Money saving tips

When you break it down, there are really only two ways to improve your financial standing. You can either make more money, or spend less money. The former is a bit trickier and more out of your control, which makes it a bit more difficult to rely on. Spending less money, on the other hand, makes it easier to save. And this option puts you in better charge of your finances, while at the same time, prepares you for the future.

There are many reasons to save money, whether you’re thinking about retirement, building an emergency fund or perhaps planning a home purchase down the road. But in order to start saving, you need to make some decisions around your budget, establish a plan, and stay dedicated.

And as you begin this process, remember that saving money doesn’t have to upend your lifestyle. While it will require patience and discipline, following a budget to better your financial standing will also build confidence and make it easier to follow through.

Getting started is often considered to be the most difficult, but there are some simple steps you can take right away to kick your efforts into gear. From there on out, it’s just about staying the course.

Start with your budget

If you are serious about saving money, then you need to take another good look at your budget. Certainly there are some areas you can scale back. Maybe two streaming services instead of three? Or maybe consider if you still need to pay for cable? While these examples tend to be stereotypical in this day and age, there’s no denying that every bit helps.

Wherever you can find room to cut back your expenses, do so. But don’t stop there. The point of trimming back your spending is not to free up additional dollars to purchase other things. Whatever money you are cutting out of your monthly expenses should be reallocated toward your saving efforts.

Keep this in mind when adjusting your budget this time. Look at the numbers and the expenses with a “how much can I save?” mindset. Every little bit adds up when it comes to saving money. If you can adjust behaviors that are already in place, then you are taking a solid step forward in this effort.

Make use of your tools

Associated Bank has tools that you can implement to help you reach your savings goals. Or, to help you establish them. For instance, if you’re trying to meet a savings goal, easily transfer funds from a checking account to your savings account in the app on your mobile device. It might seem like a simple step, but that’s exactly the point.

Another simple tools you can take advantage of are automatic deposits and automatic transfers. The old saying, “set it and forget it” holds a great deal of weight in this regard. Another tip: If you receive a regular paycheck, why not pay yourself first and have a certain amount automatically sent to your savings? Start by saving say 5-10% of your paycheck at first and gradually increase that amount to 15-20% as you feel more confident in your savings habits.

This is a simple way to be sure you reach your savings goal. In fact, by setting it and forgetting it in this way, you might be surprised how fast your savings can grow.

And an important consideration when it comes to setting it and forgetting it is that it gives you peace of mind when it comes to the rest of your spending. To put it differently, if your savings effort is automated, then you know you’re already making progress, so you can be more confident about the money you can use for day-to-day spending.

Check out your options

There are all kinds of savings accounts, and some have better benefits than others. Taking some time to consider the options available to you is a smart play. Just because you have been using a certain savings account for so long doesn’t mean you have to stick with it.

Take a step back

When it comes to quick tips to save, the best thing you can do is simply make the decision to do so. No matter how you frame it, the first quick step comes from making that decision. Once your mind is made up to save, you will then take the appropriate steps to do so because you will be committed to your goals.

Your lifestyle is unique and it is your own, so put a plan in place that makes sense for you. Check out the options that will benefit you the most, and start taking steps today to increase your savings efforts, and your overall savings for the future.

Over 100 Money-Saving Tips for Frugal Living

Saving at the grocery store

1. Make a grocery list.
2. Buy generic instead of name-brand products.
3. Buy store brand; they often offer a better value at a better price.
4. Use what you already to make meals. Check your cupboards, freezer, refrigerator and  pantry.
5. Shop at a variety of grocery stores. Grocery stores often specialize. You may find better prices for meat at one store, but better prices for produce at another.
6. Use grocery store apps to ‘clip’ their coupons and compare prices
7. Use grocery list apps to plan your shopping trip in advance
8. Shop with a calculator.
9. Shop for a couple of days instead of a week.
10. Shop the bulk bins.
11. Use a basket.
12. Don’t buy it just because it’s on sale. Buy it because it’s on your list.
13. Buy meat in bulk, then repackage into freezer bags.
14. Shop bottom shelves.
15. Shop outer aisles and “end caps.”
16. Buy frozen fruit; fresh fruit can go bad if not eaten quickly. You’ll minimize waste.
17. Buy frozen vegetables.
18. Avoid storing perishable food for emergencies. An electricity outage could result in a big loss.
19. Share. Find a share-buddy for the two-for-one deals or half-off splitting.
20. Use coupons for items on your list.
21. Shop on double-coupon days if you use them.
22. Shop at farmers markets in the morning, allowing time to can or freeze for later.
23. Make soups or casseroles using vegetable about to go bad.
24. Know the loyalty programs and take advantage of any savings.
25. Whole grains are not only healthy but can be inexpensive. Oatmeal is currently a cheap breakfast choice.
26. Don’t forget potatoes. A 10 lb. bag is cheap and goes a long way in satisfying an appetite.
27. Shop the discontinued bins.
28. Know what not to buy in bulk such as nuts, flour, spices, condiments, coffee, baking powder, yeast and oil.
29. Eating before grocery shopping is an old but ever-true trick to saving money at the store.
30. Buy produce in different stages of ripeness. Instead of six ripe bananas or avocados, get some that are ready to eat and some that will ripen in a few days.
31. Know recipe portions and purchase only exact portions you need for the meal.
32. Buy what’s in season; it’ll be fresher and often less expensive.
33. Be willing to chop your own onions, celery, garlic, etc. Buying them pre-cut costs more.
34. Consider reusable bags. Many grocery stores will provide a bag credit which can add up over time.
35. Limit buying bottled water. Buy a water filter for home use to save money instead. Reserve the bottles for travel.

Travel money-saving tips

1. Eat where the locals eat.
2. Travel off-season.
3. Open a travel credit account.
4. Fly coach or economy.
5. Pack light to avoid extra luggage fees.
6. Make reservations in advance.
7. Find free-admission days for local museums, galleries or zoos. Plan in advance.
8. Find car rentals that don’t make you pre-pay.
9. Rent your home or apartment while away.
10. Find a pet sitter buddy and trade favors.
11. Walk. Taxis and other transportation may not be necessary.
12. Never take food or drinks out of the mini bar in your hotel room.
13. Consider staycations instead of vacations. Are there local venues to visit?

Utility bill savings

1. Shop around.
2. Install a programmable Thermostat.
3. Buy energy-efficient appliances.
4. Add attic Insulation.
5. Insulate outlets and light switches.
6. Adjust your hot water heater.
7. Wash your clothes on the cold setting.
8. Install weatherstripping around windows and drafty doors.
9. Switch to a more efficient showerhead.
10. Cook indoors in the winter and outdoors in the summer.
11. Install smart power strips.
12. Hand-wash large pots and pans.
13. Pack the dishwasher.
14. Air-dry your clothes.
15. Install low-flow showerheads.
16. Use a microwave, toaster oven or air fryer instead of the oven.
17. Use dryer balls in the dryer. These inexpensive wool balls can be used to decrease drying time for your clothes. They allow you to skip fabric softener as well.
18. Run appliances at night when energy costs are cheaper.
19. Replace your HVAC filters monthly.
20. Unplug appliances when you’re not using them.
21. Take shorter showers.

Save money on clothes

1. Shop at thrift stores.
2. Shop clearance sales.
3. Make your own.
4. Chose the right quality.
5. Don’t buy it unless you love it.
6. Return clothes you don’t like once you get them home.
7. If in doubt, don’t buy it.
8. Donate clothes and get receipt for tax write-off.
9. Sell clothes you haven’t worn in a year.
10. Never pay full retail. Sign up for store discounts. Use coupons.
11. Go to the back of the store for the discount rack.
12. Don’t buy dry-clean only clothes.
13. Shop discount stores for the basics and then accessorize.
14. Accessorize with different items to vary up an outfit.
15. Repurpose clothes.
16. Share clothes with close friends or relatives.
17. Shop smart. Outlet malls can still have expensive clothes.
18. Buy clothes that fit now.
19. Dry clothes gently to cause less heat damage.
20. Use clothing resale apps.
21. Clean your closet and discover some of your favorites.
22. Use the Dollar Rule: Before you buy something, ask yourself if you’ll wear it as many times as it’s worth in dollars.
23. Clothes shop with intent. Make shopping lists for your clothes.

Save on beauty

1. Use what you have, from nail polish to eyebrow pencils.
2. Extend time between hair appointment by one week.
3. Loyalty is expensive. Try another salon to get first-time client deal.
4. Downgrade to less expensive brands.
5. Make your own. For example, many scrubs can be made from simple ingredients found at your local grocery store.
6. Dollar stores have many of the basics. But remember to stick to the list.
7. Avoid emotional buying. Makeup and beauty purchases should be planned and not done on impulse.
8. Buy specialty shampoos & conditioners in liters when on sale.
9. Clean your old makeup cases. Did you ever find yourself not using a product just because the case was getting caked on from dust in the make-up bag?

Save on pet expenses

1. Keep your pet healthy.
2. The vet’s medicine may be available online at a greatly reduced price.
3. Spend more time with your pet and spend less on hiring pet sitters/walkers.
4. Make your own toys.
5. Fashion items for Fluffy may not be the best use of your money,
6. Scratching posts for cats can be homemade.
7. Consider pet insurance.
8. Join pet store loyalty clubs.
9. Make your own pet treats. There are many recipes online.

Save on household supplies

1. Try using dish soap instead of one of the many specialty cleaners for jobs from stain removal to carpet cleaner.
2. Fluorescent lightbulbs cost less in the long run.
3. Regular cleaning reduces the need for specialty cleansers or stain removers.
4. Look for store brands.
5. Clean with reusable cloths and mops. Disposable cloths and cleaning pads are expensive. The old-fashioned bucket and mop go a long way and often clean deeper and better.
6. Homemade cleaners can be less expensive. Look for recipes online.

Save on lawn and garden

1. Start plants from seed.
2. Buy smaller plants.
3. Save seeds for next year.
4. Wait for sales. The first people to buy pay a premium price.
5. Swap plants with fellow gardeners. You’ll both enjoy the new plants, and some plants need to be split for their health. It’s a win-win-win.
6. Buy refurbished lawn equipment. There are many entrepreneurs who repair small-engine equipment and sell for much less than new.
7. Avoid lawn services and own your own equipment.
8. Be creative with planters. No two gardens are the same. The idea that one man’s junk is another man’s treasure is especially true for those with a creative flair. Shop at garage sales with an eye for repurposing.

General

1. Take care of what you own.
2. Avoid late fees.
3. Analyze your subscriptions.
4. Cut ties with cable TV.
5. Review your bank account.
6. Save money on medicine prescriptions with programs like Good-RX.
7. Avoid debt.
8. Pay credit cards off in time
9. DIY—do it yourself whenever possible. From house painting to home repairs, you will save money if you use your own labor. YouTube has a how-to for everything under the sun. Not only will it save you money, but you can enjoy that feel-good sense of accomplishment.
10. Save money on gasoline. Use apps that show the best price. Drive smarter without jackrabbit takeoffs. Avoid idling. Plan trips. Drive at a consistent speed.
11. Buy used cars instead of new
12. Buy used tools.
13. Wash bread bags and use as boot liners for children. Sound crazy? Ask some older folks if they remember doing it.

For any area that you spend money, you can find ways to save. It may take a little creativity or sacrifice to have great savings; on the other hand, you may find it doesn’t take all that much if you just give it some thought.

 

 

Sources:

Nerdwallet
“How to save money fast,” The Simple Dollar,” August 2020