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Do you have a big goal you intend to achieve or any upcoming financial obligation? You need to save money live better and have peace of mind that you won’t live hand to mouth.
Saving isn’t the only way to secure your financial future in case the unexpected happens, but also a great way to build wealth. Even if you start small, you’ll be surprised how much you’ve amassed over a given period.
It’s about being intelligent with your income to enjoy the fine things the world can offer. You don’t have to feel like you are playing catch-up every time or being petrified to check your savings account.
26 Realistic Ways to Save Money Live Better
There are various ways of saving money and living better. However, it’s important to note that this post doesn’t highlight any outrageous tips that can make you rich fast but tips that can help you save more and live a better life. Here are 26 realistic ways to save money and live better.
1. Outline Your Financial Goals
Defining your financial goals will assist you in having the momentum you require to put your effort into saving. In most cases, saying you want to save money won’t inspire you to save.
However, saying you want to save $20k in the next 12 months offers you a tangible goal that you will track every month while keeping you motivated and accountable.
It’s vital to be clear why you want to save. Do you want to buy a car, save for the down payment of a home, or a vacation to your dream destination? You will find it easy to stick to your savings goal if you have a specific reason.
2. Calculate Where Your Money Goes
Do you know the exact amount that leaves your account every month? Take your time to calculate your incomings and outgoings every month. Ensure you write all your bills such as rent, fuel, phone bills, and even the monthly subscription.
There are some bills you must pay, while you can ignore some. For instance, you might want to reduce your gas expenses by cycling to the office twice a week or reduce your grocery expenses by planning your weekly meals.
Once you do this, check out if there is any monthly outgoing that you don’t need. Look at monthly subscription services. If you have Hulu, Amazon Prime Video, and Netflix, ask yourself if all these are necessary or if you can cancel some.
Do you have any apps that require monthly payment? If yes, how frequently do you use them? You may find that multiple subscriptions or services cost you up to $10. So, by cutting down these costs, you can save a few hundred dollars annually.
3. Don’t Forget to Shop Around
In most cases, companies work on the notion that you’ll continue with their services since switching is difficult. For this reason, they will hike the prices yearly, irrespective of how loyal a client you might be.
You will save a lot of money if you shop around during renewal. However, you must be willing to put in some effort and time to research for the best deals. New client offers might offer discounts for the first year or additional perks.
Car insurance is one of the biggest bills you can save good money on by just shopping around. You can save good money by switching with the similar fantastic coverage plan you had.
4. Automate Your Savings
Maybe you have had intentions to transfer the cash left at the end of the month to your savings account, but you always find your account empty. You’re not alone.
In this case, you can start saving money at the start of each month. This is an effective way to budget better and save more.
Choose a portion of your income that you intend to save every month. Create a direct debit that channels the cash into your savings account every payday.
This way, you will know how much is remaining in your budget while feeling awesome since you’ve already saved some money. Plus, your money will be growing in your savings account because it earns interest.
5. Cut Down Unnecessary Spending
This is a not-so-fun task. You must face reality and find out where you’ve been messing with your finances.
If you love math, the best thing you can do is go through your previous month’s expenses and write them down in a column labeled food, bills, entertainment, and shopping.
It is hard to argue with numbers. Sooner or later, you will see how much dining out costs you monthly, or your designer clothes have become excessive.
That will give you a little shock and a perfect motivation to save money and live better. Besides, it’s one of the cheapest ways to live.
You can do away with many daily expenses. You can make your lunch or use a different route to work that does not pass by MacDonald’s. These smaller amounts accumulate very fast.
6. Keep Yourself Accountable
It’s important to let your family and friends know about your saving goals so they can offer support in helping you achieve your saving goal.
You can say no whenever friends suggest a luxury spa treat when they know your reasons for doing so. You may realize that your family is supportive and recommend free or cheap activities.
7. Determine What Works for You
Every person’s condition is different, and people’s brains don’t work the same. For this reason, there are no one-fits-all ways to save money. A colleague’s technique of saving money might not work for you, and vice versa is true. There are numerous ways people employ to save money live better. And they include the following:
Other Ways to Save and Live Better
Here are other quick tips to help you boost your savings.
8. Resist Upgrades
Those salespeople are good at what they do. They know all the features that can appeal to clients when deciding between an affordable item A and an appealing item B.
Resist upgrading appliances now so you can be in a financial state where you can comfortably afford the appealing item later.
Don’t treat resisting upgrades as a punishment. You have decided to pay yourself when you save money to live better and improve your financial status. This is a life upgrade.
9. Sell Your Old Items
Decluttering your home and life has psychological and financial benefits. It’s an effective way to overcome stress and save money since you are not adding more stuff.
When cleaning your drawers and closets, consider saving money by selling all the items you don’t need. You may be shocked. You can sell things like video games, movies, and old books on websites such as craigslist.
You can sell other items like furniture at consignment stores for more cash than you might get from selling it at a thrift store.
Alternatively, you can put up a yard sale and sell everything you no longer need. This option is not suitable for everyone, though, especially if you don’t want strangers in your home.
10. Compare Coupons
Before purchasing anything, save money by comparing different coupons online. The marketplace is flooded with stores fighting for your money. So, research to find out which companies are providing the best discounts.
11. Substitute All Your Light Bulbs With LED
Replacing your light bulbs with LED is an effective way to save on energy and lower utility expenses. Replacing incandescent bulbs with LED bulbs is an effective money-saving tip.
Since LED lights are energy-efficient, you will save up to 80% on your utility bill. They are long-lasting, meaning you will never buy light bulbs in a long time.
12. Carry Packed Lunch to Work
Lunch can be a considerable expense for most workers who want to save money and live better.
So, carrying homemade lunch to the workplace is an effective way to save the money you could have used to eat for lunch. This can save you over $3,000 annually. Make it a norm, and you will save a lot.
13. Become Handy and Fix Things in Your House
Routine and regular maintenance will improve your skills and savings. With a few internet searches, you will get step-by-step guides and tutorials to repair anything. Before you trash a vacuum cleaner or hire a plumber, examine to find out if there might be an easy way to fix it.
Some maintenance routines will keep your car and house in perfect condition, such as checking and replacing filters and vents. Doing this helps you prevent minor problems from becoming costly issues.
Provided you can use basic tools well, you can save a few bucks by repairing damaged items in your home. A multifunctional lighting fixture is easy to repair and can prevent you from purchasing a new fixture or hiring a professional to fix it. You can also repair squeaky doors, noisy furnaces, and leaky faucets.
14. Cut Out the Landline
You can save a lot of money by cutting out the landline connection in favor of using your smartphone while at home.
Today, almost everything is conducted online, and you can even utilize google voice to make any call from your PC or Chrome browser extension. This extension transforms your address bar into a Skype-like chat window.
15. Don’t Buy Bottled Water
Carrying reusable water bottles helps you save money while protecting the environment. Fill your water bottle from your home tap water source whenever you are dehydrated and save over $1,000 annually.
16. Maintain a Proper Tire Pressure
Keeping your car tires well inflated will save you money by improving the car’s fuel efficiency and prolonging its life. You will even save more by checking the pressure in your other vehicles.
17. Use Coupons When Buying Things Online
Another effective way to save money and live better is to use coupons to buy things online. A website like honey is best for finding codes and determining if you are buying at the best price.
18. Cancel Your Gym Membership
Canceling that overpriced gym membership will help you save over $500 annually. Everyone can access something unique like running outside or using bodyweight workouts. You can have effective exercises at your house with minimal tools.
19. Avoid Buying Books, Download them, or Rent
Reading is essential. It assists you in opening up your mind to new ideas and perspectives. Some people have learned a new skill or even quit their 9-5 jobs and do online jobs that pay hourly just from reading. They wouldn’t have made it if they hadn’t read how to do it.
Nevertheless, you can save good money by not purchasing hard copy books. Instead, rent them from the library, borrow books from friends, or download an affordable version of the book to your phone or Kindle.
20. Drive People
You can save good money driving other people to their desired destinations in your free time. Uber and Lyft allow you to utilize your car. Consider the peak hours when many people need rideshare services.
It’s ordinarily busy on weekend nights, trips to and fro airports, and during concert occasions. So, avail yourself during these times, and you will make money fast.
21. Make Money From Your Bank Account
You can create a separate account that pays good interest on savings. This can either be a high-interest savings account or a fixed deposit account. When you put money in a savings account, you only have up to six withdrawal limits per month.
For a fixed deposit, you accept to keep money in the bank and can’t withdraw it before the maturity date, or you will incur a penalty.
For instance, if you put savings in a fixed deposit account and wait for six months, the financial institution will pay a certain percentage of the cash you saved.
22. Eat Homemade Meals Instead of Dining Out
Food can become a budget buster real quick. In most cases, convenience is expensive. Save money and live better by making food at home.
Eating healthy at home does not mean that all your diet should come from scratch with organic foods. It might mean you have a simple, hearty crockpot soup, not BIG MAC. You’ll also have leftovers for lunch, which saves money.
Avoid eating out and save over $1,500 annually.
23. Get a Side Hustle
Since you want to save money live better and attain your saving objectives, you can cut down your spending while increasing your income.
Get a side hustle and make extra money on the side. You can do freelance writing, online tutoring, virtual assistance, editing, or affiliate marketing.
24. Save Cash by Carpooling
Save money on commuting expenses by carpooling. It lowers transport costs or fuel. The most exciting part is that some carpooling apps match drivers and passengers according to musical choices. Some of these apps include Zimride, Side, Treesforcars, and Gocarma.
25. The 100 envelope challenge
This task entails labeling 100 envelopes with $1 to $100. You pick two random envelopes every week and put the amount of money written on the envelope.
Admittedly, this won’t work for everyone, but it might work for you. You can save up to $5,000, which is not chicken change.
26. No spend challenge
You can do this for a month-long duration. However, some people can manage a no-spend year. The point is not to spend no money but to avoid unnecessary spending. A good example is the delightful but expensive Starbucks orders you make every day.
Final Thoughts on Save Money Live Better
These tips will help you save money live better, and control your income. Saving is an addictive habit, which is a good thing. Once you start seeing your savings growing, you’ll be motivated to push towards achieving your goals quickly.
If you have a relative or a friend in a similar position, save together. This can be the best way to cheer one another up until you reach your goals.
Save Money Live Better FAQs
Why Is Saving Money So Hard?
Scarcity of attention is one of the things that makes saving so hard. If you have urgent bills to cover, then future life priorities like college and retirement fall offer the radar since they are less pressing. So, scarcity of attention precludes you from seeing what is more important.
How Can I Save Money More Aggressively?
Determine why you should save money and live better. Having a particular goal is essential as it will serve as a motivation. Then, track your expenditure by logging all the expenses into your budget daily.
What Is the 30-Day Rule?
The 30-day rule states that when contemplating an impulse purchase, pause and think about it for 30 days. If you still want to buy the item after 30 days, go for it.