Save a Lot of Money with These 7 Simple and Effective Tips

Do you find it difficult to hang on to your money? Does it feel like things cost more than they ought to and drain your bank account faster than you were expecting? You’re not alone in feeling this way. Moreover, it can seem tough to know how to hold on to your money longer.

a large pile of dollar bills

Getting in control of your spending isn’t as difficult as it may sound, and these simple tips can help you save a lot. Making everyday purchases shouldn’t cause you to lose tons of money. With a bit of savvy shopping and know-how, it’s possible to drastically reduce your spending and save a lot.

How to Save a Lot

a miniature shopping cart

The average person spends nearly $600 per month on everyday purchases. When a household has more people in it, the cost per person goes down somewhat, but the average family of four still pays over $1,500 per month.

Saving money takes self-discipline and planning, but that doesn’t mean that it can’t be fun. There are many ways to buy things at discounted or inexpensive rates, and over time this can quickly add up to be a huge amount of money.

Don’t assume that saving money means you’ve got to constantly say “no” to new purchases. It also doesn’t mean that you’ve got to go without things or buy flimsy, old, or boring items to fill your home.

Having a set budget can be super helpful when you’re trying to save money. It can enable you to keep track of your expenses. And contrary to what some people believe, having a budget doesn’t mean you can’t ever spend frivolously. But even if the idea of setting up a budget is too daunting right now, utilizing these concepts and principles in your buying habits will still result in you saving a lot of money.

Top 7 Tips to Help You Save a Lot

1. Search for Coupons and Better Deals on the Internet

a large pile of shopping coupons

Whether you’re shopping in-store or online, it’s possible to use the internet to find better deals. Search for coupon codes before you check out, and see if there are any deals being offered by other competitors. If someone else is providing the same item for a lower price, you can either purchase it from them or see if the original store will price match for you.

2. Sign Up for a Cash Back Program

dollar bills close-up

There are many websites, such as Ebates or Swagbucks, which offer cash or points for online shopping when you click to head to the retail site using their link. Using these links can give you a decent chunk of change back. You can save a lot if you shop online regularly and use these sites every time.

3. Shop During Sales

one day sale sign

Sure, it can seem strange to go Christmas shopping in August or earlier, but if your budget can manage it and you find a sale right now, there’s no reason not to buy things way in advance. When you see a sale for a non-perishable item that you know you’re sure to eventually use and need, go ahead and stock up.

4. Pay Off Credit Cards and Debt Quickly

a crumpled dollar bill on credit cards

It can be very tempting to pay the minimal necessary amount on your credit cards and other loans. But because of interest, this can actually result in you paying a lot more money than you really need to. If you pay off your credit cards in full each month, or at least as much as your budget will allow, you’ll avoid paying extra interest and save yourself money in the long run.

5. Avoid Purchasing Items You Don’t Really Need

the words stop overspending on a yellow board

If you’re just starting to coupon or search for deals, it can be tempting to purchase any item that’s on sale just because it’s a good deal. But that doesn’t automatically mean you’re saving money. If you aren’t going to use it or don’t need it, you’re still spending more than you should.

6. Prepare Food at Home

a fancy dinner plate

Cooking your own food is typically far less expensive than eating out. Learning to cook even a few simple items can save you a lot of cash every month. Review your regular spending habits to see if investing in things like an espresso machine, grill, or other kitchen appliances would save you money by allowing you to make your favorite foods and beverages at home instead of paying premium prices elsewhere.

7. Be Willing to Purchase Used or Slightly Marred Items

a sign of a garage sale

If you’re willing to buy gently-used items, you’ll typically be able to save a lot of money. Shopping garage sales, online buying and selling groups, and thrift stores can save you a lot of money on many different items. You’ll have to do your homework and be careful to avoid scams, but it can still pay off in the end.

Many stores also have large-ticket items which are discounted due to slight blemishes or cosmetic faults or have off-season items listed on clearance. You can save a lot if you’re willing to buy from these categories when you go shopping.

Bottom Line

Obviously, the types of ways you can save money don’t end here. There are a lot of other ways to pinch your pennies, but these are some of the top principles. Start here, and once you’ve mastered a few of these ideas, you can search for more smart methods to save a lot.

If you’ve got some excellent money-saving tips to help others save a lot, we’d love to hear them! Tell us about your ideas in the comments below, and let us know whether you already use the tips listed above, and what other things should be added to the list.

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