how to save money: easy saving tips
I am always looking for easy changes I can implement to cut down my expenses and save more money. Below is a running list of the top money-saving hacks I have found, organized by category.
food
MINIMIZE DINING OUT
Eating at home is not only healthier, but it is also a powerful money-saving strategy. We went from eating out three times a week to one day per week and have no regrets. Over time, we have accumulated a list of quick and easy meals. This lifestyle change has allowed us to redirect our income towards other financial goals.
PiCK UP ORDERs in-restaurant
Many restaurants now offer takeout or curbside pickup services, which save you money delivery fees, service fees, and tips.
PLAN YOUR MEALS
By creating a meal plan for the week, you can reduce food waste and your bill. The trick is to strategically plan meals that share ingredients. For example, if we decide we want to make a Greek salad for lunch on Monday, we might also choose to make a quiche with feta, artichokes, and broccoli. The additional broccoli may go into a tofu stir fry. This is a way we make sure that we don’t toss a bunch of ingredients at the end of the week. Meal planning also helps us stay accountable to eating at home, avoiding the temptation to dine out.
Another great way to maximize your use of ingredients is to store them thoughtfully. For example, my wife freezes everything possible, blanching and shocking vegetables so they will keep in the freezer.
BUY GENERIC BRANDS
For many goods, there is no difference between the brand-name versus generic product. In fact, in many instances, the brand-name company produces the product for the store, which labels it under their generic name.
Common goods that are just as good generic include:
Over-the-counter pain relievers
Food items
Certain makeups and skincare products
TAKE A PACKED LUNCH TO WORK
If you can get in a habit of creating enough servings of your dinner so that you have left overs for the next day, you can skip going out to lunch and save $10 - 15 each day. If you do the math, this means you can save upwards of $2,500 in a year just from taking a packed lunch to work.
MAKE YOUR OWN COFFEE AT HOME
The daily Starbucks lattes can really add up. An easy way to save over $1,000 in a year? Make you coffee at home.
Buying quality coffee beans is more cost-effective than daily visits to the cafe. You can make it fun, experimenting with different brewing methods, flavors, and creamers to create your perfect cup of coffee.
shopping
AVOID IMPULSE PURCHASES
Impulse purchases can cause you to overspend on things that don’t bring you long term satisfaction. One way to avoid impulse purchases is to create a "cooling off" period. If you see something you want to buy, wait 48-72 hours before making the purchase. This will give you time to think about whether you really "needed” that item.
BUY USED CARS
New cars depreciate in value quickly, losing a significant portion of their worth within the first few years… and even minutes (cars lose 9-11% of their value the moment you drive off the lot).
By buying a used car, you can avoid this initial depreciation and get more value for your money. Used cars are generally more affordable, and their insurance costs are typically lower.
WAIT TO UPGRADE UNTIL NECESSARY
For many consumer electronics, families have a tendency to upgrade on a constant timeline rather than when something breaks.
Take phones, for example. 44% of Americans upgrade their phone every two years. Now, imagine that instead of upgrading every two years, you upgraded every four. If you did this once and invested the $40 per month that you save for two years, you would save $17,339 in a 30-year timespan.
As you can see, with smartphone innovation hitting a plateau, lengthening the time between upgrades is both a financial and environmentally wise decision.
DIY HOME REPAIRS
My sister recently shared this story with me: she needed to install a window AC unit in her apartment and called her landlord’s handyman. With an hourly rate of $150 per hour and a three-hour minimum, he quoted her $450 to install the window AC. Knowing this was an overpriced amount for what should be a quick installation, she decided instead to call a friend. Between the two of them, they read the instructions and had the AC installed within 20 minutes. She took her friend out to pizza as a thank you, and saved $425 that day.
The moral of the story: when something needs fixing, think about whether you can do it yourself (or with the help of a friend). Between instruction manuals and YouTube videos, there is a lot you can do on your own.
ALWAYS GET THREE QUOTES
Whether you are planning home improvements or looking for services like plumbing or landscaping, it is essential to get multiple quotes from different providers. This not only ensures you’re getting a fair price, but it also lets you compare the quality of service and reputation among the providers.
BUY rEUSABLE CLEANING TOOLS
Household cleaning supplies can add up, but there’s a simple way to save on your cleaning expenses. Instead of using disposable cleaning products, invest in reusable products.
One of our favorite switches was from a Swiffer to a reusable mop. A traditional mop with a bucket and washable pads can be used repeatedly, reducing the ongoing cost of disposable products. It is also more environmentally friendly, as it generates less waste.
use amazon dynamic pricing to your advantage
Prices on Amazon change all the time. You can use helpful tools such as Camelcamelcamel to monitor prices and set alerts for price drops. For example, below I screenshotted the 6-month price chart for a croquet set I have been eyeing on Amazon. The current price is set to $51.61, but it looks like at the start of the summer, the price went below $40. I am going to set an alert and wait to buy the set once the price goes down again.
You can do this for any good on Amazon - and it is as easy as pasting the URL link. You can also set price alert for goods on other websites by using tools such as Google Price Alerts.
UTILITIES and services
FOLLOW THE PROMOTIONS
When it comes to cutting down expenses, utilities and services are often overlooked . You’d be surprised how much you can save by being mindful of your bills. Many companies offer promotional rates, especially for new customers or for those willing to negotiate.
Take your phone service provider, for example. Companies like AT&T, Verizon, and T-Mobile often run promotions for new customers, offering a free iPhone or Google phone if you transfer.
NEGOTIATE contracts
How long have you been using the same internet service provider? What about car insurance policy? Many families allow their policies to auto-renew each year, which allows companies to raise prices to the consumer without calling too much attention. Instead, you should make sure to evaluate your providers each year. Call your provider and compare with other options to get the best rates.
GET A SMART THERMOSTAT
We installed a Nest thermostat 3 years ago and we have loved it so much that we have gifted Nests to my parents and in-laws. The thermostat has helped us save on energy costs, as we can set temperatures for different times of the day and optimizing cooling based on our schedule.
Smart thermostats also have the added benefit of being accessible remotely through your smartphone, which means you can make adjustments even when you’re not at home. So, if you’re on a trip and realized you left the air conditioning on low, you can easily adjust it.
ENTERTAINMENT
FILL YOUR CALENDAR WITH FREE EVENTS
When it comes to entertainment, there are countless opportunities to have fun and enjoy yourself without spending a dime. It is all about being resourceful and seeking out free events and activities in your community.
Local parks often host free concerts, movie nights, fitness classes, and community events, providing a wonderful way to spend quality time with friends and family. Bank of America has a program called “Museums on Us” that offers cardholders free general admissions to 225+ cultural institutions during the first full weekend of every month.
If you want to find free events, check out your city’s cultural calendar.
eliminate unnecessary subscriptions
With the rise in subscription model, it is easy to sign up for multiple subscriptions and forget about the monthly expense.
When I think of subscriptions, the first type that come to mind are TV service subscriptions. I recently did an audit and noticed that my family was subscribing to Netflix, Hulu, Disney+, Max, Apple TV+, and Paramount+. With my wife, I created a plan to cut down on our monthly subscriptions. We decided to maintain Netflix, while selective subscribing and unsubscribing to the other services when our favorite shows come out, such as Ted Lasso on Apple TV+.
I recommend that you audit your subscriptions once a year. When auditing, you can keep an eye out for the following types of subscriptions:
Streaming TV and cable
Online shopping
News publications and magazines
Gym membership
CHECK OUT BOOKS AT THE LOCAL LIBRARY
If you’re an avid reader, buying books can quickly become an expensive habit. However, there is an easy way to satisfy your reading cravings without spending a fortune: visit your local library. Libraries often have a vast selection of books… for free! Nowadays most libraries even carry audiobooks and digital copies.
TRAVEL
TRAVEL DURING OFF-PEAK SEASONS
Traveling during off-peak seasons can result in significant savings on your trips. Off-peak travel often means fewer crowds, which can enhance your overall travel experience.
BEWARE OF DYNAMIC PRICING on airline tickets
Airline companies use cookies in your browser to track which flights you are looking at, increasing the prices if you keep searching for the same route.
An easy fix is to open a window in private browser mode between new searches, which deletes the cookies between sessions. You can also opt-out of unnecessary cookies when the pop-up appears.