Have you ever heard the saying “time is money”? Well you know what else is money? Money. You’re likely getting a limited supply of money and spending more than you would like to. Here’s a guide with some surprising – and smart – ways to save more money.
Fix Your Clothes – Don’t Toss Them
When your clothes have a rip or hole, take out a needle and thread and fix them with a patch or refastening the broken material together. This is an enjoyable activity and it also gives you a feeling of accomplishment.
Once or twice might not make a big difference, but over the long run you will end up saving a serious chunk of change and gain some new sewing skills in the process.¹
Make a Budget
Setting a budget is an ideal way to start tracking your spending and savings. If you see more going out than coming in that’s a bad sign and you should work to fix it. Having a budget also lets you prepare for the unexpected and start planning more long term for your financial future.
If you want to save money you first need to see where you’re losing it. Make a budget and get clear on what’s going right and what’s not.²
Think Like a Saver
In order to really save money you need to switch up your mindset and stop thinking like a spender. Instead, think like a saver. Consider your purchases by how long they would take you at work.
If you want to buy $180 pair of snazzy new running shoes and you make $13 per hour, then think about the shoes as representative of 13.8 hours of work. Then maybe opt to wait a while on the shoes or go for a pair that’s on sale.³
Say Bye to Dryers
Dryers are one of those things that are often taken for granted, but they vacuum up money like an interstellar vortex. Not only do they use a ton of energy, they also cost a lot to purchase. If you don’t have a dryer don’t get one, and if you do limit its usage. Hang your clothes out to dry instead, or if you live in a cold climate then hang them on a drying rack inside to dry.²
Find Ways to Save on Housing
As much as there are some tips and tricks to save money, the biggest money sinkhole out there is your hosing. Consider renting or buying a smaller house or apartment or moving to a cheaper location. In addition think about renting out rooms or having tenants through a website like Airbnb. It’s a bit of extra work but it will save you a lot of money.⁴
Follow the 24-Hour Rule
The 24-hour rule is simple. If you are considering buying something that you don’t absolutely need then wait 24 hours and if you still really, really want it – and it doesn’t break your budget – then buy it. If you’re shopping online this is especially easy, since you can just leave items in your cart and come back in 24 hours if you still want to buy them.³
Mass Unsubscribe
Every subscription that you don’t use much should be cancelled as soon as possible. Have you been subscribed to an online paper that you rarely read or Direct TV or Netflix but it’s full of junk that you almost never watch? Cancel it. These subscriptions – just like expensive cell phone plans and gym memberships – can really eat up your savings.²
Reward Programs Are Your Friend
Reward programs often get a bad rap because they’re promotional and send you a bunch of emails. But the truth is that they can earn you rewards on things that really pay off. Create email accounts just to sign up for rewards programs and go for it. Just make sure to avoid spending on things you don’t need to get points. The whole purpose is to get points for necessities you would already be spending on regardless.¹
[1] https://www.thesimpledollar.com/save-money/little-steps-100-great-tips-for-saving-money-for-those-just-getting-started/
[2] https://livinglowkey.com/secrets-saving-20000-one-year/
[3] https://americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money
[4] https://www.clevergirlfinance.com/blog/ways-to-save-money-on-a-low-income/