These are my best saving tips to boost your savings and build your wealth. Incorporate some of these savings tips into your life to see a big difference in your savings account. Whether you are saving for a home, car, or cool vacuum clean, you need to have money in the bank. Try some of these saving tips, and start saving some money fast!
1. Cut Out The Starbucks
That $5 for a coffee every morning adds up. Let’s say you get a $5 cup of coffee every morning, 5 days a week. That is $20 per week, $80 per month, and $960 per year! You could be saving almost $1000 a year just by drinking coffee at home or work.
2. Cut Out Fast-Food
The same rule with Starbucks applies here. If you buy your lunch everyday (and let’s be honest, the average lunch is $10), you are wasting SO much money per year on food.
Pack your lunch and see your wallet get thicker. “Small” expenses add up FAST. Plus, fast food is bad for your health!
3. Choose Your Grocery Store Wisely
I get my produce at Aldi and only specific items at Publix when it’s necessary. Try to find a discounted grocery store where you can find the same exact products for a third of the price. Purchase things in bulk to save some money, too.
I CANNOT recommend shopping at Aldi highly enough. See what you can purchase at Aldi’s in my post here:
4. Pay Off Your Short-Term Debt ASAP
Before you buy that expensive dress, make sure you have paid off your student loans. The interest that accumulates off of that loan is insane. Pay off your short-term debts before they grow a ridiculous amount of interest.
5. Buy USED Items
Thrift stores can have pretty great selections, and you can get designer clothing for a fraction of the original price. I also recommend stores like TJ Maxx and Ross because you can find luxury items for pretty cheap.
I buy my books at a secondhand bookstore. The books are in great shape, and it is way less expensive than chain bookstore prices. Same goes with cars. The second you buy your car, it depreciates in value. As long as you buy a reliable car, you can get an incredible car for much less and monthly maintenance and gas will be cheaper.
6. Swap to the “Great Value” Version
In places like Walmart, Target, and Publix, you can get the store’s version of a product (Up and Up, Great Value).
These “off brand” items are usually the exact same with an almost identical ingredient list as the brand name items. With brand names, you are paying for the name.
For example, the great value version of a Neutrogena product will be nearly identical, but the Neutrogena one will be more expensive because you are paying for the “Neutrogena” name and brand.
7. Do Your Own Hair/Nails/Waxing/Etc.
My mom can cut hair pretty well, so sometimes I just let her cut mine when I need a trim. I can paint my nails just as well as a manicurist, so I do my own nails and toenails. Sure, if it’s a special occasion, I go and get my hair or nails done. But for just day-to-day, I like to save that money if I can do it myself.
8. Save Money While In School
APPLY FOR SCHOLARSHIPS!
A girl in my high-school did poorly on the ACTs, so she wasn’t awarded any scholarships from the university for which she was attending.
Instead of groveling, she applied to a different scholarship almost every day of her senior year. By the time she went to college, she had enough scholarship money to cover her entire tuition.
There are many companies that will actually reimburse you for graduate school, so take advantage of those opportunities.
DO NOT purchase full-priced textbooks! You hardly ever need them for most classes and if you do, you can most likely find a free pdf version on the internet. Or you can rent them from places like Chegg if you want a physical copy for a cheaper price.
9. Look For Reimbursement Opportunities
Most companies offer different kinds of reimbursement or incentive programs. For example, some companies have “wellness reimbursements” that will reimburse you up to a specific amount for your gym membership.
10. Live at Home with Your Parents As Long as You Can
After you graduate, you may want to find your own apartment or place to live. I advise against this unless you have to move for work purposes or have a bad relationship with your parents. You will save THOUSANDS of dollars every year by not having to pay rent, utilities, water, etc. Even if your parents make you pay for your own groceries, you still don’t have to pay rent. And rent is *expensive*.
I made an arrangement with my mom after college for me to work full-time while I lived at home. The only expenses I am having to pay are my gas and random things I want (a dress for a party or a cute pair of shoes).
Every month, I pay my “rent” which is just money I am setting aside for my saving’s account. This helps me save money and also get used to not having that money in my paycheck.
11. Limit The Time You Spend in an Apartment
An apartment is not like a home. It’s not an investment.
Unless you happen to own the apartment complex, the money you are paying for rent is not coming back to you – it is money down the drain.
It is financially wiser to purchase a condo or small home where you can build equity and make money off of your investment in the long-run.
12. Save Money on Gas
Use mobile apps like Waze to find the cheapest gas station near you.
13. Cancel Subscriptions
Unsubscribe from unnecessary magazines, newsletters, mobile apps, etc. Truebill tells you what subscriptions you are paying for every month. There’s no reason to spend money on something you’re not even using.
14. Set a Spending Limit on Your Debit/Credit Card
Limit the amount of money you are able to withdraw or spend per month. Create a budget for yourself, and stick to it!
15. Get A Budgeting App
I love the Mint app because it shows me what my expenses are and let’s me create a budget for myself.
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These were 15 of my best saving tips to help you budget your save more of your hard-earned money. Let me know which of these tips you incorporate into your lifestyle!
Let me know what your best savings tips are below!
XO
Layton