If you need to save money fast, here are some ways you can spend less immediately.
1. Buy Generic – You can easily save up to $50 per month on groceries by buying the generic brand. In most cases, the generic brand has the same ingredients and tastes the same.
2. Eat-in, drink-in – Eating out is very expensive. A weekend of eating out is much more expensive than a week of groceries. In addition, bottled water is a waste of money. Buy a Brita water filter and drink from your water supply.
3. Buy Used – Facebook Marketplace is one of my favorite places to buy used stuff. I also enjoy going to thrift shops and flea markets on the weekend.
4. Calculate your Worth – I often convert goods and services into hours to determine if they are worth it. I would think “Would I work 8 hours for this?” Most of the time the answer is no.
5. Don’t get Fooled by Sales – You spend less when there is no sale. Sales psychologically make you spend more so try to avoid shopping when there is a sale.
6. Don’t Shop Hungry – This is similar to sales. When you are hungry, you are more likely to spend money on groceries that may eventually expire and end up in the trash.
7. Free Entertainment – Going to the park, walking around, or going to the library for free events are just some of the ways to have fun for free.
8. Set Rules – Use the 24 hour rule to think about it before you make a purchase. Pick a day of the week and make it your no spending day.
9. Take Public Transportation – If you live in Philadelphia, New York, Washington D.C., or a similar metropolitan area, take the subway. A regional railway or bus route can save you thousands on car insurance, car maintenance, and car payments.
10. Use Cash – The fact that credit cards offer convenience, points, and rewards will make you spend more money than ever. You can only carry so much cash. If you run out of cash at a convenience store, you are less likely to run to the ATM so you can buy that chocolate bar. Using cash helps you save.
I find that #4 is the most helpful in saving me money. Leave a comment below to share what works best for you.
