Contrary to popular belief, the biggest money savings actually come from the smallest expenses. In other words, the way you really save money is by being more intentional about the everyday items that you purchase day after day and week after week.
If you’re seeking ways to save hundreds of dollars every single month, look no further than the following tips and tricks:
1. Make Coffee at Home
We all need some steaming hot coffee to get going in the morning – right? But if you’re buying your morning coffee at Starbucks, you’re probably spending a fortune on this liquid caffeine. By switching up your approach and making coffee from home, you can save a considerable amount every single week.
“You can save $1.71 per cup by brewing a 12 oz. bag at home,” writes Douglas A. Boneparth, CFP. “This assumes you would be buying a $3 cup of coffee in the store. Multiply this by the number of cups you drink per week, month, and year and you can have an idea of what you can save.”
If you’re drinking two cups of coffee per day – that’s 60 cups per month. Bam! You’re now saving $100 per month.
2. Switch Insurance Providers
This is a classic trick that can reap some pretty significant savings. It’s especially helpful when you’ve recently gone through a major life event – like buying a new car or adding someone else to your policy. By shopping around and comparing rates every now and then, you might be able to save a few hundred dollars per year.
3. Start Wet Shaving
Okay, are you ready for a pretty wild statistic?
You can shave for 20 years for less than $350. Yep, you read that right. With the method we’re about to show you, it’s possible to shave for less than $18 per year.
The secret is to ditch the expensive disposable razors you see lining the aisles of your favorite supermarket and to learn how to wet shave with a classic safety razor. Your initial wet shaving kit will cost you roughly $30. A 20-year supply of blades will cost between $55-$105. And finally, your shaving soap will run you approximately $10 per year (or $200 over 20 years).
Considering that you can easily spend $100 or more on traditional razors and blade refills every year, this is an incredible deal!
4. Buy in Bulk
People often don’t like to buy in bulk because it costs more upfront. But remember, we’re trying to save money over the long haul. By purchasing everyday items in bulk, you can lower your lifetime cost dramatically.
Items that you should consider purchasing in bulk: toilet paper, paper towels, coffee, cereal, water bottles, laundry detergent, cleaning supplies, and other products you use frequently.
5. Buy Off-Brand
It’s time to get over the theory that branded products are better. In some cases they are, but they’re often just more expensive versions of a generic product.
By purchasing off-brand items – also known as private label products or store brands – you can sometimes get a product for 50-60 cents on the dollar.
6. Switch Banks
You should never pay to bank somewhere. If you’re paying a monthly fee to give a bank the right to lend your money out to their clients, you’re getting fleeced. It doesn’t matter how they label the fee or how small of an amount it is. Shop around and switch to a bank that offers free banking. (Many online banks even offer interest rates that are 10-20-times the standard rate.)
7. Meal Plan With Flyers
It makes no sense to plan out your meals and then go to the store and search for deals that match your weekly meal plan. Instead, you should wait until the weekly flyer comes out and plan your meals based on the coupons and deals that the store is pushing for that week. This method will easily save you $100 to $200 per month.
8. Purge Your Unused Memberships and Subscriptions
We live in a subscription economy where you can sign up for monthly access to anything you want. From premium video streaming services to magazines to monthly food deliveries, it’s all there for the taking. The problem is that you often forget you’re paying for these products and services.
Every few months, go through your credit card statement and search for recurring payments. Now consider whether or not you’re actually using all of these services. If the answer is no, call and cancel. You’ll save money this month, next month, and indefinitely!
Ready, Set, Save
Don’t make saving money harder than it has to be. Slashing $5 here and $10 there is how you accumulate significant savings over a period of many months. Be disciplined, diligent, and savvy. Your hard work will pay off.
