10 Easy Ways to Save More Money

Sulabh Gupta

It is at uncertain times like these when people realize how important it is to save money. Savings are what you can fall back on whenever you don’t have the financial stability or lose your job for any reason let alone the pandemic that we are living through right now.

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My rule of thumb is that you should have enough money saved for you and your family to survive with your current standard of living for 12 months.

What a lot of people don’t realize is that saving money is very simple and just requires some consistent smart common sense decisions. True, you may not be saving thousands of dollars each month but just being mindful about your spending can help you save a few dollars here and there and the savings accumulate over time to provide you with financial security.

Here are 10 easy ways that you can save more and build that safety nest for your future:

1) Re-Evaluate Your Phone and Internet Plans Every 6 Months

We pay a lot of money on our phone plans. Not a lot of people pay attention to the fact that while great offers are consistently offered to new clients not a lot are offered to existing clients. Try to stay out of contract when you sign-up for a plan and you can save a lot more money on your phone plans and the Internet. For example, every year around the holidays you will see deals through which you can save $10-$15 per month on your plans by just switching providers which is super easy to do with the number portability.

Don’t get into a contract or finance a phone every two years. The life of an average phone is easily 3-5 years, but people make the mistake of going into one contract after another every two year and end up paying a lot more than they need on the phone plan. Avoid that mistake.

2) Smart Grocery Shopping

Grocery is essential and probably the second biggest expense after rent or mortgage for the majority of us. I think the key to saving money for groceries is to have a meal plan in advance for the week and do your research when buying stuff. Don’t buy your groceries at convenience stores and look for flyers with the best deal. Sure, you will spend a half an hour looking at flyers, but you will save a lot of money. Remember saving a little bit every week will ultimately add up and build to a significant amount of money.

Another way to save on groceries is to look for coupons. There are sites that offer you free samples and coupons to try products. All you need to do is sign-up for trials. If you shop at the same store most of the time, sign-up for the free loyalty programs to get that occassional discount on your groceries.

3) Cut Your Cable TV

There are more ways than ever to watch your favourite shows nowadays. There is no point paying hundreds of dollars for cable tv anymore. You can instead sign-up for streaming services, share the subscription cost with your friends or family. Coronavirus has ensured that the streaming services are the future of entertainment. This makes even more sense now that HBO has announced they will be releasing the movies and tv-shows to their streaming services at the same time as in theaters.

4) Cook at Home and Reduce Your Coffee Runs

One thing I realized working from home during the pandemic is how much money I was spending at Starbucks and lunches. As I started to cook at home, my monthly expenditure went down significantly. Just on coffee alone, I saved $50-70 and even more than that on eating lunch outside. You can save several hundreds of dollars every year by just reducing the frequency of how many times you eat outside and making coffee at home.

5) Save Money Automatically

The problem with most of us is that whenever we see our salary come in we try to spend most of it buying stuff that we don’t even need which impacts your saving goals. One way that really works for me is to setup a percentage of my pay to my investment account and other to a savings account as soon as my salary comes. So, whenever I look at my account, I have already saved a portion of it for my future. Believe me this is the easiest and most effective way to save money that accumulates to a fortune overtime and build a comfortable nest-egg.

6) Craigslist is Your friend

You will be surprised to know how much money you can save my selling stuff you no longer use. Whether it is your old textbooks or a calculator, there is a very big market for used stuff that you can benefit from by selling stuff that you no longer want. If you have a Bluetooth speaker, for example, and get another one as a gift for your birthday, I suggest you sell the new one to someone because you don’t need it and make a few bucks in the process.

7) Look for Deals

If you have something on your Wishlist and it is something that can wait, I suggest you look for deals on those items. There are apps like Honey that can email you whenever there is a price drop for an item you are tracking and if you don’t need something right away, why pay full price for it when you can get a significant discount in a few weeks.

8) Spend Unexpected Income Wisely

A lot of people have the tendency to spend any extra income right away on something that they have been eyeing for some time. If you want to build your safety nest, the unexpected income sources like Income Tax Return or a bonus from your employer are significant. Don’t spend them on unnecessary stuff but try to invest them into your safety nest by preventing the urge to buy those expensive shoes or purse that you have been eyeing.

9) Try to Find a Secondary Source of Income

We are living in an age where it is easier than ever to generate a passive income. Technology has allowed us to work from home and have a side source of income. There are a plethora of online blogging sites that offer you money to write, or you can create a YouTube channel, or sites like Fiverr where you can offer freelance services which can be as simple as data entry or teaching a language to someone.

10) Bank Smartly

Banking fees can be crazy sometimes. While the big bank sometimes requires you to keep a deposit to wave off the banking fees, there are a lot of great options that don’t require you to have a minimum average balance in your chequing account. Try to sign-up for credit cards that have zero annual fees and accounts that have no minimum balance requirements.

Also, stay away from payday loans and credit card debts that charge ridiculous interest rates. You can always restructure your payments in a way that can save you a fortune on interest rates on debt. Try to seek help from a friend or a colleague that has better financial understanding.

Final Words

I think the first step to saving money is to track your expenditure and have a savings goal. The tricks I mentioned above can help you reach those savings goal. Just being mindful with your expenditure and using some commonsense to adjust your spending habits come a long way to save money.

What are some other smart ways that you save money? Let me know in the comments.

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