20 Ways to Save Money As Part of Your Daily Routine
As inflation persists, people are looking to save money in easy ways. You don’t want to change your lifestyle, work 80 hours a week, or even give up simple pleasures like take-out food. That’s understandable. Fortunately, there are still ways to save money that are not painful to endure.
Use Apps that Pay Cash Back
One easy way to save money is by earning cash back on things you already buy, like gas and groceries. Upside pays you cash back at popular restaurants, gas stations and grocery stores when you use the debit or credit card you linked in your account.
Rakuten, Shopback and others offer cash back at popular online retailers. Shopback pays up to 1.5% cash back at Amazon; it’s one of the only cash back apps partnered with the e-commerce giant.
Take the $10,000 Challenge
Finance expert Graham Stephan breaks down exactly how to save $10,000 in one year. It requires setting aside $27.40 every day. In one YouTube video, Stephan recommended starting immediately.
Can’t free up $27.40 per day? Evaluate your expenses carefully and find ways you can cut back. Put that money directly toward your daily savings goal.
Use a Budgeting App to Track Your Money
Start using a budgeting app like Rocket Money, WalletHub, or YNAB (You Need a Budget) to track your spending. Once you know where your money is going, you may find new ways you can save.
Match Your Purchases with Savings
Everyone deserves a splurge sometimes. Stay on track with your goals by saving as much as you spend. For instance, when you start your morning with that coffee house latte, commit to saving an equal amount. Pay $5 for coffee? Add $5 to savings.
You may reconsider those purchases when they cost twice as much, even if half of the money is going into your savings account.
Round Up Purchases
If you can’t afford to match every purchase with an equal payment to yourself, at least round up the difference.
Bank of America, Chime, and other banks and online financial institutions offer round-up savings. The institution rounds up your debit card purchases to the nearest dollar and transfers that amount to a linked savings account, where it can earn interest.
Meal Plan
The average US family of four throws away $1,600 in produce every year, according to sustainability service provider RTS.
Planning meals in advance saves money in multiple ways: less food waste, and fewer last-minute take-out or delivery orders because you don’t know what to cook.
Plus, you can shop the sales for the week and cook in batches, saving time as well as money.
Shop Your Pantry
You probably have more to eat in your cabinets or freezer than you realize. Challenge yourself to skip the grocery store for a week and eat only what you have on hand. You’ll reduce food waste and save money.
Switch to Store Brands
One study from CNET revealed that purchasing store brand food rather than national brands can save 40% during a typical shopping trip or $200 per month. You can also save money at discount grocers like Trader Joe’s and Aldi.
Have a “No Meat” Day Each Week
People who don’t eat meat save roughly $23 per week in food, or an average of $1 per meal, according to a survey by Sous Vide Guy.
But you don’t have to go full-on vegan to save money. Instead, consider one meatless day per week.
Get your fill of protein with affordable options like beans, lentils, cottage cheese, eggs, quinoa and other healthy, flavorful foods that can stretch across several meals.
Batch Errands
By consolidating your errands into one trip, you’ll reduce fuel costs and save time. Try to grocery shop only once weekly; fewer trips to the grocery store means fewer opportunities to waste money on impulse purchases.
Instead of Dining Out, Invite Friends to a Potluck Dinner
Nearly three-quarters (74%) of people said they have spent more money than they were comfortable with to fit in socially, according to a new survey from TopCashBack.
“Dining out” was the biggest culprit, with nearly 72% saying the situation created pressure to spend. Next time, suggest a potluck where everyone brings a favorite dish. After dinner, consider card games, board games, or movie night as free entertainment.
Shop Your Closet
Nothing to wear? Consider shopping your closet instead of scrolling Amazon. You might be surprised by what you find.
Host a Clothing Swap
Even better, invite friends over and tell them to bring clothing they haven’t worn in a while. Trade outfits and then donate or sell the items left that no one wants.
Remove Saved Cards from Amazon and Other Online Stores
E-commerce websites know how to make it easy for you to spend money. Don’t save your payment information in shopping apps or on social media. The time it takes you to pull out your credit card and type in the number interrupts the “impulse buy” pattern in your mind. You can think twice if you really need the item.
If the urge to spend hasn’t disappeared, consider putting the item in your shopping cart and leaving it overnight. You might find the price drop. Even if it doesn’t, it will give you more time to reconsider.
Cancel Auto-ships
While you’re overhauling your online shopping habits, cancel your auto-ships. You might find items cheaper if you shop sales, instead of counting on Amazon or Chewy, for instance, to always have the lowest prices.
Put Your Bills on Auto Pay
While you should cancel automatic purchases, it’s a smart move to put regular bills, like car insurance and utilities, on auto pay. Some services even offer a discount if you sign up for auto pay. Even if they don’t, you won’t have to worry about missed payments or late fees, which will save you money and protect your credit score.
Keep a “Things I Do Not Buy” List
In an attempt to stop overconsumption, content creator Michelle Kanemitsu created a “do not buy” list. In a YouTube video, she shares 11 items on the list, including water bottles, organizational bins, books, and vinyl records.
Your list might be different, but think about items you already have multiples of (like coffee mugs or throw pillows) or items you’re likely to buy on impulse and later regret, like fast fashion or trendy beauty products.
Invest in a Water Filter and One Good Water Bottle
In her video, Kanemitsu revealed she’s had the same Hydro Flask water bottle for five years. If you’re still spending money on bottled water, invest in a water filter and a water bottle you love. You can save $289 per year on 1,800 bottles of water (at 19 cents per bottle) with a Brita Elite water pitcher and two filters Brita Elite Pitcher and two water filters, which lasts for a year if you drink 11 glasses of water per day. If you’re buying more expensive water, you’ll save even more.
Adjust Your Thermostat
Lowering your thermostat in the winter or raising it in the summer by roughly 7 to 10 degrees can save you 10% on your heating and cooling bills throughout the year, according to Energy.gov. Installing a programmable thermostat can make it easy to remember to make this simple, cost-saving change.
Air Dry Laundry
Clothes dryers cost anywhere from 25 cents to a dollar per load to run, depending on the energy efficiency of your model and the cost of electricity in your area. Instead, line dry clothes in your backyard, weather permitting. You could save $75 per year in Texas, up to $172 in California by drying clothes outside, instead of running the dryer, according to the A1SolarStore blog.
Conclusion
Saving money doesn’t have to be about big, sweeping lifestyle changes. Modifying small habits can add up over time, especially if you take the money you save and invest it in a high-yield online savings account.
Other Articles of Interest:
Make sure to check out other great articles about money management and ways to save, including:
Tips to Save Money on Gasoline
How To Create and Stick to A Budget When Money Is Tight
The Best Apps That Pay You Real Cash
Links:
https://www.youtube.com/watch?v=7YOJx3D-3RQ&t=8s
https://www.rts.com/resources/guides/food-waste-america/
https://sousvideguy.com/exploring-opinions-plant-based-eating/
https://www.topcashback.com/dyn/peer-pressure-survey-results/
https://www.youtube.com/watch?v=nRVtRR4dSvg
https://www.energy.gov/energysaver/programmable-thermostats
https://a1solarstore.com/blog/how-much-electricity-does-a-dryer-use-something-to-think-about.html
The information provided on this website is for general informational and educational purposes only and should not be considered financial, investment, legal, or tax advice. While we strive to provide accurate and up-to-date information, we make no guarantees regarding the completeness, reliability, or accuracy of any content. Any financial decisions you make are your responsibility. You should consult with a qualified financial advisor, accountant, or other licensed professional before making decisions based on information found on this site.
Past performance is not indicative of future results. Any examples provided are for illustrative purposes only and may not reflect your individual circumstances. By using this website, you agree that we are not liable for any losses or damages arising from your reliance on the information provided.