So I think you’re like me and saving money has been one of the most difficult tasks in your life. I am happy to tell you I have figured it out. After years of trial and error, I have found the only ways possible to save money. Believe it or not these things have always been under your nose. Check out my best ways to save money.
1) Save your income tax. (#1 Best Way to Save Money)
It just so happens, I never thought how beneficial it would be to save our income tax refund. For so many years, it was always a race to see how fast I could spend it. Not literally, but seriously, I would always splurge on all the things I could never have throughout the year.
My wife said something brilliant one year like I’m tired of needing money throughout the year, let’s save our money. So we did, and it’s been the best financial decision we could have ever done. Throughout the year emergencies happen, unexpected expenses arise. No need to worry and scramble for the money. Just tap the savings account.
This method alone will provide you financial security that surpasses all others. If you save your income tax refund every year, you will build a huge safety net. Do you really need those new Jordans or that new big screen tv? Think about it.
2) Make money on Credit Card Rewards and Save it!
So now a days there is a new phenomenon and that is credit card rewards. I have never made more money than this; with not doing nothing at all! There are countless credit cards out there that offer rewards, and many of them offer an introductory bonus. This year alone, I’ve managed to make $400 in the first sixty days. Guess where I put it, right in my savings account!
Check out my blog on credit card rewards to learn more information on how to do this. How I managed to make the $400? I found a credit card offer that had an introductory bonus of $150 if you spend $500 in the first 3 months, and $25 if you add an authorized user and they make a purchase; also within that time frame. Long story short, I got one of those for both my wife and I and we made those bonuses within 60 days. 🙂
The trick is you never want to borrow money from the credit card. You only want to use if for things you are going to pay cash for anyway. Such as your bills, gas, dining out, traveling, etc. Then at the end of the month pay the balance off in full. Be very careful, you never want to carry a balance over to the next month. People get in 10s thousands of dollars in debt because of this.
3) Save Money on Car Insurance
If you haven’t done so already, you need to shop around for car insurance quotes. The best place to go are agencies because they do the shopping for you. They will check out up to ten auto insurance carriers to find you the best rate. Cutting out the leg work for you. Shop the max of 2 auto insurance agencies and you’re set.
I was able to save about $400-$500/yr the past couple years doing this. It is wonderful! You get to save money and that is money that stays in your bank account. Believe it or not you’re going to have to spend that money anyway. So you’re better off saving hundreds of dollars a year by that simple overlooked expense.
Find out more on how I did this at my blog about saving money on car insurance. There are many different selections that you can make to save the most money. If you just go by what the insurance agent is offering you it’s usually the highest policy they can get you because they want to make more money. I always go with the minimum coverages of what my state requires.
The Next Recommendations Are About Managing Your Expenses
Believe it or not, I can’t even count how much money I save every year by doing this simple task of managing my expenses. It’s so easy to spend money, lose track of your spending, and then turn around and notice you’re broke. We also spend so much money on luxury things that it will change your life if you do these simple things. Saving money is fun!
4) Always shop for the lowest prices.
When you’re in the store and contemplating on purchasing something, whether it is a printer, camera, laptop, sneakers, etc. just google the item. Google will provide you with several different places and prices on that item and then you can make a decision to purchase it where you’d like. I have been in the store to purchase an entertainment system for my little one and searched on my mobile device to find out that the next store over (2 miles away) is selling it for $20 cheaper. Shop smarter is all I’m saying! You can even shop online before you leave the house and then go straight to the store you need too.
5) Kill the Cable
Cable is so overpriced these days! You can easily spend $100 a month on cable. If you’re like me, I’m not picky. I can settle for Netflix. If you don’t already have a Netflix enabled device I have found that Roku is cheap and very good. I bought a Roku for $49; turned off my cable, downgraded my internet to 25 mbps (that’s all you need for fast speed), and got Netflix for $8/mth. I saved $480 by doing this last year! 🙂
And they said you can’t get blood out of a turnip!
6) Downgrade Your Internet
Believe it or not you can have sufficient speed on your internet in your house with only 25 mbps. Don’t believe the hype when they offer you high speeds like 100 mbps for $50 – $100 more a month. If you’re an average user, like you just stream a few videos on YouTube everyday, check your emails, surf your social networks, this would be just fine for you. It works great for me, and I love saving the money!
7) Save Money on Your Phone Bill
I got to tell you the single most ridiculous thing I’ve ever seen was $100 phone bill. Don’t get me wrong if I was making a lot of money like 20k+/mth 🙂 I would spend money on the luxury these high end phone providers offer, but if you’re like me and need to save money go with prepaid! Net10 was awesome for me, and allowed me to save $600 a year!
If you stop spending so much you’ll have more money, easy peasy!
I paid like $40/mth for unlimited talk/text/data. Also, you don’t need that top of the line phone, just a simple $30-$50 phone, touch screen preferably will be suffice. It’s all a matter of shifting the way you think. It’s not hard at all!
8) Another major yearly expense is our children clothing.
I found that I was spending almost $600 a year on my children clothing. I’ve got 5 kids, and they grow fast. You have to buy clothes like every 3-6 months because they outgrow them. I found an awesome second hand store called Once Upon A Child here in Central Florida and have been shopping there ever since. They only accept good to excellent condition clothing and they mark them down very cheap. I even get the clearance items most of the time. Lol 🙂 This has allowed me to save almost $400/year; if not more!
Find a great second hand store in your neighborhood! I also shop for stuff for me too. Last year I had a banker position at one of the top five banks in the country and I had to buy suits. I purchased all my suits at the thrift store. The cheapest suit you can find in stores is like $200. I spent $5 on 3 suits; that’s $595 in savings!
Think outside the box!
9) Start a 401k
If you haven’t got a 401k and your job offers it, you must jump on the bandwagon. Some employers even offer a 100% match for up to 6%. (that’s a big deal) This is free money folks, and this is money that is going to secure your future. You won’t even miss it because they take it right out of your check. Before you know it you’ll have thousands of dollars saved up. My Dad retired from Publix after 17 years with them and cashed out his 401k at $360k!
It’s very important if you start your 401k do your best to never withdrawal it early. There are expensive penalties for taking it out before you’re 59 1/2. If you wait until then there will be no fees to take it out.
I can probably write a book about saving money, but I don’t want to bore you on this page so I’m going to just finish off my last 9 suggestions on a list. I hope that this helps you.
- Stay away from name brand foods. There are generic brands that taste just as good. 🙂
- Save eating at restaurants for special occasions. Blowing your money at restaurants every week is a major spender. You can save hundreds of dollars of month by doing this. Plus restaurants are overpriced!
- Don’t buy anything at the fair or festive activities. Of course if you’re hungry or need something to drink you may have too, but you can share! 😉
- Don’t need to go all out on the holidays. Holidays is about spending time with family. Buy each special person a $10-$20 gift and they will still appreciate it. Make sure you put thought into it though.
- Take advantage of the dollar menus at all times possible. There is a lot of good foods on the dollar menu and they will fill you up just the same.
- Don’t need that large coffee get the small. Coffee get cold fast! When I get anything more than a small it usually gets cold by halfway and then it’s worthless.
- Don’t get two value meals, get one go large, and share. If it’s you and your special someone. Buy her the large value meal, you get a sandwich, and share!
- Buy off brand cleaning products. It’s just cleaning folks! You can save hundreds of dollars a year this way.
- Don’t need to stay on top of trends and buy flat screens. I just got 3 tvs for my house and they were all free because the neighbors were giving them away after buying flat screen tvs. It’s just tv folks! I’m watching the same thing as you!
It’s all a matter of shifting your mind!
Give up trying to save money like putting a small amount away every payday. Lord knows we just end up spending it anyway. Anything else just doesn’t work. These are all excellent ways to save money, but the other thing that is equally important if not more is learning how to make more money.
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If you have any questions, if there’s any way I can help you, or if you have any additional tips to add please share in the comment section below.
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