No matter what you do for a living, knowing the 15 proven ways to save money is always important. Savings could come in handy for anyone, whether you own a small roadside business, a 9 to 5 job and you prefer your coffee without cream, or a big-time Bay Street business.
Simple adjustments, such as giving up bad habits, cutting down unnecessary spending, or automating savings processes with technology, can have a huge impact on your ability to save money.
Stay with us and learn everything you can.
15 Practical and Proven Ways To Save Money
Let us jump right into action without any further delay on how to save money. The methods listed below will show 15 proven ways to save money while also making the most of them:
- Consolidate high interest debt
- Track your expenses
- Automate saving process
- Reduce dining out expenses
- Reduce subscription fees and entertainment costs
- Cut down car costs
- Plan your grocery lists
- Plan large purchases
- Use any self-imposed purchase delay
- Use the online shopping freeze tools
- Give handmade and DIY gifts when honouring friend’s invitation
- Lower your electricity costs
- Change your cellular plan
- Purchase a more affordable internet and cable bundle
- Keep all your spare change.
1. Consolidate high-interest debt
Consolidating high-interest debt is one of the 15 proven ways to save money. Paying interest on debt can be a pain in the neck, but if you pay off the obligations with high-interest rates, it may be less of a hardship.
It is best to relieve yourself of the burden of high-interest rates as soon as possible.
Read- 14 Proven steps to tackle your debts faster.
2. Track Your Expenses
Tracking your expenses is the second in the 15 proven ways to save money.It’s crucial to monitor your cash flow each month. You can see your spending patterns more clearly if you deduct your expenses from your income.
These days, you can download a tonne of budget applications to your Android or iOS device to help you organise your money and prevent financial snags.
Read- Financial Planning For Women
3. Automate Savings Process
Without your involvement, a lot of money will accumulate if you set up automatic monthly transfers from your current account to your savings account.
By using this technique, you can hasten the growth of the money in your savings that you want to put aside for things like trips, down payments, and unforeseen emergencies. Automated transfers can assist in making these aspirations a reality more quickly.
With apps like Moka, this can be done smoothly. You can begin sending small sums from your current/checking account to a separate savings account as soon as you register on the app. This aids in the transfer process automation.
Read- How to make money with Swagbucks in Nigeria.
4. Reduce Dining/Eating Out Expenses
If eating out is draining your finances, it might be time to dust the old chopping board and light the stove. This is a crucial money-saving advice.
Not that you should stop making reservations for those nights where the medium-rare steak is served on a nice platter, but cutting back on restaurant expenses and cooking more frequently at home could help your finances.
5. Reduce subscription fees and entertainment costs
Many of you undoubtedly have three or four streaming subscriptions. Do you know you can save money by reducing some of the subscriptions.
Hello, no judgement (there’s nothing wrong with watching Game of Thrones on the long bus trip to work and Stranger Things for a good scare right before bed). However, the pursuit of leisure can be financially costly.
If you believe you can live without a particular entertainment service, you might want to give it up and stick with the ones you truly enjoy.
All forms of entertainment, such as plays, concerts, and museum tours, fall under this category. Additionally, keep an eye out for discounts and take advantage of them when available.
Additionally, it is important to unsubscribe from any apps or services you are currently using if you do not actually need them. Undoing the auto-renew setting on the app is one approach to achieving this.
Set reminders a few days before the free trial ends so you can cancel in time. This will help you avoid being charged after the trial period.
6. Cut Down Car Costs
Refinancing auto loans and taking advantage of cheaper interest rates could possibly save your life.
Additionally, car insurance can help you cut costs instead of letting your current policy automatically renew.
You can reduce your current car maintenance costs by removing heavy objects from the trunk, shortening your commute, and not accelerating quickly (or too often).
You never know when fuel prices will soar, but if you are mindful of how you use your fuel, you can put yourself one step ahead of the curve.
You can save money when you purchase fuel at a filling station by using apps.
7. Plan Your Grocery List
It might save you a lot of time if you are ready to do some planning before you go shopping.
To avoid being a victim to your own urges, set your priorities straight and decide what you actually need to buy.
Although that brand-new cereal with a good amount of fruits in it appears really alluring, do you actually need it?
Since some cashback credit cards give up to 6% in cashback, they can also be helpful. To prevent paying interest on the credit, just make sure you pay them what you owe them at the end of the month.
8. Plan large purchases
Savings can also be achieved by planning the purchase of goods like vehicles, furniture, various appliances, and other items according to annual sale seasons.
You can utilize a variety of technological methods to cut costs. For instance, there are browser add-ons that alert you when prices on websites like Amazon decrease (not to mention the ones that compare prices with alternative platforms and help you find coupon codes).
Even when you are shopping in person and you scan a barcode, some let you know if there are less expensive costs elsewhere. If you’re interested in finding ways to save money, this is yet another good option.
9. Use any self-imposed purchase delays
If saving money is a top priority for you, you should take this approach into account. This strategy gives you time to consider the item you wish to purchase, its advantages and the possible repercussions of purchasing it.
You can add the desired item to your virtual shopping cart if you’re using an app or online platform.
Once you’ve had some time to consider the purchase, fresh thinking can come to mind and cause you to reconsider.
Additionally, some merchants will give you free discount codes if you fill up a cart and leave it. You determine how long the delay will last. It can take a few minutes or perhaps a month.
10. Use the Online Shopping Freeze tool
Using freezing tools is one of the 15 proven ways to save money. You can restrict yourself to prevent purchasing items that you don’t need. You might be wondering how To go about doing this.
You’ll also need to exercise discipline, but you only need to continually remind yourself of what’s most important.
If you’d like to make payments manually rather than have apps bill you automatically, you can also switch off auto-billing.
11. Give handmade and DIY gifts when honouring friend’s invitation
You can save some money by giving thoughtful presents like books and necessary home items. This implies that you may need to create or arrange the gifts yourself, so get ready to use your hands.
They won’t think you gave them a pointless or cheap gift if the item is personal and meaningful enough.
They may even value it more than the flashy new Audi that their neighbour got them as a gift.
12. Lower your electricity costs
Even though it may seem irrelevant to make simple habit changes like turning off the lights when not in use, they actually have a lasting impact.
There are several strategies to conserve energy in your home. These methods include preventing insulation leaks, using power strips, smart thermostats, employing energy-efficient electronics, and others.
So take these small steps so that they can add up to have a significant impact on your finances over time.
13. Change Your Cellular Plan
Changing your phone plan is a perfectly legitimate strategy to reduce your cellular bill costs. Of course, different plans have varied terms and prices.
Getting auto-pay and electronic statements could result in savings of up to N400–N1,000 per month for you.
You might save up to N90 or more a year if you choose not to purchase the insurance that comes with your plan.
Read- How to invest your emergency funds
14. Purchase a more affordable Internet and cable bundle
If you are trying to save money, a basic cable plan could help a lot. If your service provider permits it, bundling your internet and cable service could further reduce your costs.
Yes, you will miss some of your favourite programmes, but in the end, priorities come first. Even better, if you don’t use cable at all, you could cancel your membership.
15. Keep all of your spare change
Simply said, this means keeping all of your loose change in your pocket or purse. You can keep it in a savings account once you have accumulated all the notes and coins up to a sizable sum.
Of course, you won’t save much money using this approach of saving, but over time, as the money accumulates, it might matter. In the end, if you’re looking for ways to cut costs, this is a good choice.
Conclusion
Are you tired of always being broke? Then save your way out of the hole. When attempting to save money, wise spending practices are really helpful. When making financial judgments now, never forget about tomorrow.
Make sure your basic requirements are at the top of your list of priorities when making your budget.
Additionally, be sure you are aware of the specific causes of cash inflow and outflow (and their dates). Be careful and deliberate with your spending.
You may receive a lot of help creating and sticking to your budget with the aid of mobile and desktop apps. So don’t be reluctant to use technology. Try these steps out and come back to leave a review in the comment section.
FAQs on How to Save Money
How Can I Save Money Quickly?
Placing your funds in a savings account with a high-yielding interest rate is a surefire strategy to make money quickly. In this way, you may unwind while your money takes care of everything.
Strategies to Save Money Quickly?
There are several strategies to keep the money coming in quickly, while some can take a little longer. In the end, it’s crucial to finding a way of putting money dependably and safely into account.
