15 Ways to Save Money

15 Ways to Save Money

(MoneyHippo.com) – Saving for a rainy day, emergency, or retirement can seem like an impossible task when so many people have trouble making ends meet. Yet, there are many easy ways to save money, and all it takes to begin is to change your mindset regarding how you look at your finances.

Establishing a written budget is the most crucial step you can take to save money to let you see every penny coming in and where every dollar goes. This step allows you to identify where you can cut spending and divert it to savings. Look at each expense, contact creditors, and see if you can lower any bills to free up cash.

Once you establish a budget, try some of these ways to build your savings accounts.

  1. Automate your payments. Set up your bank account to automatically move a set dollar amount into savings or investing with every paycheck.
  2. Maximize your 401(k) matching.
  3. Live off your current salary, putting a percentage of all raises, bonuses, and tax refunds directly into your savings accounts.
  4. Save all your loose change and deposit it into the bank.
  5. Unsubscribe from services you no longer use and save the money instead.
  6. Pay off credit cards to save money on interest and use the payment for savings.
  7. Sell unwanted items.
  8. Start a side hustle and save, instead of spending, the money.
  9. Eliminate impulse shopping by applying the 24-hour rule before all purchases.
  10. Perform your own oil changes and simple car maintenance instead of taking your car to someone else. You can save money by doing it yourself and incorporate the idea for fixes around the house.
  11. Shop around for insurance and other services to ensure you get the best price.
  12. Eat seasonally, start a garden, and shop sales to save money at the grocery store.
  13. Research prices before you buy and watch for sales. Try never to buy anything unless it’s on sale to ensure you get the best price.
  14. Use cashback programs like Rakuten and Fetch to save money on almost everything you buy.
  15. Buy second-hand. Before buying new items, try finding them at the thrift store.

The bottom line: Try to create the largest possible gap between the money you bring in and spend. Doing so will give you the wiggle room you need to build up savings. Your savings become the key to building wealth and security.

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