Save More, Stress Less: 15 Simple Money-Saving Tips

With where the economy is heading, it feels like most of us won’t get to retire unless we figure out a way to save money fast. But pulling all-nighters at work, picking up a few extra shifts, and even getting a second job will only exhaust you, so such strategies won’t last long. Here are some great ways to stretch your dollars without having to work hard.

Create A Budget

This is plain-jane advice, but creating a budget will help you manage all sorts of expenses, allowing you to save up. Section your paycheck into six parts: rent, fuel, groceries, utilities, loan payments, and taxes. Prioritize these payments and save the rest for personal spending and emergency funds. It will be challenging, but creating a budget will help you loads.

Automate Savings

It’s easy to lose track of spending, so many people struggle to save. If you’ve got enough left after your paycheck to have good savings but struggle to manage it timely, make things easier for yourself by automating savings. Many banks allow automatic pre-scheduled transfers; make a savings account and automate your primary bank account to transfer a small portion of your paycheck there.

Use Cashback Apps

Cashback apps are a waste of time and money, but they help you save money by returning a small percentage of what you spend on purchases. Pick a reliable cash-back app and connect it to your bank account. If you’re concerned about finding the right app, you can even check in with your bank. Continue shopping like you would, and your cashback account will transfer your savings into your bank account.

Buy In Bulk

Products sold in bulk are cheaper than the same products sold individually. Buying multiple containers of the same product might seem wasteful, but buying in bulk will help you save money. Not only are they cheaper because of the direct difference in costs, but bulk purchases also help you save money on fuel by reducing trips to the store.

Cut Subscriptions

We know this sounds a bit strange, but cutting extra subscriptions will help you manage your finances better. We’ve all subscribed to things we might not need; review all your subscriptions (Spotify Premium, Netflix, LinkedIn, etc.) and select the ones you know won’t affect you much if you unsubscribe (for example, you could unsubscribe from Spotify and LinkedIn without it affecting you).

Use Coupons

Many people shy away from using coupons because they find them embarrassing, but coupons can be a lifesaver. Coupons help you save money because they drastically reduce the retail price of things you buy; you can use coupons for groceries, clothes, and even food. Using coupons saves money but also encourages you to seek out sales and discounts, increasing your ability to save.

Prep Your Meals

You’re probably wondering how prepping a meal helps stretch your dollars. Much of the food we buy goes to waste or expires because we don’t use it on time; you can save a lot if you prepare your meals in advance and store everything on time. For example, you can cut fruits to freeze them for longevity, freeze vegetables to preserve them, and make smoothies. This way, you won’t have to overspend because your food expired before you had the time to eat it.

Shop Second-hand

There’s no shame in buying things second-hand. We think second-hand purchases aren’t stylish, but they can be great if you’ve got an eye for detail. Go thrift shopping and visit stores that exclusively sell pre-worn clothes and pre-loved appliances; you’ll find great deals and buy a lot with half the money, evidently stretching your bucks.

Embrace Loyalty Programs

We don’t put much thought into loyalty programs, but they’re one of the most creative ways to spend less while buying more. Loyalty programs reward regular customers, so subscribing to the loyalty program of a store you frequent daily will help you save a lot. Not only do grocery stores offer loyalty programs, but airlines, malls, and boutiques also offer them.

Plan Outings During Free Events

Lots of cities host free events, like music concerts, art fairs, or seasonal festivals, which make for fun outings without spending a dime. Planning your outings around these events can help you enjoy memorable experiences without breaking the bank. Check local community boards or social media to stay updated on free activities that you and your family can enjoy together.

Sell Unused Items

Look around your home for things you don’t use anymore, like clothes, electronics, or furniture. Selling these items online or at a yard sale can bring in some quick cash. Plus, it helps clear out space, giving your home a fresh feel while also adding a little extra money to your budget.

Use Public Transportation

If most of your paycheck is going toward fuel, we recommend switching to public transport. You don’t have to give up driving altogether; you can drive on the weekends or alternate weekdays by traveling via public transport. You’ll find it much easier and cheaper to go around, especially if your workplace is relatively far.

Negotiate Bills

Here’s a secret tip to stretching your bucks: you don’t have to pay your bills in full. Of course, this doesn’t apply to every utility service, but if you’re short on cash, you can approach your utility company to come up with an installment-based payment plan or even negotiate your bills. Ask for discounts and promotions and ensure you’re being billed correctly before you pay up.

Use a Spending Tracker App

Keeping track of your spending may not sound fun, but it’s a great way to understand where your money is going. Download a free spending tracker app to easily log what you buy and notice any patterns. When you see your spending habits in real time, it becomes much easier to figure out where you can cut back. Even small adjustments can lead to big savings over time!

Rent Possessions

If you’re scraping by and living paycheck to paycheck, you can start one small side gig that won’t have you overworking: renting your stuff. Reach out to your neighbors and community and offer to rent out things you know you won’t use regularly (hoovers, iron, food processors, etc.). You can even rent your car or a room. This will help your neighbors and you as well.

More For You

With a little planning, you can enjoy life to the fullest while still going after the things that make you happy, like traveling and exploring new places. It’s all about finding a balance that works for you so you can feel free to live in the moment. Whether it’s seeing the world or starting a new hobby, the right approach to managing your finances makes it all possible.

This article was first published on RB ITALIA Blog.