Everyone goes through some financial difficulties at some point in time. We tend to lose track of our finances when we fail to plan and manage our budget properly. While working as a waitress, I committed to saving $10,000 in a year in which I did in half a year. Not many of us have been taught How to Save Money well I am happy to tell you how.

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How to save money?

While I may not be a financial adviser, I am an excellent saver because of:

5 Crucial Money Habits

1. I am committed
2. I always plan my budget
3. I avoid extra expenses as much as possible
4. I pay all bills first then what’s left is my spending money. Baring in mind, I treat my savings as an expense.
5. I make sacrifices

Strategies to save money and then some

Open a savings account and set a goal

• Make sure it’s a fixed deposit account, this way your money will be posted for a stated period while gaining interest. This will motivate and force you to save money without touching it. I signed up with Acorn and I am now saving money from every dollar I spend. What acorn does is take the spare change from your purchases. Not just that, but every dollar that you save goes towards investments so you can earn as well. If you sign up here you will be able to earn an extra 5 dollars. 

Cut your landline

• Cell phones are way more convenient than land-lines and serve the same purposes as a landline. Landlines are entirely unnecessary if you’re not running a business. However, cell phones can be expensive; there are many mobile networks out there that offer cheaper services than well-known wireless services. Republic Wireless offers the most affordable cell phone package starting from $15 a month.  

Avoid Cable

• Cable-TV can be so expensive, if you’re not prepared to get rid of cable, you can opt for a streaming app that is a cheaper package. Try:

1. Netflix                $7.99                        
2. Sling-TV            $7.99
3. Hulu                    $7.99                          
4. HBO Now          $15.00
5. Amazon Prime  $12.99
6. Roku                   $29.99-$49.99 for the device (they have Free movies)

DIY (Do-it-Yourself)

• I am a huge fan of using hands to make fashion, not literally but some things aren’t rocket science. You don’t need a plumber to unclog your drain.  Visit The Home Depot or watch You-Tube.

Avoid Impulsive buying 

• Shopping is retail therapy for most. But unlike some who can control their urge to shop, some are driven by impulsive to just shop without any desire to stop. Find help on How to stop Compulsive Buying. 

Cook more eat out less

• For many of us, Food is a hobby. Finding the newest spots that serve up delicious foods. I love trying new foods and new restaurants. Eating out less is a major break in cutting debt and saving, eating out is costly and unhealthy most of the time. By cutting back you are doing yourself a favor.

Meal Planning 

• Plan your meal, try having a notebook to write down the meals you plan to prepare. This idea will help you to avoid buying additional food that will more likely be tossed in the garbage. Here is a meal planning guide that I have been using. Dail/Weekly Meal Planner.

Shop at Wholesales and cheaper stores

• Some Supermarkets are way too expensive. Try to shop at the cheapest store to get great bargains. My favorite grocery store to shop on a budget is Aldi, Trader Joe’s, Fareway, Costco, Bj’s and the Farmer’s Market.

Use cashback and coupon apps 

• Ibotta is a cashback and saving coupon company that pays you cashback money whenever you shop at participating stores, such as CVS, RITE AID, Walmart, Target, Shop n Save, and lots more. 100% of your Ibotta earnings can be transferred to Paypal or Venmo. You can also convert your earnings into a Gift card. I personally use Ibotta, and I think it’s a great way to save extra money. In my first week, I save $20. That $20 went towards my bills. As Jamaicans would say “Every Mickle Make A Muckle”. 
• Get $10 just joining here Ibotta and each week you would get an extra $5 until you earned a full $20 for using the app. Start earning cash from your grocery purchases.
  

  Couponing

  • Using coupons at grocery stores can help you to save more. As per one recent survey, around 63% of Americans prefer to use coupons for shopping to get great discounts and offers. Coupons are for everyone, you just need to pay attention to them. Here are a few tips and tricks that may help you to save more with couponing. Couponing 101: Tips That Will Save You Thousands

Buy thrifty!

• I have personally found some great items at the thrift stores such as clothing, shoes, bags all brand new, brand name items from $5-$10. No shame in my game. I’m Thrifty!

Buy in bulk

• Shop at Bj’s Costco, Sam’s Club, Price-mart, etc. Aim for essential items you will need. Bulk buying will enable you to save way more as items will last longer, therefore minimizing your grocery list.

Control your Utilities

• During winter the gas bill goes up, electricity goes down. Unless the gas is electric. While living on my own, I did not understand the thermostat, and boy! Did I learn the hard way? A friend of mine told me to put the thermostat at a comfortable temperature and ever since then my bill was cut in half. (Jamaican here, I have no clue about these things) Also, during the summer use fans instead of the A/C. Here are some energy-saving tips.

Keep the change

• Collecting loose change adds up. I make bank from my little saving jar. I now have over $100 in change from my saving jar. 

Use public transport or carpooling

• I hated not having a car but not having one made my pocket smiled even more. The insurance, gas, loan, upkeep all went in my pocket. Instead, I had a weekly bus pass. However, I use Uber or Lyft when traveling to certain areas because it’s cheaper and more convenient. But avoid ubering unless it is necessary.

Avoid extra fees

• Try exercising at home or the park rather than joining the gym. When comes to your credit card try to pay a much as you can on time to avoid late fees and higher interest.

Take advantage of discounts

• Strive to get a discount as much as possible. My favorite stores to shop for great savings are Ross Dress for Less, Red White, and Blue, Big Lots, and Walmart. Check for recurrent store sales and use holiday sales such as Black Friday, Labour Day, or 4th of July sales.  

STOP SMOKING & DRINKING

• Smoking is one of the leading causes of death in America and around the world. Not only does abuse of alcohol and smoking kills you slowly; it is expensive. Going to the bar every day or week is costly. How much is a bottle of beer on average $5-8? Not to mention tips. How much is the cost of cigarettes? 10 to 14 dollars depending on the state and brand cigarettes. You do the math you will see at the alarming cost that these unsubstantial items cost you.

Don’t move out just yet

• I would suggest you rather not move out of your family home unless you need to. If I didn’t move from Jamaica I wouldn’t have left my parent’s house until I was moving into my own home. Other options are, renting a cheaper apartment, or getting a roommate. If you own a home, try thinking about renting a spare room or Airbnb.

I guarantee you by implementing these tips you will save a lot more money. I was able to do this on a waitress’s salary. Hence, if I can do this, you can too.

Let us know some of your great saving tips 🙂