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Do you want to know all about Dave Ramsey how to save money tips?
Well Dave has common money saving tips like all other financial gurus
But what set him apart is his tremendous effort teaching his students how to fight debt
Also Dave knows how challenging it is to stick to a budget and build emergency fund
You must gain control over your money or the lack of it will forever control you –Dave Ramsey Click To TweetThat’s why in his book Total Money Makeover, Dave received a lot of thank you letters from students who decided to follow his money saving steps
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So, I decided to cover only Dave Ramsey’s tips on how to save money and I’ll begin with the below
1- Get rid of your debt with snowball
Snowball is not a game it is a method by Dave Ramsey
Simply snowball effect starts with paying small debt amount first
When this debt gets fully paid you move on with the same momentum to the next debt in line
2- Dave Ramsey save money automation
Best Dave Ramsey how to save money tip is to pay yourself first
It means to build a habit to save money first once you get paid
Then start using your remaining income to cover your spending
Nowadays you can ask your bank to deduct an amount or percentage on every paycheck
3- Cut spending on discretionary expenses
When it comes to discretionary items you have to be honest to yourself
If you buy something you can reduce or cut and still have no impact on your life
For example if you are into buying cosmetics
Or non essential grocery items plus alcohol and cigarettes
4- Save money on grocery bills
Not only Dave Ramsey discussed how to save money on grocery
Actually so many financial experts talked about this topic
That’s why I collected a huge 38 tips of how to save money on grocery
I am sure you will get a lot of different smart ideas to save on your grocery
5- Buy generic product
Most of the time buying generic brand will save you money without sacrificing quality
You need to understand something these generic brands are packaged by the same companies selling the brand products
Usually all supermarkets make agreement with manufactures to pack their grocery products in their own packaging that reflect the grocery stores brands
For example Walmart uses a generic brand called Great value
6- Resist clearance/on sale – know your needs vs wants
If you receive an offer by email for 70% discount on shoes
Are you going to rush to the store and look for shoes?
Do you really need a new shoe?
That’s why Dave Ramsey suggest to save money by unsubscribing from all emails
Also you have to know difference between your needs and wants
Your needs are all things that keep you alive like shelter, food and transportation
While your wants are luxurious thing you add to your life
7- Cut cables and use IPTV
Cutting cable is a wise decision to make
Especially you can save $100 minimum a month
According to Dave Ramsey’s tip to save money for at least $217 a month
This includes taxes and other fees so it is around $2,604 a year
By the way you can replace your cable TV with IPTV
I pay around $40 a year
Yes the above amount is not a typo you pay around that value
8- Spend your bonus wisely
Some companies give bonuses every quarter
At least if you are not lucky you will get a bonus once at end of the year
The issue is not having a plan of what to do with your bonus
Dave Ramsey’s tip on how to save money is to look for bonus as a way to kill debt
9- Cancel automatic subscriptions
Do you have automatic subscriptions?
Before you rush to answer, think again
I found 2 unused subscriptions I was not using at all
Definitely think about magazine subscription as a typical example of wasting money
10- Reduce utility costs
Dave Ramsey discussed many times how to save money on electricity
With the use of today’s technology like smart thermostat and plugs you can save a lot
Actually to discuss it in details I recommend to read how to save on electricity post
11- Negotiate your insurance
Always compare many insurance companies for the best rate
If your insurance company has an app to track your driving habit then go for it
Also Dave Ramsey’s tip on saving money is coming through his ELP (Endorsed Local Provider) organization that gives better insurance premium rate
12- Ask about special discounts and look for coupons
Always remember to ask in all stores for special discounts and search for coupons
Nowadays this is not hard by using mobile apps like Rakuten, Mr Rebates and MyPoints
By downloading these apps not only you will stay on top of discounts in all stores
But also you will get cash back on all purchases you make
13- Eat your left over dinner at lunch
In fact Dave Ramsey recommends to save money by eating leftover dinner at lunch
I know a lot of people order food at work and they never estimate how much they pay
14- Maximize your retirement saving plan
Check if your employer is matching your RRSP (Registered Retirement Saving Plan) in Canada
Or matching your 401K plan in the US up to certain percentage
If so, seize the opportunity to the maximum
Keep in mind, if you have debt with the exception of mortgage then pay your debt first
Then work on building up your emergency fund
Make sure you have 3-6 months of emergency fund to cover your expenses
Finally work on your retirement saving plan
15- Negotiate your cell phone bills
We have AskTrim, BillSmart, BillCutterz, BillFixers and Bill Shark available in US
While Bill Busters is available in Canada
16- Try 30 days no spending challenge
I discussed earlier the 52 weeks money saving challenge
Here in this no spending challenge that takes 30 days
You are not asked to save money but you are asked to stop spending money
Just spend on your needs only and challenge yourself for all your wants
Ask yourself on everything you are going to spend money on
Is that essential to keep me alive?
For example, spending money on entertainment like restaurants and movie theaters
What do you think? it is hard right that’s why it is only for 30 days
17- Try DIY at home
Before you pay cash for any handy man think about if you can DIY
I know there are so many things that you can watch YouTube and do it yourself
For example, I painted 2 rooms all by myself
18- Skip morning coffee
I will speak about myself I know it is hard to stop buying morning coffee
Dave Ramsey suggest to save money and do your coffee at home
You can buy few days coffee outside but don’t turn it into daily routine
19- Check public library before buying books
If you buy books online or from book stores check your public library first
Any new books released within a month can be found at your local library
I am sure you don’t need to own all books which you can borrow and read
20- Look for cheap vacations
Dave Ramsey’s way to save money is to replace international vacation trips with local destinations you can enjoy and pay less
In my opinion, I will tweak the above phrase by suggesting to mimic travelling to overseas places every year to once every 3-4 years
If you plan on visiting many places in Europe you can consolidate many places in one travel
Just use a car to move to different Europe countries
21- Refinance your mortgage
I myself experienced switching my mortgage to a lower rate
I found that I will save $250 for the next 5 years
Although I paid around $2,000 as a penalty but it is worth doing that
Always keep an eye on current market interest rate
22- Sell what you don’t need
Selling what you don’t need doesn’t mean you are broke
It is a practice that would turn you into conservative person
Go through all your rooms starting from your door entrance
Move in every room and look up and down
Definitely you will find many things you don’t need
You can list all these items on Facebook Marketplace and eBay
Make quick easy cash now
Survey Junkie - Earn up to $35 per survey
Rakuten - Cashback on shopping - $25 welcome bonus
Be Frugal - Earn $10 when you sign up
Flipper - buy cheap sell high and make huge profit
Acorns - turn your spare change into more money
Follow me for updates on quick cash programs





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