The saving money ideas below are ones I use myself to reduce my spending. Maintaining accurate records and paying attention to little details will help control your overall financial situation.
- Unplug unused electronics.
- Autopay bills.
- Pay off debt, by interest rate (assuming fines and fees are the same).
- Understand billing.
- Meal plan (reduce food waste).
- Lower your spending on similar services.
- Create a budget.
- Reduce Eating out.
- Track spending.
- Saving goals.
Unplug unused electronics.
Unplugging unused electronics may seem like something insignificant, but it can help reduce electricity bills. This is one of the simpliest money saving idea and is very simple.
Autopay bills.
Auto Paying bills will reduce the opportunity of collecting fees from late payments and other fees that may occur.
Pay off debt, by interest rate (assuming fines and fees are the same).
Paying off debt, pay off credit cards by the highest interest rates if you can not afford to pay off the entire credit cards. Assuming fines and fees are the same.
For example, if I had two credit cards, A and B, A has an APY of 25% and B has an APY of 23%. Both cards have the same amount owed of $1,000 with minimum payments of $100. I only have $1,100 to pay for my credit cards. I would Pay $1,000 towards credit card A and pay the minimum towards B, lowering the interest accrued.
Spending more than a person can afford on their credit cards is never a good idea, but understandable it’s not always a choice for some people. Remember to cut all unnecessary spending when you are spending more than you can afford.
Understand billing.
Electricity rates may change based on time of day, if you have one these types of plans remember when it is best to do laundry, dishes, ect… This is one example of understanding billing, but knowing when bills are do, what fees will be charged if late and how those fees accrue.
Meal plan (reduce food waste).
Planning for the week before going grocery shopping can help reduce the amount of food needed to be thrown out. Food waste adds up over time and many would be surprised how much it costs over time.
Lower your spending on similar services.
Streaming services is normal bill that many people in the United States pay for multiple services from Netflix, Hulu, MAX, ect… reviewing which one you want for your lively hood. How many people really need to have three streaming services. Balancing the necessity and wants by what the budget allows.
Create a budget.
A budget can help reach goals for savings and retirement. Setting money aside for bills, entertainment, savings, ect… can help create a financial discipline.
Reduce Eating out.
Reduce the amount of money spent eating out. Plan, eat before heading out or pack meals for work. Make eating out a treat not a common thing. Some people would be shocked by how much is spent on eating out. During College, I probably spent $500 in a semester just at Starbucks.
Track spending.
Consistently track your spending. Make time daily, weekly, bi-weekly to know where and how much money you are spending.
Saving goals.
Set goals, a good goal for myself is to save 10% (The 10% Rule) of my income each money besides maximizing my retirement. Not everyone has the flexibility, but a find a goal that works for you.
Reviewing your overall spending habits will allow you to test money saving ideas for yourself. The opportunity to make adjustements to fit your lifestyle as times change is some each person should do.
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