There are key tips to use which will save you tons of money and help you develop good spending habits. Developing good spending habits can have big potential for saving you money in the short or long term.
The 9 key tips to use include:
- Eradicate or Reduce Debt
- Create Savings Goals
- Become A Food Preparation Master
- Always Make Coffee at Home
- Decrease Energy Costs
- Shop at Discount Stores
- Sell Extra Stuff
- Focus on Decreasing the Car Expenses
- Don’t Buy Extra Stuff
Utilize these tips in order to greatly increase your chance to save money consistently.
Through the post I will demonstrate useful and valuable tips for how to save money better.
Eradicate or Reduce Debt
Eradicate or reduce debt can help you cut down on your expenses and make you feel more in control of your finances. Debt can be costing you more because of the interest and if you start cutting down on the debt, you will reduce your total expenses.
Focus on one of 2 methods to pay off your debt consistently including the Snowball or Avalanche methods. The Avalanche method involves paying off the highest interest rate debt first. Once the highest interest rate debt is paid off, then pay off the next highest interest rate debt until there is no more debts.
One pro for doing this method is that if you can stay consistent with paying off your debts this way, you will save the most amount of money. The higher interest rate debts are the ones which are costing you the most because of their high interest rates.
The Snowball method is where you pay off the smallest debt first. After the smallest debt is paid off, you focus on the next smallest debt until every debt is paid off. This method is generally better for people who have been struggling to pay off their debts for a long time.
The Snowball method is ideal for individuals who need an effective method that boosts your confidence in your ability to eradicate your debt. Determine what kind of person you are and what method work most likely work best for you.
If you want to learn more about how to reduce debt, read Reducing Debt Tips.
Create Savings Goals
Creating savings goals can be huge for saving more money in the short or long term. This goal should be realistic so that you can accomplish it but also should be a challenge for you too.
This saving goal will give you something to shoot for that motivates you to save more money each week. The short term savings goal could be to reduce how much you are spending on certain expenses and save an extra $300 this month.
$300 = Monthly Saving Goal
$300/4 = $75 Weekly Saving Goal
If you want to figure out how much you will need to save each week in order to hit your $300 monthly saving goal, it will come out to be $75.
Your long term saving goal could be to develop spending habits that are going to constantly be saving money for you. I have a long term savings goal where I want to get better at saving money for any of my expenses over the next 6 months.
Creating a long term goal of getting a little better at saving money over the next 6 months could also be a great goal.
Become A Food Preparation Master
One of the biggest expenses that can be quickly changed is the food expense. Becoming a food preparation master is going to immediately save you money by cutting down how much you go out to eat.
I like to prepare many meals and snacks at home so that I am prepared for wherever the day takes me. Consistently preparing food could be huge for consistently not be forced to go out to eat.
Starting small and preparing a sandwich at home could be key for developing a new routine. Once you are consistently creating this sandwich, you could start making a smoothie and then work your way up to a rice dish.
I started small and built up a detailed food preparation routine and it is so critical for saving money on food. I make a sandwich, smoothie and rice or spaghetti with a protein source meal every day.
The more consistently you prepare food at home, the more you will save on the food expense.
Always Make Coffee at Home
Always making coffee at home is essential for big savings. I drink a medium amount of coffee consistently and making this coffee at home for the most part has saved me hundreds of dollars each year.
There is something really great about being able to create this caffeine drink at home. This is because of how you can save a lot and get prepared for wherever the day takes you. Coffee is essential for having a productive day and being able to create this motivational drink at home.
Decrease Energy Costs
Decreasing the energy costs can be a big area for savings potential with a lot of wiggle room. Finding a way to cut down on the electric or heating expenses can be a fairly straight forward way to constantly save.
An easy way to save on the heating bill is wear more layers at home and simultaneously decrease the thermostat setting.
Shop at Discount Stores
Shopping at discount stores is another way to consistently save money on many expenses. These discount stores have items that are marked down and are usually full of quality items that are simply less expensive than other stores.
Discount Stores in the U.S. include:
- Trader Joe’s
If you want to look at a list of the main discount stores in the U.S., check it out here.
I like to use all 3 of these stores whenever I can to save money consistently. Shopping at discount stores for your normal items is guaranteed to be cheaper than going to other traditional stores.
Don’t buy extra items that you don’t need at these stores even though it is less expensive. If you don’t need the item, then you will not be saving yourself money for buying these extra items.
Sell Extra Stuff
Selling extra stuff could be a quick way to boost how much you save each month. Certain items could be more valuable than others but even a little extra money here could help you pay off a debt or build up a safety net.
Finding the right resources is key for saving money quickly with these items. Generally for the more valuable items that you are trying to sell, it will take more time to find the best resources to get the most money for that item.
Focus on Decreasing the Car Expenses
The car expense is an area that often turns into a huge expense and people don’t realize the potential for saving here. There are tons of areas within the car expense where you could save but I like to focus on certain ones.
The car insurance and gas parts of the car expense likely have big potential for cutting down on how much is spent here. The key for reducing car insurance is taking a detailed look at your current plan. See what you pay for your coverage and shop around to see what other car insurance companies could be charging you for their coverage plans.
Once you have determined what your best car insurance company is, then focus on the gas expense. A great way to reduce your gas expense is to carpool more and use alternative transportation methods too.
These alternative methods could involve walking or bike riding around more. Doing these free transportation methods will lead to you being in the car less and driving less. Even spending time in your car with the engine turned on will lead to extra expenses down the road.
If you want to save more on the car expenses, read How to Save Money On A Car.
Don’t Buy Extra Stuff
Don’t buy extra stuff and you will cut down your expenses. So many of us spend money on stuff that we don’t need and finding a way to not buy extra is another easy way to save. Creating a list and sticking to this list is an easy way to not buy extra items, whether you are at the grocery store or shopping online.
The more that you create a shopping list and stick to it, the more that you are likely to save. Creating this list is another good spending habit that can add up to loads of savings over the course of your life.
But sticking to a list will save you money in the short term or in the long term.
Continue to Develop Good Spending Habits
Developing good spending habits is key for saving money and reducing extra expenses. There are many areas of a person’s budget where they can save money more inteligently. Find the ones that work best for you and work hard on these areas to save the most that you can.
You will be surprised at how much that you can save right away and in the initial couple months.
I really hope that you found this post valuable and learned how to save money better.
If you have any questions, please leave them below and I will answer them to the best of my ability.