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People like to talk about budgeting and spending less. and investment. But unfortunately, talk is cheap, and mismanagement of money is costly. It’s easy to talk about the best ways to save money, but implementing it is a different matter.
What people need to talk about are practical and effective ways to save money quickly to achieve your goals. After all, they don’t teach these things in school.
Here are the top 10 ways to save money faster and smarter.
1- Cancel All Your Subscriptions
Yes, all of them.
Well you can keep the wifi and trash. But other than that, cancel all your monthly subscriptions for one month. You will survive, I promise. Even better, you’ll realize you won’t miss them all.
Now that you have 30 days to check out what you really missed and what you didn’t think twice about, you can add some back in. and others? You’ll never have to think about it again.
This is something you can and should do in every part of your life. If there is a mess, cancel it. Being able to take a step back and see what’s causing the chaos in your life and what sets you forward helps improve your quality of life and your financial situation.
Read about 8 Easy Ways To Make Money Online.
2- Automate Savings From Your Paycheck
Many of us are so excited about a new job that we rush through the paperwork during the hiring process. Good news for you, I’ve gotten a lot of jobs so I’ve seen them a million times.
There is an option for a portion of your salary to go directly to a secondary savings account. This is the most effective ways to save money every month. We tend to spend most of what we have. So, if we remove it from the top first, it is unlikely that it will be spent. Just head to the HR department and ask. It will only take two minutes.
3- Cancel the Happy Hours for the Rest of the Pandemic
We’re in the midst of a global pandemic, which means there’s never been a better time to buy a few drinks at the local store and stop paying $5 for a drink at your local cocktail bar. When we look back at our bank statements, we’re always shocked that junk food and alcohol can build up so quickly. You can easily save a few hundred dollars by just taking this step.
A great exercise is to print out your latest bank statement and highlight all areas of alcohol and fast food. The amount may surprise you and make you think twice about that old fashion.
4- Online Grocery Shopping
Some people think that online shopping increases the amount they spend. For the most part, I agree – except for this category.
However, online grocery shopping is now a no-brainer. When you walk into a grocery store, two things always happen: You always get pushy items, and you never know your cart total until you check out. This means that we always spend more than we originally planned.
With online shopping, you can see your total when you add items to your cart. You are less inclined to make impulsive purchases and because of that, I would dare say you can even pay to have it delivered to your door and still save money every month by opting for online grocery shopping.
5- Get a Famzoo Debit Card
This is something my wife and I swear by, and it’s great for the whole family! Famzoo exists strictly to help families and children better budget their money. Every month, my wife and I have a designated amount charged to my Famzoo prepaid debit card. This amount changes every year depending on promotions, children, life stage, etc.
The important part is that when you give yourself the freedom to spend a certain amount, you are more likely to spend only the allocated amount. Think of it as a diet. If you count calories, you are more likely to stay close to the amount you set. You can also look up some tips online to better stick to your family budget.
6- Purge
This is actually my favorite, and is actually one of the best ways to save money. Raise your hand if you move. Well, everyone.
When we move, we are always amazed at how much trash we’ve got. I’ve discovered that about every 6 months, I can find two boxes to sell things we never use online. This not only gives you extra cash quickly, but it also keeps your home more tidy and organized.
Now, go clean that garage!
7- Amazon Subscribe and Save
32! This is the number of items you set up on your Amazon subscription and save. Let me explain.
This sounds expensive, I know. But it actually saves us hundreds of dollars a year! We all need toothpaste, shampoo, razors, laundry detergent, and toilet paper, right? This feature is really a triple threat. When you have more than 5 items in a subscription and save, you automatically unlock the maximum savings for each product on your list. It can be up to 20% for each item!
Now, it’s best to have it shipped straight to your door on the exact day you want the item, maybe monthly or maybe you just need it every 4 months. This way, you will never have too much or run out. Either way, it’s completely customizable.
Finally, there is no contract for any item, which means you can switch brands or items at any time at no cost. My advice: Every essential item should be on your subscription and save.
8- Rewards
This may ruffle some feathers, but if you use your debit card for purchases, you’re missing out on free money! We have the idea that credit cards are evil but in reality they are the same piece of plastic as your debit card.
How you can use it can be bad, don’t get me wrong. But if you want my opinion, ditch the debit card and get a rewards credit card. Use it just as you would your debit card and be sure to pay it off as soon as the statement appears!
Just to give you an idea of how powerful this is in terms of money, here are some of the things I’ve paid miles for:
- 4 nights in Vail with flight
- Car rental in Vail (can add convertible)
- A trip to Ireland
- trip to Hawaii
- Multiple stays in very nice hotels
That’s nearly $7,000 in travel expenses so far! Remember that a credit card is just a tool and can benefit you if you use it wisely. Ironically, this can be an effective ways to save money.
Pro tip: If you don’t trust that you hold a credit card, prepare all your monthly bills with your balance and leave them in a drawer at home. This way, you’ll accumulate miles but not be drawn into overspending.