Are you tired of struggling to save money?
Introducing “100 Ways to Save Money,” your ultimate guide to financial freedom. This comprehensive collection of money-saving tips and tricks will help you achieve your financial goals without sacrificing the things you love or having more money in your bank account without sacrificing your happiness.
Imagine having extra money each month to spend on things you love. “100 Ways to Save Money” will show you step-by-step techniques to save big on groceries, utilities, entertainment, personal care, health expenses, and so much more. Say goodbye to financial stress and hello to a brighter and more secure future.
Read “100 Ways to Save Money” and discover the secrets to a brighter financial future. Start implementing these proven money-saving strategies today!
17 Ways to Save More on Shopping Expenses
1. Stay focused on your needs.
Beautiful images, bright sale ads, and “one-click-to-buy” buttons are all things that online sellers use to make the buying process easy and fun so that you pay right away. Like when you go into a store with a list to avoid shopping, keep a visual reminder of what you want to buy close by.
For example, put a sticky note on your computer or phone to help you remember. Do not buy anything when you are hungry, angry, lonely, or tired. This will help you avoid making hasty purchases that you may later regret.
2. If you don’t need it immediately, wait.
Online sellers will try to boost urgency with countdown clocks, timed carts, and warnings of limited availability (some true, others maybe not). But if you’re logged in to a site and add something to your cart without checking out, the store might email you a discount to encourage you to finish your purchase. If they don’t and you forget, then you probably didn’t need the item to begin with.
3. Know your shopping season.
The best way to save big on seasonal or holiday merchandise may be to wait until the end of the season, but there are plenty of ways to save when items traditionally go on sale throughout the year.
For example, June is a popular month for weddings, so deals can be found on dish sets, utensils, and other kitchen supplies. Since home improvement can take a backseat to vacationing during the summer for many, you can get great deals on home repair merchandise like paint, hardware, tools, and carpeting in June, while July is a great time to buy new appliances, including air conditioners.
4. Do not go shopping without making a list.
Do not go shopping without making a list of important things or items to buy. Although there are many ways to save money when shopping, this is the most important one: make a list of the things you need to buy before you go. It is very important to follow this advice, especially when shopping for things that the whole family needs.
Without a list, you might lose track of the things you choose, which means you could spend more than you planned. Before you go shopping, you should always know exactly what you want to buy. You can guess how much money you will spend on shopping if you remember this.
In other words, you should always practice math before you go shopping. Also, when you buy something, you should carefully check it to see if it has any flaws. This can save you money as well.
5. Listen to some music while shopping.
It was proven that while people shop, they usually walk slowly in supermarkets. While listening to music, you will start moving at the pace of the sound, and you will finish the shopping faster than before. This might also help you be in a good mood, and researchers have shown that you will save 29% on average.
6. Grow your own food.
Grow your own food to cut down on your trips to the store. To grow things like potatoes and cress, you don’t even need a nice yard. You can use a window box, an indoor pot, or a bin that has been reused. It’s not as hard as you think. When you grow your own herbs, vegetables, and fruits, you not only save money but also feel good about yourself.
7. Pay with cash.
I say it all the time, people: Cash is king! If you want to set and stick to your grocery budget, pay with cash.
Get yourself a cash envelope system going for this budget line (and any others that are hard to keep in line). When you go to the store with cash in hand, you know exactly how much you can spend—because once the cash runs out, that’s it.
8. Take a no-shopping challenge.
With same-day shipping and online shopping, it’s too easy to buy things you don’t need and waste money.
Little things, like lipstick here and a few packs of gum there, can add up. Set a task for yourself to not spend any money for a certain amount of time.
Aside from basic things like food and toilet paper, don’t let anyone buy anything. No-spend tasks can last anywhere from a week to a month or more. Choose a length of time that is hard but not impossible, so you can actually reach your goals.
9. Be loyal to one store and sign up for loyalty programs.
Most of the stores have membership cards that offer further discounts and promotions for their loyal customers. Choose one store that has most of the things you enjoy buying, and always do the shopping there.
10. Avoid buying things like candy and batteries from the checkout line.
Items there are often marked up because they are more convenient to find. You might be able to find a similar product at a lower price.
Avoid going to the grocery store when you’re hungry. The fact that you’re hungry will make any food item attractive and will likely make you buy more than you need to.
11. Don’t be shy about returns.
Return policies seem to get more and more flexible, and bloom says this is a great way to save money while still being honest.
“If you see something go on sale or discount after you bought it full price, don’t be afraid to rebuy and return the full-priced item. Most return policies are hassle and cost-free!”
12. Take a no-shopping challenge.
With same-day shipping and online shopping, it’s too easy to buy things you don’t need and waste money.
Little things, like lipstick here and a few packs of gum there, can add up. Set a task for yourself to not spend any money for a certain amount of time.
Aside from basic things like food and toilet paper, don’t let anyone buy anything. No-spend tasks can last anywhere from a week to a month or more. Choose a length of time that is hard but not impossible, so you can actually reach your goals.
13. If you don’t need it immediately, wait
Online sellers will try to boost urgency with countdown clocks, timed carts, and warnings of limited availability (some true, others maybe not). But if you’re logged in to a site and add something to your cart without checking out, the store might email you a discount to encourage you to finish your purchase. If they don’t and you forget, then you probably didn’t need the item to begin with.
14. Know the best time to buy, especially for big purchases.
If you’re thinking about getting new furniture or appliances, try to wait for the next holiday weekend. Retailers work extra hard on your days off, offering steep discounts during President’s Day, the Fourth of July, and Labor Day. If your patio chairs are on their wobbly last legs, see if you can hold out until fall. With end-of-season and off-season sales, you could snag serious deals on outdoor gear, furniture, and clothes.
15. Don’t leave the promo code box empty.
Always do a quick search for coupon codes or rewards that you can use before you check out. Take a look at the retailer’s promo section, app, catalog, or social channels for discounts that might be available; check your credit card rewards to see if you have any points that can be used towards your purchase; and do a simple online search for offers that may be posted on other sites, like FreeShipping.org. There’s no reason to pay full price when a few minutes may save you the cost of shipping or a discount on some of the items in your cart.
16. Check the Discounts.
While shopping it is recommended to check the prices of the products since some of them might have discounts. Having a discount card is another option so you can earn money on those products.
Also, in the bakery, the bakers often sell the products that expire soon, the next day or the day after, at a lower price, so it is a good practice always to ask this.
Whenever a shop displays discounts, go and check, whether it is about food, clothes, accessories, or whatever you need. Maybe you will find something that you need at lower prices than usual.
Shopping at the end of the season is also a good practice because most boutiques and shops give discounts on the clothes for the season-ending.
17. Buy seasonal fruit and vegetables.
Think about what foods are in season when you plan your meals for the week. When food is in season, it should have traveled fewer food miles. This means that buying food that is in season can help you lower your carbon footprint and is probably also cheaper than food that has been shipped from the other side of the world.Also, try not to pay for fruit and vegetables that are already packed. Putting plastic over them makes them cost more and hurts the environment.
9 Ways to Save More on Health and Personal Care Expenses
1. Ask your doctor for generic medications when applicable
Don’t assume that healthcare providers or pharmacists will immediately prescribe the least expensive course of treatment. Most of the time, doctors prescribe the brand-name drugs they know best. Generic drugs, on the other hand, cost about 80% to 85% less and are just as effective as brand-name drugs. Ask your doctor if there is a generic version of your medication that is just as effective and costs less.
2. Negotiate With Your Doctor’s Office
You can often get a discount on services simply by asking. In today’s increasingly competitive healthcare industry, keeping customers is in a provider’s long-term interest. It can’t hurt to ask for a discount to get your business.
3. Ask Your Doctor
‘How Much Does This Drug Cost?’ – A CR poll of 200 doctors in 2016 found that they generally don’t discuss the cost of a drug with their patients. But if price is an obstacle for you and you let your doctor know that, he or she can look up the drug’s cost and, if necessary, help you find a more affordable alternative, such as the medication’s generic equivalent.
4. Take Advantage Of Preventative Care
A lot of health insurance plans pay for care that keeps you in good health. In other words, you’ll get a free visit to the doctor and blood work once a year. Depending on your age, women may also get free birth control, an annual check with a doctor, and a mammogram. The preventive care that your insurance covers is something you want to make the most of.
5. Eat a Healthy Diet
Take care of your body if you want to lower your health care costs. This includes having a good diet. A lot of people think this means eating a healthy diet with lots of fruits and veggies, whole grains, lean protein, and dairy. Also, make sure you drink a lot of water.
6. Exercise Daily
You can save money on health care costs by eating healthy and working out well. It’s because people who work out are less likely to be overweight. They will have better heart health because of this. A healthy weight range can also help keep you from having health problems, so you can easily avoid health expenses.
7. Reduce Stress Levels
People who are constantly stressed have higher levels of catecholamines and lower levels of T cells. This makes their immune systems weaker, which makes them more likely to get sick. Because less stress leads to fewer diseases and fewer diseases lead to fewer medical bills, constantly working on ways to reduce stress levels helps patients save money on their health care expenses. Patients should try yoga, tai chi, breathwork, meditation, massage, listening to music, and other relaxing activities to reduce their stress levels.
8. Sign up for a pharmacy savings card
Pharmacy savings cards are a free service that lowers the prices of drugs at the pharmacy counter by a large amount. Use programs like SingleCare to look up your prescription and see which pharmacies near you have the best prices. To get quick savings on your medicines, all you have to do is show the pharmacy your card. This is also where you can get the app. In addition, Walgreens, Walmart, and other pharmacies offer prescription savings programs that all of their customers can use.
9. Online Pharmacy Orders
Ordering from online pharmacies can help you save money on long-term medicines because they may offer a large supply for a lower co-pay. Be sure to check with your provider before making an order to make sure the website is secure and your prescription is being asked for correctly.
8 Ways to Save More on Entertainment Expenses
1. Invite Your Friends Over Instead Of Going Out
You will only ruin your cash by going out to have fun. Invite your friends over and ask them to pitch in for dinner, which is a great way to save money on fun. You and your friends will save money this way. Watch some great movies, have a game night, or start a bonfire in your garden if you’re allowed to.
2. Cut The Cable
We cut the cable a few years ago and have never looked back. We didn’t watch much TV anyway, and it saved us a lot of money. The typical cable bill is about $100, and research firms predict that costs will rise. We’ve saved about $1000 a year since we cut the cable. We broke the cable and bought a digital antenna because it was too hard to just cut it.
We chose the antenna so that we could still watch TV if we wanted to. It works, and now my kids watch it sometimes.You can also ask to have your bill cut, but you will have to give up your expensive channels. As an option to cable, Netflix is one that costs less. If you want to save even more money, give your subscription to a family member, friend, or neighbor if you have one.
3. Use one or two streaming services instead of basic cable for much less money.
Sign up for a web-streaming service like Netflix. For a small annual fee, you can watch unlimited movies and TV shows. On sites like Hulu, you can watch a lot of free movies and TV shows, even new episodes of popular basic cable shows.
4. Go To Movies During The Day
Prior to having our children, we enjoyed going to the cinema once a week. Going to matinees can help you save money on your tickets because they are typically less expensive than evening performances. Go when the theaters have a cheap day, which is usually Tuesday if you can’t go to the matinees. Tickets can be purchased at a discount of up to 50%, depending on the city and cinema. If your cinema offers it, take advantage of it. A Costco membership lets you buy a lot of tickets at a price. You can also find cheap movie tickets on Groupon and Living Social.
5. Make Your Hobby Your Business
If you enjoy a hobby, try turning it into money. If you’re good at making things, you can sell them on Etsy. I’m sure there is a way for you to make money doing anything you enjoy. Feel free to get creative and find ways to have fun for less or even for free. Make a game with your family to see who can think of the cheapest or freest ways to have fun. Then, test their ideas.
6. Attend free events
Take advantage of free events in your area, like street fairs, music in the park, and more. Free admission days are held once a month at some venues that usually charge access, like museums, zoos, and aquariums. When you go out to eat or drink next time, look for places that have live music or comedy shows. Find a list of upcoming events in your neighborhood newspaper, coffee shop, or university.
7. Joining Community Clubs and Organizations
Numerous neighborhood groups and clubs, like book clubs and sports leagues, offer cheap fun and social opportunities. There are usually not many or any fees to join these groups, and they offer the chance to meet new people and discover new hobbies.
8. Ask about discounts
Some people only need to show an ID to save money. People over 60, students, service members, and their families can often get deals at stores, movie houses, theme parks, national parks, and restaurants. Children often get discounted rates.
14 Ways to Save More on Food & Drinks Expenses
1. Make an overall budget
What are we working with? $100 a week for groceries is excessive for some people. Some people think $50 a week is a lot. Make a plan with things like “must-haves” (like lunch meat) and “wants” (like Oreos) for groceries, coffee shop drinks, Happy Hours, and other things.
2. Don’t Shop on an Empty Stomach
A 2015 study in the journal Proceedings of the National Academy of Sciences of the United States of America found that you are much more susceptible to making impulsive purchases when you are hungry, even for non-food items. This piece of advice is old, but it’s still good. You should never go grocery shopping or do anything else when you’re hungry.Do not eat a big meal before going shopping if you have to. Instead, eat a healthy snack before you go.
3. Buy In-Season Produce
Produce that is in season costs less than produce that has to be brought in from other countries. To greatly reduce the cost of your meals during that season, learn to cook meals that utilize produce that is in season.
4. Give Up Fast Food
Even though fast food might look like a good deal, it’s actually more expensive than cooking your own meals. There is no question that it hurts your health more. It might not be as easy to cook your own meals as to get them at the drive-thru, but it will save you money and be better for your health.
5. Start A Garden
One of the best ways to save money is to grow your own food if you have spare space. Plus, you decide how to grow the plants and what pesticides to use. Your food costs can go down even if you don’t have a lot of space for a yard.
6. Give Up Bottled Water
A lot of the water that comes out of your tap and the water that comes in bottles comes from the same source. If you live somewhere where the tap water isn’t good, you can buy a filter and run it through it. Then, put the filtered water in a bottle that you can use again and again.
7. Look For Clearance Items
Many grocery stores have racks for dents and scratches, day-old baking items, or a place for dairy and produce that is about to go bad. These items are usually sold at savings of 50% or more. These can represent great savings if you can use them up before they go bad.
8. Scanning Your Fridge
Check your pantry and fridge for items you already have while you’re making your meal plan. You might find some secret vegetables in the fridge that you’d forgotten about that would go bad otherwise. Plus, you won’t have to buy something you already have.
9. Use Dried Herbs Instead of Fresh
Fresh herbs are expensive and turn bad quickly, which equals money in the garbage. Dried herbs are less costly than fresh and last longer. A one-time purchase can add layers to your cooking for months.
10. Bring your own bags
We all know by now supermarkets will charge you up to 10p or 20p per page. Avoid these costs and help the planet by taking your own. If you often forget, leave a stash in your car boot.
11. Reduce Restaurant Meals
It’s easy to eat out, but it costs money. If you or your kids eat fast food often, you’re wasting money that you could be using for something else. Say that you eat out three or four times a week in a restaurant. Reducing this to once or twice can help you save some of your hard-earned cash.
12. Make Your Own Coffee
Instead of going to Starbucks in the morning, learn how to make coffee at home. It is possible to save a lot of money by making your own coffee. You can even buy a fancy coffee maker and still save money. Also, when you leave the house, bring your own water and snacks with you. Do not buy anything from vending machines, restaurants, or grocery stores.
13. Buy In Bulk (Sometimes)
If you plan to use up the whole item before it goes bad and the price per unit is lower than buying it separately, buying in bulk can save you money. In order to avoid using the bulk item excessively just because it is there, you must also exercise restraint and use it at a reasonable rate. A good way to save money is to buy things in bulk, but watch out for these problems.
14. Get fridge and freezer smart
Set your fridge to 1 to 5 degrees all the time. This will keep your food cold for longer. It costs more to run an empty freezer, so keep it full and it will use less energy.
7 Ways to Save More on Housing Expenses
1. Use more efficient light bulbs
Lights use about 15% of your energy budget. Purchasing more energy-efficient light bulbs is one of the quickest ways to trim costs in this area. You can save about $225 a year if you replace the light bulbs in your home’s most-used outlets with LED bulbs. You also save even more money because these energy-efficient bulbs last longer, so you don’t have to replace them as often.
2. Move to a cheaper apartment
That great three-bedroom apartment you moved into a year ago might not seem so great now. You might be second-guessing your choice after a year of higher rent and energy bills. If so, that was smart! Moving can cost a lot, but if you can lower your monthly bills, it’s worth it in the long run. If there’s a less expensive room in your building, take it! You might not even need to rent a truck to move.
3. Make the move to a smaller home
Taking care of a bigger house costs more too. Are all the rooms in your house really needed or used? If you can live in a smaller area, you’ll save money. After all, small is best when you want to save money. So, don’t be afraid to move to a smaller, less expensive place.
4. Move away from the city
Homes in cities tend to cost more than homes in the suburbs and rural areas. You’ll pay less for housing if you enjoy country and suburban living. So leave the big city to others and move to a quieter space. Plus, don’t forget how much it costs to get to work. How often do you plan to go into the city? You should include these costs in your budget.
5. Get a roommate
It’s not just the price of your rent you’ll be splitting when you get a roommate. It’s also utility bills, cleaning supplies, and even furniture and appliances.
6. Cut the cable
Cutting the cable doesn’t mean giving up any home leisure options these days. You can find pretty much anything you’re looking for with options like Apple TV+, Disney+, Amazon Fire TV Stick, YouTube TV, Netflix, Hulu, Sling TV, and more. You can enjoy unlimited binge-watching fun by cutting the cable and adding a cheaper choice.
7. Don’t leave the light on
Leaving the light on for friends or family is a nice thing to do, but it’s also a waste of electricity. Turn off the lights when you leave a room. Make sure everyone in the house does the same thing. If people argue, you might want to get lights that turn on when motion is detected. Don’t worry about people forgetting to turn off the lights when they leave a room because these are cheap.
13 Ways to Save More on Vacation and Travel Expense
1. Book Flights and Rental Cars in Advance
It is better to book your flights and rental cars early. According to the price prediction app Hopper, booking a flight 25 to 150 days in advance yields the lowest fares. Locking in your rental early is also a smart move, given the ongoing rental car shortages. To be informed when fares decrease, set up price alerts on Google Flights, Kayak, or Skyscanner.
2. Pack light so you can avoid checking bags
I use carry-on luggage so I don’t have to pay to check my bags. If I’m tight on space, I use a backpack as my personal item and put clothes and valuables in it. Not only does this carry-on-only trick save money, but it also eliminates the risk of losing luggage.
3. Build a network on Couchsurfing
Couchsurfing networks can help you meet people in the area, make friends, and get free places to stay when you travel.
If you’ve never used it before, though, you might not get many replies. Someone who hasn’t been vouched for and has no reviews isn’t a good prospect, after all. Get on Couchsurfing before you leave, and find a meetup in your area (there should always be at least one). You will make friends, be added to people’s pages, and be vouched for. You will also have a network that you can use when it’s time to leave.
If you have room in your place, you can also host tourists before you leave, or you can just meet them for coffee. You can get to know the site, build your network, and get reviews that will help you find a host in the future by doing this.
Also, if you can, make sure your account is real. A confirmed account will make it more likely that a host will accept your request.
4. Travel in the off-season (aka never around Christmas)
Have you ever heard of “high season”? It’s true!
Some places charge more around Christmas and New Year’s, in the summer (compared to the other side!), and during spring breaks (if that works for the local universities).
If you avoid these times of the year, you’ll find hotels that want to fill up, groups that may lower their prices in order to bring in people during the off-season, and cheaper flights.
Check to see when the busy season is for the place you want to visit, and try to avoid it.
5. Plan Your Expenses
When you are planning your trip, make sure to create a budget that includes all your expenses, such as accommodation, food, transportation, activities, and souvenirs. Once you have a budget in place, it will be easier for you to track your expenses and ensure that you do not overspend.
6. Choose your destination wisely
The destination you choose is one of the most significant variables influencing travel costs. It’s crucial to do your research and select a location that fits your budget because some places are simply more expensive than others. For example, Southeast Asia is known for being a budget-friendly destination due to its cheap accommodation, food, and transportation choices. You might need to change your goals or budget for places like New York or London, which are more expensive.
7. Use Public Transportation
Taxis and private transportations can be expensive, especially if you are traveling to different places. To save money, consider using public transportation. Most cities have an excellent public transportation system that is affordable, safe, and reliable.
8. Set up a separate bank account
Professionals in finance have long said this is a good idea. A separate bank account should be set up so that money is sent there instantly every time you get paid. Even if you only put a small amount of money away, putting it in a separate bank account will help you avoid spending too much. This is like a piggy bank. Do not raid it. It is your money for travel.
9. Track your spending with an app
For most people, keeping track of their daily spending is easy with apps like Mint and YNAB. You can still use those tools when you travel, though.
When you charge your expenses to a credit card, they will be put in the travel area immediately. When you get cash, you can either enter each line item by hand or put the whole amount on one line.
Some credit cards, which also have a base line classification for transactions, may provide a monthly report. That won’t help you with cash, other cards, or transactions where you and someone else split the cost.
10. Use price comparison sites to save money
Check out a lot of different sites, like Money Supermarket, to find the best deals on everything you need. That should help you get more money for your trip.
Use ticket supermarkets to look at different ticket deals and find the best deals.
They compare a huge range of package holidays, car hire, flights, hotels, holiday extras, and even travel insurance to save money.
11. Buy a reusable water bottle
You can save money and help the world by bringing a water bottle that you can use more than once. You can save money by getting a strong bottle that you can use again and again.
A lot of town centers, train stops, and airports now have places where you can fill up your water bottles. So you can save money and stay hydrated on the go.
12. Camping
Camping is a great way to save money on lodging for people who love the outdoors. There are camping areas with beautiful views and access to outdoor activities in many national parks and state parks. Camping is a great way to enjoy nature and get away from technology. That being said, you should plan ahead and make sure you have all the right gear for your trip.
No matter how much money you have or how you like to travel, there are many ways to sleep cheaply and easily on your next trip. You can save money and have a great travel experience by picking the right accommodation.
13. Set Email Price Alerts
Set up price alerts to be sent to your email every time you look for a hotel or flight online. When I use ticket search sites like Hotels.com and Kayak to plan a new trip, I do this first.
Setting your alert limits low, like 20% instead of 5%, will keep your inbox from getting too full every time a trip or nightly rate goes down by a little. Don’t forget to take them off when you book.
6 Ways to Save More on Phone and Computer Expenses
1. Family cell phone plans are the way to go
For those who want to keep their cell phone costs under budget, shared data plans or family cellular phone plans are excellent options. In a group of mixed data users, the light usage of the others balances out the heavy usage of a few users.
Your family’s mobile spending can be controlled, and your monthly mobile bill can be reduced by selecting the appropriate shared plan. A big chunk of money has been saved!
2. Limit your background data use
You know you have been very careful with your data usage, but your monthly cell phone bill tells a different story. It could be those sneaky apps. If you’re not actively using most apps, like the ones you use on social media or to communicate with coworkers via email and chat, they are still working in the background. And these end up using up your expensive GBs. Go to your phone’s Settings >> Cellular Data Usage and choose the app whose background data usage you wish to disable.
3. Use Wi-Fi when you can
When Wi-Fi is available, try to stay on it as much as possible, especially at home or at work. Additionally, exercise caution when unavailable for Wi-Fi while traveling. If you’re not on Wi-Fi, don’t watch or download movies, apps, or songs.
The charges for using too much data can add up fast, and some companies charge up to $15 every time you go over. By only using cellphone data when necessary, you can stay within your monthly limit. When you’re about to reach your limit, some providers will send you a warning. Sign up to get those updates!
4. Determine What You Actually Need
That sounds great—a lot of memory and lightning-fast speeds—but it costs a lot. Instead of focusing on the fancy features, think about what you use your computer for. You don’t need as much computer power as someone who edits video or creates designs on a daily basis if you’re just using it for browsing the web and storing photos and papers. Find out about the models’ features, pros, and cons, and then make your choice based on that information.
5. Buy a Slightly Older Model
Every few months, brands often bring out new models of the same thing. The speed, size, and features of new products typically only see minor improvements. Most makers and retailers make their most money by selling these new systems, so they sell older models at a price to make way for the new ones. For half the price of a later model, you can get a computer with roughly the same specs.
6. Search for Coupons and Rebates
If you want to buy a computer online, look for digital deals on the page. Coupons are good for businesses because people forget about them and buy things at full price. Make sure you check for any kind of discount code before you buy something. Technology businesses love rebate offers because most people don’t stop to fill out the paperwork needed to get cash. This is similar to that of coupons.
5 Ways to Save More on Gifts & Donation Expenses
1. Donate your tax refund
By the time you receive a tax refund, it can feel like found money. If you receive a tax refund next year, consider donating some or all of it. Some of your donations may even be tax deductible for next year!
2. Ask for gift donations
If your friends and loved ones often ask you for birthday or holiday gift ideas, you can ask them to donate to a favorite charity instead. Many charities make it easy to set up a campaign to gather birthday donations for their organization.
3. Shop During Sales and Promotions
Shopping during sales and deals is one of the simplest and most efficient ways to save on gift costs. Keep an eye out for sales around vacations, Black Friday, Cyber Monday, and other times of the year. During these times, stores frequently have significant sales and discounts, so you can get things for a lot less than they would have cost normally. Take advantage of these sales to save money while still choosing thoughtful gifts.
4. Consider DIY and Personalized Gifts
DIY and personalized gifts not only save you money but also add a personal touch of consideration. Think outside the box and make your own gifts, like projects, baked goods, or personalized picture books. Compared to store-bought things, these unique and thoughtful gifts frequently have a greater emotional value. Investigate different do-it-yourself gift ideas and tailor them to suit the receivers’ tastes and interests. With some time and work, you can make gifts that are important and will last without spending a lot of money.
5. Utilize Discount Codes and Coupons
It’s always wise to search for discount codes and coupons when buying gifts online or in-store. A lot of stores offer promo codes or printed coupons that you can use at checkout to get quick savings on your purchases. You can find valid discount codes and coupons for your favorite shops on search engines, coupon websites, and in emails. You’ll be amazed at how much you can save on gift costs if you take the time to find and use these codes.
9 Ways to Save More on Car/Transportation Expenses
1. Carpool To Work
How To Save Money On Car Expenses 2024 – There are a lot of people in your social group who drive to the same places, like work, church, or sports games.
If you pick up your friends and have them pick you up, you can save money on car costs. Driving together saves money and is better for the world.
If your commute is just 20 miles round-trip every day, sharing the driving with just one other person could help you save $20 per month or $200 per year on gasoline alone.
Your savings go up even more when you split the driving with two other people. Different commute lengths will save you different amounts of money. You’ll also save money on repairs and car wear and tear in addition to gasoline savings.
2. Drive Less, Save More
There are a lot of people in your social group who drive to the same places, like work, church, or sports games.
If you pick up your friends and have them pick you up, you can save money on car costs. Driving together saves money and is better for the world.
If your commute is just 20 miles round-trip every day, sharing the driving with just one other person could help you save $20 per month or $200 per year on gasoline alone.
Your savings go up even more when you split the driving with two other people. Different commute lengths will save you different amounts of money. You’ll also save money on repairs and car wear and tear in addition to gasoline savings.
3. Learn how to drive efficiently
I know how it feels to have someone tell you how to drive.
However, unsafe driving only leads to increased fuel consumption, which in turn leads to increased car expenses.
More fuel-efficient driving includes slowing down, keeping the speed steady, and expecting slowdowns so that you don’t have to hit the brakes hard.
It also helps to know when to change gears. Moving gears is best done when the engine speed is above 2,000 revs for diesel cars and at 2,500 revs for gasoline cars. This will not only make your car run better, but your filters will also “thank you.”
Real-time fuel consumption monitoring is available in some vehicles. Since I learned that our car has this feature, I’ve been doing it, and it’s helped a lot!
4. Service your car regularly
Regularly servicing the car is another important expense. Ensure that the tires are properly filled on a regular basis and maintain your vehicle’s servicing schedule. If you know how to check your oil, check the PSI on your tires, and top up your windshield fluid on your own, you could skip taking it to a shop for a service every few months. There are several DIY maintenance jobs that you can undertake that can help you save a lot of money.
5. Lower your insurance
For young or new drivers in particular, insurance can be outrageously expensive. Luckily, there are a number of ways to lower your car insurance rates. These include raising your voluntary extras, locking your car, driving less, and adding a black box. Once more, using comparison websites and shopping around can help you find a great insurance deal.
6. Compare New vs. Used
This one is tricky. These days, some new vehicles cost about the same as used if you finance a car due to higher interest rates on used vs. new. But deals can be had on less popular vehicles or those on car dealership lots they want to get rid of quickly. Just ensure you get it inspected by a certified mechanic. Buying a used car can help save thousands of dollars, especially if you pay in cash.
7. Reduce Excess Vehicle Weight
You probably don’t think about it daily or it would be gone by now. But all that extra junk in your vehicle’s trunk could have a noticeable impact on its fuel economy, even if you’re not carrying cinder blocks back there.
That’s especially true for front-wheel-drive vehicles, which aren’t designed to efficiently carry heavy rear axle loads.
Carve out some time to clean out your car’s trunk, removing anything you don’t regularly use. Store anything you need to keep in your garage or utility room and toss out the rest.
8. Buy Cars That Are Cheap To Repair
When buying a car, it’s also important to consider how much it will cost to repair it. The cost of repairing luxury brands is almost always higher. German car brands, hybrids, and electric vehicles are some other car types to watch out for.
Because more engineers will work on them, Japanese vehicles like Toyota and Honda are known for being easy to service, which lowers the cost of repair. When buying a car, do your homework if you want to save money on car costs. When choosing between cars, pick the one that will cost less to fix when it breaks down.
9. Cleaning Your Battery
You may not think about your battery very much… until the morning your car doesn’t start. To keep your battery in good working order, and avoid surprises, it can be good to occasionally clean the corrosion off the terminals using a small brush, some water, and baking soda.
8 Ways to Save More on Child Care Expenses
1. Know the going rate in your area
Child care costs are very different from one place to another. Child care costs more in places where the cost of living is higher than in places where it is cheaper. Also, you should make sure that the price of where you live is not too high.
Use the cost of child care tool to find out how much full-time care costs in your area. You can also use the babysitting rate tool to find out how much sitters in your area charge on average.
2. Consider being a stay-at-home parent
If you and your partner both make good money but the cost of daycare is too much for you, staying at home with your kids may be a good option. Don’t forget that this isn’t only for moms. In fact, about 18% of stay-at-home parents in the U.S. today are dads.
3. Work from home one day a week or opt for a partial childcare schedule
Some daycare centers charge by the day instead of the week. If you can swing working from home once a week while also taking care of your kids, that could help you save a lot of money.
4. Pool Day Care Costs With Your Employer or Co-Workers
Do you work with a lot of other parents whose kids are younger than school age? To get and keep top talent, your company may be willing to provide daycare as a perk for employees.
They may be willing to pay for some of it even if they don’t want to pay for it all. You could still try to hire a full-time shared child care provider near your job with the help of your co-workers, even if they say no. You could cut your costs in half or more if you shared a nanny with one or two other coworkers.
5. Explore All Your Options
The highest-priced care may not be the best. With national chains, the price includes the cost of branding and marketing, so you may find that an independent childcare center run by someone in your area gives better, more personalized service for less money.
You can also check out what your local churches (you don’t have to be a member to use their services) and daycares that are run out of private homes have to offer. Make sure that the choice you make has a license from your state.
6. Adjust Your Schedule
Do you really need to go to work five days a week to get things done? Request that you be able to work from home once a week from your boss. The money you’ll save by not having to pay for child care one day a week may not seem like much at first, but it will add up over time. Just make sure you have the self-control and alone time to do the work, or the plan might not work out.
7. Think Outside the Day Care
Having secondary school-aged kids might only mean you need child care for a few hours before and after school. Check to see if your child’s school system offers before- and after-school activities before committing to using an expensive daycare to fill the gaps.
Many parks offices in the area provide the same kinds of services. You could also hire a responsible teen to watch the kids until you get home from work. Your kids will be able to start doing their homework or jobs much sooner, and you’ll be able to go home straight from work.
8. Find a Home-Based Daycare
Daycare centers where the workers operate from home are known as home-based or family childcare centers. These home-based daycare centers aren’t fancy and only have a small number of kids, so the care they give is at a lower cost. Just make sure that the place you pick has a license.
11 Ways to Save More on Education Expenses
1. Start Saving as Early as Possible
Before going to a college, parents and students should consult a substantial body of literature on higher education. So, starting late will definitely hurt one’s school goals, and they might have to give up some of the benefits that come from starting late.
If you’re thinking about how to save money for university fees and other costs like food, housing, and other expenses, long-term debt funds may be the best choice. The gains will successfully outperform the high inflation in the education field over the long term. It will also be easier for the student to concentrate on their studies, which is a good return on investment.
2. Pick up part-time work
You can get more out of working part-time while you’re in college than just extra money. The National Center for Education Statistics found that students who worked 15 hours a week or less were more likely to finish within 6 years than students who worked more hours or even students who didn’t work.
You might be able to get a job on campus through the Federal Work-Study Program, depending on how much money you have. You could also try to get a job at a nearby store, café, or diner. Don’t forget that you’ll need a job that lets you work around your class plan.
3. Check in before you buy books
Some teachers might not use all the books they bring in or suggest for the class. Ask students who have taken the class previously what tools are needed to avoid spending money on an unnecessary book. In the weeks before the first day of class, you could also email the professor and ask if all the books will be used. Take this route; it might be a good way to introduce yourself or get to know your professor.
4. Carry your student ID
Student IDs are useful for more than just getting into places on campus. It could get you discounts at shops, museums, public transit, and even restaurants if you flash it. Some neighborhood and even national companies may give your college students special discounts. Also, it never hurts to ask if there are student discounts at the front desk or when you walk into any store.
5. Don’t buy books from the campus bookstore
Purchasing books from the campus shop is easy, but you will probably pay more for them because you don’t have to go off campus. You can search online for those same versions or look into rental choices. If you like the way online textbooks are set up, e-books are often even less expensive. Check to see if a friend who took the same class as you can lend or sell you their textbooks.
6. Avoid Expensive Entertainment
Look for Free Events: Some of the best perks of attending college are the free events. Sometimes clubs will host events with free food. In addition, there are sporting events, movies, student concerts, lectures, poetry readings, and many other events that happen each year on campus at no cost to you. You just have to flash your student ID and enjoy the show!
7. Get a credit card
A credit card is a useful tool to build your credit in college. Having excellent credit can help you be approved for loans at the most favorable interest rates, meaning you’ll save money on interest over the life of your loan. Credit cards also help you learn how to manage your money.
8. Make Use of Your Student Status
In case you haven’t really thought about it, being a student is a legal status. It is proof not only that you are currently visiting the university but also that you are subject to a whole bunch of discounts and preferences for a healthier budget.
Keep this in mind and see if you can ask for any special conditions that are applied to students whenever you can. For example, your local bus company might give you a 20% discount on your ticket home next time!
9. Consider Housing Options
For college students, housing costs can be one of the biggest costs, but there are ways to make those costs easier to handle. Pick a place to live after comparing the costs of different areas.
While off-campus housing may be cheaper than staying at a school, make sure you add in any “hidden” costs, like utilities, to get a true picture of your total cost. A roommate or two can help you split the rent, which is also wise.
10. Buy Used Textbooks
Don’t let the large price tags on the books on your required reading list scare you. You can save money on textbooks in many ways. Look online and around campus for books that are on sale.
Check with your friends to see if they have any of the books you can take. See if there are any books on reserve at the campus library. Additionally, make sure to sell your textbooks when the term is over. Put that money in your savings account if you can.
11. Reduce Streaming Subscriptions
A big way to save money as a college student is to cut out subscription services you no longer need or use. For those you can’t live without, ask a friend or roommate to split the cost with you, or simply use the free version instead of paying a premium.
7 Ways to Save More on Taxes
1. Contribute to a Retirement Account
Retirement account contributions are one of the easiest ways to save on taxes, and it’s a strategy that almost everyone can use. “That’s an excellent opportunity to reduce taxable income,”
2. Open a Health Savings Account
Contributing to a health savings account is another way to reduce taxable income if you have a qualified high-deductible medical plan.
When you spend that money on medical costs, it’s not taxed at all.
Contributions to these accounts are tax-deductible right away, the money grows tax-free, and it can be withdrawn tax-free for certain medical costs. Like money in a savings account, any amount left over at the end of the year rolls over forever.
3. Take Advantage of an Asset Location Strategy
To manage your tax liability, use an asset location strategy. Put high-yielding assets like real estate investment trusts (REITs) and taxable bonds into tax-advantaged accounts. Consider taxable accounts for investments that yield lower tax costs, such as municipal bonds and stock index ETFs.
4. Donate and Repurchase
There are internal rewards to giving to charity, as well as present and future tax benefits. Instead of sending cash, you could get the biggest tax break possible by giving valued stocks. Charities don’t have to pay taxes on stock sales, so when someone gives them stock, they get the full value of the shares.
For more money than you paid for the stocks, you can buy them back after giving them away. Your capital gains tax base will be much bigger if you sell the same shares again in the future. This means you will owe less capital gains tax.
5. Student loan interest deduction
The student loan interest deduction lets borrowers write off up to $2,500 from their taxable income if they paid interest on their student loans.
6. Charitable donation deduction
If you itemize, you may be able to write off the value of your charitable gifts — whether they’re in cash or property, such as clothes or a car — from your taxable income. Per the IRS, you can generally deduct up to 60% of your adjusted gross income.
7. Mortgage interest deduction
A way to make home ownership more affordable is the mortgage interest tax credit, which is touted. By reducing their taxable income by the amount of mortgage interest they pay, it lowers the federal income tax that qualifying residents pay.