More money in your bank account is always a good thing, so here are 10 simple tips from Dave Ramsey himself on how to save more money every day!
Reduce Your Debt
It seems like the simplest idea right? Cutting down on your debt to save more money? If only it was as easy as it sounds. Well, it can be, if you use the “snowball method.” You might think it more beneficial to pay off your larger debts first, but in reality, paying off your smaller debts first and working your way up can clear a lot of stress from your mind while helping teach you more responsible habits at the same time. Before you know it, you’ll be debt-free!
Save More At The Store
There are all kinds of tips for saving more at the store when buying groceries. You can try never shopping when you’re hungry so you avoid making impulse-craving purchases. You can make sure you always make a shopping list, and sticking to it, buying only what you need. You can switch to generic, off-brand items to save those extra cents on every purchase. You can even make a commitment to not be tempted by all those convenient candy bars, sodas, and bags of goodies that are always lined up by the register and at the beginning and end of every isle. Plus, you can make your own lunches and coffee at home to save even more while at work or running errands!
Deactivate Subscriptions & Auto Renew
Most people are subscribed to more services than they use, which only costs money that could be used elsewhere. So, take an inventory of all those small expenses going out, whether it’s Netflix, Hulu, Amazon Prime, Spotify, a gym membership, or any other subscription-based service, and cancel what you honestly don’t use – and while you’re at it, turn off auto-renew features on your subscriptions!
Say Goodbye To Cable
With so many streaming services out there now, cable is quickly becoming a luxury most people trying to save money just can’t afford. After all, cable can end up costing over $150 per month vs. a $10 streaming service or network app subscription, plus you probably already have and use these options anyway, so why not just cut the cable on cable now?
Did you know you can ask your bank to automatically save money for you so you don’t even have to think about it? Well, now you do!
Save Unexpected/Extra Income
Bonuses, tax returns, inheritances, and other gratuitous income should be saved whenever possible. If you do have to spend some of it, make sure it’s on something well worth it, like paying off debt or bolstering your emergency funds.
Make Your Home More Energy Efficient
Making small changes, such as taking shorter/timed showers, making sure your plumbing doesn’t have any leaks, washing clothes in cold tap water, and using dimmer switches, can each make a big difference in your home’s energy output, potentially saving you hundreds on your annual utility costs.
Turn Off Email Subscriptions
Removing temptation can be just as important when trying to save money as anything else, so don’t forget to unsubscribe from all your favorite brands/companies to ensure the non-stop sales ads don’t ruin your progress.
Sell Anything That “Doesn’t Bring You Joy”
Marie Kondo’s philosophy is one that focuses on purging your home of any and all clutter that does nothing but clog your life. However, there’s no rule that says you can’t make a little extra cash in the process. Not only will you feel incredibly refreshed after the fact, you’ll have a nice wad of cash to pay off even more debt or add to your savings!
Saving money is all about being thrifty, which is why creativity with your problems solving is one of the best ways to save big. If you have a small project at home you need finished, try to figure it out! There are tons of DYI tutorials available for whatever project you have in mind. Instead of buying that book or DVD, check to see if your local library has what you’re looking for and check it out instead. Instead of saving for a luxury vacation, try to explore parts of your own hometown/region for incredible dining and entertainment. If you really want to get fancy, check into a hotel for a night for a little pampering that won’t break your bank.
Just remember, saving money can be daunting, so always take things one step at a time. Even if all you can save right now is $10 extra a week, do that and feel good about yourself. It will all add up before you know it! Apply Now to get your pre-approval so you can start car shopping our available inventory right away!