Save money fast with these great tips to help you. We all must think about saving money for the future, emergencies or for that dream purchase and there are many ways to do it faster.
But not all of them are easy but worth the pain in the end.
At some point in our lives, we realise we need to save money, we aim to help you learn how to save money every month and improve your overall personal finances.
Save Money Fast
Here is some tip to save money fast and help you on the way to financial freedom.
Think Before Buying ANYTHING
This is my top tip and follow it when considering any purchase in our lives. Think before you buy ANYTHING! It might sound strange and too simple to work but it does.
The best and worst thing about shopping is that there are so many things to buy!
Buying things impulsively straightaway gives you a buzz and instant gratification but do you really need it? Is it so easy to just buy things as it makes you excited to own it.
My suggestion is to set yourself a minimum wait rule of 24hrs or even set it as high as two weeks before purchasing anything. Give yourself time to think, do you really need it? Is it really worth putting finances under pressure or stopping that money from going towards financial freedom and achieving your dreams?
This stops you from buying items you really don’t need or buying items that won’t be suitable for your needs or fit within your budget. It is really such a simple tip that will help you save money fast.
Do you really need it? You are likely to decide against it in the end.
With technology and the internet, it is now so easy to do price comparisons on anything! From utility prices, credit cards, insurance and even small household items. This can save you a fortune over time as well as give you time to think before purchasing.
Check the same item isn’t cheaper elsewhere and know that you are getting the best possible price or deal.
Offering the ability to compare prices offline and online too, can help you make the best decision.
Bank Accounts & Credit Card
Banks accounts can be free, think about moving bank accounts if you are paying a monthly fee. This is another comparison time. Other banks may offer the same benefit with no monthly fees.
Changing bank accounts can offer signup bonuses in the form of financial gain, and better interest rates for new customers. Work out which will help you the most to save money fast.
Credit cards can be good and bad and choosing the right one for your needs is so important. If you pay off your balance every month look for a card that offers cashback, Airmiles to name but a few.
If you are looking to transfer a credit card balance look for interest free deals for the longest term. Interest-free credit cards save you an absolute fortune in added interest and this money can allow you to reduce the overall debt on the credit card.
What Credit Card Is Best For Me? Here you will find a checklist of each type of credit card.
Subscriptions or Memberships
You might be shocked how many subscriptions or memberships you may have forgotten about and go out of your bank account.
Remember to scroll through bank statement to see what regular monthly payments go out, quarterly payments and don’t forget the annual payments. Check Paypal automatic authorised payments because this allows them to automatically take money that you might not require anymore.
List the ones you use and don’t use, which one’s give most value and worth keeping, and which one are surplus to requirement.
The most obvious one that many people have and don’t use but makes them feel better is a gym membership. United States 45 million adults (14% population) and UK 4.5 million adults ( 7 % population) have a gym membership. A survey of British showed that a staggering £4 billion every year goes into unused gym memberships. What a way to save money fast if you have a gym membership you are not using?
Look for free outdoor gyms, go for a run with a friend or look for better offers.
Don’t leave unneeded and unused products in the cupboard when you don’t need them to turn them into cold hard cash.
You will be amazed how many clothes you have sitting on the shelf that you may have never worn at all. If you are not going to use them or wearing them,sell them, You can use Ebay, Amazon, Facebook marketplace, Gumtree, Craigslist to name a few online places to sell you unwanted stuff. It can add quite a bit of cash to your savings.
Remember always think before you buy and try stopping those buying impulses before they happen.
Get Cashback or Points for Spending
No this not a joke but a tip many forget or miss when trying to save money fast. I am going to say those scary words “credit cards” which most people think about debt rather than freebies.
If you can be strong enough not to spend more than you have you can use credit cards to pay for everything but you must clear the full amount every month. Cashback cards pay back a percentage of what you spend on the card at supermarkets, shops and online shopping or exchange them in points or Airmiles.
Using a credit card for all your spending you could get a free holiday every year now think about that for a way to save money fast.
Entertainment and Free Time
Just because you are trying to save and be frugal doesn’t mean you have to be boring and sit at home alone. If you are working hard you need nice things to look forward to.
Don’t go out for a meal cook for a group of friends and have an evening in. Ask friends to bring the drinks and have a laugh for a fraction of the cost.
Cinemas can be expensive think about popping your our popcorn and watching a film snuggled up together on the sofa.
Look for free days out. Many museums are free and can be really interesting or choose somewhere new to go for a walk. Maybe find a free down out and take a picnic with friends.
Take up a new hobby, hobbies don’t have to be expensive and can make time fly by.
You can still have fun while you save money fast.
Food and Groceries
There are many ways to potentially save money fast on your weekly food shop but some take a little trial and error.
Try Own Brands – Supermarkets offer their own brand varieties usually much cheaper than brands. Why not try them and see what you think? Generally, they will taste very similar but at a fraction of the price. Most of the time even produced in the same factory but a slightly different recipe.
Offers – Buy one get one free offer BOGOF. These can be great if they are things you use regularly and you can afford to stockpile.
Special offers – See what is on offer this week and work a menu around those products. The other week butternut squashes were on offer for 75p (I’m British) so we had butternut squash curry for a few days ( a few for the freezer) and stuffed butternut squash because it was crazy not to.
Bulk Buying – If you are on a tight budget this might not be an option but it can help you save money fast. One you need space to store the items and the spare cash available for the purchase.
Coupons and Discount Vouchers – Always lookout for coupons to give you a little extra discount at the checkout. Couponing can be a great way to save money fast.
Batch Cooking – This is my favourite. Buy items on offer and cook huge pots and freeze portions
Grow your own – This can offer huge savings and a great hobby. It can be so rewarding growing your own fruit and veg as well as offering huge savings on grocery bills.
Meal Planning – Know what you eating for every meal. This can work well with batch cooking because you can make a little extra and freeze for another day.
Write a shopping list before you go shopping don’t rely on your memory. It might sound old fashioned and a silly idea but you will be surprised how much you buy that you really dont need.
This offers two benefits:
- Menu Plan and stick firmly to your list. Know what you need because it is clearly written down. This can help curb impulse buys.
- Don’t forget important items that might cause you to pop into the shop mid-week and spend even more money.
Tip: Never go shopping on an empty stomach because you will buy things you don’t really need because your stomach tells you to.
Reduce Utility Costs
Do lots of comparisons and make sure you have the best deal for you but also decide if you really need things like cable TV or mobile phone contracts?
Life changes and your needs change so keep assessing if you really need it.
How much do you watch TV and how many channels do you need? This can be a cost that can be easily be reduced with online services like Netflix and can help you save money fast.
If you have a phone contract most of the money you are paying each month will be for the telephone. Once the contract is up generally the phone become yours (check contract) do not upgrade if you don’t need to as you will be locked in once again. Once the contract has finished look at other options available to you for the phone service and internet.
Personally we buy our phones sim free and then choose the best provider for our requirements. We prefer some sort of pay as you go service so we can move easily. We are also not high users so this may vary depending on how you use your phone.
Being Frugal Can be Fun
If you implement some of these save money fast tips you could help save money faster and transform your personal finances. How frugal are you?
But what you will find is it becomes more and more fun and a challenge to save more and more money. Enjoy the challenge and remember you are doing this for a bigger reason, save money, stop living paycheck to paycheck, Retire Early (FIRE Checklist) and make your dreams come true and frugality to financial freedom.