40 Tips To Save Your Money
Have you ever gotten paid and lost all of that money the same week? I used to do this, and it’s probably happened to you at least once.
I used to work at Marshall’s when I was 16 years old. I would only get $36 a week.
That was since I was only scheduled 4 hours per week. I’m sure this isn’t what Tim Ferris meant by “The 4-Hour Workweek.”
I reasoned, it’s only about $40, might as well spend it.
When I worked at KFC, still at 16, I made about $200 a week. I saved the money, and when I quit, I thought, hey, I’m not gonna make any more money anyways, might as well spend it.
What was the issue here?
I didn’t have a clear goal. I didn’t know anything about investing. I was only concerned with spending.
You cannot work to spend.
You need to work to invest.
If you want to make money without ever having to wake up early to work, working a job you don’t love, and having to do that for 9 whole hours, you need to invest your money. You need passive income.
To invest money, you need to save up your money first. Here are a couple of ways that you can save your money, so you can begin investing in the future!
1. Eat Cheaper
You don’t need to waste $20 in one night only because your friends wanted you to go eat at chili’s with them.
Stay at home, eat those leftovers, and save that money!
2. Forget the brand
Who cares if it’s not Coca-Cola, and the bottle says ‘Great Value’ instead?
Maybe your friends, or the girl you invited to your house, do.
But forget them. You focus on becoming a millionaire, friendships can wait.
Don’t spend $3 on a 2-liter soda when you only have to spend $1.
3. Quit Bad Habits
Stop smoking. Stop drinking.
Each year, a person who smokes one pack per day will spend $2,011 on cigarettes alone.
Drinking alcohol is an expensive habit too. Here’s how rich you’d be if you’d stop drinking alcohol.
4. Cancel Memberships
Are you paying monthly for a music app that you don’t even use? Or maybe a gym membership? Think about it, or check your card transactions if you’re not sure.
Paying for stuff you don’t use is basically throwing money down the drain.
5. Don’t Shop for Clothes So Often
Do you really need a new pair of shoes?
Sometimes you do, but most times you just want to spend money.
Try to resist the urge of buying a cool sweater that you saw at a store, because chances are it will get lost in your closet and you won’t really use it.
6. Want vs. Need
If you’re buying an item, or anything, ask yourself , “Is this something I want, or something I need?” Whether it’s a cap, or a snickers bar.
Do this every time you’re gonna buy something. It doesn’t have to be long and intense, just quick and casual.
You might just realize you were gonna waste money for no good reason.
7. Consider Your Future Self
If you’re gonna buy something expensive, ask yourself, “Will my future-self be disappointed with my current decision to spend so much money?”
Future you might thank you.
8. Avoid Credit Cards
Credit cards give you the option to spend money that you don’t really have. This creates debt. You don’t want to be in debt.
Instead, use debit cards and real cash. Credit cards only increase your monthly expenses.
9. Cut Your Services
Last year, I cancelled my cable service and landline. I also downgraded my cell phone service plan to a cheaper option.
These decisions have saved me hundreds of dollars a month.
You might choose the movies, a restaurant, or bowling as ways to have fun. It’s healthy to have fun.
But fun does not have a price tag. You can have fun playing basketball, having a picnic, or watching movies at home!
Be flexible with your entertainment.
This kills many birds with only one stone.
First off, if you make it a goal to exercise, this is a great way of doing so. You’re multitasking by traveling to your destination whilst working out.
In addition, it spares you from having to fill up your tank every week. It spares you from losing money.
This alternative works if you’ve got a close friend.
If both of you work out, shop or work at the same place, it’d be a good idea to go in one vehicle.
You can even take turns. Again, this method saves you gas, and money.
Walking to your destination is a great way to exercise and not waste money on gas.
14. Drive less aggressively
Speeding can make your tank run out quickly.
Stop this bad habit, as it’s illegal and it’s expensive!
15. Turn off lights when not in use
Make the best use of natural sunlight. Turn off the lights, let the light come in from the windows, and relax, knowing that your next light bill will be very small.
16. Buy food in bulk
Buying food in bulk saves you time, energy, gas, and prevents you from being in an environment where you want to spend money.
Try making a bigger shopping list in order to spend less and save more.
17. Don’t shop hungry
Shopping hungry will make you think that you need SO much food, when you really don’t.
Eating ten apples seems like nothing when your hungry. When you’re not hungry, you don’t even want to eat an apple.
Try to go shopping around 30 minutes after you eat. This will ensure you’re not shopping out of a short-term feeling.
18. Pay with cash (link to a study that shows people pay less when using cash)
A study found that people who pay with cash spend less than those who use a card.
It’s not hard to make this change, so read the study and apply it to your life!
19. Sign up for membership and loyalty programs
These programs are run by stores in order to maintain customers.
By tracking your purchases, and being loyal to a select few stores, you can start earning rewards and discounts.
20. Home-made coffee
Whats the point of coffee? It wakes you up and gives you energy.
A Starbucks latte with 60% sugar might taste good, but it’s really unhealthy, expensive, and ineffective.
Make your own coffee if you don’t already. It’s a healthy and cheap resource.
21. Plan out meals
Make a weekly schedule of breakfast, lunch, and dinner.
Also, make sure that these meals are cooked. It saves tons of money, and homemade fish and rice isn’t that bad.
22. Little money adds up
Little money includes that $0.50 chocolate bar that doesn’t harm you. It doesn’t harm you, right?
It does! If you buy three of these a day, that’s $10.50 that’s being deducted weekly. It almost seems like a membership.
23. Dine out less
Restaurants are way more expensive than they seem. You end up paying for refills and a tip that you didn’t factor into your overall price.
Yes, your plate might only be $12, but your tip, refills, and appetizers can make it $25 or more.
24. Find good free entertainment
We are humans, we need enjoyment.
Avoid spending money to enrich your life. Playing sports, hiking, picnics; these are all cheap and rich ways to spend your times.
They’re definitely better than banging out $30 to watch a movie with your friends.
25. Avoid check-stand shopping
This part of a store is a collection of stuff you don’t need. Soda bottles, candy, magazines, etc.
Don’t even think about buying anything in these sections, because I’m pretty sure you didn’t write “snickers bar” and “ring pop” on your shopping list.
26. Look for coupons or promo codes
You can simply google these or find them at restaurants and stores.
You can end up saving 10% or more which is a huge chunk of money that could be better off in your bank account.
27. 48-hour waiting period
Don’t! You’re about to drop $100+ on sweater, or speakers or headphones.
Just postpone it 48 hours. You’ll usually realize that you were buying at out of impulse and didn’t need that certain item.
28. Spend your time before you spend your money
Don’t shop for a phone right away. That’s spending money without spending time first.
Ideally, you should think about spending money, like wanting to buy a phone. Then, you should spend your time looking for options, such as pre-owned phones online.
Finally, once you know your options, spend your money. It will result in a much wiser decision.
29. Collect your change
Most people underestimate spare change.
Make sure to always keep it in a place, like your car or in a jar at home. This comes in handy and can amount to large figures!
30. Leave your wallet at home
If you’re going to school, for example, there’s almost no need to take money with you.
If you’re going out somewhere, and you know you’re not gonna need money there, leave your money at home.
31. Learn to say “no”
A lot of people let other people waste their money. Learn to say “no,” whether they ask you to go to a concert or out to eat with them.
32. Follow a weekly budget
First, you need to sum up your necessary amount of money.
Calculate food, memberships, bills, gas, etc.
Come up with a number, an amount of money that you need to have each week. Then, try to stay within this budget.
33. Check your expenses
Track down your expenses.
Where is your money going? Once you answer this question with specific details and specificity, you’ll realize there’s a lot of stuff you need to cut back on.
34. Shower faster
Most people get caught up in the shower, singing their favorite song or thinking about their next business venture.
You need to stop this and focus on cleaning and leaving.
Water bills can be reduced largely this way.
35. Pack lunch for work
This saves you time and money.
You don’t have to go out, and you don’t have to spend money. Make yourself a full sandwich with snacks and sides.
You’ll save lots of money.
36. Connect your expenses with your goals
Those jeans might look great on you.
But, are they really in line with your goals? Will this $30 be better spent on pants or on your savings account
37. Make a percent of your income untouchable
For example, don’t spend 10% of your income for 3 months.
If you earn $500 a week, that would be $100 that you can’t spend a dime of.
In 3 months, you’re gonna have $1200 more than you would have before implementing this rule!
38. Don’t fall into holiday traps
“50% OFF OUR JEANS THIS CHRISTMAS!”
You might think it’s a great deal. It might be. But think about how much you’re spending, not how much you’re saving.
You might be saving $30, but you’re still spending $30. You’re actually losing money at the end of the day.
39. Make more money
Do you really need that Saturday off? What are you using it for?
These are questions that are really worth considering. If you’re using your Saturday to be on your phone all day, then it’s not worth it.
You’d be better off working that day and having more money in your account, which could put you closer to your goals.
40. Don’t “YOLO” it
Yeah, your friends, or the voice in your head, might be saying SCREW IT! YOU THINK ABOUT IT TOO MUCH, JUST DO IT.
Well, Just Do It is not great advice when it comes from a certain type people. You should be mindful, you should be responsible.
Don’t throw out money, because that’s time that you spent for that money.
Life is made of time and if you’re wasting the money that you exchanged for your time, then you’re demonstrating a low appreciation of your life.
Apply one of these methods today, or tomorrow!
I listed ten ways you can save money. You only have to pick one. Choose a method, apply it, and repeat it.
Your bank account will be significantly bigger if you learn manage your money.