How to Squeeze Every Dollar and Save Money

July 17, 2024

It’s not a controversial thing to say that the cost of living for many people is higher than ever, which is why, for many people, embracing frugality is a way of life. There are many reasons that you might be looking to save money, eye on that new car, student debts weighing you down or maybe you just want to keep your shopping bills looking a little leaner. Thankfully there are lots of effective ways to save a few dollars and still enjoy life. This article will go over a few of what we consider the more practical strategies for saving money.

Budget, budget, budget

Absolutely the most important way to start saving money is to set up a budget for yourself. Having a clear idea of exactly how much money you have to work with, how much money needs to go towards certain things and where money is going to things that you could consider luxuries is very important as a starting point on a journey of financial responsibility. Once you set a budget, don’t be afraid to re-assess and alter it as well, you are the master of your own financial destiny after all.

Use gift cards

While it might seem odd, using gift cards to help pay for items that you might need or want can be fairly beneficial. Now you might be thinking you have to buy the gift card in the first place, how is this saving me money? Some gift cards can be purchased at a discount at certain times and there are websites where you can take surveys for gift cards and get them for nothing more than a little bit of your time. Many retailers and online platforms also offer gift cards as rewards in loyalty programs that they run, unfortunately, this does mean you have to spend money to save money, but that’s how the cookie crumbles. 

Don’t shop mindlessly

This one goes hand in hand with having a budget. The whole idea of the budget is that you can allocate the perfect amount of money to all of the different things you want and need and set some aside. If you go shopping and mindlessly buy upmarket brand products when you could get a cheaper equivalent, or if you are prone to impulse buying, you will find your budget falls apart quickly. If you shop with a plan and compare prices and search for discounts you will find that the budget goes further.

Eat in

We know it’s fun and feels great to go out and do things, and sometimes it can be included in the budget as a mental health boost. But for the most part, you should avoid going to restaurants and eating takeout. You will find that the food you cook at home can be just as tasty as anything you order or buy at a restaurant. Planning out your meals and sticking to that plan will help inflate your wallet and deflate your stomach. 

Ditch that dusty old subscription

This is a big one these days, everything wants you to subscribe and bleed your bank account a little at a time. When you decide that you need a financial change, a key way to save money is to go over all of the different subscriptions that you have and ask yourself seriously, do you need to be subscribed to this?

Investigate cashback options

There are a bunch of services now that offer you the opportunity to save on everyday purchases. Typically these apps will take a percentage of whatever you buy as points that can be redeemed later for gift cards, which we know are a good money saver, or other rewards. Having these apps installed wherever you typically make purchases will help you passively save a bit of money while you shop.

Be energy efficient

This is another one that seems sort of basic, and it might not save you a lot, but this article is about making those small changes to save just that little bit more. Turning off lights when you leave the room, only using appliances when absolutely necessary and unplugging electronics that aren’t in use will all add up to a cheaper energy bill. The cherry on top is that by being energy efficient, you are also being environmentally responsible.

Steer clear of credit cards

Unless you absolutely need to, it’s best to either not have a credit card or to pay off anything you buy as quickly as possible. Credit cards exist to make money off of their interest rates, and it’s a trap that many people have fallen into. The best way to deal with credit cards is simply not to use them. Only spend the money you have.

Plan out big purchases

If you do need to buy a big item, a new fridge, bedframe or some sort of electronics, you can likely save money by being patient and having a plan. If you can wait to make the purchase around a big shopping date like Black Friday or Cyber Monday then you are likely to save a bit just by virtue of planning out what you need and when you’ll buy it.

Conclusion

Saving money can be hard, and it can take a long time. Just like exercise, it’s often difficult to see the benefits while you’re performing the activity. But exercise patience, be diligent, and be steadfast, and you will find that your bank account looks a lot better after following some or all of the suggestions included in this article.

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