That's why I have put together this great list of ways you can save thousands this year. Pretty much everything on this list are things that I have tried and can attest actually do save a lot of money.
1. Cut the cord on your cable plan. I have actually never had cable. I have always just paid for Netflix since I lived on my own. When I met my husband he had a cable/internet plan that he paid over $100/month for! I told him about how I have lived without cable for my entire life and when we moved in together, he decided to cancel his plan. A few years later, we now share a Hulu and HBO Now plan with some other members of his family, which he loves, but the only thing we actually still pay for is Netflix! It costs us (well, now that they have raised their rates) $10.99/month! So much cheaper than cable.
2. Cancel your gym membership and work out outside. Is there anything better than feeling a fresh breeze on your face when you are walking or running in the brisk outside air? I honestly don't think so. In the neighborhood we live in, tons of people take advantage of the outdoor walking/hiking trails or just walk/run on the sidewalks. You can cancel your gym membership and save yourself anywhere from $15-30/month or more depending on your plan and run outside and lift weights at home.
3. Rethink your remodel. I don't mean don't do it, you just don't always have to hire a contractor to do the entire job. Consider DIYing parts of it - painting or putting in baseboards, and using a handyman for easy stuff like installing back splash. Our kitchen remodel is going to cost us about 1/3 of the price we could have paid if we had hired a contractor to redo the entire kitchen - we are hiring it out in parts.
4. Get a roommate. I tried this one for a while a few years ago - I rented out a room in my house for $500 month. The lady I rented it to bought all her own food and groceries and I still had an extra room to spare! If you have the space, why not? It's extra cash in your pocket!
5. Take surveys online. Many online research companies will pay for your opinion- it's not much, but if you're not busy, why not? Here is a list of the top ten highest paying online sites - it's an easy way to make cash in your spare time!
6. Don't say no to those extra shifts at work. No one wants to be working when they can be at home with their family or spending time doing something they really love. But if your boss asks you to work overtime or work one weekend day, think about saying yes instead of no and the extra cash you can make. Especially if you didn't have plans anyway. A few extra shifts a month and that could add up to a lot of money!
7. Eat at home. If you cut out eating at restaurants and pare down to only once a month, this will save you a ton of money! I know for a while my husband and I would eat out once or twice a week and that really adds up! Especially if you have more people in your family. Eating at home (or packing a lunch) for every meal 7 days a week will save so much money. Then treat yourself at the end of the month with a nice meal at your favorite place!
8. Don't waste food. This is one thing we try really hard at in our house. For example, if I make extra pasta on pasta night, I will either take the leftovers for lunch or make pasta salad for dinner the next night. I try to use up everything we have. I even use the ends of the bread loaf - just turn them over! It is always my goal to use everything in the fridge before it goes bad so we are not wasteful and it saves a lot of money on groceries!
9. Cut out meat. As every carnivore knows, meat is expensive. Adding it to every meal can get costly. Start with breakfast and lunch, and go vegetarian. What we did in our house was have a veggie night 2 nights a week. Even just doing that saves money! Then you can go to 3-4 nights, or whatever you feel comfortable with. Make sure you are supplementing your protein and other nutrients as needed and you will see the cash add up!
10. Pack your lunch. Figure that one couple (2 people), spends approximately $5-10 on lunch, each day of the week, so somewhere around $75/week just on lunch? So per year that adds up to almost $4000 per year on lunches? If you made your own PB&J or even a cold cut sandwich the cost wouldn't be anywhere near that. Or you could go back to # 7 on this list and eat at home and then bring left overs to work for lunch! We usually switch off between sandwiches/salads and leftovers and it saves so much money!
11. Stop impulse buying. In this day and age, and especially now that we all spend so much time online, it is so easy to see something and just buy it. At the checkout line in the grocery store, or even those ads on Instagram. My advice is, just don't. If you can avoid it and make a conscious effort to say, I'm not spending money right now, you will be amazed by how much you can save.
12. Drive instead of flying. Sometimes there is a flight deal that is too good to pass up. $69 one way to San Diego, or whatever. But if it's not a deal, usually driving is always the cheaper option. Jump in the car with your spouse or friends and road trip it and save the money you would have spent on flights!
13. Vacation with other people. In a couple weeks, we are staying in Alameda for my husband's company holiday party. Instead of getting our own hotel room, we are sharing a room with 2 Queen beds with another couple. This instantly cuts the cost in half. We usually do this whenever we can - if we have a wedding to go to, or anytime, unless it is a romantic weekend away. It saves so much money!
14. Use all of your beauty products. A few months ago, this was a new thing I tried to see how much more money I could save if I just stretched my mascara, foundation, lotions, etc for a few months instead of buying new ones. I said to myself, I have about 25 different lotions under the sink, I am not buying new ones until I use these ones up (as hard as it is if you see something you like on sale!). And I still haven't bought any. I can't even imagine how much I've saved. So far, I have broken down and bought 1 mascara for about $8. That's it!! In about 3 months. I am still using everything else I have in my drawers that needs to be used up. It is soo hard! But I mean, why not? It seems like a great way to be conscious of the extra money we spend on unnecessary beauty products!
15. Stop playing the lottery. Some people think playing the lottery is fun, for others it is a habit, still others have money set aside as part of their "entertainment" fund specifically for lottery tickets. And what if they actually won? But what if you don't and you spend 10+ dollars a month (or more?) every year? That money can go right into a savings account and that is $120/year you can save and that will add up so quickly over time!
16. Stop ordering alcohol at restaurants. This is one of the number one ways to save money. Drink prices in bars and restaurants are outrageous! One time we went to a sports game and 2 beers cost us over $30! It's ridiculous. I'm not saying you have to literally cut out drinking when you go out completely, but if you are conscious of the amount of money you are spending, you will realize that there is a potential to save a lot!
17. Don't go to Starbucks - One of the most important things I did when I first decided I wanted to save money a few years ago was cut out Starbucks completely. I bought a 24oz Tervis cup and made coffee at home for an entire year. I saved over $1500, no joke! And that was just one coffee. That doesn't even count the muffins, etc., I would have bought. It really does add up!
18. Switch to a credit card that offers cash back. One of the best things my husband ever talked me into was switching to our Citi Doublecash Card. This card literally gives you 2% on all purchases - with the assumption that you pay your entire balance at the end of the month. Whatever card you use, make sure it offers a great benefit like this one. The cashback we receive every month just goes towards our balance!
19. Quit smoking. With the price of cigarettes now up to $8/pack, if you are a smoker, consider quitting! This would be a great way to save some real cash. I'll be honest with you guys, I used to smoke. I smoked at least a pack a day (back when a pack was around, maybe $4?). So on average my habit cost me just about $1500 a year, probably more. Think about how much you smoke and how much you spend on cigarettes! Even if you only smoke socially. I know it's hard to quit- take it from me! But in the long run, it can really add up and that money can go towards something so much better!
20. Take time to shop around for deals. You might be accustomed to always buying ground coffee at Target or getting gas at the Valero around the corner from your house, but if you take a few minutes to either look online for a better deal or shop other places, you might find that a new place has a better price on something you buy a lot. For example, before I met my husband, I always bought Dunkin Donuts ground coffee at Target, but now I buy it in bulk at Costco! It saves so much money (especially with the amount of coffee I drink!)!
I hope these ideas have helped you and maybe even think of additional ways to save money. Some of these have really added up in my life!
Hi Sarah,
ReplyDeleteI love all your tips. We did most of them over 30 years and retired early. You’re on the right track!