When it comes to saving money for the future, it can be difficult to think outside of the box and find money-saving methods that help you remain focused and motivated throughout the entire process. Whether you’re trying to save up for a future trip around the world, to pay off debt, or to give yourself greater peace of mind, here are some tips to get you started.
Depending on your circumstances, some of these tips might be more suitable in terms of practicality or preference. For instance, not everyone agrees with taking advantage of cash rebate programs due to data privacy concerns. However, there are always other alternatives to change your current spending patterns for the better.
The Best Money-Saving Techniques
Using a combination of these money-saving tips and tricks can help boost your savings fund this 2021. By consuming less and forming healthy financial habits, you’ll be able to take advantage of these budgeting hacks year after year.
Sign up for freebies on your birthday
Did you know that you could qualify for birthday freebies and discounts every year? You can get a substantial discount from certain restaurants if you choose to dine out. Some of them offer discounts only on the day of your birthday, while others might have offers that last a little bit longer.
When you’re signing up for online newsletters, many popular retailers also ask for your birthdate. Don’t forget to check your inbox and spam folder for any special coupons and discounts on your special day. However, you may have to meet certain requirements like signing up for a rewards program, where most of them are time-limited.
Try out a minimal lifestyle
Often, creating a budget-friendly lifestyle means changing your priorities. Instead of constantly focusing on upgrading your mobile phone, gadget, or buying trendy clothing, try and focus on making use of what you already have. Decluttering your home will make you aware of how many things you own that no longer serve their purpose.
Along the same lines, experiences tend to be a lot cheaper than material goods. Living simply means that you can spend time at home with family, take a walk in the park, or save up for a road trip. This way, you’ll be able to make memories that stand the test of time.
Cancel your gym membership
Although this tip may not be for everyone, it’s worth taking a look at whether canceling your existing gym membership can save you money in the long run. If you’re someone who has trouble sticking to regular gym sessions, trying free home workouts can be a cheaper and more convenient alternative.
If you’re stuck inside, there are plenty of tried-and-tested fitness programs that make use of minimal gym equipment and prioritize body weight. Since many of them are free or trial-based, you can try out different activities with little commitment. Alternatively, there’s always walking, running, or biking to give you that much-needed breath of fresh air.
Create a fun game
For many people, it can be difficult to work towards your financial goals without a psychological reward system. To give you some motivation, why not try making a game out of it? For instance, you can choose to tuck every $5 dollar bill into a container every time you receive change. Over time, this can turn into a substantial amount.
You can also create a reward chart and give yourself a treat every time you reach a certain financial goal. This can be as simple as a home spa day, a movie night, or your favorite snack. With something to keep you focused on the goal, the saving will feel less like a chore and more like an effortless habit.
Make use of what you already own
With the undeniable convenience of online shopping, making a conscious effort to avoid impulse purchases can be a challenge. If you stop and look around at what you already have at home, you can save a great deal of money by upcycling or repairing your possessions with a quick DIY project.
For holes in socks, jeans, or pillowcases, you can try your hand at the basics of visible mending and help your items last for longer. You can also ask your neighbors or friends if you can borrow or trade something if you’re trying to be resourceful.
Take advantage of online cash rebates
For some people, cash rebates can sound too good to be true. However, there are some reputable cash-back services that you can sign up for so that you get a small percentage back when you shop online. Rates can vary from store to store and you can even get a sign-up bonus along with referral bonuses that make it easy to earn money.
It should be said that cash rebates aren’t for everyone. These services track your browsing and purchase habits and often require you to disable your ad-blocker. This might be a concern for some individuals who’d prefer to keep their online browsing habits private, but might not be a dealbreaker for those with more relaxed attitudes.
Do your research when online shopping
When it comes to online shopping, timing is everything. If you’re looking for an item from a popular brand, it can pay off to compare results from different websites to see if you can score an extra discount with a coupon code or time-limited promotion. Waiting for seasonal sales can save you a significant amount off full price.
In order to get the full value of what you’re paying for, it’s also worth reading customer reviews and expert reviews to give you a second or third opinion on the quality of whatever you’re buying. You may even come to realize that you don’t need it after all.
Buy more secondhand goods
If you look around, there are plenty of secondhand items with plenty of life left in them. Shopping for used or vintage furniture is better for the planet and your wallet as well! Support local thrift stores in your area and see what’s out there. Many of them might even be of higher quality compared to the mass-produced items being sold today.
As a bonus, there are even free items posted on Craigslist or Facebook Marketplace that people are trying to get rid of. For instance, bulky furniture can be a burden to transport. Also, if you can’t find anything for free, some sellers might be willing to negotiate if you politely ask for a lower price.
Reconsider every purchase
It may be easier said than done, but you can save so much money by thinking things through before making any purchase. Sometimes, we can spend a large sum of money on an item that we thought we wanted and regret it the very next day. Over time, this can add up and leave you further in debt.
To make sure your purchase is really worthwhile, you can ask yourself whether the item is worth X hours of work, whether it comes with any additional costs, and what their return policy is like. This way, you can make wiser choices and avoid buying things that you don’t really need.
Get into meal planning
Buying groceries in bulk can be one way to save on your shopping expenses. Eating the same thing day after day can be hard on your tastebuds, so finding creative ways to reuse your leftovers can make them more palatable for you and your family. If you live alone, you can try asking neighbors if they’re willing to split grocery expenses with you.
Another benefit of meal planning is that you can save time on cleanup. By investing in a few airtight containers, you can make ready-made meals that you can bring on the go. You can also make a conscious effort to cook healthier meals that fill you up or finding meat alternatives like nuts and soy-based foods that can be more affordable.
Look for a side hustle from home
Not all side hustles are made equal. Some are more time-consuming than others and may sap your energy, so it’s worth finding a method that plays to your strengths. A particularly good one for many people is to sell items that you no longer use on platforms like eBay and Facebook Marketplace.
It’s free to get started, and all you have to do is to take a few photos on your mobile phone and upload the item online. On the other hand, you can also try your hand at crocheting, baking, or woodworking and upload your crafts on Etsy. There’s also tutoring, dog walking, or blogging if your skills lie elsewhere.
By following these creative money-saving hacks, you’ll be able to reach your yearly financial goals in no time at all. You don’t necessarily have to make drastic changes to your lifestyle to save a little bit here and there, but every dollar adds up to give you the extra breathing room you need in terms of savings.
Do you have any foolproof habits that have helped you save money? Feel free to leave some tips and suggestions below!
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