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How to Save Money: 8 Simple Tips

Do you ever feel like no matter how hard you try, it’s impossible to find ways to save money? You make an effort to save money and do your best, but something always comes up. Life gets in the way—the car needs new tires, the teenager requires braces, and the house requires a new roof—and saving money is quickly forgotten. Is this something you’ve heard before?

You don’t have to wait for everything to fall into place before you begin saving money. Spoiler alert: You will never get the “right time” if you wait for it. The best time to start saving is now.

The good news is that there are a plethora of easy ways to save money and give your budget new life (and money). Here are eight money-saving suggestions to help you fine-tune your spending and begin saving right away.

  1. Get rid of your debt.
    Monthly debt payments are the biggest money suck when it comes to saving money. You are robbed of your earnings when you are in debt! So now is the time to pay off that debt. The quickest way to pay off debt is to use the debt snowball method. Starting with the smallest debt and working your way up to the largest, this is where you pay off your debts. That’s a little tense, isn’t it? Don’t worry; the emphasis is on changing behavior rather than counting numbers. Once your income has been freed up, you can finally use it to make progress toward your savings goals.
  2. Reduce your grocery spending.
    After creating a budget, most people are surprised to learn how much they spend at the grocery store each month. And the average American family of four (with two children under the age of five) spends $928.1 per year. Yikes! It’s so easy to stroll through the aisles, picking up a bag of Oreos here and a few bags of chips there, and then finishing with the fun treats at the register. However, small purchases (also known as budget busters) quickly add up and end up blowing the monthly budget.
    Plan your weekly meals and take a good look at what you already have in your pantry before going to the store to save money on groceries. Why would you want to buy more of something you already own? Leave the kids at home if you really want to stick to your list.

How to Save Money: 8 Simple Tips
  1. Cancel any automatic memberships or subscriptions.
    After creating a budget, most people are surprised to learn how much they spend at the grocery store each month. And the average American family of four (with two children under the age of five) spends $928.1 per year. Yikes! It’s so easy to stroll through the aisles, picking up a bag of Oreos here and a few bags of chips there, and then finishing with the fun treats at the register. However, small purchases (also known as budget busters) quickly add up and end up blowing the monthly budget.
  1. Purchase a generic version.
    Giving up name brands is one of the most straightforward ways to save money. Brand-name products are, in most cases, only better because of their marketing. For instance, take a look at that box. The logo is truly magnificent! That’s pretty much all there is to it. Generic medicines, staple foods (such as rice and beans), cleaning supplies, and paper products are all significantly less expensive than their brand-name counterparts and perform just as well.
  2. Stop paying for cable.
    It’s no secret that the price of cable is skyrocketing. Cable TV costs an average of $217 per month, or more than $2,600 per year, including all fees! The good news is that you don’t have to rely on cable to watch your favorite shows. Cut the cord and learn how to save money by replacing cable with network apps and streaming services.
  1. Automatically save money.
    You might be surprised to learn how much money you can save without even realizing it. Yes, you can set up a monthly transfer from your checking account to your savings account in your bank account. If that sounds frightening, set up direct deposit to deposit 10% of each paycheck into your savings account automatically. Boom!
  2. Make good use of any extra or unexpected funds.
    Make the most of a nice work bonus (congrats! ), inheritance, or tax refund (or other unexpected stimulus!) We don’t mean adding that fancy new stamp to your stamp collection or simply stashing it in the bank to camp out when we say “good use.”

If you still have debt, you’d be better off using those funds to pay off your student loans or credit card balance rather than putting them in a savings account. If you’re debt-free, put those extra funds toward your emergency fund, which you’ll need in case of an emergency.

  1. Lower your energy bills.
    Did you know that you can save money on your electric bill by making a few changes to your home? Start small by taking shorter showers (not shorter), repairing leaky pipes, washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs.

Related: 10 Highest Paid Nursing Jobs

New, energy-efficient appliances are a great way to save money on your electric bill, but they are also costly! However, if you incorporate it into your monthly budget, you will be able to save up and pay for those improvements in cash over time.

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