According to the 2018 Home Improvement Report by Nerdwallet, 73 percent of homeowners felt that they had the resources and the info to tackle DIY “all home repairs and improvements themselves.” The site’s report also noted that U.S. homeowners hammered out more than 40 million DIY projects for their homes from 2015 to 2017.

One of the most worrisome stats Nerdwallet uncovered was that a little more than 30 percent of homeowners haven’t saved money to pay for repairs. Savings are dwindling, many are living paycheck-to-paycheck and shelling out hundreds or thousands for a pro to make repairs is difficult for many on a budget.

This is where DIY can be a blessing. So how much can DIY save you? That 2018 report stated that for kitchen renovations/additions, DIY homeowners saved more than $20,000. That’s a huge amount of money, especially for a family on a budget. Let’s if you are really saving money by making your own stuff.

• Does DIY Save Money?
• How Can I Save Money on my Own?
• What is The Best Way to Save Money?
• Do Minimalists Save Money?
• Where Can I Live to Save Money?
• Is Minimalism For The Rich?
• How to Save Money From Salary
• How to Save Money Fast on a Low Income
• Creative Ways to Save Money
• Realistic Ways to Save Money
• How to Save Money Each Month
• Best Ways to Save Money in Bank
• Best Way to Save Money For Future
• Ways to Save Money on a Tight Budget

Does DIY Save Money?

DIY can seem overwhelming to a lot of people, but it can be a good way to save money. Meaning, it can be, but it isn’t always. You need to pick and choose what you take on yourself. Because if you’re anything like some person and not too craftily inclined, it can be a lot of hassle. But sometimes, depending on the project, the hassle is worth it.

Read Also: How You Can Plan Against Financial Shocks Choosing The Right Lifestyle

One of the good things about DIY is that there are so many different areas where you can use it, so it helps you save a bit here and there. But like I said, you need to make sure that you’re choosing wisely. If you’re pretty handy with a toolset, you can do a project like changing to a swish steel front door for practically a tenth of what it would cost if you paid someone — and a whopping savings of $1,750.

How Can I Save Money on my Own?

Use these money-saving tips to generate ideas about the best ways to save money in your day-to-day life.

1. Eliminate Your Debt

If you’re trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.

2. Set Savings Goals

One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions savings calculators to make your goal!

3. Pay Yourself First

Set up an auto debit from your checking account to your savings account each payday. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan.

4. Stop Smoking

No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that amounts to nearly $3,000 a year you can realize in savings if you quit. According to the Centers for Disease Control, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s — join the club!

5. Take a “Staycation”

Though the term may be trendy, the thought behind it is solid: instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. If you can’t drive the distance, look for cheap flights in your region.

6. Spend to Save

Let’s face it, utility costs seldom go down over time, so take charge now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or ENERGY STAR high-efficiency appliances and products. You could save thousands in utility costs over time.

7. Utility Savings

Lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs. And installing an on-demand or tankless water heater can deliver up to 30 percent savings compared with a standard storage tank water heater.

8. Pack Your Lunch

An obvious money-saving tip is finding everyday savings. If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.

9. Create an Interest-Bearing Account

For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates like a Regions CD or Regions Money Market account for even better savings.

10. Annualize Your Spending

Do you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum.

What is The Best Way to Save Money?

We compiled several ways to save money, from adjusting daily habits, to cutting monthly bills, to making long-term changes.

We compiled several ways to save money, from adjusting daily habits, to cutting monthly bills, to making long-term changes.

1. Use an automated tool

Find an app or bank account that takes the work out of saving. Digit and Qapital both automatically transfer small amounts from your checking account to a separate savings account.

2. Count your coins and bills

Empty your pockets each day and start collecting that extra change. Then take your collection to the bank and put it directly into your savings account instead of your checking account. When you want to watch your spending, use dollar bills instead of credit cards. It’s harder to part with cold, hard cash.

3. Prep for grocery shopping

A little work before you go to the grocery store can go a long way to help you save money on groceries. Check your pantry and make a grocery list, then use coupons and loyalty programs to maximize your savings as you shop.

4. Order smaller servings at restaurants

Opt for appetizers or split an entree with your dining companion to save money when you eat out.

5. Get discounts on entertainment

Take advantage of free days at museums and national parks to save on entertainment costs. You can also ask about discounts for seniors, students, military members and more.

6. Map out major purchases

Time your purchase of appliances, furniture, electronics and more according to annual sale periods. Don’t buy anything hastily, either. Always wait a day or two before buying to limit buyer’s remorse.

7. Restrict online shopping

Make it more difficult to shop online. Instead of saving your billing information, force yourself to input your shipping address and credit card number each time you order. You’ll probably make fewer impulse purchases.

8. Make your own gifts

Go the DIY route or save money with affordable gift ideas, like herb gardens and gift baskets.

9. Lower your car payment

Refinancing your auto loan and taking advantage of lower interest rates could save you considerably over the life of your loan.

10. Bundle cable and internet

You could lower your cable bill by as much as $40 per month by changing your cable package. And you could save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier.

11. Switch your cell phone plan

Changing your plan is one way to save money on your cell phone bill, but it’s not the only way. Removing insurance from your plan could save you nearly $100 per year, per line.

12. Monitor your electric bill

Big and small changes in your energy usage can help you save hundreds annually on your electric bill.

13. Lower your student loan payments

Income-driven repayment plans can lower your monthly student loan payments by several hundred dollars each month.

14. Cancel unnecessary subscriptions

Uncheck the auto-renew option on any subscriptions you aren’t using regularly, such as subscription boxes or streaming services.

15. Track spending

Keep track of your monthly cash flow — your income minus your expenditures. This will also make it easier to mark progress toward your saving goal. Try a budget app that tracks your spending.

Do Minimalists Save Money?

Minimalism is a movement that focuses on reducing the clutter in your life both in physical objects and in other distractions. People who embrace it find ways to eliminate the distractions from their lives and it opens up more opportunities for them in other ways and areas.

Embracing minimalism does not mean that you stop spending money, but it can mean that you spend it on other things and your focus may change from making money to enjoying life.

Here are 10 ways minimalism can help your finances.

1. Allows You to Prioritize Your Spending

Minimalism encourages you to embrace the things that are most important to you. This will naturally carry over into how you spend your money. If you are not focused on acquiring certain items but more focused on specific experiences, the way you spend your money changes.

Realizing what is most important to you will help with your spending priorities and this can carry forward into the way that you handle your money overall.

2. Limits the Need for Things

When you are focusing on minimalism you are often limiting what you own. Since you own less or spend less on buying items, it can help you if you need to cut back on your spending to increase your savings or to get out of debt. Often since you are not buying as much you can put more money towards other financial goals that can help you focus on experiences rather than things. This may mean early retirement or better vacations.

3. You Need Less Room (Save on Mortgage or Rent)

When you are practicing minimalism, you need less room to store everything that you have collected over the years. When you buy or rent a smaller space, you can save on rent, but you can still have a nice home with clean lines and a space that you love.

As you begin to clear out some of your things, you may find that you can save money by moving to a smaller place. Not only will this save you on your rent or mortgage, but it can save you on utilities and free up even more money to spend on the things that are most important to you.

4. Gives You Focus When It Comes to Financial Goals and Budget

Minimalism is about practicing mindfulness in your life. This can benefit you as you begin budgeting and setting your financial goals. Budgeting is a spending plan based on your current priorities.

As you discover what is most important to you, it becomes easier to decide when and how to spend your money. It can also help you see areas where you need to change the way you handle your money like the amount that you pay in interest each month on various loans.

5. Focus on Getting Out of Debt and Living Debt Free

One way to simplify your finances is to focus on getting out of debt. Many people begin by paying down their consumer debt and then choosing to only have a credit card to handle emergencies. Getting rid of debt opens many doors and gives you the freedom to leave a job that you do not like or take off a year to travel. If you do not have additional monthly payments, it is much easier to explore and do the things that are the most important to you.

6. Consider Selling Items as You Free Yourself of Them

If you are just beginning to embrace minimalism, you can sell the items you no longer want or need. You can use this money to help you begin to clear up the financial clutter in your life, like your debt. The money can also go to jump-start an emergency fund or to fund a trip that you have always wanted to take.

As you rid yourself of the clutter in your life, you can use the money to clear up your financial mistakes too. Holding a yard sale is an easy way to sell a lot of items quickly.

7. Helps You Find Ways to Simplify Your Finances

There are several things you can do to make handling your finances easier. You can pay your bills all on one day. You can switch to cash for everyday purchases which make tracking your spending easier. You may also want to find an app that simplifies the budgeting process. If you find a mobile app that works for you, you can enter purchases on the go and now where you are with your goals and limits.

8. Makes Giving Easier

When you know what is most important and have your finances under control, it can make giving back easier. This may mean giving back in time or giving back through donations. When you are practicing minimalism, it is easy to recognize what you can give and how much you can give. It makes shifting your priorities easier when needed.

Where Can I Live to Save Money?

The COVID-19 pandemic has created deep financial hardships for millions of American families—many of whom hadn’t recovered from the last recession. Amid record job losses, reduced hours, and wage cuts, the large share of U.S. workers who were already living paycheck to paycheck are now struggling even more to cover basic expenses.

During the Great Recession, the median net worth of families fell sharply, and has yet to fully recover. After peaking in 2007 at $140,000, the median net worth for families with savings dropped to less than $84,000 in 2013. The latest data from the Federal Reserve Board’s Survey of Household Economics and Decisionmaking places the 2016 value at $97,300 – roughly equivalent to that in 1997 after adjusting for inflation.

Further, new data from the Fed’s Report on the Economic Well-Being of U.S. Households shows that prior to the pandemic, less than half of Americans had enough savings to afford three months of expenses. And a staggering 37 percent of Americans reported that they would be unable to cover a $400 emergency expense without assistance.

The best locations for saving money are disproportionately concentrated in the Midwest. These areas tend to have high cost-of-living adjusted incomes, low housing costs relative to income, and strong job markets, as evidenced by low historical unemployment rates.

1. Pittsburgh, PA

• Composite score: 92.84
• Real per capita personal income: $58,117
• Median housing costs as a percentage of household income: 17.6%
• Historical unemployment rate: Below average
• Median home price: $156,026
• Fair market rent (2br): $890

2. Minneapolis-St. Paul-Bloomington, MN-WI

• Composite score: 90.07
• Real per capita personal income: $56,886
• Median housing costs as a percentage of household income: 19.2%
• Historical unemployment rate: Significantly below average
• Median home price: $289,170
• Fair market rent (2br): $1,214

3. Grand Rapids-Wyoming, MI

• Composite score: 89.89
• Real per capita personal income: $51,161
• Median housing costs as a percentage of household income: 17.7%
• Historical unemployment rate: Below average
• Median home price: $215,184
• Fair market rent (2br): $962

4. Cincinnati, OH-KY-IN

• Composite score: 89.83
• Real per capita personal income: $56,678
• Median housing costs as a percentage of household income: 18.7%
• Historical unemployment rate: Below average
• Median home price: $182,045
• Fair market rent (2br): $865

5. St. Louis, MO-IL

• Composite score: 88.97
• Real per capita personal income: $57,243
• Median housing costs as a percentage of household income: 18.7%
• Historical unemployment rate: Below average
• Median home price: $177,745
• Fair market rent (2br): $905

6. Raleigh, NC

• Composite score: 88.26
• Real per capita personal income: $53,095
• Median housing costs as a percentage of household income: 18.9%
• Historical unemployment rate: Below average
• Median home price: $281,174
• Fair market rent (2br): $1,163

7. Kansas City, MO-KS

• Composite score: 87.48
• Real per capita personal income: $53,984
• Median housing costs as a percentage of household income: 19.2%
• Historical unemployment rate: Below average
• Median home price: $201,600
• Fair market rent (2br): $978

8. Indianapolis-Carmel-Anderson, IN

• Composite score: 87.41
• Real per capita personal income: $55,127
• Median housing costs as a percentage of household income: 19.1%
• Historical unemployment rate: Below average
• Median home price: $176,777
• Fair market rent (2br): $946

9. Nashville-Davidson–Murfreesboro–Franklin, TN

• Composite score: 86.58
• Real per capita personal income: $56,194
• Median housing costs as a percentage of household income: 20.2%
• Historical unemployment rate: Below average
• Median home price: $276,110
• Fair market rent (2br): $1,136

10. Milwaukee-Waukesha-West Allis, WI

• Composite score: 85.19
• Real per capita personal income: $56,024
• Median housing costs as a percentage of household income: 20.2%
• Historical unemployment rate: Below average
• Median home price: $203,884
• Fair market rent (2br): $922

Is Minimalism For The Rich?

The minimalist movement is steeped in privilege. The “KonMari method,”a popular minimalist tactic catapulted to fame by Netflix and Amazon, is an example of this privilege. The creator of the method, Marie Kondo, encourages followers to rid their spaces of items that no longer spark joy in their lives. The process of getting rid of items based on a fleeting emotion is a luxury that many people cannot afford. How can someone spend their hard-earned paychecks simply to toss it due to a fad?

The ability of choosing to purchase something only to get rid of it is a privileged choice. People don’t have a hard time letting go of things because they have a hoarding problem or emotional issues. They hold onto things because they are not sure if they will be able to afford to repurchase it later in the future.

When you’re on a limited income, it makes sense for you to hoard certain things because you don’t know whether you’ll have the money to purchase them in the future. Yet, it’s different for those who are well off: it’s easy to want nothing when you have the choice to have everything.

It’s that privilege of having a choice that makes minimalism hypocritical. They preach to let go of things because society has become too focused on material goods. However, when you can afford to buy any material good you want, getting tired of all the things you have isn’t all that difficult.

The fashion industry has had somewhat of a minimalist makeover as well. Forbes mentions a “less is more” approach should be taken when shopping for fall, but it fails to mention that if you have less than most in your wallet, these brands are not for you.

The article lists Helmut Lang as a minimalist brand to keep on your radar. On the brand’s website, they feature a white t-shirt for $150. At less than $150, one could easily buy four to five complete outfits at a thrift store, which is much better for the environment than buying new clothes.

The minimalist trend is nothing but a new fad for the wealthy to buy into. It preaches focusing on the things in life that matter while leaning into aesthetics and branding that the average American can’t afford. It’s traction online has created room for even more items and ideas to be bought and sold by consumers, the complete opposite of what it’s allegedly about.

How to Save Money From Salary

You finally got a job that pays you consistently. No more wondering if it will be a slow tip day or wondering if you’ll receive a sales commission check this week. Welcome to the world of being a salaried employee! Now, you’re probably wondering how to save money from salary?

Following these tips can help you save money from your salary too!

1. Budget before each paycheck

Now that you are a salaried employee you will likely have more consistent income. It’s important to have a spending plan for your income before you receive a paycheck.

Determine which budgeting method or tool will work best for you. Do you prefer writing it down in a notebook? Have you tried a budgeting app? Or are you a spreadsheet nerd like me and would excel with a spreadsheet?

Include payments to yourself, for example, Roth contributions, deposits to your savings accounts, or you can even set up contributions to your 401k through your employer before you get your paycheck. Plus you can learn more about the difference between IRAs and 401ks while you are at it.

Prioritize saving money and your true needs like housing, transportation, and food costs. Once your needs have been met you can budget for items that are necessities but are important for you to have. If your budget allows for it, leave room for fun money!

2. Set up direct deposit to save automatically

Saving money shouldn’t be a chore. In fact, you can set up automatic transfers and withdrawals from your checking account to your saving or investment accounts.

Check with your payroll administrator about having two bank accounts for your direct deposits. You may be able to allot a certain percentage or dollar amount into a second bank account making your ability to save money from your salary even easier.

3. Track your spending

One of the reasons we fail at budgeting is because we fail to track our spending. We assume we spend X amount of dollars on groceries when in reality it’s double that amount.

Tracking your spending will allow you to know how your salary is being used. Before giving up on saving money from your salary, review your spending for the last few months. Often, we find that there are areas that we can cut in order to prioritize saving.

4. Reduce your costs on the your 3 expenses

The three budget areas that make up the bulk of our transportation costs are housing, food, and transportation. Reducing costs in these areas will leave you with extra cash from your salary to save.

If you own a home, you could look into refinancing your mortgage to a lower interest rate.

Grocery expenses can be reduced by meal planning.  You can decide to have dinner during happy hour or we take advantage of early-bird specials.

Transportation costs can be curbed by car-pooling, buying monthly travel passes vs daily or weekly ones. And even downgrading your vehicle if you own one.

5. Evaluate current your service providers and other expenses

Are you getting the most bang for your buck? This may be the most tedious of the tips but truly a 15-minute phone call can save you money. If it’s been a while since the last time you had an insurance quote now might be the time to evaluate your service providers.

Home and vehicle insurance are not the only areas you may be able to cut expenses. Previously there were only 4 or 5 cell phone carriers. Now with prepaid plans and other alternative cell phone carriers, you may be able to cut your cell phone bill in half.

6. Tweak your utility usage 

Simple tweaks might help you reduce utility costs. Check for appliances that are plugged into their outlets, even if they aren’t being used frequently. Unplugging your cell phone and other electronic chargers when not in use could lower your electricity bill.

As the weather warms up for summer or cools down for the winter, it’s common to have fluctuations in our utility bills. Before turning on the air conditioner try minimizing the amount of sun entering your home. Or perhaps turning on a fan instead of lowering the thermostat might give you the same effect.

And don’t forget to check your lightbulbs! LED bulbs use more than 75% less energy than incandescent lighting.

7. Make access to your money inconvenient 

When your money is less accessible, you’ll find that it’s not as convenient to spend it. This is simply because it’s just not there for you to spend right away.

A good idea is to put your savings money in a separate bank account, that you can access when you need to. Extra points if you skip the debit card and checks option!

8. Set up roadblocks to online shopping

Online retailers have made spending money easier than ever. With one-click buy options, impulse buying has never been harder to avoid. Don’t save your credit card information and create hurdles to purchase items online if online shopping has been an issue for you.

9. Get creative with low-cost entertainment ideas

Entertainment is another area where you may be able to save money. With so many subscription services out there it’s easy to have more than a dozen. Between Amazon Prime, cable, Netflix, Hulu, Pandora, and Spotify, just to name a few it may be time to evaluate alternatives to help you slash your bills. 

Consider outdoor activities like hikes or camping as alternatives to spending money.  Check your local city for reduced or no-cost museum days. Socializing doesn’t have to be expensive either. Trying hosting game nights or having potluck dinners instead of meeting at restaurants.

10. Remember, it’s all about paying yourself first

Paying yourself first is not about getting that cute handbag, finally spending a day at a spa, taking that much needed weekend girls trip, or even upgrading your tech gear.  Paying yourself first is the process of saving for the future you.

In the future you may have a health crisis, may want to leave the workforce to raise a family, start a business, buy a house, or simply have a comfortable retirement.

Have you ever asked yourself how the future you will fund these circumstances? These reasons and more are why it’s important to save money from your salary.

How to Save Money Fast on a Low Income

When it comes to finances, it’s important to not only think about the now but also the future. Even if you’re earning a minimum wage, you can still save little by little. Here’s how:

1. Tackle High-Interest Debt First

In order to start saving more, you have to tackle your debt head-on. Specifically high interest rate from personal loans, or credit cards, because they force you to pay outrageous fees and interest charges.

When paying off debt, you need an attainable, yet challenging plan to pay it off. Start by prioritizing your debt so you’re paying off the ones with the highest interest first.

Then, as you go forward, avoid accumulating any more high-interest debt, especially credit cards.

2. Cut Down Your Biggest Expenses

Trying to save money when you have a low income can be very difficult. Sometimes it feels impossible to cut down even a dollar or two every month.

Aside from the usual money-saving ideas, like cooking meals at home and canceling your cable bill, what more you can do? Instead of trying to cut back your small expenses, focus on the larger ones so you can make more of a significant impact.

For most people, housing costs tend to be the biggest part of their expenses. If you’re renting, consider downsizing to a smaller home or living with roommates.

If you own your home, take a look at whether or not refinancing your mortgage for a lower rate would be beneficial. You can also rent out a room or parking spot for additional income.

3. Take Advantage of Free Money

Take advantage of “free money” when you can. As a family with a low income, you may qualify for the earned income tax credit (EITC). According to the IRS website, the EITC can be a large refund on your taxes, helping you keep more of what you earned. Sometimes even as much as a few thousand dollars.

You should also look into a 401K at work and see if your company matches up to a certain percentage of your contribution.

If they do, you should take advantage of it and start saving as much as possible. The company match is basically free money that will help you save towards retirement.

4. Keep Your Budget Lean

To save more, you have to take control of how much you spend. Choose the categories you want to indulge in and keep the rest of your budget as lean as possible. You’ll have to make sacrifices but it’s not impossible.

Just learn to spend in moderation. For instance; cut back on how often you dine out. You can still enjoy a nice meal at a restaurant, just not multiple times a week.

5. Start a Side Hustle

If you can’t cut costs any more than you already have, consider diversifying your income by starting a side hustle to earn extra money. Aside from your full-time job, you can get a job on the side to provide another income source.

Many side hustles can be done right from your own home in your spare time. Think about what you’re good at doing, what kind of hobbies can earn money, or what you already enjoy that can be turned into a side job.

Popular side hustles include freelance writing, data entry, and graphic design.

Creative Ways to Save Money

How to save money is such a simple concept – don’t spend as much and put the excess funds in a savings account.

And yet saving money can be maddeningly difficult. After all, there are so many distractions vying for our attention and wallet. Streaming services promise enlightening entertainment. Restaurant ads insist that they’re now serving up the most delicious dish known to humankind. Advertisements for everything from vitamins to clothing promise you a much better life, if you only would be smart enough to buy the product. It’s hard to resist.

So if you’re looking for money-saving tips that are more creative than simply, “don’t spend as much,” then try some of these strategies.

1. Shop on Wednesdays.
2. Barter.
3. Save advertisements.
4. Put all unexpected income and financial gifts into a savings account.
5. Try the $5 trick.
6. Go with the classic coin saving strategy.
7. Embrace the envelope system.
8. Challenge yourself to reuse stuff.
9. Buy clothes from thrift stores.
10. Ask if an item will go on sale.
11. Try a no-spend holiday.
12. Audit your expenses.
13. Fix problems before they become problems.
14. Turn your thermostat down.
15. Reassure your subscriptions.

Realistic Ways to Save Money

Here are 27 realistic ways to cut down on spending and save money, without setting yourself up for failure. Or making yourself miserable.

Home:

• Cut the cable cord and stream. Or tell your cable company you’re going to cut services and see how quickly they offer a promotion. While you’re at it…
• Reevaluate your home wifi package. Consider using a mobile hotspot instead.
• Maintain your house, appliances and car. Getting the oil changed regularly is much cheaper than replacing your engine.
• Be your own handy-man. You can save thousands if you paint your own walls, put together your own furniture and learn how to fix simple problems around the home. This is why YouTube videos exist.
• Buy term life insurance instead of whole. Term is a fraction of the cost, and meets most insurance needs.

Credit cards:

• Pay off your credit card each month. If you can’t pay all of them, at least pay down your high interest cards.
• Call your credit card company and ask them to lower your rates. Tell them you are considering a balance transfer to a low interest rate card. Most companies will try to keep your debt.
• If they don’t lower, transfer your balance to a card offering a low or 0% promotional offer .

Food:

• Plan out your groceries and meals for the week. Don’t browse the aisles for what looks good. It’s all good.
• You can still eat out, but plan it ahead of time so it’s not an impulse buy.
• Make more when you cook and freeze it for later.
• Pack food, snacks and drinks for car and day trips. Fast food and convenience stores are expensive.

Shopping:

• Buy generic when it makes sense. Big brand companies spend loads of money on making their brands appeal specifically to you. Often the only difference between brand and generic is the name.
• Sell items you don’t want. Facebook Marketplace and Craigslist both provide easy opportunities to declutter and make some extra cash.
• Stop buying “sale” items just because they’re on sale. You’re not saving money by getting it on sale, if you weren’t going to buy it in the first place.
• Wait for one week before purchasing anything large to prevent impulse buys.
• Don’t always buy cheap. It may seem counterintuitive, but when it comes to appliances, electronics and items you will use for a while, don’t buy something that you will have to replace in a month
• On the other hand…consignment shop where you can. There are high quality consignment stores everywhere, selling almost new clothing, furniture and decor.
• Take care of your clothes. Hang up that sweater at the end of the day, it will last longer.
• Don’t buy dry clean only. I know this narrows down your options, but limit the dry cleaning to only a few necessary pieces.
• Stop yo-yo dieting. You have to constantly buy new clothing sizes.
• Make a list for Target and stick to it. I went one time for laundry detergent and came back with luggage and an iPhone. True story.
• If you’re a senior, own it. Take advantage of your age and the “senior discount.” There are at least 100 places who will cut your costs.
• Don’t go on Amazon.com when you’re bored. The sheer selection and instant gratification of free two-day shipping is just too tempting.

Entertainment / Lifestyle:

• Go to free events. Facebook, local newsletters and town websites provide all the happenings in the area.
• Get outside – nature is free.
• Cancel the gym membership. Buy some weights and find a workout video online. Or see the above.

How to Save Money Each Month

One of the smartest things you can do every month to save money is to comb through your monthly expenses and see where you can cut costs. Here are nine common monthly expenses and tips for saving money on each of them.

1. Housing

Housing eats up a big chunk of Americans’ budgets. In June 2020, the typical monthly payment for a 30-year mortgage with a 20% down payment was $1,036, compared with median monthly rent of $1,045 in the second quarter of 2020, according to the National Association of Realtors.

If you have a mortgage payment, consider saving money by refinancing your mortgage if interest rates are lower than what you’re currently paying. This could give you a lower mortgage payment and save you a lot over the life of the loan. If you’re a renter, look into finding a roommate to split costs, signing a longer-term lease to score a discount or downsizing to a smaller, less expensive place.

2. Utilities

Chances are that electricity represents the largest share of your monthly utility bill. So how can you reduce your electric bill? Start by unplugging unused appliances, adjusting your thermostat to settings that hog less power and turning off unused lights.

3. Food

Feeding yourself isn’t cheap. The U.S. Bureau of Labor Statistics (BLS) reported in 2019 that the average American household spent $372 a month on food fixed at home and $288 a month of food prepared by restaurants.

To save money on groceries, try downloading apps that allow you to compare prices at different stores, buying in bulk at places like Costco and Sam’s Club and choosing lower-cost generic items. (We’ll supply more grocery-buying tips later.)

How about trimming costs on dining out? Consider:

• Ordering free tap water rather than paying for coffee, tea or soda.
• Splitting a dish into two or more portions for sharing.
• Eating out at lunch, which typically costs less than dining out at dinner.
• Scoping out restaurant coupons and discounts.

4. Transportation

Getting from one place to another costs more than you might think. The BLS said in 2019 that the typical American household runs up $813 in monthly transportation expenses, including car payments and gas. Among the approaches you can take to drive down transportation expenses are:

• Buying a used car rather buying or leasing a new car.
• Sticking to your car’s recommended maintenance schedule to keep it running smoothly.
• Cutting back on speeding and hard braking to conserve gas.
• Tackling simple DIY car repairs.
• Riding your bike or walking when possible.

5. Cellphone and Internet Service

Keeping connected comes at a price. The typical U.S. household spends $99 a month on cellphone service, according to BLS data released in 2019.

To dial up savings on your cellphone service:

• Sign up for automatic payments and paperless billing. This could shave several dollars a month off your bill.
• Pay for a new phone upfront rather than folding the cost into your monthly bill.
• Keep your phone as long as you can instead of trading it in for a shiny new model every year.
• Examine your bill to see whether there are any unused features you can drop.
• Change to a different cellphone provider. You might find another carrier offers lower prices, and you’ll frequently receive financial incentives to make the switch.

What about your internet service? Here are a few tips for slashing the cost:

• Quit renting the router and modem. Over time, you likely can save money by purchasing this gear instead of renting it from your internet service provider.
• Shop around. You may be able to sign up with an internet service provider that delivers similar quality for less money.
• Decrease the speed. You might find that a lower internet speed works just fine (and costs less), particularly if you’re simply surfing the web and checking email.
• Check out bundling. If you purchase internet and cable TV service from the same company, you likely can obtain a bundling discount.

6. Clothing

No matter your personal style, clothing costs can pile up faster than dirty laundry. The typical American household spends nearly $160 a month on clothing and related services, according to BLS data released in 2019. You can, however, tailor your clothing budget to a more frugal lifestyle by:

• Hunting for bargains at thrift stores.
• Searching for deals at discount retailers like T.J. Maxx, Marshalls and Ross Dress for Less.
• Buying off-season clothes. For instance, you might pick up a clearance-price winter coat when the calendar turns to spring.
• Putting off clothing purchases until items go on sale.
• Steering clear of trendy, expensive garments.

7. Insurance

The typical U.S. consumer pays $200 or more each month on car and homeowners insurance. To lower your insurance costs, the Insurance Information Institute recommends shopping around for coverage by obtaining quotes from at least three insurers. You also can cut insurance expenses by exploring discounts, such as those for bundling policies from the same insurer.

8. Credit Card Debt

As of May 2020, the average U.S. household carried $5,338 in credit card debt, according to Experian data. How can you ease your credit card burden and also save more each month? Here are a few tips:

• Look into swapping higher-interest credit card debt for a lower-interest debt consolidation loan. This could save you on monthly payments and total amount paid—as long as you stop charging on the credit cards you pay off.
• Evaluate whether it would make sense to take advantage of a 0% introductory balance transfer offer from a credit card company. This will enable you to switch higher-interest debt to a card that provides a 0% APR (annual percentage rate) for a limited time. These offers typically require good or excellent credit. While it might not save you money each month right away, paying off your debt sooner could put more in your pocket in the long run.
• Reach out to the issuers of your credit cards to negotiate lower interest rates.
• If you feel you’re in over your head, contact a nonprofit consumer credit counseling agency. They can help you work out a plan to pay off your credit card debt. As part of that plan, the agency could collaborate with creditors to decrease the interest rates on your credit cards.

9. Recurring Monthly Memberships and Subscriptions

Recurring monthly memberships and subscriptions are easy to forget, since they’re normally paid automatically through your bank or credit card accounts. But if you sift through your account statements, you can take note of those recurring costs and see which ones you can ditch.

For example, you might not have visited the gym since you made a New Year’s resolution two years ago to get in better shape, yet you’re still paying $75 a month for a membership. Or perhaps you’ve signed up for six video-streaming services when you can get by with two.

Apps like Truebill, Trim, Bobby and Subby can help you manage memberships and subscriptions if you’re not eager to do it the old-fashioned way.

Best Ways to Save Money in Bank

Saving money is important if you want to be prepared for future financial surprises or hardships and establish peace of mind. But sometimes, finding extra funds to set aside in your bank is a challenge. These simple money-saving tips can show you new ways to save and fill your savings account up in no time.

1. Switch your bank account. If your current bank account charges you fees, you might consider switching to a bank that offers you ways to keep your account hassle-free. First Bank* offers five different checking account options.

2. Save loose change. Save money by storing loose change in a jar. Once the jar is full, you can cash in the change at your bank and deposit the money into a savings account.

3. Create a budget. By creating a budget, you’ll be able to see where you can cut back your expenses and save money each month.

4. Making a shopping list and stick to it. Instead of going to the store without a plan, try creating a shopping list and not straying from it. This way you won’t be tempted to buy things you don’t absolutely need.

5. Avoid dining out. Dining out is expensive. You can save a ton of money each month by simply eating at home. And if you have to eat out for an event or because you’re running low on time, you won’t feel guilty spending the money because you’ve been saving all month.

6. Cancel cable. As great as television is, cable is an unnecessary expense. If you’re really looking for ways to save money, consider canceling your cable subscription.

7. Make coffee at home. The average American worker spends about $14.40 on coffee per week. By making coffee at home, you could save around $1,100 annually.

8. Cancel unused memberships. Have a gym membership you never use? What about a subscription to a magazine you never read? Look at all of your recurring membership fees and cancel the ones that you’re not using on a regular basis.

9. Shop generic. Often, generic items are just as good as their name brand counterparts. Choosing the generic brand when grocery shopping can save you tons of money on your bill. And to save even more money, don’t forget to sign up for your favorite grocery store’s rewards program.

10. Take the bus. Do you live in an area that offers public transportation? If so, consider taking the bus to and from work to save money on gas.

11. Take advantage of warranties. These service contracts offset the costs of expensive home or car repairs. With established monthly or annual costs, you and your budget won’t be caught off guard by an unexpected bill.

Best Way to Save Money For Future

Saving for a house or for retirement can seem daunting. It’s not a new outfit or kitchen appliance we’re talking about here. You’ll need to save significant sums for long-term needs such as retirement, a home purchase or a child’s education costs.

The good news is that time is on your side — and so is the IRS. In many cases, saving for long-term needs means you get to save in tax-advantaged accounts such as IRAs, 401(k)s and 529 saving plans.

Here are six tips to follow for reaching your long-term savings goals.

1. Take advantage of tax-deferred accounts

Retirement may be decades away for you, but you should start saving for it as soon as possible. A good rule of thumb is to save 10 to 15 percent of your gross income per year for retirement.

Set up automatic deductions from your paycheck to a 401(k) plan at work, if it’s available. 401(k)s often come with matching contributions from your employer. With a 401(k), your contributions are made tax-free, and you’re taxed on your withdrawals in retirement.

If your employer doesn’t offer a 401(k), set up automatic contributions monthly from your bank checking account to a traditional IRA or a Roth IRA. The difference between the two is that you contribute after-tax income to a Roth IRA and withdraw the earnings tax-free in retirement. With a traditional IRA, you contribute pretax income and pay taxes on withdrawals. Consider a SEP IRA if you’re self-employed.

A 529 education savings plan is an investment account that allows you to withdraw the earnings tax-free for college, as well as elementary and secondary schools, for qualifying educational expenses, including tuition, books and room and board. The withdrawals can be used at any school.

A prepaid college plan, on the other hand, allows you to buy credits for a beneficiary to attend a specific state public university at today’s tuition dollars, saving money as tuition costs rise. A prepaid college plan does not cover room and board.

2. Automate your savings

The surest path to success is to automate savings for long-term goals so you don’t even have to think about it.

“Inertia is a powerful thing,” says Greg McBride, CFA, chief financial analyst at Bankrate. “You have to automate your savings so it happens first. If you wait until the end of the month and save what’s left over, too often, nothing is left over. When there is, there is no consistency to it.”

Set up automatic transfers every month from your bank account to an investment account, from your checking to your savings account, or from your paycheck to a 401(k).

3. Invest more aggressively for long-term savings

A good rule of thumb is to invest conservatively for money you’ll need to access within five years. With longer-term savings goals, you can afford to be more aggressive. A big mistake people often make with long-term savings is investing too conservatively, McBride says.

“If you are assuming a rate of return of 8 percent, you had better have the bulk of it in equities,’’ he says. “You can’t be stuffing your retirement accounts in bonds and cash.”

Using a savings calculator as an example, if you start with $1,000 and contribute $100 per month to a money market account at a bank that yields 0.5 percent compounded monthly, you’ll end up with $13,359 after 10 years. If you invest the same amount of money into equities earning 6 percent over the same time period, you would end up with $18,289 — nearly $5,000 more.

4. Take advantage of compound returns

Compound returns means your returns are making money, and not just your contributions. This allows your money to grow significantly over time.

An example from Vanguard shows how this works. If you invested a one-time amount of $10,000, and your returns averaged 6 percent per year, but you took the earnings out each year, you would earn $24,000 over 40 years. If you re-invested those returns each year instead, you would end up with about $93,000 in additional earnings, so your retirement account would be worth $103,000.

“In saving for the long term, time is your greatest ally,” McBride says.

5. Dedicate your savings to specific goals

In order to stay on track with your savings, try setting up separate accounts for each goal. You should have a short-term savings account for emergencies such as a car repair, and separate accounts or CDs for each long-term savings goal, such as a retirement account, an account for a down payment on a future house, and a college savings plan.

Estimate how much you will need to save in each category every month to reach your goal. Online calculators make this easy to do. For example, if you need $20,000 for a down payment on a house, you’ll need to save about $255 per month for six years at 3 percent interest compounded monthly.

6. Avoid raiding your retirement accounts

At some point, you may be tempted to access your retirement savings before you retire. Don’t. You’re stealing from your future self when you raid your retirement accounts early. You may even have to pay a hefty 10 percent penalty for early withdrawals, in addition to paying taxes on the earnings.

Don’t think of your retirement accounts as sources of cash for current needs. Consider a personal loan, picking up a second job or getting a roommate should the need for extra cash arise.

“If you can’t afford to buy a house without raiding your retirement,” McBride says, “you can’t afford to buy a house.”

Ways to Save Money on a Tight Budget

When you’re already on a tight budget, it’s not easy to find additional ways to save money. But it’s always important to set aside at least a little for the future, no matter how much income you’re currently bringing in.

Here are ten ways you can save money even when you’re working hard to live on a budget.

1. Save money on grocery shopping

When you go grocery shopping, the key to success is to make sure you go with a full stomach and a list! This way, you’ll be less likely to deviate from your shopping plans and can avoid blowing your budget.

You should also review everything you plan to buy on your list in advance and consider buying generic or store brands for certain items. For many items, there really isn’t much difference between the brand name and the generic item.

In addition, don’t buy to stock up. Instead, just buy what you need for the week. This way, you’ll reduce waste and avoid ending up with food you don’t eat.

2. Negotiate your car insurance to a lower rate

If you have a good driving record, have never had an accident, or gotten points on your license, it might be worthwhile to contact your car insurance provider to see if you can get a better rate.

In general, it’s a good idea to compare car insurance rates with other companies as well to make sure you’re getting the best deal out there.

3. Reduce your cell phone plan

There’s always a cell phone deal going on! Whether it’s for more minutes, more data, or for an overall better phone service package. Give your cell phone service provider a call and ask. Worst case scenario, you can ask to cancel.

There’s so much competition out there, they might just have a special retention offer available so they can keep your business.

4. Avoid monthly bank fees

If you are paying monthly checking or savings account fees to your bank, you need to switch banks immediately. Check out bankrate.com to find out about which banks offer free checking and savings accounts. Credit unions are a great place to bank when it comes to free accounts and more personalized customer service.

5. Declutter and sell things you don’t use

De-cluttering is such a good feeling. And if you can make money while you’re at it, why not? Some great places to start decluttering are your closet and your kitchen.

Find out where your local consignments shops are, ask your friends if they are interested in any of your items, or set up an online account on a website like Tradesy, Etsy, or eBay.

6. Take a break from shopping for non-essentials

Separate your wants from your needs and put your wants on the back burner. Hit pause on that handbag or shoe purchase for now. You’ll be surprised how much money you save by only purchasing the things you really need.

Read Also: Here’s how a Money Buddy can Help you Reach your Financial Goals

This exercise will also give you an opportunity to become more aware of your spending and help you prioritize your finances.

7. Eat-in more often

Another way to save money on a tight budget is to meal plan and eat in. If you find yourself eating out several times a week, make a conscious effort to cut it down to only once or twice a week. Eating out adds up fast!

So as an alternative, why not break out one of your cookbooks that’s been sitting neglected on your kitchen shelf? Don’t own a cookbook? Pinterest, Instagram, and Youtube have amazing visuals and recipes you can try out.

8. Do your own hair and nails

Instead of going to your hairdresser or to the nail salon every week, you can save money by going every two weeks or once a month. Do your own hair and nails on your own during that time in between. Put those products you’ve stocked up on from the beauty supply store to work for you.

9. Stop using your credit cards

How to save money on those expensive interest payments? A sure-fire way is to stop spending on your credit cards. Take them out of your wallet, put them in the freezer, delete them from your online accounts and instead, focus on paying down debt.

10. Cancel subscriptions you don’t use

Instead of going to the gym, work out at home. There are loads of really great at-home fitness programs that you can purchase at a fraction of the cost of a gym membership. YouTube is also a great resource to find online personal trainers that offer free workouts.

Finally

There are so many ways to save money on a tight budget. You don’t have to starve yourself in order to grow your savings account. Chances are there are one or two subscriptions or spending habits you can eliminate from your budget right away.