How to save money

Filed in how to save money by on April 26, 2023 0 Comments

How to save money When it comes to saving money, small changes can add up quickly. Adjusting a few daily habits, cutting monthly bills, and leveraging tools that automate savings can collectively make a big impact.

We highlighted some of the best ways to save money right away. These money tips can help you save for a house or a car or simply save more money out of your salary.

Automate transfers

By setting up automatic transfers from your checking account to your savings account each month, the money will accumulate over time without any additional work on your part. This technique can be especially useful when your savings accounts are dedicated to specific goals, such as establishing an emergency fund, going on a vacation, or building a down payment.

You can also let apps like Digit or Qapital do some of the work for you. After you sign up, they’ll transfer small amounts from your checking account to a separate savings account for you. That way, you don’t have to spend time or energy thinking about making a transfer. You can learn more about apps that automate savings and decide if they’re a good fit for you.

Count your coins and bills.

Another option is to save your change manually by setting it aside each night. After you have a sizable amount, you can deposit it directly into your savings and watch your account grow from there. In fact, when you want to watch your spending, it’s a good idea to use cash instead of credit cards because it can be harder to part with physical money. While this strategy doesn’t build savings overnight, it’s a solid approach for slow-and-steady savings growth. How to save money

Prepare for grocery shopping.

A little work before you go to the grocery store can go a long way toward helping you save money on groceries. Check your pantry and make a shopping list to avoid impulse buying something you don’t need. Learn how to get coupons and join loyalty programmes to maximise your savings as you shop. In exchange for sharing your phone number or email address, your local store’s loyalty programme might offer additional discounts.

If you use a cash-back credit card, you could earn extra cashback on grocery purchases. Some cards offer as much as 5% or 6% cash back, but you’ll want to be sure to pay off your bill each month to avoid paying interest and fees. How to save money

The app Flipp pulls in coupons from local stores when you enter your ZIP code. That way, you can shop for sales without sorting through the newspaper. If you shop for groceries at a large retailer like Target, Amazon, or Walmart, you can often find additional savings by downloading the store’s app.

Minimise restaurant spending.

One of the easiest expenses to cut when you want to save more is restaurant meals since eating out tends to be pricier than cooking at home. If you do still want to eat at restaurants, try to reduce the frequency and take advantage of credit cards that reward restaurant spending. You can also opt for appetizers or split an entree with your dining companion to save money when you eat out. Skipping drinks and dessert can help stretch your budget as well. How to save money

Get discounts on entertainment

You can take advantage of free days at museums and national parks to save on entertainment costs. Your local community might offer free concerts and other in-person or virtual events; check your local calendar before splurging on pricey tickets to private events. You can also ask about discounts for older adults, students, military members and more. How to save money

Map out major purchases

You can save by timing your purchases of appliances, furniture, cars, electronics and more according to annual sale periods. It’s also worth confirming a deal is actually a deal by tracking prices over time. You can let tools do this step for you; the Camelizer browser extension tracks prices on Amazon and can alert you to price drops. The Honey browser extension pulls in coupon codes and checks for lower prices elsewhere.

When you’re shopping in person, make sure you get the best deal by using the ShopSavvy app. It lets you scan bar codes and alerts you to better prices elsewhere. How to save money

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