Around 65% of Americans save little or no money. But, you need to save for a bunch of things.
What about your retirement? Are you kids going to go to college? How are you ever going to be able to afford to buy your own home?
If you feel like you’re running out of cash before you even receive your next paycheck, something has got to change.
Follow our super-easy ways to cut expenses so you can save more money for the future. Let’s go!
Table of Contents
1. Borrow Don’t Buy
Do you regularly buy things online you don’t actually need or want?
Many of us waste our money buying things unnecessarily. Often times, we don’t need to buy it at all.
You need to get involved in the real sharing economy. If you want to read a specific book, then go to your local library. You can also usually rent movies there too.
Does your friend have some great clothes which are your size? You can start sharing your wardrobe so you both get to enjoy more outfits.
Next time you go to buy something, consider whether you would be able to borrow the item. Remember, ownership is overrated.
2. Do Dinner Parties at Home
Many people think saving money means no social life. This is a common misconception.
You just need to be more creative about stuff. Instead of eating meals out at fancy restaurants, you should have dinner parties at your home.
Even if you buy groceries and prepare food for a party of people, this is often cheaper than eating out and paying for yourself.
You can encourage your friends to take it turns to host the dinner party. Also, you could consider doing a pot-luck so everyone contributes to the delicious food.
3. Become a Savvy Grocery Shopper
The average U.S. household spends over 10% of their income on groceries. Therefore, there is plenty of fat to trim here.
You should consider where you’re doing your grocery shopping. Could you save money by going to the local market or the discount grocery store further away?
Make sure you take advantage of coupons and vouchers when you’re grocery shopping. This way you can grab the bargains when they appear.
An increasing number of Americans are growing their own fruit and vegetables in their back yard. This can be a great money saver and lots of fun too.
You can learn more about how to save money on groceries with these helpful tips.
4. Stop Driving Everywhere
Did you know that around 83% of U.S. adults drive nearly everywhere we go?
Of course, some of us live in rural areas where there is simply no alternative. However, many of us, don’t have this excuse.
Driving your own vehicle is extremely expensive. The cost of gasoline, car maintenance, and other expenses make owning your own car a luxury.
But, you don’t have to give up your car to make savings. Just use it less!
The fact is that only 4% of Americans walk or cycle to work. Why don’t you start walking to the shops or to work?
It’s good for you and the environment too.
You could also save money via a carpool, which is when you share the journey to work with a colleague. Maybe it’s even possible to get to work via public transportation.
5. Cancel Memberships You Don’t Use
Are you really making the most of your memberships and subscriptions?
Are you a member of a gym?
The average gym membership costs $60 per month. And yet, 67% of gym memberships go unused.
Do you have a cable subscription? Often times, Netflix and other online streaming services are cheaper. Also, remember to go to the library!
If you have any other subscriptions and memberships you’re not making the most of, then you need to cancel them immediately.
6. Try a Staycation
According to surveys, around 50% of Americans can’t afford to go on vacation. This is a shame since there are many proven health benefits of going on vacation and taking a break from work.
Instead of taking out a loan and jet setting anyway, there is another way. Why not try a staycation? This is one you go on vacation locally.
Have you considered swapping homes with a friend in the next town for a weekend? You could also camp in the national park in the next state this summer instead of going abroad.
You can save money while also enjoying the benefits of relaxing on vacation.
7. Consolidate Your Debts
Most Americans are still in debt, according to recent figures.
It’s difficult to save money when you’re struggling to pay off your debts at the same time.
Therefore, you need to find ways to pay off your debt. You should consider consolidating your debt into a single scheme.
8. Unplug Electrical Devices after Use
If your electricity bill is especially high, it may be that you could make some significant savings here.
When you’re finished charging up your laptop or smartphone, unplug the device. This may only be wasting a small amount of electricity, but over time, it all adds up to a lot.
Ways to Cut Expenses
If you feel like you’re struggling to pay for your bills and expenses from one month to the next, you need to find ways to cut expenses quickly.
You may need to sacrifice some things to save a little more each month. By following our super-easy money saving tips, you can make significant gains.
Do you want to read more blog posts on how to manage your personal finance? Check out our finance blog here.