13 Ways to save money

Here is a list of 13 ways to save money. Each of these suggestions are simple little moves you can make to improve your financial situation. Some of them take just a few minutes, others might take an hour or two, some of them require a bit of regular effort, but they’re all incredibly simple – anyone can do them. Each of them also save significant money, especially over the long haul, and when combined together these tips can save you a lot of money now.

1.      Switch your bank accounts to a bank that respects you. You shouldn’t be spending your hard-earned money on maintenance fees – you also should be earning reasonable interest on your accounts.

2.      Turn off the television. One big way to save money is to watch less television. There are a lot of financial benefits to this: less exposure to guilt-inducing ads, more time to focus on other things in life, less electrical use, and so on. It’s great to unwind in the evening, but seek another hobby to do that.

3.      Turn a critical eye to your “collections.” Most people collect something – what do you collect? Is it something that consistently brings you joy? Or is it something that you just do out of habit at this point? Does the collection itself have value? Could you perhaps “trim the fat” from this collection by getting rid of duplicates or getting rid of the items you no longer use? Also, could you perhaps cut down on your spending on that hobby? Focus on trimming the things you don’t feel strongly about – if you dig into things that bother you, you’re going to eventually relapse.

4.      Make your own gifts instead of buying stuff. You can make food mixes, candles, bread, and all kinds of other things at home quite easily and inexpensively. These make spectacular gifts for others because they involve your homemade touch, plus quite often they’re consumable, meaning they don’t wind up filling someone’s closet with junk. Even better – include a personal handwritten note with the gift. This will make it even more special than anything you could possibly buy, plus it saves you money.

5.      Master the thirty day rule. Whenever you’re considering making an unnecessary purchase, wait thirty days and then ask yourself if you still want that item. Quite often, you’ll find that the urge to buy has passed and you’ll have saved yourself some money by simply waiting. If you want, you can even keep a “thirty day list” where you write down the item and the day you’ll reconsider it, but I prefer just to keep this one in my head – that way, I often just forget about the unimportant things.

6.      Write a list before you go shopping – and stick to it. You should never go into a store without a strong idea of what you will be buying while in there. Make a careful plan of what you’ll buy before you go, then stick strictly to that list when you go to the store. Don’t put anything in the cart that’s not on the list, no matter how tempting, and you’ll come out of the store saving a bundle.

7.      Invite friends over instead of going out. Almost every activity at home is less expensive than going out. Invite some friends over and have a meal, then play some cards or other games and have a few drinks. Everyone will have fun, the cost will be low, and the others will likely reciprocate not long afterwards.

8.      Instead of throwing out some damaged clothing, repair it instead. Don’t toss out a shirt because of a broken button – sew a new one on with some closely-matched thread. Don’t toss out pants because of a hole in them – put in a patch of some sort and save them for times when you’re working around the house. Simple sewing can be done by anyone – it just takes a few minutes and it saves a lot of money by keeping you from buying new clothes when you don’t really need to.

9.      Don’t spend big money entertaining your children. Most children, especially young ones, can be entertained very cheaply. Make a game out of ordinary stuff around the house, like tossing small coins into a jar, even. Realize that what your children want most of all is your time, not your stuff, and you’ll find money in your pocket and joy in your heart.

10.   Clean out your closet. Go through your closets and try to get rid of some of the stuff in there. You can have a garage sale with it, sell it on Ebay or Gumtree - all of which turn old stuff you don’t want to use any more into money in your pocket.  If you don’t want to sell it, give it to a charity op-shop  Not only that, it’s often a psychological load off your mind to clean out your closets.

11.   Drink more water. Not only does drinking plenty of water have great health benefits, water drinking has financial benefits, too because water is the cheapest drink in the house. You’ll also find yourself feeling a bit better as you begin to get adequately hydrated (most Australians are perpetually somewhat dehydrated).

12.   Cut back on the convenience foods – fast foods, microwave meals, and so on. Instead of eating fast food or just nuking some pre-packaged food when you get home, try making some simple and healthy replacements that you can take with you. An hour’s worth of preparation one weekend can give you a ton of cheap and handy meals that will end up saving you a lot of cash and not eat into your time when you’re busy.

13.   Give up expensive habits, like cigarettes, alcohol, and drugs. Those habits cause money to flow away from you with nothing in return. Call up your fortitude and work hard to kick the habits and you’ll find that money staying in your pocket instead of burning up and floating away.