8 Easy Ways to Save Money
In this blog post, I’ll share with you 8 easy ways to save money that you can start right now!
The world of finances can feel very overwhelming, especially if you’re a new graduate or early in your career. But, I want to share with you a few realistic, and easy things you can do to save money that will make a huge difference!
This post is all about realistic and easy ways to save money!
1. Review your subscriptions
Do you subscribe to 4 different streaming services, but only use 2? Do you have a gym membership, but only go once a month? Did you forget to cancel a free trial and and automatically got signed up for the subscription?
Consider doing a “subscription audit” at least every year. Set aside 15 minutes to review your bills and see everything you’re subscribed to. Decide what you actually use and what brings you value…cancel the rest! Small monthly costs can add up to a lot over 12 months.
2. Take Advantage of Cashback Programs
Cashback programs are a great way to earn back money on things you are already purchasing in your day-to-day life. The best one I’ve found so far is Rakuten! It’s so easy to use (the browser plugin automatically lets you know when a store has cashback) and has so many popular stores- Lululemon, Sephora, David’s Tea, Indigo, etc.
Sign up for Rakuten using my referral link, and you’ll get $5 cash back when you make your first purchase of $25!!
3. Take Advantage of Loyalty Programs
Similar to cashback programs, loyalty programs can be a great way to earn rewards on things you already buy. There’s so many loyalty programs out there and I definitely don’t think there’s a need to have all of them. Personally, I stick to categories where I make regular purchases like grocery or gas!
4. Unsubscribe from email lists
I used to feel like I had to subscribe to a bunch of email lists so I never missed a good deal. But, the reality was that I ended up buying way more than I needed. I was constantly getting drawn in by emails about new collections or sales, which led to so many unplanned and unnecessary purchases.
Now, I definitely still love a good deal. So, my strategy is to sign up for email lists for stores I know I will buy from at certain times of the year (ex. for holiday shopping), make my purchase, then unsubscribe once I have what I need. That way, I get best of both worlds – I know about the deals I want, but avoid year-round temptation.
5. Stop Buying Things Because They’re On Sale
As I already mentioned, I love a good deal. Who doesn’t? But we have to avoid buying items just because it’s on sale.
If you’re about to buy something that’s on sale, ask yourself one simple question: would I buy this item if it wasn’t on sale? This will help you decide if it’s something you actually need. If the answer is yes, then great! You’re saving money on something you would’ve already bought. But if the answer is no- then keep in mind, something that’s 30% off is still 70% on!
6. Shop Around for Better Plans
We all have lots of bills we pay for – phone, internet, car insurance. When’s the last time you shopped around at other companies to make sure you’re getting the best deal? If you find a better deal somewhere else, either switch to that provider to save money, or negotiate with your current provider (read the next tip for more details on this).
7. Negotiate Your Fixed Expenses
Negotiating may sound intimidating, but believe me when I say that one phone call could save you hundreds of dollars each year. Phone providers, internet services, insurance providers, etc. want your business! So, if you find a better deal elsewhere, there’s a very good chance your current provider would rather discount your current rate and keep you, rather than lose you as a customer.
Recently, I saw that a different internet provider that was offering the same package I had for less. I called up my internet provider, and said I wanted to cancel because I found a better deal elsewhere. Sure enough, they offered to match it! For them, it was better to reduce my internet by $20/month (saving me $240 per year!!!) than lose me entirely as a customer.
8. Automate Your Savings
Automating your savings is a strategy that will basically guarantee that you’ll reach your savings goal! It’s super easy to set up. Decide how much you want to save (whether it’s 10%, 20%, 30% of your income) and set up an automatic transfer for that amount to go from your chequing account to your savings account every week. The money into your savings account will be out of sight, out of mind and you won’t be tempted to spend it!
This post was all about easy ways to save money!
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