We?re not going to tell you to cut back on avocado toast, the twenty-teens version of the Latte factor. We?re going to share our top 10 brilliant money saving tips, great ways to save money that you probably haven?t heard of before.
Nor are we going to waste your time with money tips trade massive amounts of time and effort for modest returns. Let?s take a look at our best tips for saving money you?ll want to follow immediately.
Top 10 Brilliant Money Saving Tips!
10. Check Out the Library
We?re not kidding here. You may be amazed by what they have. You can borrow DVDs for movies, TV shows, and educational content. Libraries increasingly offer free ebooks for download or borrowing.
If your kids need something to do, check out the free family movie times in addition to story times. Or literally, check out the STEM kits a growing number of libraries have. These include Lego Mindstorm kits, biology kits, and astronomy kits.
If you want to start a small business, consult with the volunteer retired executives at the SCORE offices at many libraries.
And find out if the local library has a Makerspace open to the public for free or only the cost of materials. You?re as likely to find free facilities for sound processing and soldering as 3D printers and sewing machines.
Don?t forget to check out their books on how to save money regardless of whether you want to cook more at home or negotiate with your creditors.
9. Review Your Bills
This can be painful to do, but it is necessary.
If you?re looking for ways to save money, you can start with the line items on your bills you can challenge. Maybe you could save $10-20 a month by canceling add-ons to your cable or phone bill that you don?t use.
There?s no point in paying for a caller ID box if your smartphone is doing the same thing automatically. Canceling channels you don?t watch saves money.
Reviewing your mortgage statement could reveal that you?re paying for mortgage life insurance that is really redundant or you?re paying private mortgage insurance you?re no longer obligated to pay.
Look for extra ?insurance? policies you?re paying for on your car lease and credit card bill that is redundant. Or you?ll find you?re spending so much on ?on demand? entertainment you need to stop it if you want to be able to afford movie night.
This is perhaps the most time consuming of our ?top 10 brilliant money saving tips?. However, it is infinitely flexible because you can decide what regular charges to cancel, which bills to negotiate, which services to cancel.
I found great tips about lowering energy bills in your home. Hope this will help you to save more money,
8.Refer a Friend
We?re not telling you to sign up for an MLM ? most of those make money selling you stuff to try to sell to others.
However, you can legitimately earn money by referring your friends.
Is a friend moving into their first home? Find out if your electricity provider and phone service can give you referral links; send it to your friend, and if they sign up, you?ll often receive a discount on your next bill or a few percents off each monthly bill as long as your friend is a customer.
One variation of this is employee referrals. Can you get a bonus from Human Resources if someone you refer for a job is hired?
7. Cash In on What You Have
You could start by dumping your coin jar in a Coin Star machine to get a discount on your Walmart shopping trip, though the bank will process these coins without than 10-15% fee and can deposit it into your bank account.
A common piece of advice is to go through your closet, the kids? toy box, and your bookshelf, looking for items to sell online.
The mistake here is the understanding of how much time and effort it takes to create these online listings.
The better choice ? unless you already have an online storefront ? is to take these items to consignment. Take your kids? old clothes and toys to a kids? consignment store; you could get credit toward your next purchase of kids? clothes.
Take your own clothes to a consignment shop, and you could find your next clothes purchase significantly discounted. Stores like Staples may give you a coupon off your next purchase if you take electronics or printer cartridges in for recycling.
6. Save in Ways that Boost Your Savings
If you?re saving money, save in the ways that amplify the effect.
For example, put money into your 401K up to the amount your employer matches instead of putting it in an IRA without such matching. If you receive a cash windfall like a tax refund, don?t put it in savings if you tend to spend it. Instead, pay off a debt to eliminate the payment entirely, then put that monthly savings into your saving account.
The only exception here is creating a basic emergency fund of $1000 or more so that you don?t have to charge a credit card for unexpected car repairs or medical bills. There?s no point paying off a 20% APR credit card if you will just charge it again when the next bill arises.
5. ?Sorry, I Can?t?
These words are probably more useful than simply saying ?No?, but it has the same meaning.
If the other person pushes, then say no without elaboration.
?No, I?m not donating to your cause.
No, I can?t buy this overpriced item you?re selling for charity.?
Sorry, I can?t go out for that expensive lunch for networking that I haven?t seen any benefit form.?
Sorry, I can?t loan you $500.?
Sorry, I can?t go to that selfish destination wedding you?ve planned when I?m trying to stop drowning in debt.?
Well, that?s why we say you should decline politely but without elaboration. If you give excuses and elaboration, you open the door for them to argue with you. If you set firm boundaries for things you cannot afford to do, buy or give, you won?t waste money on them.
This is the most versatile of our top 10 brilliant money saving tips, but it can be the most difficult for those who haven?t maintained healthy boundaries in their life.
Set a charity budget and limits on your relationships, and when you reach that limit, the answer is, ?Sorry, I can?t.??
4. Get What?s Yours?
OK, this isn?t really a money saving tip. However, it can result in an influx of money that you?re due. Run variations of your name on unclaimed money sites. You may find utility deposits and other lost money that you?re owed.
If people have borrowed items from you that they haven?t returned, ask for them back. Now you can use them personally, sell them or give them to charity for a tax write-off.
Have you been loaning money to people with a promise to pay it back??
Ask for the debt to be repaid. If the other person gets angry or acts entitled, you know they were just sponging off of you ? and that you are morally right to cut them off financially, and if necessary, socially.
Follow up on refunds you?re owed for items you bought. Check to see if you can get a cash incentive for filling out paperwork if you?ve otherwise met the requirements for a company wellness program.
3. Know How to Avoid Scams
We hope that you aren?t regularly losing money this way, but it is certainly something you want to prevent. Most people can recognize scam emails saying you?re the heir to several million dollars from a dead person you?ve never heard of or promising you a portion of a dead despot if you just hand over your financial information.
?Unfortunately, these same people sometimes react to the fake emails purporting to inform them that a $5000 TV was bought through their eBay account or a threat to warn them that their Apple Pay account is about to be shut down unless you click this link and log in right now.
Hover your mouse over the buttons on this email, and you?ll see completely unrelated web domains as the destination address. Don?t click these links, log in, and give them your account credentials. If you?re concerned, exit your email and log into the legitimate website login on your own.
Another scam involves threatening voice mails, vaguely threatening to take you to court or arrest you if you don?t pay them right now. The IRS does not leave threatening voicemails.
Tax agencies and legitimate debt collectors are required to tell you by law who they are, their authority to collect the debt, and the amount they want to collect. Don?t respond to these calls in a panic, giving them all the information they need to run up credit card debt in your name or drain your bank account.
If you think you?re getting a letter or call from a legitimate debt collector, still ask a lot of questions. They may be trying to collect on a debt you?ve already paid or debt run up by an identity thief.
Learn to recognize credit card skimmers, and keep yourself safe by not entering your PIN number at pumps. Run every transaction as if were a credit card.
2. Disconnect the Automatic Purchases on Your Accounts
Shopping carts have a high abandonment rate. Sometimes people abandon it because the price is higher than they expected.
Sometimes they abandon it because they decided they didn?t really want the option. Sites like Amazon set up a ?buy it now? button that automatically jumps from ?I want it? to ?It is on its way?.
Turn off the buy it now option, and you?ll have to think about that checkout process ? and you?re less likely to buy things. That alone saves you money.
A variation of this is reviewing all your online subscriptions. The ideal is turning them all off, then only buying the item if you want it.
Maybe you like those snacks, but if you have to intentionally shop for it and order it, the $30 price tag may no longer seem worth it compared to throwing a few snack bags in the grocery cart.
Cancel the subscriptions for goodie boxes delivered to your door each month. If you want a specific item, order that instead. You?ll end up buying fewer items overall.
1. Create a Realistic Budget
To quote get out of debt guru Dave Ramsey, a budget is the most important tool you have in learning how to manage and save money. A good way to get a handle on your money is to sit down with all your monthly bills and create a budget based on what you?re actually spending.
With the monthly budget for rent, utilities, food, transportation, childcare and other regular bills drafted, fill it in for an entire year. Put in periodic expenses like quarterly taxes, annual property taxes, insurance bills you pay once a year. The next step is to total it all up.
How much can you expect to spend in that given month??
How much are you spending on that category over a year??
If you see that you?re going to spend a lot on taxes and other bills in a future month, you can start saving up for it instead of putting it on a credit card and paying interest on the bill.
Compare what you?re spending against what you earn after taxes. At a minimum, ensure that you?re not going deeper into the hole.
If you?re spending more than you make, you need to ramp up income, cut costs or both.
Another issue is the realization of how much you?re really spending in various categories. If you?re shocked by the cost of eating out, you are more willing to alter your lifestyle so you don?t do it so much.
Brown-bagging your lunch and inviting people over for popcorn and a movie instead of dinner and drinks at the dine-in theater become more acceptable cost-saving measures when you know what you?re saving by doing so.
The high cost of monthly childcare bills, phone bills or other services may motivate you to shop for a cheaper service or find ways to save on these expenses. But you?ll know where to dedicate your time.
There?s no point in saving 5% on household expenses like bathroom cleaner if you?re wasting far more in another category. With the hard data, you?ll know what areas are worth searching out money saving ideas.
One issue to address is where you?re saving money relative to your goals. Don?t put money back for kids? college if you?re going deeper into debt. Save for your retirement and big-ticket expenses like the replacement car you want to get in 2 years before you save for a vacation.
Thank you very much for reading my article about Top 10 Brilliant Money Saving Tips! Practically its always challenging to save with huge expenses flow. But Little changes can start big changes in your lifestyle.
Not only savings, think about extra income as well.
Here is my article about Extra Income Sources.
See You Again!