10 Easy Ways Anyone Can Save Money

Estimated read time: 2 minutes

No matter where we're at on our financial journey, most of us could always get a little bit better about our budgeting habits. It takes time and effort to really put a plan into place and then stick to it. Whether you're just getting started or looking for a couple more spots to save a few more pennies on our already in-depth budget, here are 10 easy ways to save money:

  1. 30-day rule. An important rule in personal finance is avoiding impulsive purchases. Instead, wait 30 days to decide on a purchase. Frequently, after a month has passed you will find the urge to buy has passed. You have just saved yourself money by simply delaying the purchasing decision.
  2. Make a shopping list. One of the simplest ways to stay on track with your purchases is to have a handy shopping list. When you are without, you typically end up making unnecessary purchases that add up quickly. Always create a list and stick to it.
  3. Manage the food. Plan your week's dinners around the flyer from your local grocery shop. It will help you vary the menu at home, along with saving some cash. Always cook more and freeze for later. Always have food, drinks, and snacks for car trips (those convenience store stops end up costing you a pretty penny).
  4. Manage your credit cards. Negotiate for lower interest rates on your credit card, or consider transferring your balance to a lower interest rate card. Pay off your credit card each month. If you can't pay all of them, at least pay down your high interest cards.
  5. Shop generic brands. Opt for generic brands when it makes sense. Big companies spend money in marketing their brand to appeal to your taste. Often, the name is the only difference between that well-known brand and generic.
  6. Sell unused items. Take advantage of online marketplaces like Facebook and Craigslist. You can declutter your home and make a few extra bucks at the same time.
  7. Take advantage of free entertainment. Facebook, local newsletters, and town websites provide all the happenings in the area. Many of these won't cost you anything to get in, and they're usually family-friendly events.
  8. Fix things yourself. There's a tutorial or helpful guidelines available at the tips of your fingers for fixing anything around your house. Not only will you save money, but you will also learn a new skill set and feel good about yourself.
  9. Review bills. It's always good habit to read through your monthly bills. A lot of the time you could be paying for services you may not even remember you signed up for (like that gym membership you signed up for during New Year's). If you find something you haven't been using, go ahead and cancel it.
  10. Buy a used car. Evaluate your options when buying a car, especially a used car. A new car's value drops significantly the moment you drive it off the lot, and it loses its worth even more during the first year. Look for a used car in good condition and possibly within the warranty period.
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