When it comes to saving money, there’s more to it than stashing away a couple bucks every paycheck and hoping it eventually adds up.
Financial security is a long-term game and not everyone has the strict discipline to reach their target.
If you’ve struggled with how to save money in the past and want to learn how to build healthy money-saving habits, these money-saving tips are perfect for you.
Welcome to “Let’s Talk About Money” and in today’s video we’re talking through ten money-saving tips to help you reach your savings goals faster.
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10 Money-Saving Tips
If you have trouble sticking to a savings plan or you find yourself raiding the piggy bank a little too often, we’ve put together some practical money-saving tips to get you back on track.
Some of these may seem like no-brainers, but every little helps.
In This Article
- 1 10 Money-Saving Tips
- 1.1 Money-Saving Tip #1 – Have a Goal
- 1.2 Money-Saving Tip #2 – Consolidate Your Debt
- 1.3 Money-Saving Tip #3 – Automate Your Savings
- 1.4 Money-Saving Tip #4 – Refinance Your Loans
- 1.5 Money-Saving Tip #5 – Track Your Spending
- 1.6 Money-Saving Tip #6 – Analyze Your Entertainment Costs
- 1.7 Money-Saving Tip #7 – Be Thrifty
- 1.8 Money-Saving Tip #8 – Set Saving Milestones
- 1.9 Money-Saving Tip #9 – Work Out The Cost Per Hour Of Things
- 1.10 Money-Saving Tip #10 – Only Use Fee-Free ATMs
- 2 10 Money-Saving Tips Summary
Money-Saving Tip #1 – Have a Goal
Common sense to some, but what are you saving for? Having a real goal in mind adds motivation to succeed. Rather than saving for the sake of it, make it specific!
Money-Saving Tip #2 – Consolidate Your Debt
Multiple, lingering sources of debt makes saving impossible. Clear off smaller debts or consolidate them for one, easy to manage payment.
Money-Saving Tip #3 – Automate Your Savings
Just like scheduling bill payments, set up automated transfers so you never forget a savings installment! This is an easy to implement money-saving tip that you can do online with most banks and saving institutions.
Money-Saving Tip #4 – Refinance Your Loans
If your mortgage or credit card provider has exorbitant fees and high interest rates, shop around for a better deal. Just a fraction of a percent can mean more money in your bank account.
Money-Saving Tip #5 – Track Your Spending
You’d be surprised what you waste money on! It all adds up. Use a budgeting or expense tracking app to monitor your spending habits.
Money-Saving Tip #6 – Analyze Your Entertainment Costs
Are you paying for recurring content subscriptions that you never watch anymore? Are you paying for an unlimited cell phone plan but use WIFI most of the time? You can learn how to save money without sacrificing your entertainment with this tip.b
Money-Saving Tip #7 – Be Thrifty
They don’t call it being “cheap” anymore. Thrifty is in and there’s no shame in holding out for a Black Friday, Cyber Money or the January sales event. This goes for online shopping too. Coupon browser extensions like Honey makes applying discounts super easy!
Money-Saving Tip #8 – Set Saving Milestones
Learn how to celebrate when you reach a new savings record. I’m not saying go shopping as soon as you have saved $1000 for the first time, but treating yourself in a small way is good to build subconscious behaviour-reward loops around saving.
Money-Saving Tip #9 – Work Out The Cost Per Hour Of Things
A good way to look at large purchases is to divide the cost on the price tag by your hourly take-home pay. If you’re earning $20 per hour, would you really work 7 hours for that $140 jacket?
Money-Saving Tip #10 – Only Use Fee-Free ATMs
Even if you only use a non-bank ATM once a week, that $3 fee turns into over $150 a year. Sometimes you have no choice, but walking an extra block to save the fee can add up.
10 Money-Saving Tips Summary
We could go on forever but that’s all for today’s video on “How to Save Money”. If you want to learn more money-saving tips we’ve linked to our article in the description below. What’s your best money saving tip? Let us know in the comments!
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