8 Easy Money Saving Tips To Kickstart Your Savings

The less money you spend, the more you’re able to save. Any money saving tips will help, and we have eight that will kickstart your savings.

Little expenses can quickly add up and eat away at your savings. The 50/30/20 Rule recommends budgeting 30% of your after tax income on “wants” such as dining, shopping, and hobbies.

Below is a list of eight quick money saving tips so you can spend less and save more.

Coffee

A latte from Starbucks is roughly $4. If you order that latte every day, you’re spending over $1,000 per year on coffee alone.

What if you made coffee at home, or drank the free coffee at work? That $1,000 could go a long ways thanks to compound interest.

Gym Memberships

How much are you spending on gym memberships or classes?

Gym memberships are a waste of time and money. Instead of paying $32 for a SoulCycle class, you could ride a bike outside for free. Strength trainers could try video workouts like P90X.

Lunch

Lunch in expensive cities like San Francisco can cost $15 per meal, which is over $300 per month.

Save money by bringing in lunch, or using subscription services like MealPal.

Restaurants & Bars

Alcohol has huge mark-ups. Instead of going out to restaurants and bars, host your friends for drinks and dinner instead.

Not only will you save a fortune, you’ll also have a more intimate time with your friends.

Ride-Sharing

Uber and Lyft are incredibly convenient, but the convenience can really add up.

Public transportation costs a fraction of Uber and Lyft. Sharing rides through Uber Pool or Lyft Line could also save you a decent amount.

Streaming Services

Netflix, Hulu, and YouTube can add up if you pay for all of them. They may even cost more than cable.

How many of the shows do you really watch on each streaming service? If it is only one or two shows, you’re better off buying the show and watching it whenever you want.

Be Brand Agnostic

Your loyalty could cost you a lot of money. Instead of buying your favorite cereal, beer, or wine, buy what’s on sale instead.

Certain wine bottles are on sale for over 20% of their purchase price, and the same goes for beer. Switch it up and buy the best deals, and those savings will add up over time.

Travel Expenses

You can never go wrong spending money on experiences instead of stuff. I recommend travel as one of the things that are worth spending money on, and there are simple hacks to minimize these costs.

Credit card companies are offering lucrative sign up bonuses to pay for your travel. Take advantage of these offers and have credit card companies pay for your trip instead. Just make sure you pay off the balance in full.

Money Saving Tips – The Bottom Line

The less money you spend, the more you’ll be able to save.

Follow these eight quick tips to make an immediate dent to your expenses, your future self will thank you.