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Did you ever ask yourself how to save money fast? This question might seem quite straightforward but it’s a long-debated one between money-saving experts. The answer always revokes around what you can actually save money on without making huge life-changing sacrifices.
Money certainly doesn’t grow on trees.
That means from time to time we all need to look at ways we can keep cash in our bank accounts, rather than it draining out faster than water in a sieve.
The world is far more expensive than it ever has been before, but there are still many methods and money saving techniques you can make use of. You simply need to have the knowledge beforehand.
If you want to learn how to save money quickly, below you will find 10 hacks which will tick that box.
Not every hack will work as well for you; perhaps you don’t have many outgoings that you trim down, or maybe you already make your lunches at home.
However, there are certainly many on the list that you can use to keep cash in your bank account and therefore do more with what you have.
How to Save Money Fast On Your First Try
It’s common for people to start saving money for their long term goals, but often than less, they also fail to keep consistent and end up spending more than they initially forecasted.
If you feel that you belong to this group, do not worry, you can set up your mindset for success the next time you try.
Saving money is not about finding a shortcut so that you can spend more next month, instead, think about it as if it’s a lifestyle.
The moment you understand that you can live making small changes to your daily routine to save money, you will be a step ahead.
Every time you try to save money on something, think if that’s something you can keep doing in the long term.
For example, you decide to stop getting your daily Starbucks coffee, is that something you can do for a week? for a month? or for a whole year?
If you can do it only for a few days, then, that won’t be something that will help you save a lot in the long term.
However, if you accept the fact that you can live happily without that coffee and find a cheaper option or substitute, you will be set for success.
After a few weeks, you would have forgotten about that Starbucks coffee but you would be adding $3-$4 per day to your savings account.
That’s a whopping $1,095 – $1,460 per year!
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Now, if you are ready, let’s jump to the 10 tips on how to save money fast.
Create a Budget to Save Money Consistently
The fastest way to save money without a doubt is to live on a budget. This doesn’t mean never doing the things you like to do, but doing them in moderation.
It also means sticking to a set amount you’re going to spend on every category, e.g. food, travel, entertainment, clothing, etc.
If you manage to have some money left over at the end of the month, go ahead and treat yourself! However, the chances are that your budget will give you exactly what you need and allow you to save money at the same time.
Trust me, people are happier with boundaries, it’s when there are no rules that chaos comes.
At home, budgeting is like a game, we print the monthly budget worksheet below every 6 months and stick it to the fridge.
Do Your Grocery Shopping Online
We’ve all been there. You walk around the supermarket adding items to your trolley that you really don’t need, simply because they look good or there’s an offer on them.
The thing is, unless you were planning to buy them in the first place, you’re not saving money, even if there is a deal on!
By doing your grocery shopping online you get exactly what you need and you don’t become tempted whilst walking around.
It’s also very easy to do from the comfort of your own home and you can set up favourite items, so the second or third time is easier still.
Cut Out Takeaways
Sure, a takeaway occasionally is a nice treat, but when it becomes a regular deal, you’re spending far more money than you should be.
The same goes for takeaway coffees. Make them at home and take them out with you in a reusable cup.
Limit your takeaways to perhaps once every couple of weeks or even once a month on payday. That way, you’ll enjoy it far more and you’ll save the cash you would have spent beforehand.
Make Your Own Lunches
Buying lunch from the local deli is costly over the course of a week. It’s far better to make your own lunch and take it to work with you.
That way, you’ll save time, you’ll have a healthier lunch, and you’ll save money. You can do the same for the kids too; make them a delicious, home packed lunch and you don’t have to pay for school lunches.
How to Save Money Fast Planning Out Your Meals
This tip links back to the online grocery shopping idea. Plan out your meals for the week and then purchase the items you need when you do your online shop.
You won’t have those ‘what shall I make for dinner’ moments, which usually end up with a takeaway purchase, and you’ll save big as a result.
Homemade meals are also far more nutritious and when made ahead of time, you can even freeze them and save time in the evenings.
Get Rid of Your Phone Landline
Do you still have a landline? Many people have one but don’t use it.
You’re paying for line rental even if you’re not making calls, so get rid of it and stick to your mobile only.
Most people call mobile to mobile these days anyway, and most providers give you a set number of free minutes when you’re calling the same network.
Take a Hard Look at Your Expenses to Save Money
Do you have money going out of your bank for something that you don’t really need, or something you don’t use anymore?
For instance, do you pay for a gym membership that isn’t getting used?
Do you have magazine subscriptions that you barely flick through?
Take a hard look at what is going out of your bank account every month and cancel what you don’t need.
Look Online When You Need to Make a Purchase
If you need to buy something, be it clothes or something large, like a washing machine, check online for deals.
Without a doubt, this is where you’ll find the biggest discounts and that means you can often save quite a large amount versus buying in store.
Of course, you can also take your time looking for the best item, reading reviews and checking features.
That cuts down on the chances of buying something which doesn’t quite fit the bill.
Swap Your Utility Providers
You will no doubt have seen the deals that utility providers give to new customers.
These can be quite large savings, and you’re not able to qualify for them because you’re not a new customer.
In that case, why not call up your provider and say that you’re going to leave, swapping to a competitor.
The chances are that they will negotiate a favourable deal to get you to stay with them.
If not, you can leave and join their competitor and take advantage of those new customer deals!
The Words On How To Save Money Fast
Last Words On How To Save Money Fast
These 9 tips are quick and easy to do, and they save money over the long-term. In some cases, the cash saved can be quite considerable.
That means extra money for your savings account, or perhaps to put towards something you’re looking forward to purchasing.
Saving money doesn’t mean you have to always be rigid and never go out and enjoy yourself, it’s simply about being mindful of wasting cash on things you don’t really need, and remembering that you should do everything in moderation.
What are your best tricks to save money? Would you add anything else to the list? I’d love to hear it!