In today’s world of instant gratification and social media controlling our lives like never before, it’s easy to fall victim to the fear of missing out and going overboard with a “you only live once” mindset. Because of this, it’s more important than ever to stay focused on saving money any way you can.
To help you monitor your spending habits and cut expenses, we’ve put together ten simple ways to help you save money every day. Don’t forget one of the easiest ones—shopping through Splender.com, where you can find great deals and even receive cash back rewards on all of your purchases!
- Plan out your meals for the week.
Dining out is often the number one expense for many households. But by spending just a few hours every week to plan your meals and shop for groceries, you’re sure to save significantly. By eating at home more regularly, you’ll save money that would otherwise be spent on tax and tips, too.
- Cancel your cable TV.
Gasp! Turn off cable TV?! No, we’re not crazy, and you don’t have to say goodbye to your favorite shows forever—but with services like Netflix, Hulu and Amazon Prime, it’s easier than ever to watch your favorite TV shows and even movies for a fraction of the cost of cable TV.
Plus, a lot of people with cable services are often paying for premium packages that they don’t really need. Getting rid of channels you don’t watch will put a lot of money back in your pocket. And watching less TV is actually a great way to drastically cut expenses like electricity, too—and just think, no more spend-inducing ads!
By slimming down on channels, switching to a streaming service or cutting TV out altogether, you can save that money for another financial goal, such as paying off debts or your next big vacation.
- Make coffee at home.
We know these might be a coffee lover’s least favorite words, particularly those who like to frequent their favorite local coffee shop on the weekend or Starbucks on the way to the office, but spending around $5 dollars on coffee every day can really add up.
Why not treat yourself a couple days a week to a cup of coffee at your favorite café, but make it at home the rest of the week? (We love this Kitchenaid Personal Coffee Maker from Lord & Taylor with 10% cash back through Splender!)
- Chart your financial goals.
Be specific with your financial goals. For each of your goals, you should map out exactly how much you want to save every month in order to reach that goal. This is helpful because when you know what your targets are and have them in front of you, you’re more likely to stay focused in the long run.
- Schedule regular financial check-ups.
Make it a habit to sit down with your finances on a regular basis to review your accounts and track your progress compared to your goals. If you want your financial situation to improve, you must spend time with your money to make sure you don’t get off track.
- Choose quality over quantity.
This can apply to a variety of items from clothing, electronics, appliances and more. Although it is tempting to purchase the low-cost version of an item, oftentimes choosing quality over quantity will end up saving you more in the long term. Try to save up your money for the highest quality product you can afford, and perhaps even do a bit of research before making the splurge.
We recommend adopting an average cost-per-use or wear mentality with more expensive items. It’s important to find a balance that works for you, but make an effort to choose quality whenever you can.
- Get creative with gifts.
Find creative ways to show your love and admiration for friends and family members with free, handmade or budget-friendly birthday and holiday gifts. Most people will appreciate the thought behind your gift more than anything, so don’t be afraid to save money and find low-cost ways to celebrate your loved ones. And truthfully, a handmade gift can be more sentimental than an expensive gift they may never use.
- Write a shopping list and stick to it.
Another simple way to save money is by only shopping when you have a written list. When you don’t have a list, it’s very easy to spend more than you originally intended on impulse buys and unexpected purchases.
Knowing exactly what you plan to buy at the outset can be very beneficial as it will help you avoid buying things you don’t really need and things that might ultimately go to waste. Let’s face it, nothing’s worse than mindless buying only to discover that you already have several of that same item when you get home.
- Invite friends over instead of going out.
Dining out or going for a night out on the town has a way of entirely destroying your food or entertainment budget in the blink of an eye. It’s always cheaper to invite friends and family over to enjoy some in-home entertainment. You can all save money and have a great time watching movies, playing games and making your own food or even having a potluck!
- Shop online.
Shopping online offers comfort, convenience and money saving opportunities. When shopping online it’s easy to comparison shop, find coupons and even enjoy cash back rewards. Plus, you can usually find better deals than in the store—and you can save on gas, too!
While it’s important to live in the present and soak up life’s precious moments, you must be sure to balance that out by saving for your financial future, too. There are many ways to save money, you just have to find the ones that work best for you and start incorporating those strategies into your everyday life.
Saving money requires a lot of patience and hard work, but you’ll certainly thank yourself later on!