Saving more money is something that many of us want to do, but it’s also something that many of us imagine we’ll do in the future when we make more money and have fewer expenses. Although you can definitely kick start your savings after you pay off your car or your student loans, you shouldn’t wait.
There are plenty of things you can do to start saving money right now!
Rethink Your Car Insurance
There are expenses that you just can’t get rid of. Car insurance is one of them. If you have a vehicle, you have to carry insurance, but that doesn’t mean you have to spend a good chunk of your budget on monthly payments.
Start by rethinking your plan. A lower deductible will make car repairs more affordable, but your payments will be higher. If you don’t drive your vehicle every day, or you could handle a costly repair, should you end up in an accident, you may want to consider a higher deductible that comes with a lower payment.
Other ways you can start saving on your car insurance include:
- Comparing plans between different providers
- Combine insurance policies or add vehicles to your plan
- Look for discounts, like good driver discounts, low mileage discounts, and more
Take Advantage of a Different Commute
Owning and operating a vehicle is convenient, but it is also expensive. Your car makes it easy to get to work at the last minute every day, but your commute will cost you in terms of gas and wear and tear on your vehicle.
Instead of driving your own car to work every day, consider a more creative way to get to work. You can always bike to work or take the bus. You can also take turns being a carpool driver with others in the office.
There are even more creative ways to save money on your commute. If your employer is willing to be flexible, ask if you can work longer days so you can work four days a week instead of five. You can also ask if you can work from home one or more days a week to eliminate your commute altogether.
Rethink Your Cell Phone
Providers offer many different kinds of cell phone plans. It’s always worth your time to compare your plan to others based on how much you use your phone each year. You may discover that you don’t use your data or minutes, and a smaller plan may be a better choice for you.
Not only should you consider altering your current plan, but you should also consider a different provider altogether. There are some really cheap cell phone plans out there, especially for people who don’t use a lot of data or don’t use a lot of minutes. You can find some plans for as little as $15 per month!
Use a Cash Back Credit Card Wisely
Credit cards can be the enemy of any savings plan. If you charge more than you can afford, which is often what ends up happening, you will end up spending hundreds of dollars in interest that you normally wouldn’t have to pay if you bought the items outright. However, when used correctly, credit cards can actually help you save money.
In order to use credit cards correctly, you can only use them to buy things you would buy anyway, and you have to use a card with a cashback program. For example, if your card offers five percent cash back on groceries, and you pay off your credit card bill at the end of every month, the cashback you earn can go straight into your pocket.
Take Advantage of Employer Matches to Your Retirement Plan
Saving for retirement isn’t money you’ll see right away. It’s something you’ll have to wait for, so it’s easy to ignore or put off.
Don’t! Putting off saving for your retirement could mean you never get to retire at all!
Taking a few moments now to look over your retirement plan can mean you save thousands more by the time you’re ready to retire. All you have to do is take advantage of your employer’s match program.
Most employees are automatically enrolled in a retirement savings program, but they aren’t enrolled to max out their employer’s match. Find out how much your employer is willing to contribute to your plan, and increase the amount you contribute by that much. It’s free money that adds up fast!
Visit the Local Library
Stop spending money on books and renting movies when you can get both for free at your local library!
It’s not just books and movies you’ll find at your library either. Many libraries have other items you can rent too that might include:
- Museum passes
- Internet access
- Power tools
- Musical instruments
Your local library can also provide you with entertainment. They host classes, activities, and gatherings for free that will get you out of the house without having to spend money on dinner and drinks multiple nights a week.
Spend More on Quality Items
This tip may seem surprising. If you’re looking for ways to save money, you should look for the cheapest items, shouldn’t you?
In some cases, cheaper really is better. In other cases, it’s better to spend more on quality items.
For example, if you buy the cheapest microwave you can find, you’ll likely end up replacing it within the next few years. If you spend a little bit more on a quality microwave, you could have it for a lifetime, which means you’ll actually end up saving money in the long run.
The trick is to know what to spend more on. Spend more on vehicles, appliances, bags, and furniture, but buy bargain bin T-shirts if you wear them out quickly at work.
You should look forward to saving more in the future when you have fewer expenses, but you should also find other ways to save money too. The tips on this list can help you start saving more today!