Get Tips on How to Save Money in Your Daily Life

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Looking for more ways to trim a few bucks from your budget? Check out these 25 tips that will help you save money in your daily life.

Tips on Spending

  • Budget! This is the cornerstone of all savvy financial planning. Use these worksheets to guide your spending and saving habits.
  • Along with budgeting, make sure you track your spending so you know how much is going out and coming in each month.
  • Cut many “extra” expenses. Paint your own toenails instead of getting pedicures. Brew coffee at home rather than buying coffee out. I know “stop buying lattes” is a cliche, but it’s become a cliche because it strikes a chord with so many people.
  • Bundle your errands into one long, massive trip per week so that you can save on fuel costs.
  • Reduce the amount that you dine out. This alone can save you $100 per month or more.
  • Use the library instead of the bookstore. (Yes, the Kindle lending library counts!)

Tips on Paying Off Debt

  • Clear all debts as soon as possible. You’ll save hundreds or thousands on interest.
  • If you’re a homeowner, crunch some numbers to see if you can lower your monthly payments by refinancing your mortgage.
  • If you’re paying mortgage insurance (PMI), and you think you have enough equity to waive the PMI, call your lender to start that process.
  • Pay off debt using the avalanche method to save more money on the interest you’d be paying.
  • If you’re in credit card debt, call your creditors and ask them if there’s any way they can lower your APR (interest rate).

Tips on Shopping

  • Buy groceries in bulk at wholesale stores like CostCo or Sam’s Club.
  • Shop at garage sales, thrift stores, eBay and Craigslist.
  • Check prices online before buying something at a retail store, and check for coupon codes.

Tips on Recurring Costs

  • Minimize your cable/satellite TV and internet packages. Do you really need 500 channels? Switch to SlingTV or Netflix or Hulu.
  • Reduce your cell phone minutes to the lowest amount you need. Set an automatic calendar reminder to check your minute usage 4 days before the bill is due, so you can change your plan to avoid overage charges.
  • Plant shade trees around your house to help you save on the cost of air-conditioning.
  • Plug appliances into a power socket. Flip the socket switch off whenever you’re not using one of those appliances. You’ll save on the cost of ‘phantom energy’ — the slow drain of energy that comes from keeping things plugged in.
  • Join a gym only if you’ll use your membership regularly.
  • Take shorter showers.
  • Keep your home a little hotter in the summer and a little colder in the winter. You don’t need to go overboard — simply turn the thermostat up by an extra 4 degrees in summer and down by an extra 4 degrees in winter.
  • Put an insulation blanket over your water heater. This prevents heat from escaping.

Money-Saving Tips for the Future

  • Teach your kids about money. Let them earn money for chores — 50 cents for this, $1 for that. Help them save their chore-money for the toy or video game that they want.
  • Caulk and weather-seal all the drafts and gaps around your doors and windows.
  • Sell or trade your gas-guzzler for a more fuel-efficient vehicle. If you live in an area with good public transit, commute on the subway or the bus, or consider becoming a one-car family.
  • Service and maintain your car. It may feel like an extra expense but you’ll save big bucks in the long run.
  • Use a bank with decent APYs so the money that is sitting in your account accrues more interest over the year.
  • Keep copies of your receipts in an envelope or file folder, organized by store or by month. You’ll need these if anything breaks.

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