In this post, I just want to discuss various ways to save money fast.
With rising bills, it is becoming very difficult for most people to save money.
I just saw on CNBC that only 40% of Americans could pay an unexpected $1000 expense from their savings. This is an unhealthy situation.
Most of us would struggle big time if we missed one paycheck. we may end up either using a credit card, personal loan or going to food banks.
No one can afford not to have some savings. As long we are on this earth there will always be emergencies that will demand our attention.
It does not require huge amounts to save money, even a small amount of savings can help in emergencies.
In this post, I want us all to find ways that can help to save money by cutting some expenses.
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21 Best Ways To Save Money Fast
1. Move your bank account to a free one
If your bank accounts attract charges that are higher than the interest that you earn then it is time you moved. There are now all sorts of free checking accounts.
Some of these new bank accounts not only are free but they also let you earn some interest.
While these charges you are currently paying might seem negligible they add up at the end of the year.
No point paying for something that others are offering for free.
2. Find a better mobile phone contract
Most of us have been enticed into phone contracts that are very expensive.
It is now time to check our allowances and see if we are spending below those limits.
For instance, if you are paying for 20 Gb of data and yet you only use 10gb then it is time to reduce that allowance.
You can do this by asking your service provider for a more suitable deal.
There is no point paying for things you don’t need.
If your contract is coming to an end then it is time to check out other deals and see if you need to move.
3. Switch off electronic equipment when not in use
Electronics still consume electricity when in standby mode resulting in high electricity bills.
It is therefore important to switch them off completely when not in use.
The other option is to invest in an energy-saving power strip to automatically cut off power when not in use.
4. Buy in bulk
If you are a big family it only makes sense to buy in bulk.
You, therefore, need to seriously consider being a member of wholesale shops like Costco wholesale around you.
This will enable you to buy stuff at wholesale prices which are much lower than retail prices.
All you need is to figure out the things that you can buy in bulk monthly.
Actually there are certain things like cooking oil that you can buy for the whole year if it brings massive savings.
5. Price Match: Take advantage and save money
If your supermarket offers to price match their stuff then take them up on that. You can do this by doing a google search for the prices of goods you want to buy.
Then you can show this to the shop assistant/cashier as you are checking out.
This will save you time it takes to walk to other shops and get quotes.
Price match can save you a bit of money monthly.
6. Cancel all unused club memberships
Most Americans spend a lot of money on club memberships they rarely or not use at all.
I guess it is time to review all your memberships and cancel all the memberships you don’t need.
Come to think of gym membership.
Do you really need to be in a gym to exercise? You can do this at home or by doing some cycling and still get the same health benefits.
7. Affordable Gas in your area
One of the things that cost us a lot of money is gas for our vehicles.
But did you know that using apps like GasBuddy can help you find out gas prices in your area? This can therefore potentially save you money.
The saving may look small but will add up over time.
8. Walk or use a bike sometimes
Some of us are addicted to our cars and we cannot imagine walking anywhere. This is bad not only for your health but also for money-wise.
Walk or use a bike sometimes and thereby save your resources and your health.
There is an obesity epidemic in America and the use of cars is partly to blame.
According to scientists, even a 30-minute walk can go a long way in helping you avoid various lifestyle diseases.
9. Merge your trips sometimes when using your car
We all can save a lot on gas costs by planning our trips properly. Just by merging trips you can reduce your mileage and as a consequence your transportation costs.
For example, if you intend to visit friends and also go to the supermarket, why not combine these trips. It makes no sense to go to the supermarket and come back home and then start off for the trip to your friends.
10. Shop around for Car Insurance
It is very easy to become so attached to one insurance company that we don’t take time to shop around.
It only takes a few minutes nowadays to compare prices. All you need are the price comparison sites.
11. Consider bringing your own lunch to work
Most Americans spend at least $5-$10 every day at lunch while at work. This cost can drastically be reduced by just bringing your lunch to work.
This not only saves you money but means you will have better and healthier food than the one you buy from a restaurant.
12. Consider eating less meat
Meat costs a lot of money when compared to veggies. Maybe it is time for all of us to consider reducing our meat intake.
This will not just save us money but will improve our health. It is now common knowledge that meat-eating is the cause of most of these cancers that we see nowadays.
And if you care about the environment you will also learn that the rearing of cows etc contributes to the increase in greenhouse gases. This is one more reason to reduce meat intake.
13. Quit smoking
Smoking not only kills but also costs a lot of money. If you smoke maybe this is the right time to stop and save a bit of money besides.
14. Drink more water
I just read somewhere that if you drink more water throughout the day the less food you will eat.
It will also help you to drink less of the unhealthy fizzy drinks around. The less food you eat the more savings you make.
15. Avoid eating out
You just need to see the number of restaurants near you to realize that eating out is a big business.
We all can save a lot of money by preparing our own foods instead of eating out.
16. Cut down on drinks
If for some reason you still go out, avoid buying drinks and have water instead.
Plain water not only hydrates the body but also helps in getting rid of impurities in our body.
Most of the fizzy drinks are just full of excess sugar that our bodies don’t need.
They are therefore not just costly in monetary terms but bad for our health.
17. Take advantage of coupons when you go out
If you are offered coupons make sure to use them and save money. I can testify to having received various coupons that for some reason failed to use.
Therefore if your restaurants give you coupons make sure you use it.
We all have stuff in our houses that we no longer use but for some reason, we are still keeping.
I recommend that we go through our closets and get rid of all that stuff we don’t need through a garage sale.
Alternatively, we can make money by selling them at a flea market.
19. Negotiate rates with your credit card
If you think you are paying too much for use of your credit card, then it is time to call your credit card company and negotiate new rates. If you are a good customer they may not want to lose you.
If however, you fail to convince them to reduce your rates then it may be time to move to other providers. Just make sure that their offer is better than your current deal.
20. Prepare a budget and stick to it
Most people neglect to prepare a budget every month and end up overspending. A budget is a tool that can guide you and make sure that you only spend on things that you really need.
No organization can operate without a budget, neither can you.
21. Prepare a list of shopping items before you go shopping
It is of vital importance that before you go shopping you prepare a list of the items you want to buy. This will help you avoid impulse buying and save you money.
Preparing a list also helps you to stick to your budget.