We all want more money in our wallets but sometimes if feels like we have cut out as much as we can. Use these tips to see how you can save more money without trying.
You don’t have to sacrifice more of your lifestyle to save more money. Cut out the daily Starbucks run, stop paying for cable, use the library instead of buying books, you know these things already. But you need to save even more.
You can simply use a few clever tricks to build more savings for your future.
You can do these things every single month or a few times a year. Either way, the savings really add up!
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Monthly Tips to Save Money without Trying
Save on your Mortgage
One of the easiest ways to save on the lifetime of your mortgage is to do biweekly payments instead of monthly. You will be making the equivalent of 13 payments a year instead of just 12 without spending any extra money. Less interest will add up making it easier to pay off the principal balance.
Since we just bought a new house, I did a quick calculation to see how much doing biweekly payments would save us. We would be saving over $22,000 over the lifetime of the loan with this one simple change!
Another way to save on your mortgage is to cancel your mortgage insurance. Once you have 20 percent equity in your home, you can cancel your PMI. PMI usually costs around 1% of your loan each year so that really adds up.
A lot of people forget to cancel this so make sure you request your lender to do so.
Cancel Monthly Fees
Call your car insurance agent and see if you are charged a fee for paying your bill monthly. They may provide a discount if you pay every 6 months or even yearly.
You may be able to get discounts when you pay yearly elsewhere like at the gym or any kind of subscription service.
Cancel Subscription Services
Speaking of subscription services, take the time to easily stop recurring fees by canceling services you don’t use anymore.
Did you sign up for a gym membership and no longer go? Cancel it! Do you get a shoe subscription sent every month that you don’t really need? Cancel it!
Rent Vs. Buying
Learn when it is smarter to rent instead of buying certain things. If you are planning to only live in a house for less than 5 years, you can probably save more money by renting instead of buying.
Need to clean your carpets once a year? Rent a carpet cleaner instead of buying one.
Daily Ways to Save Money without Sacrificing
Use Cashback Apps when Shopping
Shopping through cashback sites like Ebates and Ibotta is not only free but so easy to do. The next time you are shopping online, simply go the cashback site and then click where you want to shop. That’s it!
Shop as normal and when you check out you will get cash back in your account.
I have saved 10% just by doing this simple money saving trick.
Budget with a Gift Card
You can still go out to eat or go shopping but do so with a gift card. It will help you stay on budget and keep from over spending.
Buy the gift card at the beginning of the month and use it to buy your purchases. Once the card is out of money, you are cut off from buying more until the next month.
Invest in some eco-friendly products that will save you money. It’s not only good for the environment but good for your wallet, too.
Learn how to do basic repairs to your car and home. There are so many Youtube videos showing you how to change your oil, change air filters, and do basic plumbing.
By doing some simple things yourself, you can save a bundle on professional repair costs. Just don’t try to do anything dangerous, like electrical work.
Ways to Save More Money on a Tight Budget
Get Prescriptions from Membership Warehouse Stores
Stores like Costco and Sam’s Club have great prices on prescription drugs. The best part is you don’t have to be a member to use their pharmacies!
You can join AARP when you are 18 years old! There is a $16 annual fee but the discounts you get can more than offset that price.
You can score great discounts on things like hotels, rental cars, cruises, restaurants, and more.
Know When to Buy
Wait to purchase big ticket items like electronics, appliances, or mattresses during a holiday. You can get the best prices around Memorial Day, Labor Day, and Veteran’s Day.
There are a lot of sporting events and theme parks that let you bring in your own food and drink. This can save you so much money as these places have high mark ups on food and beverages.
You can bring your own food and drinks into Disney World! It can easily save you $100 a day for a family of four.
Learn a New Skill for Free
If you have been wanting to take a class and learn a new hobby you can actually do it for free! Instead of paying, learn a new skill for free.
There are free classes like: photography, baking, knitting, graphic design, and more.
You may even be able to make money off of your new skill, too!
As you can see there are so many ways to save more money without trying. You can do a few or all of them. See what fits with your lifestyle and how you can make it work.