How much money would you save each month if you cut your expenses by just 10%?

I'm sure everyone is always happy to save a little bit of money, but when it comes to saving for retirement, most people are looking at the big picture and trying to figure out how they can save as much as possible.

The best way to do that is to start small and simple. Little savings here and there can build to much larger amounts over time.

1. Shop with a List

Before heading out to the grocery store, make a list of everything you need and only buy what is on the list. This will help you stick to your budget and not go overboard when it comes time to pay. Shopping with a list can also help you avoid impulse purchases. When you're in the store, pull up your shopping list and compare it to items you see around you. If something doesn't look like an item on the list, pass it up.

2. Buy Store Brands

Many times we find ourselves buying generic brands because they are cheaper than name brand products. However, this can end up costing us more in the long run. Name brand products often cost less and last longer so it’s best to stick with them.

3. Stock Up When You Can

If you know there is going to be an event coming up where you will be eating out frequently, stock up on items like pasta sauce or cereal before hand. Then you won’t have to worry about running out during those events. This saves you money in the long run since you don't have to spend extra money on food while you are out. It's also better to eat healthy foods instead of junk food.

4. Don’t Overbuy Produce

It may seem tempting to purchase as much produce as possible but don’t do it. If you aren’t going to use it all within a few days then it isn’t worth purchasing. Instead, try freezing it first. Frozen fruits and vegetables can last months in your freezer and are great for making smoothies.

5. Use Coupons

Coupons are one of the easiest ways to save money while shopping. They work well for both large and small purchases. Find coupons for specific stores online or in local papers. Coupons can also be found at the cash register when you check out.

6. Check Your Receipts

This seems simple enough but many people forget to check their receipts after every transaction. Look through your receipt carefully for any mistakes or errors. If you notice something wrong, contact the company immediately and ask for a refund.

7. Make A Budget

This might sound silly but having a budget can really help you stay on top of spending. Write down exactly how much money you want to spend and keep track of it throughout the month. Budgeting is a great way to ensure that you don't exceed your limit and get into debt. I personally do all of my budgeting on Google Sheets so I can always access the sheet.

8. Shop Around

Shopping around for prices can help you save money. Many times you will find better deals online than in the store. Also, if you see a lower price on a product elsewhere, compare it to other stores to see if it is a good deal.

9. Freeze Leftovers

Leftover food goes bad quickly so freeze it instead. Not only does it preserve the food but it also helps you avoid waste. Frozen foods can last for several months in your freezer so don't throw anything away.

10. Eat Out Less Often

Eating out costs a lot of money especially if you eat out multiple times per day. Try to eat at home more often so you don’t feel the need to eat out as much.

11. Cook More Meal Prep

Cooking meals from scratch is usually healthier and cheaper than eating out. In addition to not only eating in, try cooking in bulk. This way you can save time overall and you will likely save money by preplanning what you are going to be eating.

12. Drink Water

Drinking water is essential for staying hydrated and keeping yourself healthy. Unfortunately, most people drink soda pop or energy drinks rather than plain old H20. Try drinking filtered tap water instead. This won't just save you money but can also positively impact your health.

13. Take Advantage Of Sales

Sales happen everywhere including the grocery store. Some sales are time limited while others are not. To take advantage of these sales, look for coupon codes that match the sale. For example, when a store has a buy one get one free sale, look for coupon codes such as “BOGO” or “Buy One Get One Free”. These codes allow you to make a purchase with two different coupons.

14. Buy Generic Drugs

Generic drugs are almost always less expensive than brand name medications. You should also be able to find generic alternatives for prescription drugs. When checking the ingredients of generic drugs against the top brand names, you will often find that the ingredients and actual medication is the same.

15. Buy In Bulk

Buying products in bulk can save you a significant amount of money. Stock up on items like toilet paper and dish soap to ensure you never run out. Buying in bulk also allows you to use fewer individual packages which means you will end up saving even more money.

16. Look For Free Events

Many stores offer free events where they give away samples or special discounts. Check flyers posted around your neighbourhood or visit websites like Groupon to find out about upcoming events near you. Free events may be perfect for dates or days out with friends.

17. Transfer Credit Card Debt

If you have credit card debt, transfer it to a 0% APR balance transfer card. The interest rate is generally lower than regular purchases and balances are paid off faster. This will reduce the interest you pay over time.

18. Price Comparison Sites

These sites show you all the prices of various retailers. They can help you avoid overpaying by comparing prices across many different stores. There are also price comparison apps available for many different products. Using comparison sites for insurances is especially useful.

19. Avoid Unnecessary Extras

You may think you need every item in a box but you probably don’t. If an item isn’t necessary, skip it. You’ll end up saving money without sacrificing quality. This can be hard to break a habit however there is one trick I like to use. Whenever you think you want something, wait a day. Then the next day see if you still want it. If you do, then get it. But more likely than not you will no longer see the need for the product if it was an impulse purchase.

20. Loyalty and Reward Cards

You can use loyalty cards and reward cards to earn points and cash back. Many stores offer these types of programs. Check if any stores you shop at offer any loyalty cards because if they do then you might as well be racking up points for shopping you'd be doing anyway.

21. Change Banks to Get Rewards

Some banks offer rewards programs. Switching banks could earn you more rewards. It's worth looking into. Rewards programs vary so check with each bank to see which ones they offer. Some may even let you choose between multiple banks.

22. Cancel Any Unused Subscriptions

Cancelling subscriptions before their term expires can save you both money and hassle. You can cancel them online through the website or call customer service. In some cases when you go to cancel the service may offer you a special offer to entice you to stay. This could provide you with some additional savings alone. One easy way to quickly find any payments you may not be too aware of is to search through your direct debit payments.

Summary

Money doesn’t grow on trees. Learn how to cut costs and save money today! Saving money can take practice but little adjustments can provide big differences over the long term. If you enjoyed this blog post please share it with friends and family using social media buttons below. Thanks again for reading!

FAQ

What to tackle before you start saving?

Cutting back on unnecessary spending can help boost your bank balance, build up a savings pot and give you more financial freedom.

Before you can start seriously saving though, it makes sense that you prioritise paying off any expensive, high-interest debt. Things like credit card and store card debt, or payday loans for example.

Source: (gocompare.com)

How to save money

Since the pandemic, our spending habits have changed – maybe forever – with more people understanding the value of having savings. Whether you’re saving for something special or in case of emergency, it’s a good idea to have some savings stashed away. Regardless of how much you can afford to set aside each month, there are saving hacks available and accessible to everyone.

Source: (raisin.co.uk)