One of your goals this year might be to take control of your finances by spending less, paying off your debt, and saving more money. If saving is indeed one of your goals this year, then follow these saving money tips.
Find out now:
- How to Save Money Fast On A Low Income
- How to Boost Your Savings With These 8 Saving Tips
- How to Save Money on a Tight Budget
- How to Grow Your Savings Faster
- 5 Best Money Saving Tips I Wish I Knew In My 20s
Saving Money Tips: 10 Best Ways to Save Money
1. Track your spending.
The first step to saving your money is to figure out how much money you’re spending on a daily or monthly basis. This is one of the most important saving money tips. Indeed, it’s hard to know if you’re spending less or more if you don’t know where your money is going.
So, track all of your day to day expenses such as the $3 caffe latte you buy every morning, or every newspaper you buy on your way to work.
2. Set a savings goal.
Once you have an idea where you spend your money, set a savings goal. Your savings goal can be short term or long term. A short term goal is something you want to achieve within the next couple of years.
For example, the goal might be to pay off credit cards, go on vacation, or by a car. Whereas a long term goal is something that you want to achieve in around 5 years or more. This could be buying a home or saving for retirement.
Whatever savings goal you may have, make sure it is as realistic as possible.
3. Choose a savings account for your savings.
On of the best saving money tips is to put your money into a savings account where it will grow faster. High yield online savings accounts are a better choice because you can earn better interest on your savings.
4. Make saving automatic.
Saving money is easier said than done. That’s why it’s important to make saving automatic by having a portion of your paycheck be directly deposited into your savings account.
5. Save money by making extra cash.
You might not have thought about it, but making extra cash is among the best saving money tips out there. That extra cash can go towards your savings account. You can earn an extra $500+ per month taking surveys. These extra cash can help paying off debts, and therefore save you money on the long run.
- InboxDollars pays you in cash to watch fun videos and take surveys. They’ll also give you a $5 bonus for free just to give it a try. By spending just 5 to 10 minutes on your free time, you can earn $50 to $70 a month with InboxDollars.
- Swagbucks. Just as Inbox Dollars, Swagbucks pay you to watch videos, shop online, take polls etc..
- Ebates (Earn up to $40 cash back)
- PineCone Research (Earn minimum $3 per survey)
- InboxDollars ($5 sign up bonus – has paid its members so far $40 million. Watch videos, take surveys, shop and more.
- Global Test Market (Earn $10/hour – Best International Paid Survey Sites)
- YouGov (There is a registration bonus of $2 and you can easily earn $8 – $10 per hour.
- MySurvey ($2 Sign up bonus +You make $5 per survey.)
- MySoapBox. You can easily make $15/hour taking surveys. They even have a sign up bonus of $2.
For a complete list of surveys sites that pay cash, see 15+Paid Survey Sites That Will Make You $500/Month.
Also, starting a blog can make you extra cash. I created a step-by-step guide that will help you start a blog of your own for cheap, starting at only $3.95 per month (this low price is only through my link) for blog hosting. In addition to this low price, you will receive a free blog domain (a $15 value through my Bluehost link if you purchase at least 12 months of blog hosting.
Once you’ve determined what your goals are and have chosen your savings account, it’s a good idea to tell your friends and family members about your savings goal, so they can hold you accountable.
7. Cut back on expenses.
One of the best ways to save money and achieve your short term savings goal is to cut back on your expenses, especially on the unnecessary items like Cable TV, memberships, magazine subscriptions, etc.
8. Save money by driving Uber and Lyft in your free time.
If you need to save more money, why not drive for lyft or Uber. You won’t get rich doing this, but you will certainly make money to cover some of your expenses. You can easily make a few hundred or a few thousand dollars extra per month.
9. Set up an emergency fund.
Whatever your goals may be, it’s a good idea to put some money aside for emergencies. Keep this emergency fund separate from your savings. Try to save enough money to cover at least 3 to 6 months of your expenses. See this article for tips on how to create an emergency fund.
Looking for a great savings account for your emergency fund? See this savings tool for top rates on savings accounts.
10. Save money by selling your expertise with JustAnswer.
We all have something that we are good at. Why not get paid for it? Sites like JustAnswer will actually pay you for the knowledge, experience that you already have by answering questions, offering advice or writing educational content.
If you’re interested in starting a blog that makes money fast, I created a step-by-step guide that will help you start a blog of your own for cheap, starting at only $3.95 per month (this low price is only through my link) for blog hosting. In addition to this low price, you will receive a free blog domain (a $15 value through my Bluehost link if you purchase at least 12 months of blog hosting.
Work with the Right Financial Advisor
You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.