20 Ways to Save Money Efficiently

June 2, 2017 Facebook Twitter LinkedIn Google+ Finance

Ways to save money

Do you try to save money, but feel like you keep coming up short at the end of each month?

Saving money is a difficult task for a lot of people, so don’t feel embarrassed if it’s not one of your strong points.

In fact, a study conducted by the Federal Reserve Board discovered that 47 percent of Americans would not be able to come up with $400 in the event of an emergency.

Yet, when most of us struggle to save, we feel alone and shameful, because society tends to blame our struggle on a lack of self-control.

While self-control may be an issue for some, there is also a lot of pressure in our society to spend, spend, spend. The old phrase “keeping up with the Joneses” is still very much alive and well.

Also, there are a lot of people who are under the misconception that saving money requires making huge sacrifices.

This is simply just not true.

Yes, some sacrifices will need to be made. But do you need to sell your home and completely alter your lifestyle?

No, you don’t. You simply need to learn how to be a smart saver and work on ways to save money more efficiently.

What are the best ways to save money efficiently? Read this article to find out.

1. Make it A Relationship

Good or bad, money is going to be something you have to deal with the rest of your life.

You have and always will have a relationship with money, so you might as well make it a healthy one.

so, to keep this relationship healthy, make sure you are keeping a date with your money once a week to sit down and see how things are going. Review accounts, update budgets and track progress.

2. Meal Prep

Eating out can add up quickly.

Meal prepping for the week prevents you from ordering takeout or running across the street to your favorite restaurant when you’re really hungry. When the meal is already ready, it feels more of a waste to go eat something else.

3. Bye Bye TV

Ok, not all TV.

But Netflix? Hulu? HBO? Cable? Do you really need all of these?

The average cable bill is $103/month, so cut this one out first and try to sacrifice one or two more streaming services.

4. Reconsider the Gym

Obviously, exercising is super important and you shouldn’t sacrifice that.

But could you exchange going to the gym with an at-home gym? Run outside, hike, bike, and invest in a set of weights from a second-hand exercise store.

Not only will you save on the gym fee, but you’ll also save on the time and money it takes to get to the gym.

5. Refinance Your Mortgage

Refinancing rates are historically low right now.

Lowering your rate even one percent can help you save over a hundred dollars a month.

6. Pick Up a Side Hustle

Sell stuff on eBay. Drive for Uber or Lyft. Make crafts and sell them on Etsy. Use a music skill or talent to offer lessons once per week.

There is truly a side hustle out there for everyone, so pick one and get hustlin’!

7. Become a Coupon Queen/King

Don’t worry, no clipping from newspapers involved.

There are many online platforms that offer daily coupon deals. Be sure to check one out anytime before making a big purchase.

8. AirBnB

Got a spare room in your house that hardly ever gets used? Rent it out on AirBnB!

This is a great way to make some extra income with very little effort. You get to set the price, dates, and rules,  and you also get the final say on the guests you approve.

Get a buddy who’s good with photography and have them snap some nice pics of your pad.

9. No More Hotels

AirBnB doesn’t just help you save when you rent, it helps you save when you travel as well.

In addition to AirBNB, sites like Homeaway and Housetrip all offer much cheaper rates than hotels. Always check these out first when traveling.

10. Skip the Starbucks

Yes, we realize this suggestion may be taking it too far for some of you.

But, skipping on Starbucks doesn’t mean you have to switch to some low-quality brand to get your caffeine fix.

There are thousands of gourmet coffee brands to choose from. Switch to homemade a few times a week and make your trips to the coffee shop a special treat.

11. Wait Before You Click

That item you put in your cart on Amazon probably isn’t going anywhere anytime soon.

Wait 48 hours before making an online purchase so you have time to contemplate whether you really need it.

12. Become a DIY Master

Becoming a DIY master is one of the best ways to save money.

But don’t fear if crafts aren’t your thing, there are tons of DIY projects on Pinterest that can help you save money on home decor and much more.

13. Creative Gift Giving

That old phrase, “it’s the thought that counts”, is really very true.

Instead of spending a boatload of money on holiday gifts, go for handwritten sentimental notes or homemade gifts that hold a significant meaning.

14. Choose Quality

Often times “budget-friendly” items aren’t the way to go.

Quality items tend to last longer, so don’t feel bad spending a little extra on a coat or electronic appliance that you know will last longer.

15. Check Your Emotions

Before you make a big purchase, ask yourself why you’re buying it.

Is it because you need it or because you’re feeling bored or stressed?

16. Map Out Financial Goals

Saying you want to save money for a home isn’t going to do much help.

You actually need to make a plan for the exact amount you want to save per month and stick to it.

17. Host a Potluck

Forget fancy dinners out.

Host a potluck instead for your next big friend get-together. It’s much more intimate and you don’t have to worry about getting kicked out at closing time.

18. Open a New Account Just For Savings

If your saving account is in the same account you use for bills, it’s really easy to pull from that account when times are tight.

Avoid this temptation by setting up a completely different savings account that stays untouched.

19. Online Surveys

Make your next binge-watching session on Netflix productive by earning some extra cash while you’re watching.

Inbox Dollars, Swagbucks, and MySurvey are all sites where you can take surveys and earn some cash!

20. Make Shopping Lists

To avoid the temptation of an impulse purchase, always make a list before going shopping.

Doing this every time you go to the grocery store or go shopping is a great way to save.

Ways to Save Money: Wrap Up

Saving money isn’t about completely altering your lifestyle or counting pennies. It’s about making small changes here and there that pay off big in the end.

Got any questions about any of these ways to save money? Drop a comment below!