The easiest way to start saving money is to cut back on your spending. These simple and useful tips for saving money are easy to implement and will make your bank account happy.
Let People Know You Are Saving
This might sound random but it will take you a step further in the right direction. If your friends are always inviting you to go out on the weekends and you feel obligated to join in, you’re going to be spending a lot of money you could be saving.
Let them know you are trying to spend less and save more and perhaps your weekend nights out for dinner and drinks can turn into a get together at someone’s house with a $3 bottle of wine from Trader Jose instead.
Bring Your Own Lunch
Since my grade school days I have always brought a lunch so maybe this isn’t as easy for you as it is for me. But spending $7 dollars every on lunch for a month can total up to over $140 a month! If you struggle on what to bring to lunch just makes extras of whatever you made for dinner the night before and call it a day.
Cut Back on Subscriptions
This is hard, but you can do it. Neflix, Hulu, Spoitfy…they are all great. But, they are costing you big time. Choose one you can’t live without out and move on. If you live with other people and share accounts, see if you can split the cost. Another helpful tip is to ask for these subscriptions as birthday or Christmas gifts.
Stop the coffee runs…kind off
I bet you saw this one coming. For a lot of people (myself included) this is harder than it seems. Yes we all know it’s not the spend way to be spending money but that doesn’t stop us. If you can’t cut it out completely, limit yourself.
My biggest tip here is getting the app to your favorite coffee spot so you can earn points for rewards like free drinks. I use it for Dunkin Donuts and Starbucks and it help get your coffee fix without blowing your budget.
Give Yourself a Budget
and Stick to It
One of the most important tips for saving money is to budget. The Envelope System by Dave Ramsey is a great tool for keeping your spending in line.
Basically, you figure out a budget amount for different spending categories in your life, and you create a cash envelope for each of them. For example, groceries, gas, clothing, etc. If you give yourself $50 to spend on groceries for the week, that’s all you get. Once that $50 is spent from the envelope labeled “groceries” then you’re done. The goal is to spend only what is in the envelope.
Unsubscribe From Emails
Getting 20 emails a day about all the sales your favorite stores are having are pushing you buy things you don’t even need. If you come to a times where you want to buy something, the sale will be posted on the stores website and you won’t miss out on savings.
Utilize Student Discounts
If you’re a student this is a no brainer. So many stores and restaurants will offer discounts with a student ID. I know Spotify and Hulu have a bundle deal for students that is a steal! (Obviously paying for subscriptions won’t help you save money, but if you are already paying for these you might as well save.)
Reevaluate your gym membership
The cost of gym memberships are kind of all over the place. If working out is something that is really important to you and makes you feel better overall and you’re spending $100 a month on a membership then fine. BUT, if you’re spending money on a membership you hardly use it’s time to cancel. There are so many free resources out there these days that you can still get a really good workout it without spending money.
