The good news is even small efforts can add up to big savings over time. We’ve rounded up 101 simple ways you can get started today.
- Stockpile $1 (or $5) bills. Take them out of your wallet as soon as you accrue them and put them right into savings.
- Open a savings account at a bank that’s not easily accessible, deterring you from dipping into it unnecessarily.
- Create sub-accounts for different savings goals. It’s an easy way to measure your progress and make quick adjustments.
- Nickname those accounts. Research proves this creates an emotional connection that motivates you to save more.
- Set up automatic transfers to savings and investment accounts after payday. You won’t have time to miss the money.
- Get a cash-back credit card to earn money as you spend.
- Treat yourself to a birthday freebie.
- Get cash back at the grocery store or pharmacy to avoid out-of-network ATMs, which cost an average of $4.52. (You can usually get up to $40 back for free when using a debit card.)
- Stop paying maintenance and other hidden fees for your checking account. Shop around for a free account.
- Transfer your savings to a high-yield account. The average savings account pays just .06 percent in interest, but you can easily find one that pays around 1 percent.
- Raid your drawers for unused gift cards. If you probably won’t put them to good use, re-gift or sell them.
- Cancel unused subscriptions for magazines, Netflix or food delivery boxes, for example.
- Turn off the tap when you brush your teeth. This can save eight gallons per day, or 3,000 per year, cutting your water bill.
- Take shorter showers. (Bonus: Collect water while you wash and use it to nourish your lawn.)
- Don’t turn your thermostat so high in the winter or so low when it’s warm. You can save up to 3 percent off your bill per degree.
- Unplug your laptop and other appliances when you aren’t using them. Leaving your computer on all day alone costs an estimated $75 per year.
- Convert to low-flush toilets and high efficiently appliances when your current ones need replacing.
- DIY when it makes sense. (Doing major repairs on your own won’t save you money if you end up having to a pay a pro to fix your shoddy work.)
- Make a list before hitting the store, and stick to it—and avoid grocery shopping when you’re hungry and more apt to make impulse buys.
- Buy the floor model for a discount when you’re shopping for big-ticket items like furniture or appliances.
- Ask the cashier or salesperson for in-store coupons. (These are often found behind the register.)
- Buy last year’s model—especially when you’re shopping for electronics—and try to negotiate a discount.
- Buy holiday candy, decorations and wrapping paper the day after a major holiday.
- Join loyalty programs—whether at a pharmacy, department store or your local froyo shop—to earn coupons or credit toward future purchases.
- If you refresh your wardrobe often, consider renting clothes from a service like Le Tote, which starts at $39 per month.
- Borrow. A friend may own a black-tie outfit you can wear to an upcoming wedding, or a tree trimmer tool you need for your summer landscaping project.
- Get books at the library instead of purchasing your own copies.
- Mend clothing and shoes, or pay a small fee for a pro to do the job, instead of tossing them.
- Comparison-shop. Amazon doesn’t always have the best price.
- Email your favorite brands for discounts or coupons, and get rewarded for your loyalty.
- Use generic or store-brand products for everything from cereal to face lotion.
- Use shopping browser plugins like Honey, Gumdrop and Wikibuy to effortlessly and instantly find better prices and apply coupons for things you buy online.
- Sign up for Paribus, which tracks your purchases and requests price adjustments on your behalf.
- Use CouponSherpa to search for deals in brick-and-mortar stores near you. No coupon-clipping required.
- Unsubscribe from email newsletters and shopping programs that tempt you. (Use Unroll.me to do this easily and quickly.)
- Give yourself some time to cool off before making a big purchase. Ask these questions to help you decide whether or not to spend.
- Buy everyday items like batteries and bottled water in bulk.
May 26, 2017
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May 26, 2017
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