how to save money

8 Money Saving Ideas You Should Use Now

June 12, 2020 By Kathryn Vercillo Leave a Comment

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.)

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!

What are your top three favorite money saving ideas? Share in the comments!

Here’s How to Save Money on Spring Break

March 4, 2020 By Tamila McDonald Leave a Comment

Approximately one-in-four Americans who are age 18 or older are or may travel this spring break. Of those, 49 percent intend to leave the state, and 26 percent would like to head to another country. Usually, the goal is to have some fun and possibly shake off the winter chill. However, for many, finding ways to stick to a tight budget is crucial. Otherwise, they can’t travel for spring break at all. Luckily, there are plenty of ways to keep costs down. Here’s a look at how to save money on spring break.

Skip the Major Spring Break Destinations

While heading to South Padre Island, Cancun, Venice Beach, Key West, Myrtle Beach, or Daytona Beach might seem like the ideal way to go, it usually isn’t. These destinations are incredibly popular. They tend shockingly crowded, and that makes it hard to find reasonably priced accommodations and airfare.

Instead of hitting a hot spot, consider an alternative with a similar vibe. If you want to head out of the country to find a tropical destination, you might enjoy Caye Caulker, Belize, Casco Viejo, Panama, or Exumas, Bahamas. For a sunny US destination, consider Palm Springs. If you want to visit a unique city, maybe Charleston, South Carolina, is for you.

By looking at alternatives, you might be able to make your trip more affordable. Just keep an open mind and explore the opportunities. You could be surprised by what you discover.

Book Your Plane Tickets Early

In most cases, you’ll find the best deals on airfare during a specific window. Typically, you want to purchase domestic plane tickets approximately six weeks before you intend to travel. For international flights, you should get them at least six months in advance.

If that window has passed, then you’ll need to use a different approach. Monitor fare prices and compare ticket costs from multiple airlines. You can also take advantage of a comparison site like Google Flights to see what deals might be best.

Explore Every Option for Accommodations

There are tons of approaches that can help you save on lodging. You might be able to find deals on travel sites like Priceline or Travelocity. This is especially true if you are open to being a bit surprised and are willing to book accommodations without first learning the property’s name. By being open to that, you can secure potentially deep discounts for hotels with a guaranteed minimum star rating.

However, you also shouldn’t overlook options like Airbnb or Vrbo. You may be able to rent a room, condo, or whole house for much less than you’d spend on a hotel. This is especially true if you are traveling in a large group and would require several hotel rooms, as you might be able to find a multi-bedroom rental that you could stay at together.

Plus, with a condo or house, you could end up with access to a full kitchen. That may help you save on food costs as you could, at least occasionally, make your own meals instead.

Get Your Attraction and Experience Tickets in Advance

If you want to swim with dolphins, head to the zoo, or do anything along those lines, get your attraction or experience tickets in advance. It is almost always cheaper to buy before you intend to arrive.

Plus, it gives you a chance to find deals. You can check options like Groupon for discounts or see if there are city passes available that can help you save on multiple attractions. At a minimum, you can see if there are online specials through the experience or attraction website.

Do you have any tips that can help people save money on spring break? Share your thoughts in the comments below.

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How to Save Money (As Advised By You!)

July 6, 2017 By James Hendrickson Leave a Comment

Every day, we at Saving Advice share various tips and tricks to save money as well as relevant financial news. Today, however, we are switching things up a little by sharing some of our favorite money tips from a new resource…you! So, here is ~~our~~ your list of how to save money that we’ve compiled from our forum community that you all so kindly contribute to often.

How to Save Money (Tips From Our Readers)

Save on Your Electric Bill

Many of you had great advice on how to save on your electric and utility bills. Below, you’ll find some that we think you’ll find as useful as we did:

Get a smart meter installed to track what you’re using and how much. Life gets busy, so we tend to always lose track of how wasteful we might be being. In addition to unplugging appliances that are not in use (these can be the big money suckers on your bill), a smart meter will help you see how much you’re using so you can be much more mindful of shutting down. Just know the common concerns of using such a tool before you officially install it.
Insulate and seal leaks around windows and doors. Especially if you have central air, this can help to keep heat out in the summer (reducing your need to use central air all day long) and heat in during the winter months. User Joan.of.the.Arch. added that multilayer curtains and also sealing the leaks around the pipes and wiring that penetrate the outer walls may also help in saving even more in energy costs.
Don’t let your computer “sleep” all day. Instead, just shut it down completely when not in use. This includes other electronics you may leave plugged in or on sleep mode all day but do not actually use, like your television.

Save on Food

We need food to survive, and it is a regular expense in our lives. But, you all came up with some great ways to save on one of our basic needs, such as the following:

Buy in bulk. Buying in bulk helps you save when done correctly. Make sure to not buy perishables in bulk unless you go through them quickly enough, like eggs. However, you can also call the distributor for items you buy a lot and see what the minimum order is. From there, you can team up with friends and family and make the purchase at wholesale without worrying about the price markup.
Make food ahead of time…then freeze it. Saving Advice reader msarro suggested making large batches of breakfast and snack foods over the weekend and freezing them. Then, when you are in a rush for work, you can just heat them up in the microwave instead of stopping somewhere and spending more money on something like fast food. A little tweak like this can go a long way for your wallet.
Shop smart. Using coupons and always looking out for sales are tried and true tips that do help you save over time. Check out this past post from the Saving Advice crew on how to save while grocery shopping.
Stop buying lunch at work. Make an effort to always pack your lunch. Use leftovers from dinner if you must, but user 7Figures states he realized he was spending about $10-12 per week on food at work, which comes up to $2,880 per year. Imagine putting that extra $2,000 in savings throughout the course of the year instead!

Other Ways to Save:

There were so many good suggestions in our forum, it was hard to pick just a few. But, here are some suggestions you all gave on how to save money in other areas of our lives:

Purchase a cheaper car for cheaper car insurance. Jadet brings up a good point that low profile cars tend to have cheaper car insurance policies. Don’t waste money where it doesn’t need to be wasted.
Do a subscription audit. It’s easy to forget how many monthly subscriptions or memberships we’re paying for and not using. Check your bank account and email list and cancel anything you have not used in months or no longer need. Even if it is only $20 here and there, that is an extra $20 you can add toward debt or put in your savings.
Be leery of false deals. Just because a company calls you claiming you can save money by switching to their service does not mean you should. Do your research, ask whether or not it is promotion, and compare the long-term numbers. You could accidentally end up switching to something that ends up actually costing you more.

Saving money takes dedication, some sacrifice, and due diligence, but with consistent efforts, you’ll be saving more in no time. Thanks for all your contributions, and if you have anything to add on how to save money, be sure to start your own thread in our forums!

Areas Where I Have Failed To Save Money

July 6, 2010 By David G. Mitchell 12 Comments

For nearly two years, I have been offering my thoughts on saving money. Sometimes, readers have liked my ideas. Other times, the response has been less enthusiastic. In either case, rest assured that a lot of thought went into the creation of each article. Despite all that thought, there are still a lot of purchases that I have not been able to make more economical. Whether it is just because I don’t have enough experience with a product or service, or it is just because some things cannot be purchased inexpensively, I don’t know. I hope that my readers may have had better luck than I have in getting deals in the following areas, and hope that you will share your experiences and ideas with me.

Sporting Equipment

I’ve looked around for deals on sporting goods but I have not found any deals that are truly too good to pass up other than the occasional steal at a yard sale. For example, at a community yard sale that a local church sponsored a few years ago, my elder son was able to get a full set of almost new golf clubs, and a nice golf bag, for two dollars. Other than that, we have been paying full price for sporting goods, subject to coupons and other generally available retail discounts. Where do you buy sporting goods?

Cosmetics

My household does not use a lot of cosmetics but, in considering a possible column, I thought I might research costmetics bargains. I could not identify any reliable source for purchasing good quality costmetics at a discount. I like to think that my ignorance of the products is the reason but I am not entirely sure of that. How does one get deals on cosmetics?

Concert Tickets

I love music, especially live music. I do not love the huge cost of buying concert tickets. I have looked for ways to acquire discounted tickets but that does not seem possible. Indeed, the price of tickets only seems to rise. How do you find inexpensive ways to attend live music events?

Automobiles

Obviously, the price one pays for a car often becomes a matter of how well one haggles. I just never know what price I should be negotiating. Is there a way to truly know the value of a new vehicle – not the sticker price but the price that a dealer will take?

Lawn Care Services

I have used just about all of the local services and they are all just about the same price. Moreover, each service declines in quality after I have retained them for a few months. Short of taking care of my lawn on my own (something I want to avoid because I do not want the chemicals stored in my garage), how can one find a good value in lawn care?

What do you wish you could purchase less expensively? What do you think is overpriced? What advice would you offer relative to the questions I have posed?