25 great ideas on how to save money: No tricks
Saving money doesn’t have to be hard. In this guide, I will provide 25 great ideas on how to save money today. Whether you are looking to reduce your grocery bill or find new ways to save on your monthly bills, I have you covered. So what are you waiting for? let’s start saving money today!
Below I outlay a few ideas on how to save money today!
1 Use an online savings account
Usually, online banks offer higher APY than your normal brick-and-mortar banks. Fed rate hikes mean higher savings rates as well. Be sure to check out or compare rates and the bank you are comfortable with before signing up and make sure they are FDIC insured! you can compare the latest rates here.
2 Keep a separate savings account
It is always best to keep a separate savings account, and have a checking account for your immediate needs. also, note that usually, you can only withdraw 6 times in a month if you have a savings account. Try to have 6 to 12 months of savings as an emergency fund.
3 Use an online checking account
There are plenty of banks out there who offer online checking accounts and these usually pay you higher APY than a normal checking account would. so while your cash is sitting in the account you are still making money! and yes make sure it is FDIC insured too!
4 Go after big savings vs small ones
we don’t think about it much, but sometimes negotiating on big-ticket items like the interest rates while buying a home or car can save you more money in the long run than going after a dollar here and there!
5 Improve credit scores
Improving your credit scores over time will help you with better leverage while taking loans. sometimes apps like credit karma will help you to track your scores and let you how know to improve them, all for free! some credit cards also offer this service for free.
6 Check credit report regularly
Federal law allows you to get a free copy of your credit report every 12 months from each credit reporting company. keep checking regularly for its accuracy. this will surely help you in the long run.
7 save energy costs by using a fan instead of an AC
having ceiling fans or any other type of fan as an alternative to air conditioners can save you money on the electric bill.
8 A smart thermostat
several studies have been done to prove the fact that if used correctly smart thermostats will help you to save on energy costs.
9 energy-efficient appliances
These can save you money on your electric bills. when you buy an appliance look for an ENERGY STAR Energy efficient product. These can be anywhere from refrigerators to dishwashers
10 paying off credit card debt
The one Dave Ramsey always swears by! one should avoid credit card debt at all costs as they carry a high-interest rate. please try to pay the monthly statement balance in full. This also helps you keep up your credit score.
11 having savings goals
like any other goal in life, this one’s important too. Having a set target and working towards it, even a small one, will help you in the long run. trust me on this one!
12 Use investment apps like Mint for tracking
These can help you keep track of monthly bills, and due dates on credit cards to avoid those late fees. you can also track your monthly spending and make a budget for different categories. if you want to stay organized give this a go!
13 Use a cashback credit card for grocery shopping
who doesn’t do grocery shopping? while we all need to do them it helps if we can get some cash back on those without having to do anything. that’s right no coupon codes or anything. just use a cashback credit card, simple! you can find more on the best cashback credit cards here.
Note: Always check for interest rates before signing up for credit cards. your interest rates are most times tied to your credit score. so keep that credit score up!
14 Use apps like Rakuten and Honey while online shopping
Yes, this might take some effort! like adding a chrome or browser extension but if you are one of those who do a lot of online shopping these can be your friend. trust me I have saved 100’s and have proof to show them š
15 Make more money through a side hustle
with inflation rising the cost of everything anything helps! and it goes without saying the more you make, the more you should save as well. will discuss in a separate post what are the different side hustles one can get to. if you are a real hustler start a business š
16 find a cheaper cell phone plan
well yes, this one everyone must consider doing! I will go in-depth in a different article but yes this one’s an easier option out there if you really want to save money without compromising on the service or the network.
17 invest in 401k or 403b
if your employer offers 401k or 403b take advantage of it.even better if they match!
18 save on utilities by using a cashback credit card
US bank offers 5% cash back when you pay for utilities through their US bank cash+ visa signature card. The best thing about this card is that there is no annual fee!
19 save on car insurance by using a policy that charges you based on the miles you drive
this one could be hit or miss based on the miles you drive every month. but let’s say you are working from home and don’t put in a lot of miles then you can consider this option.
20 paying annually for streaming/subscription services
amazon prime for example offers a cheaper option if you pay annually. this one good be a good option if you know you want to keep them for a long time
21 sometimes you can save on auto insurance by combining it with renters/home insurance
if your insurance company offers different types of insurance under one umbrella, typically you can combine two or more to bring down the premium. for eg. clubbing homeowners insurance with auto insurance.
22 cell phone protection plan
if you have purchased a separate cell phone protection plan see if your credit card or renters insurance already covers it
23 Autopay
sometimes having your monthly bill on autopay can save you money by getting an off or a discount.
24 coupon codes
while online shopping you can always search for a coupon code to see if you can get a discount on the purchase price. again using apps like Rakuten, and Honey will help you find those coupon codes easily.
25 loyalty programs
Whether you are a frequent flyer or shop frequently at a particular store, there are always loyalty programs that you can subscribe to which help you to get a discount every time you shop or fly for that matter, an example would be a United Mileage plus program.
Conclusion
There you have it, 25 great ways to save money and get started. My goal is to put out more ideas in this article and elaborate on each one of them to help you out, what are the best cheap cellphone plans out there? how can I work towards more tax refunds? how to save for a down payment? what kind of savings goal should I have? how can I save money fast?
I hope this content has given you some ideas on how you can save money. Do remember that these are just suggestions and may not work for everyone. The important thing is to find what works for you and stick to it. Saving money is not easy, but it is possible with a little effort and discipline.
Happy saving!
