There are countless lists of money saving ideas out there. Some of them are simple. Others are complicated. It truly is worth exploring all of them. Try them out and see what works for you. That said, here are eight of the simplest money saving ideas that you can start using today:
1. Cancel One Monthly Subscription
You probably subscribe to a variety of different things with monthly fees. For example, you might subscribe to streaming television shows, an online fitness membership, or a food delivery service. Cancel one of those things right now. Then automate your savings to transfer that same amount of money directly into your savings account once per month. You were already spending it so you won’t notice the sacrifice. Nevertheless, the savings will add up.
2. Reduce the Cost of One Monthly Bill
Once or twice a year you should renegotiate the price of your monthly bills. Consider your phone bill for example. Here are some ways that you might lower your phone bill:
- Change your plan to a lower priced option.
- Cancel extra services that you don’t use. For example, do you pay for international calling when you don’t need it?
- Call your cell phone service provider and ask about current deals.
- Switch to a new provider that offers a better rate.
If you’re ambitious about saving, try to cut back at least $5 of every monthly bill (cable, Internet, utilities, etc.). And don’t be afraid to haggle with or completely switch your provider! This is especially true for your power bill, as it takes up a sizable chunk of your household budget. So do your research by heading to an energy comparison site. There you can compare the various energy suppliers in your area, and opt-in for the best deal. For example, suppose that you live in the state of Connecticut, simply visit a comparison site like Electricityrates.com to find the cheapest electric rates in CT.
3. Rethink Your Automobile
If you can go car-free, do it. You’ll make money by selling your car. You’ll save money by not spending on gas, insurance, and car payments. If you can’t go car-free, reduce your car usage. You might naturally be using your car less during shelter-in-place anyway. If you are, you might be able to get a discount on your auto insurance by changing your plan.
There are a lot of great money saving ideas when it comes to transportation. Sell the family’s second car. Trade your car in for a cheaper one that uses less fuel. Use rideshare apps or public transportation or ride a bike. Figure out what will work for you.
4. Cut Back on Screen Time
This is one of the best ways to reduce energy use at home which saves you money on your electric bill. Unplug all electronic gadgets and chargers for a period of time each day. Use low-energy settings when you do use screens. Reducing screen time is good for your mental health and your utility bill!
5. Declutter and Sell What You Don’t Need
Decluttering is another at-home activity that’s good for your mental health as well as your pocketbook. You can sell what you declutter. Put the extra cash in savings. There will be some items that you can’t sell. However, there are money saving ideas to use those items as well. Upcycle them, gift them, or swap them with others to save money.
6. Reduce Food Spending
Food is a large chunk of most people’s budget. If you can reduce your food spending, you can save a lot of money. Here are 50 ways to save money on food. Pick one or two and make that change today.
7. Stop Buying Things You Don’t Need
This is one of the most obvious money saving ideas out there. And yet, it bears repeating. Stuck at home and restless during quarantine, many people are shopping online more now than ever before. Think twice before you add an item to your online shopping cart. If it’s not a necessity, don’t buy it.
8. Use Coupons and Shop Around
If you do have to make a purchase, do it thoughtfully. Always look for a coupon or promo code. Shop around to get the best price. There are so many ways to compare prices and get discounts when shopping online. There really isn’t any reason to pay full price for anything!
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What are your top three favorite money saving ideas? Share in the comments!