fbpx
U

6 Simple Ways to Save Even More Money Instantly

June 13, 2017

6 Simple Ways to Save Even More Money Instantly

Saving money can be challenging these days.  There are so many expenses within daily life that by themselves seem insignificant.  However, they can add up quickly, consuming a significant amount your income.  When looking at all of your regular expenses together at once, the thought of reducing them and saving money can seem daunting. From cars and homes to food and entertainment the list of expenses seems endless.

Similarly, trimming costs and being strategic about how to meet financial needs can also add up to meaningful savings.  Addressing a handful of these expenses one by one, here are suggestions to help you save more money now.

1. Understand Wants vs. Needs

This is the most obvious first step to eliminate the expenses that are not necessities.  We’re not suggesting you become a hermit living in a van down by the river.  We are, however, suggesting you evaluate what might be a frivolous expense that you can easily live without. Think one of our favorite financial principals: forced scarcity!

2. Explore Home Entertainment

Never underestimate the power of entertaining yourself, friends, and family at home instead of going out.  You can still enjoy a film, nice dinner, perhaps cocktails and music… but at a fraction of the price.  You will be surprised how refreshing hosting a game night in your home can be.

3. Reinvent Lunch

Buying lunch at work can seem like a small expense but this expense can really add up if you’re not careful.  It is not uncommon for a moderately-priced lunch to be $10. That’s $50 per week and $200 a month, which could be a car payment.  An easy way to stretch your food dollar even further is to make a little extra dinner and take the leftovers to work for lunch.  Find a nice place to relax, people watch, and relish in your savings.

4. Consider Carpooling/Public Transportation

The cost of gasoline adds up quickly if you drive to work by yourself each day.  Consider participating in a carpool/ride-sharing program, cycling, or taking public transportation to work if you can.  Ride sharing can cut your gas expense way down and public transportation like buses or trains is not only cheaper than gas, it provides you time to read or even catch a few winks.

5. Discover Local Travel and Staycations

As summer draws near, an upcoming vacation may not be far off.  When reviewing your choices, exercise a little restraint and consider a “staycation” in lieu of a costly vacation away.   Staying in your home and hometown eliminates the hotel and travel costs.

Even if you elect to get accommodations near where you live, there are often discounts for locals and you still save on airfare.  Being a tourist in your own city/town can be a lot of fun and with little to no travel time or travel stress, your vacation lasts even longer -a benefit that is well worth more than money spent.

6. Reorganize Grocery Shopping

Let’s talk about food.  If you pay attention to our choices in the grocery store and prioritize price over luxury, your daily expense on food can drop.  Additionally, consider buying some items in bulk, looking for “two-for-one” specials, using coupons, and storing/freezing the extra items you bring home.  And, don’t forget the earlier suggestion for workday lunches!

The sum of numerous and seemingly small choices throughout our regular daily life can have a big impact on your life, freeing up money.  Track your regular spending across the categories mentioned above for two weeks.  Then incorporate the suggestions for another two weeks.  You might be surprised by how much money you saved, which can then be put aside for safe keeping or used to treat yourself.  Happy Saving!

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...