers to make an all-new dish. So if you have a leftover ham and rice from the previous day’s mean, you can either make fried rice or spam musubi.
Eat out less each month
When you eat out less, you’ll be able to save more than $100 in one year. If it costs you $20 to eat out, but it takes less than $10 to eat it, consider eating out less/
Sign up for free customer rewards program
Most retailers nowadays are offering their own loyalty or rewards program. When you sign up, you either get a loyalty card and get offers emailed to you and you can use those coupons when you shop so you can save money!
Buy items online, in bulk
When you buy items in bulk some companies offer free shipping for large quantities.
Buy used when you can
You usually can find the items you want used from thrift stores, use equipment stores, game stores, consignment shops and so on! You can also checkout online reselling stores like Mercari, Poshmark and more!
Learn how to dress minimally
You can buy simple clothes that mix and match easily and you won’t need as many clothes. You can pair timeless and simple pieces that go well together.
Do holiday shopping after the holidays
When you wait two days after a holiday and go out shopping for items you need that are themed for that day. You can buy a Mother’s Day card for the next year or Easter egg decorating kits the day after Easter. You can get really good discounts and just keep it at bay until the next year.
Follow up on rebates
When you buy a product with a rebate make sure to send in the form the next day. Then you should mark your calendar to remind yourself to follow up on said rebate, if it hasn’t shown up contact that company.
For products without a direct rebate, you can try purchasing through a cash back shopping site to earn rebates from them.
It’s easy to justify spending money whenever your stressed since your brain is telling you to “treat or rewards yourself” to make yourself feel better. You can find an alternative ways to destress like exercising, meditation or even taking a nap. You can also read, watch movies, or work in the yard!
You can repair clothes instead of tossing them aside. Most basic sewing jobs can be completed by anyone, and a little bit of practice goes a long way.
Go through all of your clothes
If you have an urge to buy clothes, take the clothes and bring them into rotation – take the clothes from the back of the closet and bring them to the front and the clothes at the bottom of your dressed, pull them to the top.
Buy store branded OTC medications
You can save money when you buy store-branded OTC medications, it costs 20% – 40% less.
Ask your physician to prescribe drugs available as generic
Generic drugs can cost several hundred dollars less than brand name medication.
Get low-cost prescription drugs
You can check your local pharmacists, supermarkets, area discount centers and online pharmacies.
Practice preventative dental care
When you have a good cleaning routine you can prevent your fillings, root canals and dental crowns. You can checkout Opencare, you can search through their user-friendly website to find a dentist that is local, convenient, friendly, and matches your needs.
Switch to an exercise program
If you love being active using an exercise pass program can help you save money than paying a membership fee every month. You get access to many of the best studios in your area with unlimited classes.
Stick to reliable, fuel-efficient cars
Choose a car that gets 25 miles per gallon, you’ll be able to save 2,133 gallons of gas. So at $3 a gallon, you can save $6,400.
Shop around for gas
When you compare gas prices from different stations, you can save hundreds of dollars a year. Try checking out Gasbuddy, it’s a mobile phone app that helps users track fuel prices at more than 150,000 gas stations in the United States, Canada, and Australia.
Keep your car tires inflated to their proper pressure
Each time you ride, you should try inflating your tires to improve your gas mileage by up to 5%. Every two PSI of air pressure under the recommended level, you lose 1% on your gas mileage.
Get your tires from Costco or other wholesale clubs
They cost a lot less than buying them at the dealer or even a chain tire store.
Clean or change out your car air filter
You can improve your gas mileage by up to 7% when you clean your car’s air filter. So you can save more than $100 for every 10,000 miles driven in an average vehicle.
Avoid fast start-ups and stops when driving
You can help yourself save hundreds of dollars on lower gas and maintenance costs.
It’s cost-efficient to drive the speed limit, keeping the gas in the tank and the cops off your tail.
Suggest cheap activities
You can try doing cheap activities when meeting up with family and friends.
Invite friends over instead of going out
It’s cheaper to stay in with your friends and make of your own entertainment. You can save money when you come up with your entertainment.
Make DIY gifts
Make DIY gifts, like food mixes, candles, fresh-baked goods, soap and all kinds of other things that are easy and inexpensive.
Give the gift of labor
For new parents, give an evening of babysitting as a gift. If you know pet owners, offer to take care of their pets when they travel. Lawn care is a great gift to a new homeowner.
Swap babysitting with neighbors
Try to find another set of parents or two that you trust, and swap nights of babysitting with them. It’ll save you the money of hiring one for an evening out.
Give up premium cable channels
If you still are paying for cable, you can try out services like Hulu, Netflix, or Amazon Prime and you can watch your favorite shows or movies at the fraction of the cost of using cable TV.
Do inexpensive things in your community for fun
You can check local newspapers and websites to discover low-cost parks, museums, film showings, sporting events and more.
Purchase matinee tickets
Movie theaters charge as much as 50% off for afternoon showings.
Know your membership benefits
You should see if our credit card offers membership benefits like movie tickets, attraction tickets, sports & recreation, shopping, dining and more.
Cancel unused club memberships
If you’re still paying for a club that you never use, you should cancel them. You can always renew the membership later on if you want to use it again or miss it.
Consider VoIP telephone service
You can use internet phone services and save a decent amount of money. VoIP has been very reliable, and you’d never even know the signal was being carried over the Internet.
Known your cellphone bill
Make sure you know why your cellphone costs the way it does – peak calling times, area coverage, roaming and termination charges. You can also check Google Fi as another alernative.
Reduce cell phone costs
Try switching to a smaller provider offering service in your area for less. So if you’re looking for prepaid cell phone plans, you can find some here for under $10.
You can ask your telecom sales representative can offer you better prices if you choose for both phone and internet services. If you go to one provider you can eliminate duplicated taxes and surcharges on your telecom bills.
Take advantage of year-end promotions
Towards the end of the year, you can take advantage of most providers launch deals. You can see what your provider is checking out during the festive system and compare their promotions with their competitor.
Turn off the lights
If you keep the lights on your home might not be expensive per-watt basis, but it adds up over time. You can save as much as you can if you can turn off the lights any time you leave our h ouse or leave the room.
Install CFLs or LEDs
You can try installing energy-efficient light bulbs since they use far less electricity. You can swap out your four or five most-used light bulbs can save you $45 or more a year.
Use window coverings
You can use window coverings to block or let in sunshine. You can save money when you know how to keep your house cool or warm.
Put all your electrical devices on surge protector
Put all your electrical devices on a surge protector, especially your entertainment center and computer equipment. A power surge can damage these electronics very easily.
Shut vents in unused rooms
Although we don’t recommend this if you have forced air heating, if you shut vents in unused rooms, you can save money on your heating and cooling bills.
Clean out those closets
If you have clothes you no longer user, you can sell it. You can do so by having a yard sale, sell on eBay or Craigslist or you can donate for a tax deduction.
Buy energy efficient appliances
When you’re shopping for appliances, find products with Energy Star labels. More efficient appliances cost more, but you make up for the extra cost.
Do a “maintenance run” on your appliances
You can check your appliances to make sure that there isn’t any dust clogging them and that they’re clean. As well your vents, especially on refrigerators, dryers, and heating and cooling units. The less dust you have, they more efficient they’ll run and the longer they’ll last.
Invest in a deep freezer
A deep freezer is a good thing to invest in, if you’ll be using it often. If you get extra freexer space, you’ll get to buy items in bulk and pay lower prices.
Start a garden
Gardening can be an inexpensive hobby if you have a yard, and it produces healthy food for your family.
Weatherproof your home
You can weatherproof your home by using local hardware store has materials and over up caulk holes and cracks that let warm air escape in the winter and cold air escape in the summer.
Install a programmable thermostat
By setting the thermostat to heat or cool your home at certain times, you can ensure that your utilities aren’t wasted while you’re at work or asleep.
Ask your local electric or utility gas company for a low-cost home energy audit
The audit may reveal inexpensive ways t o reduce home heating and cooling costs by hundreds of dollars year, so if you’re a resident of California or Texas, you can try it out this free service from OhmConnect, they reward you for saving energy during peak hours.
Request a discount on trash service
If you get a mail off for a trash service, you can call your current trash company and ask them to beat the offer you have.
Choose home repair contractors wisely
Favor contractors who have performed work for people you know. Make sure to insists on a written, fixed-price bid and don’t make a full payment until the work has been completed satifactory.
Rent out unused space in your home
Rent out your space, like AirBnB. Heads up to make sure you know the risks and are willing to take the steps required to protect your family and your possessions.
Live near your workplace
When you live near your workplace, although it’s not possible, driving 5,000 miles less a year can lower transportation costs by more than $1,000.
Go on a staycation
Instead of an extravagant trip, you can try saving money by doing a staycation.
Opt for the off-season
Get discounted rates on airfare, accommodation and tours while enjoying your destination without many tourists around.
Eat like the locals
Regional dishes are often cheaper than international cuisine. Get tacos in Mexico, curry in India, and doner kebabs in Turkey.
Use a last-minute booking app
When you use a last-minute booking app to reserve your room. You can save on short hotel stays if you book the same day you check in.
Try cheaper hotel alternatives
Get hotel alternatives, like vacation and short-term rentals, B&Bs, hostels, homestays, camping, boathouses, and more!
Shop around for auto and homeowners insurance
Checkout other insurance competitors before you renew your existing policy. You can find annual premiums that are several hundred dollars lower than you were paying.
Increase insurance deductibles
Although most of us don’t need to be insured for all loses over $100 on their car. So if you’re a safe driver, maybe you can see if you can save from raising your deductible.
Switch to term life insurance
Insurance is not an investment. Universal and whole-life policies are much more expensive and they offer sub-pay investments. You can do much better with a cheap term policy.
Set up automatic repayment for any loans you have
If you sign up for automatic debt repayment plan, some loans offer a small reduction rate. You’ll be able to save a few money and you want have to go through the process of manually paying it yourself. If you need to check out a loan, you can check out our best personal loan lenders.
Refinance your student loans
At the moment, interest rates are low, so you can consolidate your student loans into one low-rate package. Find
Refinance your mortgage
Try refinancing your student loans to lower interest charges and get a better term.
Take advantage of Public Service Loan Forgiveness
If you work full-time with a qualified employer, are on an income-driven repayment plan, and you’ve made 120 qualifying loan payments, you can see if the federal program can forgive your student loans.
Get rid of Private Mortgage Insurance
By reducing your debit and home appreciation, you can contact your mortgage company to start the process of removing the PMI.