What are the top money saving strategies you need to implement?
Keep reading for the list of the top 5 recommendations! Here, you’ll find a list of top recommendations for money saving strategies.
This post is all about money saving strategies.
5 Money Saving Strategies
1. Meal Plan and Prep
The first of many money saving strategies is to meal plan and prep. Food is a category where it’s easy to overspend on. That’s why one of the best strategies in saving money is to figure out your meals for the week.
“I don’t want to eat the same thing everyday!”
You don’t have to! Meal prepping doesn’t have to be boring! You can make 2 different dishes and alternate throughout the week so that you’re not eating the same thing consecutively.
You’re also allowed to eat out, but there are ways to be intentional about it.
Set aside 1 weekday per week and allow yourself to eat out.
This day could be a particularly busy day – we all have those days where a million work projects need to be completed and not enough time during the day. Choose this day to eat out, so you don’t have to worry about cooking and cleaning up. That way, you mitigate overspending, while still being able to maintain the lifestyle you want without making too many sacrifices.
2. Unsubscribe from retail e-mails
The second money saving strategy is to unsubscribe from retail e-mails.
“But there’s a sale!”
You don’t need to buy something every time there’s a sale. In fact, if you hadn’t already intended to make a purchase and you end up buying something, you ultimately spent money you had no intention of spending, even if it was “on sale”.
Remember, we want to mitigate overspending. That’s why the recommendation is to unsubscribe from the retail e-mails to remove the temptation entirely.
3. Pay for bills in full
The third money saving strategy is to pay for bills in full. Oftentimes, there can be an incentive to pay bills in full including lower or less fees and/or a discount.
The reason companies do this is because collecting a bill in full means less fees on their end and lowers the risk of the customer not fulfilling each payment. Therefore, by making it more affordable to pay for things in full, they get the cash upfront and eliminates risk of no payment.
For you, that could, in turn, mean a slight discount.
For example, my car insurance is ~$10 cheaper every month if I pay in full. That ends up being almost $120 in savings every year! Something not to overlook!
4. Automate transfers/pay yourself first
The fourth money saving strategy is to set up automatic transfers and to pay yourself first! This really works!
“How much could a $100 contribution really amount to?”
After working for a few years and thinking “how much could a $100 contribution really amount to?”, to my surprise, I logged into one of my accounts after 6 months to find a nice nest egg.
That’s why you’ll hear people suggesting you do automatic transfers so you pay yourself first. When you automate things, it lowers the activation energy and barrier to completing the task.
5. Minimize impulsive shopping
Lastly, the fifth money saving strategy is to minimize impulsive shopping. I know, easier said than done. One suggestion I have is to go into it with a list before walking into the store.
Have a list before walking into the store.
That way you stay focused once you’re inside the store, and you won’t deviate since you can always revert back to your list of items to pick up. Stores are designed and laid out to encourage people to purchase more. That’s why it’s important to stay focused on the goal.
