Tips To Help You Save More Money

Looking for ideas on how to save more money? Below are some tips to help you save more money.

Create a budget and stick to it!

If you ever find yourself spending more than you should in a category, it may be time to create a budget and stick to it.

A budget can help you allocate your fixed fund to different categories and make sure you have enough money for each of your expenses. If you find it hard to control your spending, it’s even more important to create a budget for each category to make sure you have enough to cover your and your family’s basic needs.

To find out how much money you should set aside for each category, look at your past spending and make a list of your expenses.

Downsize

One of the biggest expenses, if not the biggest, of most households is the monthly mortgage payment or rent payment.

If you find your mortgage payment or rent taking a large portion of your paycheck, leaving not much left for anything else, it may be time to explore your options.

• Is it cheaper to rent or to own the house?
• How much space do you need? Can you get a smaller place with cheaper monthly payment?
• Can you rent out the extra rooms?
• If you are by yourself, how about renting a room instead of a full apartment?

There could be more options to explore. The main point here is to reassess your current housing situation and explore available options.

Cut down food expense

Food expense is another big expense that most households have. It is one of the biggest expenses and often the second biggest after the house payment or rent.

Cutting down food expense doesn’t mean you have to have to reduce food intake amount or starve yourself. But with some planning, you can buy enough and not waste food, while cutting down on the amount needed to spend of food. For example:

Plan your meals

Planning your meals and creating a grocery list before shopping can help you avoid impulse purchases.

Join membership/reward programs

Some grocery stores or restaurants have membership or reward programs that either gives you coupons, discount, or allows you to collect points on purchases to redeem reward for future purchases.

Related: Why You Should Sign Up For Loyalty Programs

Shop for fruits and vegetables in season

Shop for fruits and vegetables in season. They tend to be fresher and cost less.

Use coupons and take advantage of sales

Using coupons and buying items on sales can reduce your grocery expense.

Use cash back apps

There are mobile apps that give you cash back or points that can be redeemed for rewards if you buy certain products or at certain stores, or when you scan receipts. While it is not much, it still gives you some extra cash.

Buy in bulk

Consider buying in bulk for non-perishable items, like toilet paper, paper towels, etc.

Cut down on eating out

This doesn’t mean that you don’t eat out or buy drinks at all. Eating out once in a while is nice. But eating out too often can take a toll on your fund, especially if you find yourself already spending more than what you earn.

You can cut down on eating out by bringing your own lunch. Making your own coffee and tea can save your quite a bit in a long run, and it only takes a few minutes. Unless you are confident that you can make several dollars for every few minutes, it is worth looking into, especially you can control what you put inside your drink and adjust it to your own taste.

Use high rewards credit card

Some credit cards give bonus points or cash back when you dine at a restaurant and pay with their credit cards. You can redeem points for future purchases or credit for your statement. Some credit cards even let you transfer points to partner loyalty programs so you can make your points worth even more.

Reduce your transportation expense

The third biggest expense that most households often have is transportation.

What counts as transportation expense? Car payment, car rental, car insurance, car maintenance, registration fees, and fuel, etc.

Since most of other fees are either annual or one time fees, the main monthly transportation expenses that most people often pay are car payment and fuel. Depending on where you live, a car can be a necessity. But there are some tips to consider to help you reduce the cost.

Consider buying a cheaper car or used car

Everyone likes brand new cars with cool features. But if you find your monthly car payment is too high, consider buying a cheaper car or used car to lower your payment.

Related: 9 New Cars You Can Buy For Under $20,000

But if you decide to buy a new car anyway, consider buying a fuel-efficient car to save more on gas in the long run.

Consider public transportation or other options

You do not always have to have a car. Sometimes, public transportation can be more convenient, and you do not have to worry about parking or traffic. If you live in an area with good public transportation system (light rail, subway, bus, etc.), consider using them to save cost.

If you live in a walkable or bikeable and relatively safe neighborhood, consider walking or biking to your destinations instead.

Consider car pooling

Where gas price is higher, it may be better to car pool with others if going in the same direction to share cost.

Maintain your car

Repair costs can be huge if the car maintenance is not performed regularly. Make sure to bring your car for inspection and maintenance regularly to keep the car in good shape and reduce repair costs.

Join loyalty programs

Not just restaurants and shops, there are loyalty/reward programs for gas as well. Check to see if there is a loyalty or reward program for the place you often fill your gas. If you drive a lot, it can save you some money on gas and/or let you redeem other rewards.

Use credit card that has high cash back for gas

If you drive a lot, look for a credit card that gives high reward for filling gas. The cash back or points can be redeemed for credit on your statement or future purchases.

Find free or low-cost entertainment and activities

Entertainment doesn’t have to be expensive. Check out these tips and options.

Borrow books, movies, and music from public library

If you like reading, visit your local library and borrow books for free. Not just books, but some libraries also carry movies and music.

Check out free or low-cost local community events

Look for local events. Some local events can be farmers market, crawfish festivals, photographers meetup, etc. Apps like Groupon or Meetup let you explore local community events.

Check out free trials of streaming services

Some streaming services let you try their services for free for a short period. Try it out and set a reminder before the renewal date to decide whether you want to continue your service.

Enjoy free outdoor activities at local parks or trails

There is no cost to go for a good run and breath in the fresh air, or have picnic with your family and friends in the park. Check out local trails and parks and get ready to enjoy some free outdoor activities, whether it’s walking, hiking, running, or picnicking. You can also look for community pools.

Go to movie theater on discount days or buy monthly subscription

Going to movie theaters doesn’t have to break the bank.

Now most movie theaters offer monthly subscription plans that allow you to watch many movies in the theaters for a fixed monthly fee. If you find yourself going to the movie theater often, these subscription plans can help you save money.

But if you only go to the movie theaters once in a while, you can also just buy tickets on discount days like Discount Tuesdays, when soda and popcorn are also greatly discounted. Even if you don’t buy their monthly subscriptions, don’t forget to join their free reward programs to accumulate points to get free rewards.

Read more on Why You Should Sign Up For Loyalty Programs.

Shop smart

Shopping smart is not only about buying more of what you need and less of what you want. Consider these tips:

• Buy few but higher quality items that last longer rather than buy many cheap but low quality items that require more replacements.
• If you only need something temporarily, consider renting or borrowing the items instead of buying.
• Look for clearance or sales.
• Look for cash back or loyalty programs before purchasing.

If you find any of the tips above helpful, don’t forget to click like and subscribe for more tips and ideas.