4 Min Read
There are some innovative ways to save money and keep cash in your pocket, enabling you to be more money-conscious. And when you’re more money-conscious, you’re better equipped to focus on financial goals and increase your financial literacy.
Our 42 easy ways to save money take you through some simple strategies to save a few dollars, right through to some tough negotiations that could save you thousands.
Best Ways to Save Money Today
It helps to break things down into categories that will make it easier for you to maximize your potential. For example, your home, commute, leisure, and use of products may all have hidden savings.
Easy Ways to Save Money At Home
Your home is a treasure trove of undiscovered cash reserves.
1. Get rid of old or underused items by selling them at a yard sale or online
2. Convert old appliances to energy-saving appliances
3. Change your curtains to manage the weather better
4. Add rugs and carpets to reduce your heating bill
5. Make your own powdered baking mixes and store them in airtight jars until you’re ready to use them
6. Maintain and service your HVAC unit regularly
7. Get plumbing leaks checked out while they’re still small
8. Spend less on ordering-in by preplanning and precooking meals for the week ahead
9. Make your own snacks
10. Keep your thermostat to a comfortable temperature throughout the year
After looking at your monthly expenses, you may find even more ways to save.
Easy Ways to Save Money At Work
Going to work costs money. You need to dress the part, eat, and commute. So make it worth your money.
11. Carpool to work if you can
12. Buy a reliable car that’s low-cost to maintain and low on fuel
13. Clean out the heavy stuff from the trunk—it just adds to your fuel bill
14. Ensure your tire pressure is correct
15. Pack your lunch and snacks
16. Drink the free refreshments provided
17. Keep a change of clothes at work in case of a spill, so you don’t have to run out and buy something new
18. Buy good shoes and purses to reduce the number of times they need to be replaced
19. Calculate your commute cost to property prices to make sure you live a comparable distance away in order to benefit from reduced costs
20. Get a bike or invest in great sneakers for a walk. Even if this means getting off a few blocks before work or home to get in some cardio and save on gym fees
Easy Ways to Save Money with Your Banking
While it may seem like your fees and rates are set in stone, they’re not. Negotiate with your bank to make sure you’re always getting the best deal.
21. Increase your credit score. It unlocks great savings on credit products and opens up numerous financial doors for you, such as access to unique products that could be useful.
22. Compare your credit card products with new credit card products on the market. A lot has changed in the last ten years - from 0% balance transfer cards to those with no annual service fees
23. Refinance your mortgage to a lower APR and/or lower term. This will save hundreds to thousands of dollars over the loan period
24. Save up for a bigger downpayment on your house and car to save on the overall interest
25. Negotiate your monthly maintenance fees or savings account fees or meet the minimum account requirements not to pay these fees. (Or switch to a bank with no fees.)
26. Settle your credit card in full every month to benefit from interest savings
27. Compare savings plans to get the highest interest rates. For instance, those offered by online banks
28. Know which transactions charge extra fees on your bank account and avoid them
29. Keep within your facility limits to avoid penalty fees such as at the ATM
30. Switch to digital banking to capitalize on reduced costs
Easy Ways to Save Money with Your Investments
31. Be sure to look at fund fees before deciding on an investment type
32. Try managing your own investments as managed funds tend to be more expensive
33. Don’t move your investments around too much, as there are costs involved in disinvestments and reinvestments
34. Fixed-term investments that have guarantees may charge penalty fees for early withdrawals
35. Some investment types carry a higher tax burden, so discuss investment options with a professional who can advise on investments and tax implications
36. Working through a broker can be expensive. For beginners who are still testing the markets and investing small, robo-advisors might be a good call.
37. Keep the accounts funded above the required threshold to avoid dormant costs
And you might even want to look at how to invest small amounts of money over time.
Easy Ways to Save Money in Everyday Life
38. Opt for a gym contract that doesn’t necessarily include all the bells and whistles, just what you need
39. Negotiate the fees of your gym contracts, cable, internet, and any other service you’re using on a monthly basis. If they’re guaranteed repeat business from you, they might agree to lower your costs.
40. Book parking in advance where possible to avoid having to use paid parking, especially in inner cities
41. Services such as Uber and Bolt offer loyalty rewards, whereas regular taxi services do not
42. Sign up for rewards programs and memberships with every service you use frequently. The combination of all the savings from these companies is well worth the while.
The Easiest Way To Save Money
Saving is a powerful tool to help you meet financial goals and live your best life. Opening pockets of savings is within grasp, you just need to know where to look.
Sometimes it helps to have a partner who can help you take on saving, spending, and investing without fees. See if Monorail is a good first step for your savings journey.
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