Small Money-Saving Tips and Tricks

By Vivian El-Salawy on June 25, 2018

Regardless of what phase of life you’re in, whether that be a current student, a recent graduate, or someone who is established in their career, something that almost everybody can improve on is saving money. Saving money is crucial in order to build financial stability, whether that be in helping somebody pay off their debt or propelling them into their future aspirations. Having said that, here are some small money-saving tips and tricks that will help you feel more confident about your financial status.  

Save automatically

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In setting up my savings account, I had the option of carrying to the nearest dollar when making purchases and transferring said amount into my savings. Essentially, if I spent $21.34 at a movie theatre, the remaining change rounding to the next whole dollar (in this case, 66 cents) could carry over into my savings account. This is an easy way to save money without having to physically do anything. You don’t have to remember to put a certain amount of money aside, as long as you’re aware that more is coming out of your account than the amount notated on the receipt.

Unsubscribe from retail store e-mails

While these e-mails don’t cost you any money, the advertising can take a blow on you and tempt you into spending money. Often times, these e-mails offer coupons and deals, however, ultimately, it ends up pulling you into spending money that you didn’t initially plan on spending. By all means, if there is a deal on something that you find necessary, utilize it to your best ability, however avoid using a discount to be your primary reason behind a purchase if it isn’t something you need in the moment.

Small goals will take you far

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If you have a great amount of credit card debt, set your goals small and you’ll go far. Calculate a certain amount to pay off on a bi-weekly or monthly basis to allow yourself to steadily contribute to your credit card payments without it taking a large blow on your current finances. The same goes with saving – if you have no credit card debt, save bit by bit. Setting a certain amount of money aside on a regular basis makes it easier for you to manage your finances. If you remember that you pay a set amount for a streaming service every month, doing the same towards your savings isn’t much difference, aside from it being an investment in yourself.

Shop by unit price

When shopping, make sure you compare the unit prices between different size packages, especially since most of these packages are things you will eventually use. For instance, if you are purchasing shampoo, a larger bottle may cost more in the moment, however shampoo is something that you will have to buy again as soon as it runs out and the bigger bottle most likely has the lower unit price. Essentially, make sure you are getting the best deal per unit, whether that is ounce, gram, or so on.

Drink more water

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Our primary reasoning for drinking anything besides water is wanting to drink something that “just isn’t water”. This is a luxury that needs to be evaluated as potentially unnecessary. Buy a reusable water bottle and stick to tap water for a month, and you’ll find that you’ll have saved a great deal of money, between cutting out things such as coffee, juices, milk, soda, or alcoholic beverages. In fact, you might find that it’ll contribute to your health as well.

Timely maintenance 

When it comes to maintenance, whether it be your car, your pets, or your own physical/mental health, do not procrastinate. While these types of things are costly, and often times pile up at the worst financial moments, the longer you wait, the higher the cost may become for some of these services. If your vehicle is due for an oil change, get the oil change as soon as you can before you find yourself paying for additional damages as well.  Procrastinating with maintance can dig you into a greater financial hole.

Use less water/energy

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Cut the length of your shower. Showers can be incredibly therapeutic, but the longer you spend in the shower, the more money comes out of your pocket. If you just finished a great workout at the gym, go ahead and shower at the gym – save yourself some money at home. Same goes for your energy and/or electricity bills. Utilize natural lighting and avoid using lights throughout the day time. If you find that it’s a little hot inside, rather than cranking up the air conditioning unreasonably, consider opening your window – in fact the fresh air can be good for you. There are cost-efficient alternatives for some of these actions.

Don’t spend on a daily basis 

You’d be surprised how often people end up spending money on a daily basis. A few ways to avoid this is to pack your own lunch – even if it’s in a paper bag. Bringing lunch from home, even if it’s as simple as a sandwich, a granola bar, and another small snack, can save you loads of money. If coffee is a necessity in your life, brew your coffee at home and bring it with you to class or work! Spending four to five dollars a day on coffee can add up to you spending almost forty dollars every week just on a morning drink.

Change up your dates

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Whether you spend most of your time with a partner, your friends, or yourself, re-evaluate some of the dates you’re making with others or yourself. For instance, instead of spending money on tickets to go to the movies, get together for something on tv at someone’s home. Instead of spending anywhere between ten to twenty or more dollars on going out for food, invite your friends over for a potluck-style dinner, where everybody only contributes a little bit of food and leaves with a full belly. There are lots of free activities that can be done that are just as thrilling as activities that may cost you some money.

Hopefully these tips and tricks will help you save money, whether that be for your next academic step, for something you’ve wanted for quite a while, or to help you recover from pre-existing financial burden. Nevertheless, these are just a few ways to save money – there are many more opportunities and ideas that can help build your financial security.

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