Small changes you implement into your daily life can make a big impression on your financial health. If you’re looking for ways to save money every day without committing to a major financial overhaul, consider these tips:
Take a closer look
Before you start saving, it’s a good idea to get a clear picture of what you’re spending each month. Examine your bills and track everything you’re buying for 30 days, recommends The Balance writer Paula Pant. The month-long review will help you understand your money habits and allow you to set a better budget.
Feed your piggy bank
Even if you mostly rely on credit or debit cards to make purchases, cash still probably plays a part in your finances. Whenever you break a bill with a purchase, feed your piggy bank the change. NerdWallet writer Courtney Jespersen recommends depositing extra cash into your savings account, where it can help build your nest egg. Using cash will also bolster your savings mindset.
“When you want to watch your spending, use dollar bills instead of credit cards. It’s harder to part with cold, hard cash,” she writes.
Look for deals and clip coupons
It is easier now than ever to save on almost everything you buy at major chain stores. Whether you’re stocking up on groceries, toiletries or items for the home, most stores offer loyalty programs, a weekly ad boasting what’s on sale and online apps that allow you to “clip” coupons with a simple download. Of course, printable ones still exist if you prefer tangible coupons to digital ones. The best part is, you can typically use both for optimum savings.
Keep trips to a minimum
It’s inevitable you’ll run out of something before your usual shopping trip, but too many trips to the store can lead to overspending on things you might not need. That’s why it’s important to plan ahead before you shop.
“Buy your groceries in bulk at wholesale stores including Costco or Sam’s Club. Prepare a meal plan once a week so that you buy only what you need,” advises Pant. If a wholesale store isn’t near you, shop your local grocer’s weekly circular and plan your meals and snacks according to what’s on sale.
Caffeinate at home
If coffee or specialty tea from a local coffeehouse is a mainstay of your day, consider patronizing a new location — your home. It might take a bit of trial and error, but you’ll be able to create a barista-worthy beverage that’s delicious and delivers the caffeine you need to help power your day. Plus, with every cup you craft in your kitchen, you’ll be saving money.
“Brewing coffee at home instead of buying a three-dollar cup of coffee at a local coffee joint every day can save you over $1,000 a year,” reports Pant.
Re-evaluate your car loan
There is a chance that you can lower your monthly car payment by refinancing your loan, suggests Jespersen. A lower interest rate will mean you’ll pay less over the term of your loan. It doesn’t hurt to contact your lending institution and see if you qualify for an adjustment.
With small changes, you can save big. Use these suggestions to increase the savings in your bank account.