Saving money can be one of the hardest things to get into. We always give an excuse as to why we cant’s save money. I won’t lie, sometimes those excuses are valid. However, having money saved is a crucial part of living a stress-free life. Here are 10 simple tips on how to save money.
Create a budget
The best way to keep track of all your spending and income is by creating a budget. You can use a journal or notebook to create your budget. Calculate your monthly income and Make a list of all your necessary expenses. Subtract your income from all your expenses. If you have a positive number left, you’re spending below your mean which is good. If the numbers are negative, try cutting back on some expenses.
Walk with cash
It doesn’t always feel like you’re spending money when using your card. Use cash so that you can see how much you spending and cut back. You will likely spend less if you use cash. You might also find it harder to break your 20s or 50s. Which helps you cut back on spending.
Leave your credit cards at home
It can often feel like you’re not spending money at all when using a credit card. Until the statement comes in and interest rate adds up, causing you to spend more money. Leaving your credit cards at home helps to be more frugal about your spending.
Do a money-saving challenge
One of the best ways to reach a financial goal os through a saving challenge. these challenges work especially well if you have a specific plan that you’re saving for. These challenges usually set an amount of money you should be saving every week or month to reach a certain goal. I highly recommend a money-saving challenge if you’re saving for a car, a vacation, etc.
Set up a savings account.
Leaving your money in your checking account makes it easier to spend it. If you find it hard to keep your money in your checking, open a savings account. It’s usually free at most banks. If it’s not, you can find banks that offer free checking accounts and set up one.
Save your change
Start a saving plan by saving your change. Instead of dropping them all over your house, (guilty!) grab a jar or a piggy bank and start saving your change to see how much it can add up to at the end of the year or whenever you decide to open it up.
Eat At home
Dining out takes so much more money than making your own home-cooked meal. For instance, The $50 you spend at a restaurant could buy groceries for a whole week for you to make a home-cooked meal.
Make a grocery list
Making a grocery list allows you to decide what you’re going to buy before going to the market. Going without a grocery list can lead to you making more unnecessary purchases of items that you probably won’t use. It helps to also make a list of meals that you can prepare so you can buy the grocery items that you need for those meals.
Use cashback apps
cashback apps are apps that offer rewards or cash from purchases that you make. There’s a lot of apps that offer cashback on purchases. Apps like Rakuten ebates or ibotta gives actual cashback when you shop. You can get cash back on online and offline purchases
Cut back on subscriptions
Paying $8 for Netflix may not seem like a lot. But if you’re paying the same for Hulu, Netflix, music and any other form of subscriptions, they add up. Try cutting down to one or 2 tops. Some subscriptions also offer student discounts or pay for one and get 2 deal. For example, a subscription for Hulu also comes with Spotify and showtime. You just need to look to find the right one.