It’s time to get a handle on our finances, and the new year is the perfect time to start. If you want easy ways to save money, you’re in the right place, as we have eight of the best tips and tricks to handle your money. From learning how to save when it comes to fuel, groceries, and even electricity bills, to figuring out how to budget your money, these are a few of the best, yet easy ways to save money this year.
1. Drive Calmer
This might seem like an unnecessary tip, but it can actually make a difference in your budget. Gas prices are crazy these days, so it would be great to save money by stopping for fuel less. Did you know that you can do this simply by driving more mindfully? Sudden braking and accelerating actually wastes gas — plus, it can also wear down your vehicle.
Those who drive smoother and at an even pace tend to get more out of their fuel than those who are more sporadic. Some other tips to save on gas include using cruise control and keeping the air conditioning off.
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2. Wait On Purchases
How many of us see something online and immediately buy it? One of the easy ways to save money this year is to wait when purchasing anything outside of the regular bills. It’s a common budgeting practice and helps prevent any overspending.
The 30-day rule applies to this practice so that you have to wait at least 30 days before you buy the item. This stops impulse buying unimportant, and oftentimes, unused items, and in turn, saves you money.
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3. Swap Your Bulbs
Every little bit counts towards easy ways to save money this year. And as far as reducing the electric bill, try swapping out your bulbs. Generally, LED light bulbs cost less to operate because they use energy more efficiently. These light bulbs are said to use at least 75% less energy than incandescent or CFL lighting products.
While you’re at it, swap your light switches for dimmers throughout the house to save even more money, while having beautiful ambient lighting.
4. Plan and Prep Your Meals
One of the many easy ways to save money this year is to simply meal prep. You’re probably tired of hearing this advice by now, but it’s worth it, especially with grocery prices increasing more each year.
Plan out your meals throughout the week so you shop only for the items you need, not just what looks good at the time. This also helps you grab more whole foods like fruits and vegetables, not just processed options. Eating well-balanced meals will keep you full and satisfied longer, which reduces your spending and snacking as a result.
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5. Try Bulk-Shopping
Whether you have a large family or not, bulk shopping is a great way to spend less on groceries over a year. Instead of grabbing paper towels every week at the grocery store, buy a larger package at wholesale grocery stores that will last you months.
Larger families can get more out of bulk shopping with food as well, from pantry staples like granola bars to refrigerator necessities like yogurt or juice. While it might seem like you’re spending more money upfront, buying in bulk is almost always cheaper per unit.
6. Track Spending
One of the many easy ways to save money is to track your spending. It can be hard to figure out how to do this at first, but it only takes a few minutes throughout the day to look at your bank account and keep track of what’s going on.
When you know what’s leaving your account, you’ll have a better idea of what your weekly to monthly spending is and can identify where you need to cut back. Notice yourself grabbing something to eat during lunch? Start bringing lunch with you. See a subscription charge you don’t use anymore? It might be time to cancel.
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7. Set Saving Goals
Some of us need motivation to get our finances in order. One of the easy ways to save money is by setting saving goals. This needs to be a specific, yet realistic goal that will motivate you to putting more money aside in savings rather than spending it on unnecessary items.
Example goals include having $10,000 in a retirement account by the end of the year, or paying off a credit card debt by a certain date. Use a savings calculator to see how much money to put away each month to reach your goals.
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8. Create a Budget
The number one way to save money this year is to create a budget. The rest of these goals are helpful, but without a budget, you can’t tell what’s coming in and the minimum amount going out each month. Budgets track your income and expenses, along with unnecessary expenses as well. Similar to tracking your spending, budgets give you a large overview rather than glances to see what habits you have.
This also helps you figure out how much to put aside while still having money for entertainment or recreational activities. A popular budget type is the 50/30/20 budget as it ensures you have money to put away from bills, and money for savings, with the rest of the paycheck going to “wants” like travel and shopping.
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