22 Effective Money Saving Tips for

If you look closely at the popular financial forums, you’ll notice that the personal finance experts are often asked a few common financial tips every time by the consumers.

The most common one among those tips is “Best money saving tips for”. People normally encounter difficulties to save money. It is so difficult for them to understand where they are wasting too much money. That’s why they always look for easy options that can be easily implemented and can be used at any point in time.

If you’re also trying to save every hard-earned dollar and cents, you must follow a few easy money saving tips from the experts.

You might be already following some of the best ways to save money. But it won’t harm your finances if you could look out some more effective tips.

So, what are you waiting for? Check out below and find a few more of them to improve your financial situation, and live your dream life.

Money Saving Tips for

1. Find a few extreme ways to save

These extreme money saving tips may include:

• Shave your head – No more hair, no more hair care costs. On the other hand, it’s a great style also, just like Vin Diesel or Dwayne Jhonson.
• Cut your own hair– If you love your hair so much, instead of spending money at the salon, cut your own hair at home, and do all the styles.
• Use off-brand cereal – Instead of buying costly branded cereal, you may save a lot if you choose an off-brand cereal. I bet your kids will also support you!
• Make your own toilet napkin – By cutting up old, clean soft clothes, you can make your own toilet napkin. This may look a bit extreme compared to others, but it will help you save money.
• Instead of using the AC freeze water bottles-This will save a lot on your cooling costs, and it’s also good for the environment.

2. Build an emergency fund

You should definitely create an emergency fund and save a chunk of money strictly for emergencies. Make sure you save at least 20% of your monthly income first to build your emergency fund. Do not use that money on other things.

3. Look for cash back for online purchases

Shop online from popular websites where you may get cash back on the money you spend. If you like, you may use the cash back credit cards for purchasing. This way you may save a good amount every time you shop.

4. Reduce using the television

One big and easy way to save money is to cut down the time you spend in front of your television. If possible, turn off the Television whenever you see a spending-inducing ad. Less Television means less electric bill, and also a lower cable bill (if you downgrade your subscription).

5. Bring your lunch to work

Americans, on average, spend around $3,000 a year on lunches. That is a lot of money. Bringing lunch to work is one of the best ways to save money and it may help you to save at least $100 a month.

6. Start a budget

Starting a budget and sticking to it is key to financial success. Without knowing where your money is going every month, you can’t control your spending and save accordingly. You don’t need to become a budget expert, but you may need to set up a basic budget to track your spending, categorize your funds, and pay off your debts.

7. Set up financial goals

When you’re setting up important financial goals, make sure you follow these steps:

• Be specific with your goal rather than forming a normal target.
• Think about short & long term goals. Your short-term goals would get you closer to accomplishing your long-term goals.
• Review and update your goals every month. You must measure your progress and set up new goals accordingly.

8. Use LED Bulbs to reduce power bills

LED bulbs cost more on the front-end, but they will save you a decent amount of money and energy in the long-run. If you can’t afford to buy all the bulbs at a time, you may choose one room every month to change those old bulbs into LED bulbs.

9. Make your own gifts

If you want to save money on gifts, making your own homemade gifts is the best way to achieve that goal. You can make cake, pudding,freshly-baked bread or cookies, soap, candles and many more things at home quite easily and without spending a lot. Others will love it as you are giving a personal touch to your gifts.

10. Prepare a list before shopping

Prepare a list before you go shopping. It is best if you start making the list at least two days before you visit the store. It will give you enough time to think and avoid unnecessary things from buying. Make sure you go to the exact store you intend to and avoid window shopping. It will help you to control impulse buying and save a good amount from your wallet.

11. Install a water filter

Sometimes, in order to save money, you may have to spend a little.

The average person in the U.S. has to bear nearly $100 per year on bottled water.

So, if you can install a water filter, you can probably drink the water from your own home.

12. Start investing

This might seem odd, but investing can actually help you to generate money for retirement, and it may definitely help you to retire early. This is one of the best ways to save for your future, and you must start investing asap.

13. Negotiate Your Bills

You should sharpen your negotiation skills and negotiate your bills with a few Emails or phone calls. Negotiating your bills can actually make a difference, and save a decent amount monthly from your budget.

14. Consolidate your credit card debts through balance transfer

If you’re paying high interest on your credit card bills, you can negotiate your current interest rate with your credit card company. You may consolidate credit card debt through a balance transfer method.

Balance transfer credit cards will give you an introductory 0% APR that could help you save hundreds of dollars in interest over time.

15. Quit smoking

According to the American Lung Association, nearly 500,000 people in the U.S. each year die because of smoking. Funny thing is, it also costs the U.S. $333 billion per year in healthcare expenses.

Apart from that, smoking cigarettes can cost around $5 in Kentucky, and cost $15 in New York, which is much costly. So, if you smoke a pack daily, it can cost you $450 a month.

So, practically, quit smoking can save you a lot as well as save you from lung cancer, heart disease, and many other medical problems.

16. Maximize yard sales

Yard sales are a great place to sell unused housewares, clothing, or even sports equipment. You have two ways to save money from a garage sale. First, sell your old stuff at a low price and earn money. Secondly, buy useful old stuff from a garage sale and avoid buying new items.

17. Install a programmable thermostat

Installing a programmable thermostat is good if you want to reduce energy usage while you’re out of the home. By setting it to a convenient temperature, you can stop wasting power and save in the process.

18. Spend no credit card week

Cut up the credit cards for a week. Try to live only on your debit cards or cash. If you currently struggling with your credit card debt, you may use this strategy for a longer period of time.

19. Shop for a new auto or home insurance

If you own a car or home, opting for insurance is necessary. Make sure you research well before choosing one so that you are getting the best deal. An insurance policy with great benefits will definitely save your wallet when you face any issues with your home or car.

20. Eat more vegetables

Being a vegetarian is good for health. It is also cheaper and easily available. Eating less meat and more vegetables could help you to manage your food budget.

21. Pay your bills on time to avoid charges

Paying your bills on time is a great way to grow your credit score. Paying on time bills may also get you discounts.

22. Use coupons

Search online for coupon sites and use coupons to save on your dinner bills, movies, travel, fuel, purchases and many more. There are many websites that offer coupons that cannot be found in newspapers.

Conclusion

There are many more money-saving ideas which you may apply to save your hard-earned money. If you find some more useful tips to save money in, please share with us at any point in time.

Author Bio

Aiden White is a financial writer who lives in Foster City, California. She started her financial journey in 2015 and has been associated with consolidatecreditcard.org for the last 10 months. Through her writing, she has inspired people to overcome their credit card debt problems and solved their personal finance based queries. Being a debt fighter in her personal life, her goal is to share innovative thoughts and knowledge in the debt communities. Get in touch with her at aidenwhitejoe [at] Gmail [dot] com.