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If saving money were easy, many more Americans would have a lot more money stashed away. But this is not the case. A recent survey found that 40% of Americans have less than $300 in savings. About half of respondents said they have less than $600 in savings, while 57.4% have less than $1,000.
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Although saving can seem like an impossible task, there are some simple steps you can take to cut costs and increase savings. If you have limited savings and want to learn how to save money fast, read on. Here are some tools and ideas to increase your savings painlessly.
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Even if you’ve convinced yourself that you’re not a saver, think again. Taking advantage of ways to save here and there can add to your savings account balance in a hurry.
One of your biggest controllable expenses is food, and there are plenty of ideas on how to save money on groceries. They start with planning. Check grocery store ads, plan meals, and make a grocery list that you can stick to. By doing so, you’ll find the best buys and avoid impulse buys. Plus, by having a list, you’ll make sure you get everything you need and won’t have to make a return trip, saving money on gas too.
The United States Department of Agriculture has analyzed average weekly grocery costs for families whose spending can be classified as economical, low-cost, moderate and liberal. According to its April 2021 report, a budget-conscious family of four spends an average of $137.30 to $157.60 per week on groceries, while a lavish family spends $268.20 to $314.20 each week The cost range varies depending on the age of the children in the household.
Assuming the family spends on the low end of the range, a frugal family will pay $594.90 for groceries each month, and liberal spenders will pay $1,161.90. That’s a difference of $567 a month or more than $6,800 a year.
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Dining out can be a fun way to socialize and relax while someone else prepares and serves your meal, but it can quickly break the budget if you do it too often. Even ordering takeout once or twice a week adds up. Preparing your own meals at home is almost always cheaper than dining out or ordering out because you avoid inflated restaurant prices and don’t have to tip. One advantage is that you have more control over the quality of your ingredients and the portions you serve. This has health benefits that can save you money on medical costs down the road.
Dining out is an easy thing to eliminate if you need a quick way to cut your spending. It doesn’t have to be a huge burden either, if you’re using simple recipes or making one-pot dishes, you can pop them into a slow cooker in the morning.
A good resource if you’re looking to stretch your grocery budget is MyFridgeFood, a website that tells you what dishes you can make with the ingredients you have on hand. Recipes with steps are also included.
For thrifty shoppers, store brands offer a viable and valuable alternative to name brands. According to the Private Label Manufacturers Association, consumers save $40 billion a year on grocery and household purchases by choosing store brands over national brands of the same product.
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Studies show shoppers consistently save a third or more on groceries and home goods by choosing store brands over national brands, the PLMA said. This is mainly because national brands tend to spend a lot more money on advertising, a cost they pass on to consumers. Many large companies spend 20 cents or more of every dollar on promotions, advertising and marketing as a way to drive sales and keep their brands in front of shoppers. Store brands don’t have these kinds of costs, so they can charge less money.
If high expenses are preventing you from saving as much as you want, it’s time to think about reducing them. Start by identifying the non-essentials that you can spend less on and removing them from your budget. Also, look for ways to save on fixed monthly expenses, such as your streaming, TV or mobile phone plans. Here are some things to keep in mind to reduce your daily expenses:
Ways to reduce your daily expenses Cancel subscriptions and subscriptions you don’t use, especially those that renew automatically. Reduce the amount of money you spend on things you think you need but really don’t, whether it’s the expensive milk you buy every morning or the expensive spa treatment you treat yourself to once a month. When you’re tempted to make a non-essential purchase, wait a few days. This “cooling off period” gives you a chance to really consider whether you want to spend the money.
According to Experian, the average credit card balance in 2020 was $5,315. Now, let’s say you owe this amount on your credit card and pay an annual percentage rate of 18%. If you’re determined to pay it off over 12 months, you’ll have a monthly payment of $488 and pay $442 in interest. But if you transferred the balance to a credit card that offered a promotional 0% APR for a year, your payments would drop to about $443 a month, without interest. By the end of the year, that’s a savings of about $540 in payments alone.
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If you’re one of those people who still likes to pick up the Sunday paper, you know it’s full of coupons that can range from 25 cents to $2 off a certain product. Using these coupons can save you a lot of money over time.
But you don’t have to be a newspaper subscriber to take advantage of manufacturer coupons. By joining your store’s loyalty club, you’ll save money on every shopping trip just by showing your loyalty card. Once you’re a member, download the store app or sign up on their website to save more. Retailers ranging from Target and CVS to your local grocery chain offer downloadable coupons on their mobile sites. The value is automatically deducted at the cash register.
Saving money doesn’t mean you have to sit at home every day, thinking about all the things you don’t enjoy. While many entertainment options cost money (concerts, movies, zoos, theme parks, ball games, etc.), you might be surprised by all the free options.
If you’re determined to save money, try a $0 entertainment budget for a month. Not only does this let you learn about free entertainment options, but it can also be a fun challenge to research what’s out there. Here are some ideas to get you started:
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Free entertainment ideas Take a YouTube yoga or craft class Find a Meetup group that fits your interests Sign up for free trials to try out different streaming services Invite friends to play board games Start a small garden with seeds from a local seed sharing program Visit your local park to play a game of Frisbee, take a nice walk in the woods or just take in nature. Check local event websites for free art fairs, museum tours, concerts, and other events 8. Refinance Your Mortgage
Obviously, you have to own a home to take advantage of this money-saving idea. But if you have a home, you should make it work whenever possible. With interest rates at record lows in 2021, now is the perfect time to consider refinancing your mortgage. You can save money in two ways: with a lower interest rate and with a lower monthly payment.
Refinancing also allows you to change an adjustable rate mortgage to a fixed rate mortgage or change the length of your home loan. If you’re looking to refinance your mortgage, but aren’t sure how much your rate could drop, check out different rates from different lenders.
If you’re not already keeping a monthly or weekly budget, now is the time to start. One way to help you get started is to check out third-party apps designed to help you get a handle on your finances and quickly reduce your spending. A popular choice is Mint.com, an app that helps you see where all your money goes each month. Another is YNAB.com (short for You Need a Budget), which helps users create a zero-sum budget that gives every dollar they earn a specific “job.”
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Other budgeting apps to consider are Personal Capital, Clarity Money, and Qube Money. Qube Money offers a digital version of the cash envelope budgeting system, along with functionality that allows users to share expenses and work together with others on their plan.
Note that some apps have a price, but not all. Yes
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