My top 10 everyday money saving tips and hacks

My top 10 everyday money saving tips and hacks

Is it just me, or does life feel really expensive right now? Expenses add up so quickly without us even realizing it. At the same time, we all know that it's so important to maintain a balanced budget and continue setting aside money in savings whenever we can. To achieve this, I've figured out some ways to save money and reduce spending in my everyday living. In this blog post, I will share my top 10 everyday money saving tips that will put more money back in your wallet and let you live more budget friendly! 


1. Create a budget that keeps you accountable

Accountability is everything! When you have no spending limits that keep you accountable, it is so easy for expenses to spiral out of control. I suggest creating a budget where you break down all the different categories where you typically spend (e.g. food, utilities, insurance premiums, clothing, gifts, etc). For each category, set a limit for how much you can afford to spend, and make sure the total expenses add up to be equal or (ideally) less than your total income. Once you have your budget set, keep track of all your expenses under each category, and don't allow yourself to exceed the limits you've set for yourself. Life is unpredictable, so it's totally ok to exceed your budget in certain categories some months, whereas you might also be underspending in other categories. The bottom line is to always aim for your total expenses to be less than or equal to your total income. You'll be surprised at how this self-imposed accountability goes a long way to help cut your expenses.

Creating a budget can be complicated and time consuming. That's why we've created monthly budgeting templates (Excel, Google Sheets) and annual budgeting templates (Excel, Google Sheets) that make budgeting easy. Have a look!

 

2. Use all the rewards programs

Loyalty programs are a great way to earn a little bit extra when you spend. Most major retailers are part of a rewards programs, so it's easy to take advantage of this almost anywhere you're spending. It can feel like it takes a long time for the points to add up, but the more programs you are a part of, the more frequently you will get rewarded. By the way, cashing out your reward is such an awesome feeling! One word of warning here is to be careful not to let the temptation of getting points convince you to buy more. Purchase the items you would usually buy and maintain the same buying habits, but let the rewards points earn you some passive income.

 

3. Pay by credit card whenever you can, but NEVER accumulate credit card debt

Nearly all credit cards offer some reward when you spend, be it travel points, cash back, or what have you. Just like in my previous tip, this is an amazing way to earn some passive income on your normal spending. I try to pay for everything I can (including bills, insurance payments) with my credit card so that I can earn in the background. The super important warning here is to never ever spend more on your credit card than you can afford to pay off. Credit card debt is one of the most dangerous forms of debt and should be avoided at all cost. Another caveat, just like in my last tip, is to avoid the pitfall of spending more just to earn more points. The goal is to maintain your regular spending habits, but enjoy the rewards that the credit card has to offer as a bonus.

 

4. If you have several credit cards, pick ones that offer points for different spending categories

This is really an extension of the last hack, but I figured it was important enough that it should be its own tip. Most credit cards out there will offer bonus rewards points on certain spending categories (e.g. food, entertainment, gas, and travel are common ones). If you have several credit cards, make sure you choose ones that offer accelerated rewards on different categories. For example, you might have one credit card that gives bonus rewards for food and gas, whereas your other credit card yields extra points for travel and recurring bill payments. When you spend with your credit cards, remember to use the one that will give you the most points for the purchase. 

 

5. Create a meal plan

This one might not be that obvious, but it's surprising how much this can help you save. One big source of spending for a lot of folks is eating out at restaurants, getting takeout, or buying pre-made meals in a pinch. Of course, there's nothing wrong with treating yourself to lunch once in a while or having a date-night at a restaurant every now and then, but buying pre-made or ordered food is very expensive. Cooking your own food is so much cheaper! A great way to cut down on this kind of expense is to create a meal plan for the week. Go through the days of the week, and write down what you will cook for each meal. Once done, creating a grocery list becomes easy, because you know exactly which ingredients you'll need to buy. Better yet, when it comes time to make your meal, you know exactly what you're having, and it eliminates those last-minute take-out orders that end up costing a lot. 

If you're interested in making a meal plan, check out the meal plan template (Excel, Google Sheets) that we sell on our store. 

 

6. Smart grocery shopping: sales, flyers, and generic brands

Taking advantage of sales is an obvious tip when shopping for anything. However, since we are so frequently buying groceries, it's extra important to be a smart shopper when getting groceries. Before you plan your meals (see my last hack), scan the flyers of your local grocery stores to see what's on special, and try to plan your meals around that. When browsing the grocery store aisle, pay special attention to anything that's on sale. If you spot a discounted product that you weren't planning on buying for another week or two, pick it up anyways and store it at home (provided that it's food with a long enough shelf life of course). Finally, opting for generic brand products instead of name brand products can yield big savings on your grocery load. Even though the difference might only be one or two dollars per product, it adds up to a noticeable difference when you check out.

 

7. Weed out and cancel unnecessary subscriptions

Subscription services are the sneaky expenses that eat away at our budget without us even realizing it! There are so many subscription services out there: Netflix, Disney+, Hulu, Spotify, magazines, newspapers, Amazon Prime, and more. If you are subscribed to several of these, the monthly cost can actually add up to a lot. My suggestion is to go through all the services you subscribe to and see which ones you use or enjoy the least. Without thinking too much about it, just cancel it then and there! Chances are you probably won't miss the service very much, and you'll be saving money instead. The worst case scenario is you end up changing your mind, in which case you can just resubscribe at a future date! Who knows, the company might even offer you special discounts if you re-subscribe at that point.

 

8. Cut down on buying coffee

Trust me, it pains me to type this one out because there are few things I love more than coffee. Unfortunately for us coffee lovers, buying several coffees per day is such an easy budget bloater to trim. Especially if you are into specialty lattes, buying a few coffees a day can end up costing you about $10/day- that's about $300/month just on coffee. My suggestion is to try to make your own coffee whenever you can, because it's way cheaper. Cut out at least one of your daily visits to a coffee shop. If you do need to buy coffee out or are grabbing some java as a social interaction, try to opt for a simpler drink (e.g. drip coffee or an Americano) rather than an expensive latte.

 

9. Buy and sell used goods

On the next rainy day, take the time to dig through your belongings and find clothes, kitchenware, baby products, or anything really, that you no longer use. If it's in decent shape, there's a very good chance you can sell it through an online marketplace like Craigslist or Facebook Marketplace. I've sold a lot of stuff, and trust me, you can pretty much sell anything. Selling old stuff is a win-win-win-win: you get rid of old things that just take up space, the item doesn't end up in the landfill, the buyer is able to get this item at a reduced price compared to buying new, and, most importantly, you end up with some spare cash! It's a no-brainer. Similarly, I would suggest trying to purchase items that you need second hand rather than new. Some items that have been kept in good shape are just as good when they're used, but cost a fraction of the price of new. The difference is money you can save or spend elsewhere!

 

10. DIY whenever possible

It's unbelievable how much money can be saved by doing something yourself rather than paying to have it done. This is true at all scales. Of course, if you can DIY a home renovation, that's a massive saving compared to paying a contractor, but not everyone is that handy. There are so many smaller, easier examples that result in big savings when added together: clean your house instead of hiring a maid service, do your own paint jobs, give DIY crafty gifts for birthdays and Christmas, do your own yard work, build simple wood furniture, do your own taxes, or grow your own herbs instead of buying at the store. Those are just a few examples, but if you really look, the opportunity for DIY is endless. 

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