Most of us know the feeling: you have to save money and you have to do it right now! The reason why, can be one of many, but the result is always the same: you are spending too much money in relation to your earnings. So, what things can you do to change that, and more importantly, how soon can you get those changes in effect?
So, the big question is: How To Save Money Fast? Below you can find Ten Top Tips to save money as quickly as possible. They are all things you can start doing right now and they will have an immediate positive effect on the amount of money you are spending. You may not be able to do all of the things listed here, but I guarantee you some of them will definitely apply to your personal situation. So what are you waiting for? Start saving cash and start saving it fast!
One more thing before we start…
The tips in this article are focused on saving money, as in spending less. Of course saving money also means growing your savings. If that is what you are looking for, then you still came to the right place! Because the best way to grow your savings, is by spending less. All you need to do is put the money you do not spend into your savings account (or an old sock, or whatever it is that holds your savings). It is that simple!
Top Tip 1: Stop Carrying Credit Cards All The Time
What? Are you nuts? My credit card is my life line! How can I go out without it? What does this have to do with saving money? Well, I got news for you: using your credit card(s) makes you overspend in a major way. Think about it, does swiping a card really give you the same feeling of spending money than handing over hard cash? I don’t think so. If you put cash in your wallet and spend it, you immediately see (and feel) that you are left with less money (in your wallet). If you use a card, you don’t get that feeling at all, it just feels like it “keeps on giving”. Don’t fall for that, YOU are the one paying for it, no matter how it feels! So leave your credit card at home, unless you know you are going to spend money anyway, such as when you go out to eat.
Top Tip 2: Cancel Unused Subscriptions
Do you have any idea how much money we all spend on subscriptions that we hardly (if at all) use? Neither do I, but I can tell you it’s a lot. We all tend to start subscriptions quite easily, but most of us never get around to stopping them when they are no longer needed or interesting. Whether it is a magazine subscription, or the monthly fee to a gym that you haven’t been to in years, just cancel it if you do not use it! Check your subscriptions as soon as possible and see which ones you can let go. You can easily save hundreds of dollars a year, with one simple phone call or e-mail.
BONUS-TIP: See if you can find an online service to remind you when your subscriptions are due for an automatic renewal. Some subscriptions can only be cancelled at specific moments (for example the start of a new year), so for those your timing is crucial. There are (free) online services that send you a reminder e-mail when this moment has arrived. Use them!
Top Tip 3: Stop Buying Bottled Water
Most of us live in a modern society, where tap water is of excellent quality. So why are you spending all that money on bottled water? It can’t be because of the quality, well at least for most of us. If you like the taste of bottled water, go and buy yourself a water filter. They fit onto your tap and you will find that the resulting taste is indistinguishable from the bottled stuff. As an extra bonus you will not only be favouring your own finances, but you will also help the environment, as bottled water has a large environmental impact. Think about it: it needs to be bottled (in plastic!), shipped and sold, where tap water just needs to flow throw your pipes…
Top Tip 4: Ask For Discounts
If you really want to start saving money, this is one of the best tips. Yes, it may feel awkward at first, but most shops are willing to give you a discount, just because you buy there. All you need to do is ask. You can say things like “Is that the best price you can offer me?”, or “How much discount can you give me if I buy right now?”, or whatever phrase you think works. But do yourself a favour and just ask. If the sales person you are talking to isn’t allowed to give discounts, simply ask for someone who is. Don’t let them tell you that they don’t give any discounts at all, because almost all shops do. You just have to make them feel that you are not going to buy without that discount. That way they can choose between no sale at all or a sale with a discount. Which one do you imagine they will choose?
Top Tip 5: Buy Discounts In Bulk Quantities
Be on the lookout for discounts in general. If you find something that you need to buy anyway and it is offered at a really good price, than buy it and buy a lot of it. Because you are going to buy it later on anyway, so why not right now, for a better price. Do keep in mind though, that this only applies to things you really need, don’t use this as an excuse to buy discounted items you do not need. Oh, and do not do this for products that you can’t keep for a long time. Buying a year-supply of fresh vegetables will help you save money…
Top Tip 6: Plan Before You Shop
If you go out for your groceries, plan ahead. Always make a shopping list of the things you need, and stick to it. Avoid buying things you do not need, just because you saw them in the store. If you didn’t think of it before you saw it, you probably don’t need it, so keep your money in your pocket. If you do run into that once-in-a-lifetime bargain, just wait one day and see if you still think you absolute need to buy it. If you do, than knock yourself out. If you don’t, congrats to your self-control! Also, do not go shopping for groceries when you are hungry…
Top Tip 7: Find A Better Cellphone Plan
Chances are you are paying way too much for your cell plan. Especially if you have had it for more than a year, you can probably trade it in for a better plan and save lots of cash. Providers are constantly changing rates and adding new bundles and stuff. Find the plan that is the best match for your personal usage. If you make a lot of voice calls, find a plan that includes cheap (or even unlimited) minutes. On the other hand, if you are a mobile internet addict, focus on the price for data. Whatever your personal preference is, always keep a lookout for the best prices. Oh, and do ask if there is a penalty for ending your current contract, of course!
Top Tip 8: Buy The Cheapest Gas You Can Find
Whether you have a huge gas-guzzler or a super-efficient hybrid, it always pays to buy your gas at the best price. Check out the prices at the stations around you and find the cheapest ones. Usually the cheaper ones are not found at top locations such as highways, so do your homework and pay as little as you can. Your car will run just as good on cheaper gas. Search the internet for websites comparing gas prices, to make things a bit easier for yourself. And of course, if you do not use your car, it uses no gas at all (duh). So maybe you can walk a bit more often, or take a bicycle, or carpool.
Top Tip 9: Use Those Cheap Chinese Webshops
They are there and they are cheap, so use them! Lots of cheap Chinese webshops offer you all sorts of things for prices you cannot believe. You can find them with Google or by searching for stuff on Ebay. They sell almost everything, from LED-lights, to computer stuff, to watches, to whatever. Keep an eye on the quality (which will not always be top notch) and you’ll be fine. Almost all of them allow paying through PayPal or credit card and they usually even ship for free! Some examples are Everbuying, Dealextreme and Aliexpress.
Top Tip 10: Sell Your Old Stuff Online
Ok, this is not really a saving tip, but it is worth mentioning, though. Use Ebay, or any other online market place to sell stuff you do not need anymore. Depending on how fast you want to sell it, you can either go for low prices (sell fast) or wait until someone is willing to pay what you ask. Both work, but higher prices may take some patience. You do need to be a little careful with the people you do business with, but with some common sense you’ll be Ok. Just don’t send out stuff before people have paid and – if you are a woman – do not let people pick stuff up if you’re home alone at night…
Additonal Bonus Tip: Pay Yourself First
Once you have succesfully implemented these tips into your daily life, you will no doubt have more money in your wallet. This bonus tip will help you get the most out of that extra money. Paying yourself first simply means that you should any money that you want to save (in this case the money you no longer spend) and put it into a savings account (or investment portfolio, or whatever). The brilliance of this tip lies in the fact that you do this each and every month, before you start spending any money on other things. This way, you are indeed “paying yourself first”, which ensures that you never have to battle the end-of-the-month-leftover-money-saving-problem again! Just try it and you will see that this really is the easiest way to start building wealth!
So there you have them, my Ten Top Tips on How To Save Money Fast. Start using them today and get more financial breathing space. What are your best tips for saving money?