Creative Ways to Save Money on Any Budget
Saving money is probably a goal for all people. However, it's harder for some people to save money than it is for others. Such people need to develop creative ways to save money. They need money saving techniques that go beyond the typical suggestions.
It's possible to save money on any income. You can save money even if you make the minimum wage and have a lot of bills on your plate. The following are some suggestions for saving money if you're finding it difficult to do so.
These tips will cover various areas where you can stash away cash or cut the costs of something. Sift through them and try them out if they pertain to you.
Making Your Savings Plan
We won't spend too much time on the topic of developing a savings plan, but it's the first thing you have to do before you even think about creative ways to save money. You have to set a clear figure to know what you're going to reach for every month. To do that, you need to subtract your monthly expenses from your monthly income to see how much you have left. Then you have to set an amount to save each pay cycle that you feel comfortable putting away.
Don't make your goals too high, or you'll run the risk of not saving what you intend to save. You might also dip into your savings, and you want to avoid doing that. Make sure you leave enough for yourself to survive from paycheck to paycheck. We also recommend paying yourself first. That means you should put your savings and personal spending money into your account before paying any utility companies or creditors.
You should always be your first creditor. You owe it to yourself to have access to some of the money you work hard for every week. Many workers become stressed, frustrated, and fatigued because they feel like all they do is pay bills. You have the power to change that whenever you want to. You can do that by paying yourself first. That should be the first step you take after you develop your savings plan. It will make you feel like you're working for something other than the creditors.
Once you set your goal, you must not deviate from the plan. Make it a long-term effort and stick to it. You'll be amazed by the results you see at the end of your saving period. You might have enough money saved up to make a huge purchase such as a house, car, or something else. You'll have a savings bucket for any health issues that might arise, as well.
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Saving Money at Work
If you have a job, you can start saving money there. These are some of the ways you can save money at your place of employment:
Use Your Employee Discount
One of the first creative ways to save money that we can tell you about is the employee discount. If you're fortunate enough to get a discount from your employer, you should take advantage of it every chance you get. Even if it's only 10 percent, that's 10 percent less that you have to spend on your purchases. Many retail employers offer discount codes or cards to their workers after about 90 days of employment. Some of them provide their workers with discount cards right away.
Use Direct Deposit to Stash Your Savings
It's easy to put away money from work because most employers offer direct deposit with the ability to send your pay into at least two separate bank accounts. You should set up your direct deposit to put the savings money into a separate account so that you don't mix it with the rest of your funds. You'll never miss the money because you won't see it when you get paid. You won't check the bank account balance in your savings account incessantly, either. You'll get a nice surprise once you do decide to check it.
Open a 40K Retirement Account
Another thing you can do to save money is to open a retirement account through your job. The 401K plan is the most prevalent plan employers offer. The best part about the 401K plan is that employers usually match a portion of it. For example, some employers will match up to 6 percent of what their workers put into the account each pay cycle. Some of them match up to 100 percent of that money. You could very well earn "free money" each pay period just by signing up and having a portion of your paycheck deducted. The 401K method is excellent if you're trying to build up a nice nest egg for when you retire. It's not a good fit for the money you want to access at any time, however. In that case, you might want to stick with the first suggestion we had.
Cut Down At-Work Expenses
There are many other creative ways to save money at work, as well. For example, you can get a job that issues work uniforms so that you don't have to buy clothing for work. You can take home-cooked meals with you to work every day so that you can avoid paying for food while you're on the job. Carpooling is another way you can save money on your work expenses. Toy around with these ideas, and you'll come up with some additional creative ways to save money soon enough.
Saving Money at the Bank
You can also save money at the very banks where you store your money. Here are some creative ways to save money at those establishments:
Prevent Monthly Fees With Direct Deposit
Most banks have a monthly fee they charge customers for maintaining their accounts. However, many of them also offer ways to reduce or eliminate those monthly fees. Having some money put into direct deposit is one way to eliminate the costs and save money at your bank.
Open a New Bank Account During a Promotion
You can also save money at the bank to search for a bank that's offering a promotion. A lot of banks do promotions where they pay their customers several hundred dollars to open a new account and maintain it for a certain amount of time. For example, you might get a promo that pays you $300 for opening a new account. You might not get the money for two or three months, but it's still free money and a great way to save money without doing much of anything.
Cutting the Costs At Home
Your household is one of the first places you should look for creative ways to save money. There is so much opportunity there for you to shave costs and build up your stash. These are some tips. Let's first look at four bills you probably have to pay within your household: cable, phone, electric, and car insurance.
Adjust Your Car Insurance
Protect Your Car With These Speedy Insurance Tips
If you don't finance your car, you can probably play around with your premium and deductible if you want to save money for a little while. You can lower your premium by increasing your deductible. This could work for a few months while you stash away some of the money you save each month. We don't recommend doing it for a long time because it's always better to have a lower deductible if anything happens. You can try it for three months and see how it works for you, though.
Slash Your Current cell Phone Bill
How to Lower Your Cell Phone Bill
You probably pay a cell phone bill each month if you're like more than 80 percent of Americans. There's always a way to cut down the costs on your cell phone bill. You can change to a more-limited-but-less-expensive plan. You can remove extra features that aren't crucial to your existence. If necessary, you can change providers to lower your overall rate. Some prepaid plans have amazing benefits and extremely cheap rates.
They're wonderful if you don't find it necessary to have a post-paid account. The reception is usually just as good on prepaid accounts as it is on post-paid accounts.
Reduce Your Electric Bill
Easy Ways to Cut Your Bills
You can cut the cost of your electric bill immensely with a few quick moves. One of the things you can do is to have your insulation checked and improve it if it isn't up to par. Good insulation prevents the cool or warm air from escaping your home when you have your HVAC system operating. You can also compare electric providers to see if you might benefit by switching companies.
Thirdly, you can use appliances and lights a lot less than you've been using them. Cutting the television off when you're not using it is one way to save money on that bill. You might even want to think about switching over to solar energy. Using solar energy can cut your bill down immensely. You can also receive tax cuts if you decide to try solar energy for the first time. Switching to solar is probably one of the most creative ways to save money.
Lowering Your Traveling Expenses
Traveling expenses can get pretty high. Therefore, you will want to take some actions that will cut down these expenses for you. These are a few ideas for you to consider:
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Use a Gas Price Comparison App
One thing you can do if you want to cut your traveling expenses is to use a gas price comparison app. A gas price comparison app will show you the places with the lowest prices where you can fill your tank up.
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Apply for a Gas Credit Card
You can also apply for a gas card credit card. The card might offer you savings on your gas or allow you to earn cash back every time you put fuel into your vehicle.
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Try Taking Public Transportation
You may opt to take public transportation if you want to save money on transportation costs. Public transportation is often much cheaper than other methods.
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Take a Brisk Walk to Work
You could also walk to work if you live close enough to the job. You can tone up your legs, burn fat, and save money on traveling to work all at the same time.
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Carpool With Other Workers
Another thing you might want to do is carpool with other workers. You might only have to chip in $5 a week if your carpool consists of enough people. It's a great way to save money and spend a little bonding time with your fellow workers, as well.
Those are excellent creative ways to save money, and you can start participating in those methods right now.
Shopping Smarter And Cheaper
Other creative ways to save money will come to you when it comes time for you to shop. You always need to stay diligent and take advantage of any opportunity you can to cut the costs of the things you're buying. These are some tips:
Hit the Clearance Section
Shopping in the clearance section is always an excellent way to save money on the goods you need. Online retailers often have clearance sections where you can find clothing, tools, hardware, household goods, and other items for discounts of up to 70 percent off the retail price.
Look for Coupons and Promo Codes
Searching for coupons and promotional codes is another way to save. Look online at the retailer's website. You can also find coupons and promotional codes on third-party sites such as Retail Me Not and Groupon. Enter the codes into a special tab in the checkout area, and you will gain access to some amazing discounts on the products.
Get a Grocery Store Card
How to Save Money At The Grocery Store and Still Eat Well
You can save at the grocery store by opting to take one of their cards when you first start shopping there. Cashiers usually ask new shoppers if they would like to have a card. That card will give you access to special discounts that only cardholders have. Furthermore, you can use the circular to cut and use coupons that come in the mail.
Buy Food In Bulk
Buying your food in bulk can help you save money on your groceries, as well. You could consider signing up for a wholesale club and getting most of your groceries from that supplier. You could save an astronomical amount of money that way.
Use a Cash Back Card for Purchases
Cash Back Credit Cards That Have Your Back
Use a cashback credit card to purchase any items you desire, as well. That will allow you to save money by earning a portion of your purchases back. Most credit card companies allow you to use your cash back funds for various purposes, too. You could take it as cash or apply it to your next credit or debit card payment. Alternatively, you can get yourself a gift card or some cool merchandise from the company.
Take Advantage of Thrift Shops
This might also be the time to become a thrift binger. Visit your local thrift shops, yard seals, "dollar" stores, flea markets, and similar establishments to find the things you need. There's nothing wrong with buying used merchandise if it's in good condition and you need it. What you want to accept in used condition is up to you. You can find a world of items at these locations, and you can even find some hidden treasures.
Compare Your Prices Always
Don't ever shop for anything without performing a comparison first. For example, let's say you want to buy a television. The first thing you should do is compare the pricing in at least three locations. Don't forget to check auction sites and online sellers, as well. You'll find the best pricing for your budget that way. It's always wiser to pay less for something than it is to pay more for the same thing.
Using Apps and Tools
Many apps and tools are available to help you come up with creative ways to save money. One kind of app you can use is a price comparison app. You can use such apps to compare the prices for electronics, clothing, medications, and more.
Money-saving apps are another type of application you may want to download to your smartphone. Some of these apps will help you make good use of the spare change you have left after purchasing things. Other apps will help you make small investments that will benefit you.
Contact Us for More Advice
Now you know some creative ways to save money. You can start bettering your life and bulking up your stash today if you want to. All you need to start saving today is a will to save money and the drive to take the actions necessary to do so.
Contact us if you need additional advice for saving money. We're a consumer advocate who does heavy action in the field of personal finance. We're not a lender, but we have alliances with many lenders, counselors, and financial companies. We also have a wealth of information available in our database to help you understand how debt and credit scores work. We're here for you on any level. All you have to do is reach out and let us know what you need.