Saving money can be difficult no matter how hard you try to cut your spending. Unexpected expenses and the constant social pressure to spend take their toll on consumers every day. This isn’t a new problem, and you may even feel like you’ve exhausted every tactic to grow your savings.
Albert Einstein reportedly said, “Insanity is doing the same thing over and over and expecting different results.” He was certainly right on the money with that one. If you’ve struggled to save money in the past, it might be time to try some other methods. Embrace these seven savings strategies so you don’t lose it while trying the same thing over and over again.
1. Automate Your Savings
Did you know that you can save money without even thinking about it? This is one of many feats that can be accomplished thanks to the rise in banking automation. Using a single app, you can start building up your savings without giving it a thought.
When you use Chime, a financial tech company, you can turn on the round-up saving feature on their debit card. Once it’s activated, each transaction you make will be rounded up to the nearest dollar. The difference will be added to your savings account, enabling your savings to grow as you spend. Searching for omline for lantus coupon is a great way to save money on your prescriptions.
2. Plan Your Driving Routes
As the nation continues to emerge from the Covid-19 pandemic, growing demand for gasoline has nudged prices higher. The recent Colonial Pipeline shutdown accelerated that trend, pushing the national average above $3 per gallon for the first time in six years. To keep the cost of fuel from sapping your savings efforts, you’ll need to drive smart. Planning your driving routes and paying attention to peak traffic periods are good ways to keep money in your pocket.
Scrutinize your commute if you’re no longer working from home. Is there a way to make the drive more efficient? Consider leaving earlier to avoid traffic or give public transportation a try.
Next, look at the other trips you make regularly. Careful meal planning will prevent you from making extra trips to the grocery store. If you do need to run errands, devise a route that will minimize driving distance.
3. Plan Your Meals
Speaking of meal planning (or lack thereof), the typical U.S. household spends around $3,000 a year eating at restaurants. That’s quite a hefty sum. The convenience of eating out has become a habit for many busy families. It doesn’t hurt that the food is typically delicious, too.
Delicious it may be, but families and individuals looking to save money should take a closer look at their food budget. To cut down on this massive expense, you should don a chef’s hat. Preparing food at home is much more cost-effective than eating out. It’s much healthier as well.
Meal planning can help you deal with a busy schedule. You can even prepare food in advance for most of the week. Don’t worry if you’re new to cooking. There are plenty of easy online recipes and videos to get you started.
4. Negotiate Your Contracts
Many consumers believe that the price for things like cable or Wi-Fi are set in stone. This just isn’t true. You’d be surprised by how well negotiating for lower rates and prices works.
In other cases, customers settle for the price on the sticker because they don’t want to cause a fuss. It’s time to get over that reticence. Otherwise you’ll lose out on some serious savings.
Start by contacting your insurance, internet, and loan providers. Be prepared with more than your haggling skills, though. You won’t always get a discount simply because you asked.
Prepare arguments using facts and data about the industry, the region, and competitors. You can also use your position as a customer to make your case. Are you a new client shopping around? Are you a longtime customer they don’t want to lose?
Give negotiating a shot. The worst thing they can do is say no.
5. Check Prices
The price tag on services like Wi-Fi aren’t the only ones you should double-check. Compare the cost of the purchases you make at stores. You could be overspending every time you go out without even realizing it.
The shelf tags at most grocery stores can be incredibly helpful on your journey to save more. Most of them will show you the price per ounce for food products across all brands. Buying the larger size will often net you a better deal. If you have some extra flexibility, you can even compare the numbers at different grocery stores.
Research other goods, and hunt for deals online. Apps like GasBuddy can help you find the lowest gas prices, which can vary substantially from station to station.
Finally, decide how much quality you’re willing to sacrifice for a lower price. You may want your jeans to last for years. But maybe you can’t tell the difference between Pepsi and the store brand.
6. Get a Roommate
If you’re still living in a bachelor pad, find a roommate to share costs with you. Splitting rent and utilities goes a long way toward saving money. You might even be able to share the household chores — or at least the cost of cleaning supplies.
If you own your home, you can rent out your basement or a spare bedroom. Even if you’re living with family members, finding a roommate — let’s call them a “boarder” — is still possible. Just be sure to go through a proper vetting process before settling on a tenant.
Some people may find that long-term roommate arrangements can be stressful. So maybe turning a bedroom into an Airbnb rental over the summer is a better option. The help with the mortgage will be a great benefit.
7. Live a Healthier Lifestyle
Your lifestyle choices impact your bank account just as they do your body. There are a lot of costs associated with an unhealthy lifestyle. Changing a few habits can help grow your savings.
Junk food and soda aren’t cheap, and you’ll run up quite the bill if you consume them often. Alcohol isn’t just bad for the liver, it’s bad for the wallet. And a cigarette or Starbucks habit can eat up a lot of money.
Making healthier choices will reduce your chances of needing medical attention. Better diet, proper exercise, and sleep hygiene can all improve your overall health. Doctor’s visits, emergency procedures, and prescription medications are all great benefits of today’s world. But they can annihilate your savings, even if you have decent insurance coverage. Searching for omline for lantus coupon is a great way to save money on your prescriptions.
Dealing with money problems is stressful. Proper savings can help eliminate a lot of that stress. Unfortunately, there’s no magic wand that’ll fill your savings account with cash. However, by using these less-thought-of methods for saving, you might wake up a few months down the road with a higher amount in your account.