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HOW TO SAVE MONEY FAST
Are you looking at ways to save money? Need to start saving money now? How to save money is a question asked by all of us, and learning to save money, especially finding ways to do it quickly, is something that can benefit everyone. Here we’re going to look at some ways to save money fast.
There are many reasons for why you might want to start saving money fast, and there are many ways to save money fast. Whatever your reason may be, saving money is something we probably all need to do more of. Not only can it help in emergency fund situations, but knowing you are saving money will also help boost your morale with money.
Saving money and making money go hand in hand, and each are important aspects of financial solvency. Learning how to save and make money can lead to financial freedom, early retirement and more!
No matter where you are on your financial journey right now, you need to know that it’s possible for anyone to turn their financial life around and start saving money right now.
Learning how to save money fast is doable but it’s important to note that “fast” can differ from situation to situation. If you are saving towards a house this may take years against something like saving for rent due at the end of the month.
So saving money, where to start?
Start by looking for ways to drastically reduce your expenses immediately. Look at what you need to spend money on every week and create a budget.
Drop entertainment, restaurants and unnecessary shopping. It can be tough but a quick way to save your money is to put a temporary stop to dining out or visiting the movie theatre etc. You really don’t need to order in that takeaway, or get those coffees and lunches you buy daily, or “treat yourself” to an online shopping spree. Building from what you don’t need you can start to work out how your average expenses can be reduced straight away.
Most people have student loans, credit card debt, a mortgage, car loans, etc, however, not many people have a budget. A budget makes it easy to see the areas where you can reign in your expenditure.
One of the easiest ways to save money fast is to only grocery shop when you have a list. You typically end up making impulse buys and unplanned purchases when you don’t and it all adds up (as you find out at checkout!). Buy the store-brand version as many basic foods, such as bread and milk and much more, will taste exactly the same as their branded alternatives.
Meal planning also helps to really get the most out of your groceries. Give yourself your favourite meal on the weekend to stop yourself being tempted to get take-out. The average person spends thousands of dollars a year on groceries and eating-out, and a lot of food can get wasted, especially when you shop unplanned. Also if you take leftovers to work you really use all you have, and save on buying lunch somewhere else. Give this a go for a month and you’ll be surprised how fast you can save some money.
Re-examine your bills. Most likely your monthly fixed bills are of the “set it and forget it” variety. You chose your plans years ago and just don’t think about them now. Well, it’s time to rethink everything because you have money to save!
Negotiate rates with your credit card company or complete a balance transfer. If you’re paying a lot of interest on your credit cards, and you’ve been making your payments, you have the right to negotiate your current interest rate with your credit card issuer. You also have the right to transfer your balance to an entirely different card as well.
Move bank accounts to take advantage of perks and earn more. If you’re paying a monthly fee for your checking or savings account, you would benefit from researching some of newest banking offers out there. Not only do some of the best banks offer sign-up bonuses simply for opening an account and setting up direct deposit, but some offer attractive interest rates to new customers as well.
Try re-negotiating your rent/mortgage. If you have built up a good credit history or a good rapport with your landlord, mortgage broker, estate agents etc then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.
One big way to save money is to drastically cut down on the amount of television you watch, or simply don’t have a TV. Invest in a laptop and an internet-only package. You can watch entertainment on the web through your laptop, and usually get to skip the advertisements as well.
Shop around for your insurance needs. Most people don’t spend enough time searching for the best insurance deal and there are some competition deals within the market. Start with some comparison websites today and see what you could start saving immediately!
Cancel unused memberships. Are you paying dues at a club or for an app that you never use? If you’re on the fence about any of your memberships or apps you pay for and find that you’re not using them very often, cancel them. Remember, you can always renew the membership at a later date if it turns out that you actually do miss it or want to use it again.
Save money fast on travel by cycling to work. Granted, some places can only be reached by car so find out the cheapest gas station around your area. If the city’s transit system is available near you, take it to work instead of driving your car. It’s far cheaper and you won’t have to worry about the added expense or hassle of parking your vehicle either.
You could also sell your car. Crazy, right? But you might be driving around town in your emergency fund. Take a good look at your ride to see if you could get by with an older or smaller vehicle.
The main thing is to stop spending your money on things you don’t need. If you create a budget around your regular necessary spending like food, gas, electric etc, cut-out certain “luxuries” you don’t need, and look for deals on bills you’re already paying for, you’ll be surprised at money much money you can save, and fast, starting from today!
Last note, avoid stress spending! It’s easy to justify spending money just to wind down from a stressful day at work. However, it’s rarely a good idea. Instead of buying things you don’t need to make yourself feel better, it might be wise to find other ways to de-stress instead. Meditation, exercise, watching a movie, or working on items in your yard etc if you’re stressed out. Spending money won’t reduce your stress in the long run.