19 Ways To Save Money on Everyday Expenses
Shopping is all fun and games until you need to buy essentials and don’t have enough money. Whether it’s low income or difficulty managing your money, it’s a frustrating situation.
It’s important to manage your finances smartly. If you’re strategic with what you buy, you’ll have money to spare for emergencies. Know what your priorities are and learn how you want to spend your money.
To help you get started, we’ve gathered a list of tips to help you save money on everyday expenses.
1. Cancel Your Gym Membership
Gym memberships have pros and cons. They’re great if you go to the gym regularly and actually have access to the facilities and utilities. Otherwise, they’re pretty costly. I have a number of friends who really just sponsor the gym. They pay $60/month and never set foot in the gym.
Cancel your gym membership if you don’t use it. If you do use it and want to cut back on your expenses, there’s always the option to switch to at-home workouts. You can buy a kettlebell and dumbbells for weight exercises. You can also run at the park to expose yourself to a fresh, new environment. Or do fun workouts on YouTube.
2. Brew Your Coffee
The cost of a daily cup of coffee might seem small, but it can dent your budget in the long run. Especially with many places charging you up to $7 for your latte. If you can’t skip the morning caffeine, brew your own cup instead.
You can buy a moka pot or coffee machine to brew a cup of joe. Some coffee machines can produce great coffee, I must admit.
3. Create a 30-Day Rule
Big purchases should never be impulsive decisions. The same goes for small wants and relatively affordable non-essentials. Before you buy anything, follow the 30-day rule.
The 30-day rule says to wait a month before purchasing anything new. The waiting period gives you enough time to consider whether the item is really worth the price. You’d be surprised at how well it works. I was very skeptical when I started to try it, but it helped me increase my monthly savings, because many items lost their appeal around day 7.
4. Use Your Water Bottle
One of the smallest costs you don’t notice is your store-bought beverage. Whenever you go out, there’s a chance you’ll purchase a drink to stay refreshed. While tasty drinks are great, it’s best to stick to your water bottle.
Bring a water bottle with you to save money and keep yourself hydrated throughout the day. Now, you can spend your drink savings on something more exciting, or count it towards your savings goal.
5. Create a Grocery Shopping List
You may be tempted to add everything to your cart when you go grocery shopping. However, grocery shopping sprees have significantly increased in price over the last year or so. To stay within your budget, create a grocery list and stick to it.
After you create your list, try to buy products in bulk—these items will last you weeks and come at a cheaper price. You can easily store meats in your freezer and buy rice or pasta in bulk.
6. Cook Your Meals
Dining out can be convenient and fun. However, eating out frequently is expensive and takes a lot of time. While it might take more work, it’s better to cook meals at home.
When you cook meals, you’re more mindful of what you put on the pan. With home-cooked meals, you can save plenty of money as you only need to buy the ingredients. You can cook in bulk, store food in your fridge, and reheat during mealtime.
7. Switch Your Phone Plan
If you’re not always using your full phone plan, you may want to change your phone plan. Ask your provider for a cheaper alternative that fits your lifestyle.
I switched my plan last year, because I wasn’t using everything in my phone plan. I saved $15 per month. While it doesn’t seem like much, it adds up over time. Plus, some network providers offer discounts to those who opt for autopay, for example.
8. Cancel Subscriptions
Subscriptions provide convenience and entertainment. However, they can be costly, so if you rarely use your subscriptions, it may be better to cancel them.
In addition, avoid free trials that auto-charge your card at the end of the trial period. You’ll likely forget to cancel the trial plan, I know I do.
9. Shop at Thrift Stores
Before you purchase something, browse a thrift store first. I find so many great items in excellent condition for half the regular price at thrift stores.
At thrift stores, you can shop for clothes, toys, lamps, or ceramics. I once scored a designer top for a very low price. Thrift stores allow me to buy branded clothes for cheap.
10. Bring A Bike
Traveling can be costly, especially if you can’t walk to your destination. Driving can be convenient, but it takes a toll on your gas money. While public transportation is an option, it’s not available everywhere.
A great way to save money is to bike, especially if you live in the city. Compared to cars, bikes are a steal. Plus, a bike is a one-time purchase. No gas, no parking fees, and a fun way to burn calories—who could ask for more?
11. Search for Vouchers
You don’t always have to buy necessities at full price. Keep an eye out for sales and snag coupons to get essential items at a discount.
Many stores reward loyal subscribers with exclusive vouchers through newsletters, so be sure to check your mail now and then. Another great thing to do is to add things to your basket but don’t purchase them yet. Some stores will give you discounts on things already in your basket.
12. Look for Bill Bundles
Does it feel overwhelming to pay all these different bills every month? Luckily, some companies offer packaged services, so they come at a more affordable price. With those bundles and promotions, you can save money and still get the services you need.
For example, some internet providers offer cable and phone services. They only require a small add-on rate, which allows you to save money.
13. Limit Electricity and Water Usage
One of the most common ways to save money is to limit your electricity and water usage. To conserve power, keep appliances unplugged, lights closed, and windows open (depending on the climate where you live). Take showers instead of baths to limit water consumption and prevent leaky faucets.
Furthermore, you can install a rain harvesting system or a solar panel to save more. Renewable energy sources reduce your bills and give a return on your investment after a few years. All you have to do is to pay upfront for the installation.
14. Track Your Expenses
It can be hard to keep track of your expenses, especially when you spend often. To avoid going out of budget, create a financial tracker.
On a spreadsheet (digital or physical), list your daily, weekly, and monthly expenses. For convenience, download a finance tracker app on your phone. On this app, you can keep track of your expenses easily.
15. Visit the Library
It’s expensive to buy new books regularly, especially when you read multiple books per month. If you don’t want to miss out on a new book, a budget-friendly option is to visit the library.
I like to visit the library and borrow books that interest me. That way, I can explore different genres without worrying about the costs. Plus, borrowed books don’t occupy space in my home, so I don’t need to buy another bookshelf.
16. Invest in Quality Items
Low price tags might tempt you, but those cheap items aren’t always worth it in the long run. Sometimes, they even cost more because poor quality means frequent replacements. It’s important to recognize when a product is a worthwhile investment.
Invest in quality brands for frequently used items like appliances, shoes, and tools. While they have a high price upfront, they’ll save you money and effort down the road.
17. Keep a Savings Account
The best way to save money is to open a savings account. You can store your savings safely with a bank account, which halts unnecessary expenses.
If possible, deposit your savings as soon as you get your salary. Also, online banks are convenient, but they almost make it too easy to spend your money. To avoid the “one-click checkout” temptation, transfer a fixed amount to your online bank every week or month.
18. Pay Credit Card Bills in Full
Credit card bills are tricky. If you don’t pay the amount in full, you will be surprised by a high-interest rate, which can put you in debt. Though it can be difficult, always try to pay off your credit card bill fully.
The idea is to not spend more than what you can pay. Treat your credit card like cash but with more rewards and benefits. Always track your expenses and reserve enough money for your next bill cycle.
19. Buy Generic Medicine Brands
Medicines are expensive, but you can’t skip them as they’re important for your health. Fortunately, there are ways to reduce these necessary healthcare costs.
When you buy medicines, ask the pharmacist if they offer generic brands. With generic drugs, you can save up to half the price and still get what you need.
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