20 Simple Ways To Save Money Fast
By The Headlines, December 25, 2022 | 06:41 PM
The holidays are finally here! And so are the holiday expenses. As we near the end of the year, you might notice your bank accounts have less (or more) than you’d hoped.
If you're looking for ways to save money but don't know where to start, these changes should help. Some are easier than others, but all of these strategies will get you closer to saving up for emergencies and meeting your long-term savings goals.
How To Save Money Fast?If you find yourself in need of money immediately, here are some ways to save up fast so you don't have to worry about short-term solutions.
- Manage your shopping efforts, save money, and conserve natural resources by doing your grocery shopping online.
- Check how planning and preparing your meal helps
- You're not just throwing out your unwanted items - you can also find people interested in buying them, which is a recommended option.
- Rent Out Your Home
- Improving your negotiation skill is a must
- Touch Your Money
- Saving Money Weekly
- A Modern change in your saving habit
- Try not to spend Money for a Week
- Getting a Side Hustle
- Put some cash limit for yourself
- Know how stores can give you money
- Going generic would save a lot
- Take some time before you buy
- Hacks to save money every month
- Check on your recurring subscriptions
- Stick to your Budget
- Earn rewards when you spend money
- Consider Refinancing Your Auto Loan
- Short-term cash deposits can be a good option
Manage your shopping efforts, save money, and conserve natural resources by doing your grocery shopping online.
Most people know they should make a list before they start to grocery shop, but it’s not just about having a plan. You could save money by walking in and picking up your groceries versus paying for them online or via an app. Before you head to the store, check if there's a pickup fee or not... You can also compare prices online and choose the best deal, which also saves you money," said Logan Allec, a CPA and owner of the personal finance site Money Done Right
Check how planning and preparing your meal helps
Save money and have healthy food intake by planning your meals ahead of time. You can do this by following a suggested meal plan such as https://www.choosemyplate.gov/healthy-eating-tips/pantry-essentials/. Don't go grocery shopping when things are chaotic, try to make a list beforehand and buy only what you need. Avoid temptation by sticking to your planned list.Also Read: Top 5 tips for claiming tax back from Revenue.ie
You're not just throwing out your unwanted items - you can also find people interested in buying them, which is a recommended option.
In this fast-paced world, the sale of unneeded items for some spare cash has never been more popular. Not only do you get to declutter & clean up your home but also make sweet quick cash! Using an online platform is a pretty solid choice nowadays. "Online marketplaces can be extremely easy when it comes to selling used items" says Steve, a certified financial education instructor and founder of Money Tamer. To get them sold fast, search for other items similar to yours and see what they're going for in the market. If you want to get as much value out of it as possible, try cutting the price a little more than you’d think.
Rent Out Your Home
If you have a spare bedroom in your house, you don’t need to move out and make money elsewhere. Websites like Airbnb allow you to use this space and rent it out on nights that it isn't needed. According to them, 2 million individuals stay in these rented accommodations on any given night. Airbnb offers a tool that will help you estimate how much you could earn by listing your spare room on Airbnb.Also Read: Top 10 Stocks to Buy in 2023
Improving your negotiation skill is a must
Don't be afraid to barter with vendors and service providers in order to save costs. You might be able to get better interest rates, give up some of your wedding details or cut down on your transportation expenses. This will let you save thousands of dollars in the long run. Many people find it embarrassing or think they don’t know how to negotiate. They need to realise that entrepreneurs and the rich negotiate. Negotiating can save them both time and money so it’s a good idea for everyone who wants that.
Touch Your Money
Credit cards are a convenient way to spend because you don’t really see it going - it's not like spending cash. “The fastest way to save money is to swap cards for cash. Once you can visualize how you are spending money, it’s only a matter of time before you realize you are buying more than what you need,” One Fine Wallet blogger Saranya Ramanathan said that.
Saving Money Weekly
Saving money every week adds up quickly. Put that money towards an emergency fund, a college fund or other long-term investment and the savings will grow even quicker.
A Modern change in your saving habit
A savings app is a great way to save money from each paycheck. Put in your savings goal, then calculate the amount you'll need to put away per week and set up a direct deposit through your employer or an app that sends money directly into your savings account. “My husband and I aren’t big fans of budgeting in the traditional sense because it can feel restrictive,” Lam said. “Even when we were working our way out of debt and living paycheck to paycheck, we were still able to save a good chunk of change because we automatically direct deposited some money into a savings account each week. As we paid off our debt, we gradually increased the amount we saved each week.”
Try not to spend Money for a Week
Take a week off from spending. “This means, outside of your mandatory bills like utilities, rent, insurance, etc., you spend zero dollars,” said McKinzie Bean. “For one week, skip grabbing Starbucks, use up the food in your pantry, and skip frivolous spending like the salon, buying new clothes or binging on items at Target. You’ll be surprised how much you can save in one week’s time.”
Getting a Side Hustle
Professional ride-sharers can make a lot of money. If you want to try it out, start by looking for opportunities in your spare time and see what works best for you. Working in the gig economy has become increasingly popular. Pew Research Center's study on the gig economy found that 56% of workers had this desire to save some extra money.
Put some cash limit for yourself
Few people have a trick to limit spending. A resident mentioned “when I do my grocery shopping each week, I take no more than $100 in cash each time. This keeps me in check when I shop,”
Know how stores can give you money
If you shop at places like Target, Walmart or Amazon, few people recommend the Paribus savings app from Capital One. That way, if an online item you purchased goes down in price, Paribus will e-mail you a notification and guide you through the process of getting compensated.
Going generic would save a lot
When you buy name brands, you’re paying in part for the name. That’s why generic or store brands generally tend to be cheaper, despite meeting the same regulations and requirements as their name-brand counterparts. A recent study by the Information Resources Center found that 95% of American households buy at least one store-brand product.
Take some time before you buy
Limit online shopping to once a week in order to be able to evaluate whether or not you truly need something. “Amazon has truly revolutionized the way we make purchases, but it has made it extremely easy to buy things we really do not need. If you find yourself making impulse purchases, try saving items for later rather than buying right away,” said Brian Walsh, manager of financial planning at SoFi. “We have seen SoFi members drastically reduce their spending by restricting their online purchases to once a week. This allowed them to think through their purchases and make more mindful decisions.”
Hacks to save money every month
You will never get a monthly budget meeting with your boss, but there are many ways to save money in order to meet that coveted savings goal. Implement as many of these tips as possible during your monthly budget meeting and you’ll have heaps of money for a rainy day.
Check on your recurring subscriptions
Check on what you’re spending on your subscriptions. “Unused memberships and subscriptions can cost you hundreds, and sometimes thousands, of dollars a year,” Walsh said. Recurring plans might make your life easier, but eventually, people end up paying the money without using the services.
Stick to your Budget
It's important to have a budget. Begin by comparing your monthly income to your expenses and look for ways to save money. It's always a good idea to evaluate your budget periodically to find ways to save. For example, you might want to consider cutting down on some luxuries, like fancy coffee shop lattes, in order to free up some money for savings. Once you are visualizing your expenses in black and white, you might be surprised at just how much money you can free up.
Earn rewards when you spend money
You can’t avoid certain monthly expenses, but what if you earned rewards in return? You can get perks such as travel benefits, gift cards, and even credit card statement credits by using the right credit card. Check out for any bank offers that will pay you for receiving your account with them and also balance transfers.
Consider Refinancing Your Auto Loan
If you're carrying a lot of interest on your car loan, then you might be harming your financial situation. "Most people have no idea that they can refinance their auto loans and potentially save money in the process," said Nancy Fitzgerald of iLendingDirect.“If you bought your car at a dealership, chances are you got stuck with a very high interest rate, like a 22% APR, and you can refinance as low as 1.99%. Refinancing a vehicle can be done in as little as a week, lower your monthly payment, and save you thousands of dollars in interest over the life of your loan.”
Short term cash deposits can be a good option
Splurge on a CD account with a good interest rate. CDs are good options because many checking accounts don’t offer interest, but the higher rates on CDs make them worthwhile investments. Many CD accounts have penalties for an early withdrawal, which makes you less likely to leave the money alone Credit unions generally tend to offer higher rates on CDs than banks and the National Credit Union .