Saving money every day doesn’t have to be a chore. In fact, there are plenty of apps that can help you save money, so it might be as easy as tapping a few buttons on your smartphone.
Technology can help automate your savings, but the most important thing you can do to save money every day is to change your financial behavior. By being more mindful of your spending habits, you can consciously evaluate each purchase and resist the temptation to overspend.
These 12 daily money-saving tips will show you how cutting costs isn’t a difficult task and can easily become part of your lifestyle.
1. Join Loyalty Programs and Earn Rewards
Customer loyalty cards and programs can help you save money on gas, groceries, and other retail stores. Consider signing up for rewards programs at the stores and restaurants you frequent.
Don’t be tempted by the promise of earning points on a loyalty card and end up spending money you could have saved. After all, getting a free coffee or lunch on your 10th purchase won’t save you money if you end up spending more than you originally planned.
2. Shop with a cashback credit card or cashback app
Cashback credit cards can help you save more on everyday purchases. Some cards give you a set amount of cash back on your purchases, no matter where you shop.
Other cashback credit cards may offer rewards when used on certain purchases, such as gas, groceries, travel, and meals. If you have one of these cards, make sure you’re using the one that will give you the most benefits at these venues and watch the cash back start accumulating.
Be careful not to spend more than you can repay each month. You’ll end up paying additional interest, so it will cost you more than what you’ll get in cashback.
There are also some apps that allow you to receive cashback on your purchases.
3. Cancel unused subscriptions
We are turning into a nation that subscribes to everything from online music and movie streaming to software and podcasts. An easy and quick way to save money is to cancel subscriptions you don’t use.
If you think your service charges are too high, you can also try calling your provider. You may be able to negotiate new rates for cable TV, Internet service, and newspaper and magazine subscriptions.
4. DIY when you can
There’s no question that convenience is worth the extra cost, especially when it saves your most valuable asset: time. However, if you are serious about saving money, try to limit your extra expenses by choosing DIY options whenever possible.
For example, you could make coffee at home a few days a week and treat yourself to your favorite coffee shop on other days. The same goes for eating out. Search online for easy recipes you can make in batches throughout the week, and book dinners out for special occasions.
You may also find that certain chores or projects aren’t as difficult as you thought. For example, if you can paint a room without hiring a professional, you could potentially save a lot of money.
5. Set up automatic bill payments
With busy lives and packed schedules, it’s easy to forget to pay your bills on time. Late fees can be high. You can set up automatic payments (also known as automatic payments) for many of your bills to help you pay on time and avoid late fees.
Autopay can typically be used for many regular expenses, such as mortgages, car loans, insurance payments, credit cards, utilities, and more. Some banks may have an automatic bill payment feature, which allows you to set up payments on agreed dates for each invoice. Some vendors offer automatic payment features that allow you to authorize payments to be received from your checking account on specified dates.
Another benefit of automatic payments is that you save time by not having to pay your bills manually every month. You can also improve your credit score by building a history of consistent, on-time payments.
To avoid overdraft fees, you should be careful to schedule automatic bill payments on days when you know you have enough funds in your account to cover the bill.
6. Switch bank accounts
Banks make a lot of money from fees, and many of those fees hit people who are struggling to pay their monthly bills. If you’re bothered by overdraft fees and minimum balance requirements, consider switching banks for a fee-free account.
Almost half (47%) of non-interest checking accounts are free accounts. If you want to save money, you can also find commission-free accounts. You can use Bankrate’s bank reviews to compare banks and find the one that’s right for you.
If you’re happy with your current bank, call and ask how you can avoid fees, such as switching to a different version of a checking or high-yield savings account or maintaining a minimum balance.
It’s difficult to save money every day if you don’t know your income and expenses. Creating a budget allows you to know where your money is going.
Even if you’re new to managing your money, there are several apps and websites that can help you learn how to create and manage a budget.
“For those new to budgeting, YNAB (You Need a Budget) is a great tool to get started,” says Josh Katz, CPA and founder of Universal Tax Professionals. “This app helps you allocate money to work, whether it’s paying bills, saving for future expenses, or treating yourself. It focuses on active budgeting and helps you stay in control. , YNAB simplifies the process by syncing your bank accounts and tracking your spending in real time, teaching you to prioritize saving and paying off debt efficiently.”
There are many similar alternatives to YNAB, so most people can find an option that works for them.
If you already have a budget, update it regularly to reflect your current income and expenses. After covering your necessary expenses, you may find that you have more money left over to contribute to your savings and investment goals.
8. Carefully scrutinize your spending
Which is more important: spending money on your daily lunch or using that money to save for your dream home? By making sure your spending is in line with your goals, you can keep track of what’s important to you. You can continue to focus on saving for.
Keeping track of all your expenses is one way to force yourself to think carefully about every purchase. Another option is to write down your financial goals and set specific savings goals for each one.
For example, let’s say you have a written goal to save $1,000 over the next three months and add it to your emergency fund. These milestones motivate you to prioritize long-term goals and avoid unnecessary spending.
9. Make every penny count.
If you try to save cash every day, it doesn’t matter how much money you have. Even small coupons can make a difference over time. Please check your receipt and make sure you were charged the correct amount. Save some change to exchange for cash at the bank. By paying attention to the details, you can increase your savings efforts over time.
10. Do one inconvenient thing to save money
Instead of going out to buy a breakfast sandwich, you might consider eating cereal at home. Instead of using nearby paid parking, you may consider using free parking and walking the remaining distance. No matter how small the sacrifices you make, they add up over time. Do something every day to save money and increase your savings.
11. Make your lunch early.
Eating out for lunch or having delivery or takeout is an expensive habit. Planning ahead by making your lunch the night before can save you a lot of money, especially if you tend to eat out every day. Planning your week’s meals on Sunday night can also help you save money for the week.
12. Delay your purchase
The instant gratification you get when you shop can override your sense of urgency to save money. However, postponing purchases can help you plan your spending and savings more intentionally.
One way to slow down spending is to practice the 30-day savings rule, which requires you to wait 30 days before making an impulse purchase. This gives you time to consider whether the product meets a real need or is just an impulse purchase that hurts your larger financial goals.
next step
Once you start saving cash using these daily money saving tips, you’ll probably want to protect and build your wealth.
A good place to start is by building an emergency fund with three to six months worth of expenses. You can also use some of your savings to pay off high-interest debt. Alternatively, you can put the extra cash toward retirement savings through an account like a 401(k) or Roth IRA.
