50 Ways To Save Money Daily

I don’t talk much about savings, usually because I believe that it’s always better to make more rather than always obsessing over spending less.

However, I do know that there is no real way to make money long term if you don’t adopt a frugal mindset. Plus, my life over the last one year has been one of cutting down drastically on expenses as I’m currently enacting some serious changes in my life. Besides, saving more and cutting your expenses frees up more money to invest, and as I’ve come to realize, one always needs more money. Long story short, it has become useful to pay a lot of attention towards saving money and so I want to share tips that have helped me or that I’ve picked up as I learn more about this. I’m trying to get to 50 so I won’t go into too much detail. Without further ado:

  1. Watch those shipping costs when ordering online. They add up. Look for free shipping, order locally, get Amazon Prime, or just buy fewer stuff.
  2. Use the public library. If you live in America, libraries are your friends. I get access to journals, newspapers, new books, movies, finance and investment research publications, and what have you. All free. It’s astonishing that more people don’t use this.
  3. When traveling, search for deals for transport, things to do and all. Talk to locals to find deals. Always set your own price on priceline for them to match. Set price alerts for your route. Book early.
  4. Spend some vacation time at home. Do something within your area, or something you’ve always wanted to do. Millennials travel too much, as a general rule. Nothing wrong with the Eat Pray Love generation but there’ll always be time for that.
  5. Cut Cable. The average cable subscription that I’ve had is around $200 monthly. I canceled since and only have wifi now. You can watch almost everything online for free, or get a Netflix/Hulu/HBO whichever subscription. Cable is sooo pointless these days. I don’t even own a TV anymore.
  6. Check Bookzz.org for PDF copies of a whole database of books. It’s an ethical gray area, but if you spend the time and money I spend on books, you’ll realize the guilt is cheaper.
  7. Buy your cars used. Certified pre owned, low mileage, what have you. Just don’t buy a brand new car and take the depreciation hit. And worse, don’t take a car loan unless you absolutely, absolutely have to. Not only are you paying for a depreciating asset, you’re paying more than it’s worth, and you’ll still be paying for it after it’s obsolete and you don’t like it anymore.
  8. Get a coffee-maker. Coffee is too freaking cheap for the amount we spend on Starbucks lattes and the like. The savings add up, massively.
  9. Learn to iron and dry clean only the wools or more difficult or delicate stuff in your wardrobe.
  10. Don’t renew subscriptions that you don’t make adequate use of.
  11. Make your IRA contributions early in the year so the tax deferral for that year is used over a longer period and the money grows for longer.
  12. Lock in a fixed mortgage interest rate now since rates are at their lowest in forever. Don’t get variable rates.
  13. Only use your bank’s ATM or ATMs that won’t charge you a fee.
  14. Cancel your expensive gym membership when you only use treadmill and a few weights. I use Planet Fitness’ $10 a month plan. YMCA is cheaper, if you live near one. Push ups in your house and runs outside work just as well, for the most part.
  15. Consider a hybrid for the gas savings. (The girlfriend, who is currently car shopping, made the flawless argument which I found very compelling even if I might ignore this bit).
  16. Pay off your credit card every month so you never have to pay interest.
  17. Always go for a no-fee credit card. The interest rate may be higher but if you never carry the balance, your interest rate is always 0%.
  18. Wash your car at home.
  19. Double your payments on your mortgage (maybe take it out of every bi weekly check instead of only monthly). You pay of your mortgage in half the time and save more than 45% on your total payments in the long term.
  20. Get CreditKarma, or WalletHub and keep track of your credit score and ways you can increase it. It’s free.
  21. Wash your old clothes that you want to throw away, put them in good order and sell it to Goodwill. Do the same for old phones, electronics, random items. Or do a yard sale if you have enough stuff. It’s not much but it’s enough to pay for a few subscriptions at least.
  22. Have one account for recurring small expenses, and a different one to stack money for bigger ticket stuff. Keep them separate.
  23. Take advantage of your employer match in your 401k. Make the full contribution.
  24. Definitely don’t take a loan based off your 401k. Someone mentioned wanting to do this and I was beside myself, cos you pay interest, and then you still pay taxes on withdrawals. Don’t do it.
  25. Go passive with your investments. If you’re not savvy enough to understand stock picking and you don’t plan to hold long term, consider going passive. Buy ETFs, mutual funds and allocated portfolios. You save on needless losses and commission fees from buying and selling stocks.
  26. If you’re going passive or already are passive, consider switching to Vanguard. They’re the lowest cost investment provider out there, and the different between a 2% or even 1% average fee, and their .52% or less fee adds up over time.
  27. Talk to financial planners at no cost by attending events, media shows, conferences where this can be done. Or reach out to me and I’ll hook you up.
  28. Consider moving to areas where cost of living is cheaper. Or where there isn’t any state income tax. Texas, North Carolina, Florida, a few others come to mind.
  29. Keep track of your cost basis on all your investments so you can deduct them from your profits when it’s time to pay your taxes. It lowers your effective rate.
  30. Put investments that generate capital gains or dividends (which receive favorable tax treatment) in taxable accounts, and those that generate ordinary income (like rent) in tax deferred accounts. Hit me up if you need more detail on this.
  31. Cook your food in bulk, then freeze them and take a little at a time. (shout out to all the Nigerian moms out there for teaching me this).
  32. Always check the fees on all investment funds or brokerages that you sign up for. Don’t overpay. And most brokerages will give you free trades if you’re a good customer and you ask.
  33. Quit smoking and drinking. I did in the past year and the gains include better spiritual and mental life, zero time spent on hangover, better physical health, lower health insurance premiums, and all the money I used to spend on cigs and alcohol.
  34. Go to the movies less, go on week day evenings if you can, and on your off days, go earlier for cheaper tickets.
  35. Don’t run your AC too cold in the summer, or your heater too warm in the winter. Stick to just below/above what is ideal, and your body will do the rest. It saves hundreds.
  36. Only do full loads of laundry. Don’t run it over every small dump of clothes. And hand wash your dishes if you can, rather than run a dishwasher.
  37. Spend a little less water every day in the shower.
  38. Plan parties where everyone brings a little something.
  39. Bring your own lunch to work.
  40. Sell your bigger ticket items on eBay, LetGo or Craigslist.
  41. Get a roommate and split the expenses. Roomies aren’t only for college.
  42. Be smart with groceries, cut coupons, shop on sales, discount stores. Yet another thing I learned from Nigerian moms.
  43. Energy efficient appliances are cheaper in the long run.
  44. Buy generic forms of your drug prescriptions.
  45. Avoid unplanned purchases or impulse buying. Always plan out all your purchases, unless you cannot help it.
  46. Maintain your car. Do all the oil changes on time and all that stuff, it saves you worse breakdowns in the long run.
  47. Get a check up annually, so you won’t be blindsided by bigger problems.
  48. Walk more, and drive less. Especially for relatively shorter distances.
  49. Do your own home improvements. Lowe’s or Home Depot employees will walk you through whatever you need to do. Trust me, you save a ton.
  50. Finally, always have a budget and track all your expenses. Just doing this monthly will keep you from going haywire with spending. I use Personal Capital, but Mint is great, and for families so is Quickbooks and Quicken.

So there you have it. I’m actually surprised I finished this since I’ve had it in my drrafts for a little bit. But I hope you implement all the ones you pick up and then come back and work on more of them. Share it with your friends, and everyone else you know who needs it. And for those who want to hit me up, you can do so at my Twitter account here. You’re welcome.

My company can make you returns of around 3% monthly, or 42% annually. Certain terms and conditions apply. If you’re interested in learning more and figuring out how we can help you make better returns on your investment and grow your portfolio, or you just need to discuss your financial goals, reach out to me on twitter @eldivyn

1 Comment

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