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7 Money Saving Tips Everyone Should Know

Updated: Jun 1, 2020

We’ve all heard this advice before: if you want to save money, you need to cut back on spending. However, it’s not always so easy. Identifying senseless spending in the following areas can help you save more each month.

But don’t fret. Whether you are saving to buy a new home, saving for a great vacation, or just trying to add to your “emergency fund,” these little changes can help you to curb senseless spending that quickly adds up.

Create Visual Reminders

Do this for things such as debt or the cost of something you’re saving for. Seeing these numbers on a regular basis will help you commit to cutting back.

Make Lists

You may have heard that making a list before heading out to the grocery store can cut down on impulse purchases. But did you know that you can use this same strategy when buying clothing to decrease spending and ensure you buy what you need, rather than what looks good in the store?

Lower Utility Bills

Utility prices are a common source of hidden spending. Bundle your TV, phone, and internet for a cheaper price; or consider cutting your cable. There are many alternatives that will allow you to continue watching your favorite TV shows and movies for a lower monthly bill.

Plan Out Everything

Planning your weekly meals will help you eliminate dining out. Plan for and balance your monthly entertainment activities to avoid overspending.

Avoid Bank Fees

Total the amount of fees you’ve incurred over the past six months to a year (including ATM fees), and consider changing accounts, or even banks, to eliminate unnecessary costs.

Shop Smarter

Making a list is a no-brainer, but many grocery store websites now allow you to create a list online and give you a total for all of your purchases. This method allows you to make substitutions when necessary, and stick to the sales, as well as your budget.

Balance Entertainment Spending

Everyone needs to blow off steam, but there are many savings applications out there that can help keep expenses down by offering deals or coupons.

Whether you’re saving up for your first home or a home renovation, budgeting doesn’t have to be a burden. Start right in your home with these 7 small savings suggestions, and audit your energy costs as an easy way to start saving for any project, large or small.

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