7 Mini Money Saving Hacks (that don’t include skipping coffee)
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Looking for practical, realistic tips to save money in your everyday life? What if I said that you could save money…and still enjoy the things you like?
There’s a lot of advice and hacks on how to save money fast, and there are plenty of opinions on the best approach. Some advice leans on the side of self-deprivation. And while this might work for some – it doesn’t work for everyone.
I, on the other hand, believe in a more balanced approach and feel this is more sustainable. So while it’s only normal to make some sacrifices to achieve the bigger picture…saving money doesn’t have to involve giving up the occasional indulgence.
Here are several mini money hacks to help you save a lot of money fast…that don’t include skipping coffee.
1. Create a 30-day buying list
Miscellaneous spending can kill a budget, so it might seem logical to not buy anything extra.
However, saying you’re not going to spend outside of your needs isn’t always realistic. And truthfully, the problem isn’t so much the buying of miscellaneous stuff – but rather overspending on these things.
Cutting back on non-essentials is only smart. And yes, this can save a lot of money. The issue, though, is that denying yourself too much often leads to frugal fatigue. And when you get to this point, you might give up on your savings goals. So again, balance is important.
So instead of saying, “I’m not going to buy anything extra,” a more realistic approach is to PLAN for miscellaneous purchases at the beginning of every month.
Start by taking a look at your budget, and then decide how much to spend on extras (self-care, household items, clothes, and so forth).
And then based on what you’ve allocated to spend that month, create a 30-day buying list. Write down the things (outside of your needs) you’ll allow yourself to spend money on, and then assign a dollar amount to each item.
For the next 30 days or month, only buy these items, and only if they don’t exceed the assigned dollar amount.
2. Know how store rewards work
Store reward programs are great for saving money and they’re usually free to join. Besides, if you’re shopping it only makes sense to get something back.
But a rewards program is only good when you understand how it works and you actually use it. That’s how you get the most bang for your buck. So familiarize yourself with the programs you join and take advantage of as many discounts as possible.
Earning rewards is super easy. Typically, you’ll scan your rewards card or an in-app barcode at checkout to get discounts and earn points.
3. Get organized
Being organized might appear to have NOTHING to do with saving money, yet the two are related because disorganization can cost you money.
For starters, it can contribute to clutter and losing things. Or forgetting that you own an item, in which case you end up buying duplicate stuff.
Disorganization can also lead to missed opportunities. On multiple occasions I’ve purposely waited until I had a coupon to buy something. But due to disorganization I’ve lost coupons, thus missing out on the savings.
And one of the biggest drawbacks of disorganization is misplacing statements or forget about due dates, and ultimately paying late fees. So come up with a system to organize your finances and life. This involves decluttering, using folders, and adding due dates (with reminders) to your calendar.
4. Think about “why” you shouldn’t buy it
Before making an unplanned or impulse purchase, some people will convince themselves that it’s okay to buy an item…even if it isn’t.
For a change, take the opposite approach.
Instead of telling yourself how good you’ll look in an outfit, or that you work hard and deserve an item (even if you can’t afford it), remove the rose-colored glasses and think about the negative consequences of buying it.
Sometimes, the cons of buying something outweigh the pros, yet we don’t focus on the negative.
When you think about how a purchase will impact your finances long-term, you’re able to pause for moment and decide if it’s worth it.
For example, think about the interest you’ll pay, if you’ll carry a balance on your credit card from month to month.
Or if you had to work eight hours to pay for an unplanned purchase, consider whether it’s really worth a day’s salary.
5. What’s the cost-per-wear?
Another trick is to think about the cost-per-wear and how often you’ll use an item before buying it.
This is useful with clothes, especially if you have a history of buying more garments than you actually need or wear.
I recently heard that most people use 20% of the things they own 80% of the time, which I’m sure can also apply to clothes. I know personally that I do tend to wear the same things over and over again.
So before adding to your wardrobe, seriously consider how often you’ll wear or use an item.
If you’re thinking about buying an expensive pair of jeans, but you already have a closet full of jeans, you might not wear the new pair that often. In which case, the cost-per-wear will be high and probably not worth it.
However, if you have a small wardrobe and you’ll wear the jeans a lot, you’ll likely get your money’s worth. In this scenario, it might be worth the purchase.
6. Freeze your credit
If credit cards are a weakness, you can freeze your cards – both literally and not literally.
As far as not literally, some credit cards give cardholders the option of freezing their card and pausing new transactions. This comes in handy if you lose your card, and when you’re trying to curb spending.
There’s no cost to freeze and unfreeze it, and you can often do this through the card’s app.
Now, if you need to take stronger measures, another option is to literally freeze your credit card. This involves filling a bowl or plastic baggie with water, placing the credit card inside, and then putting it in the freezer.
7. Read reviews
I cannot tell you how much money I’ve saved by simply reading reviews before making a purchase.
Getting real, honest negative opinions about a product can quickly change your mind about buying it. So always read reviews and look for common complaints. And yes, I know everyone’s experience isn’t the same.
But if you’re reading the same complaints over and over – and you still decide to purchase the item – you might regret the purchase. You might also spend more to buy a different brand from another retailer.