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Save money live better if you invest your saved money
That’s what the above slogan should be using the highlighted sentence
Saving money itself is a target but not final destination
Savings without a mission is garbage. Your money needs to work for you, not lie around you
dave ramsey
Anyway many people don’t know how to save money and live a better life
There are few affiliate links, if you click a link and make a purchase, I may receive a commission at no extra cost to you
That’s why I decided to prove that it is so easy to think about ways of saving money
What is more important is to take action and start saving for your future
According to Statista, 70% of Americans have less than $1,000 stashed away
That’s why I am going to show you smart ways on how to save money live better
Pay yourself first and automate transfer
Pay yourself first means to deduct an amount from every paycheck or percentage
I prefer to do that by automating the transfer asking your bank to setup this money automation for you
If you really want to save money and live better then apply only this smart trick
Stick to a budget
Believe it or not, creating a budget is the only way to save money and live better
I recommend you read my ultimate guide on how to start budgeting
That’s why I decided to share my best budget planner on my product page
Buy generic brands
If you are serious about saving money to live a better life then target buying generic brands
Go for generic brands on everything not only on groceries
But extend that to clothing and everything you spend money on
Practice the 30 days rule on non essential items
The 30 days rule is simply a method to use if you want to splurge on a big ticket item
Just put the product you want to buy back to the shelf and wait for 30 days
If you still feel that you want to buy it then go ahead for it
Use a jar for your spare change
I know this tip is not going to save money but you will live caring about every penny
But it will make you considerate and caring about losing these pennies
I had a previous post showing you the importance of taking saving pennies challenge
Setup a plan for the Tax refund season
Most of the times you may get a tax refund if you contribute to RRSP in case of Canada or IRA in case of US
Actually contributing to a retirement plan deduct from your gross income
So, you will be qualified for a tax refund
Don’t be fooled by any sales
Any sales can be useful if you really need that item
What if you browse in a mall and notice a steep discount
Before rushing in to buy the item thinking it is an amazing opportunity
Ask yourself if you really need this item
I remember I was at Costco and saw a winter jacket with incredible discounted price
To be fair, I was about to go and buy it
But I thought about it for a moment
I said to myself I have already 4 winter jackets
And I am working from home due to pandemic
Bottom line, it is a lucrative discount but I don’t need the item anyway
Cut cable and phone subscriptions
I know some people are really addicted to cable subscription
Don’t get me wrong, I don’t want you to cut TV channels
All I recommend you to do it to replace your cable TV with IPTV
Instead of paying $50-$70 may be more per month
You can only pay $3 for similar IPTV channels
Same thing for your home phone
I am using VOIP phone and I am paying $30 annually
You know you even don’t need a home phone if you have a cell phone
Cancel magazine subscription and GYM membership
Almost all households have either magazine, GYM subscriptions or both
Do you really have time to read these magazines? I bet you’re not
Plus all magazines are published online now and you can read archived copies
Also, regarding your GYM membership
Did you ask yourself why you need your GYM membership?
Do you need for good treadmill, dumbbells and Incline bench press
If so, check your local community center if they have all these tools
Choose affordable rent or mortgage amount
If you really eager to know how to save money and live better then start with your mortgage
I always ask this question to my audience
Can you answer this question, how much you pay for a mortgage or rent as a percentage to your overall income per month?
I bet you won’t be able to tell that if you don’t maintain a budget
Use LED bulbs and turn off unnecessary lights
LED bulbs are not expensive as it used to be
You can expect to save up to $600 a year just by switching to LED bulbs
Also turning off unnecessary lights cannot be measured
But it is a good practice to save money and live a better conservative life
Use major appliances on low peak and weekends only
During the day there are 3 peaks of electricity consumption
This means if you operate your dish washer anytime during the day
You can expect to get different electricity bill
That’s why it is highly recommended to operate your major appliances during the low peak and weekends only
Low peak time is anytime between 7 pm to 7 am
Use smart thermostat
You never imagine how smart thermostat will save energy for you until you install one
But why? simply smart thermostat can do so many automated things that cannot be done with regular thermostat
Like switching off automatically the heat or cool air when your home reaches the desired temperature
Also programming your smart thermostat to switch it off when you are away and bringing your programming up an hour before you arrive at home
You can also add your future vacations and never worry about switching off your thermostat
One of the cool thing about smart thermostat is the ability to control it from your mobile through an app
Use coupons and cash back apps
Sometimes you buy something and find a coupon that could have saved you money
Nowadays you don’t have to worry about chasing coupons in magazines with mobile shopping apps like the below
Rakuten with $10 sign up bonus, MyPoints, TopCashBack, Qmee, ShopAtHome, Honey, Shopkick and Paribus
For buying food, there are grocery apps like Ibotta which gives you $20 sign up bonus
Also Fetch Rewards is a grocery app with $2 sign up bonus
While Receipt Hog, Cashout 51 and Storewards are another competitive grocery apps
Dosh works differently by monitoring your purchases after linking your debit or credit cards through the app
You also get $5 sign up bonus with Dosh
GetUpside is a cashback app for gas, it gives you 25 cents back on every gas receipt
Buy things with cashback credit cards
There are so many cashback credit cards in the market
I was using before incentive credit cards that rewards you with travel or merchandise points
Then I realized later that all points credit cards are waste of money as you require to pay an annual fees
Yes I know that some cashback credit cards require you to pay annual fees to open a new rewarding level
Trust me, it is really worth it if you do the math and calculate your annual spending compared to the annual renewal fee which you pay
For example, I have a Visa card with $60 annual fee that gives me 3% cash back on groceries, gas and recurring bills while 1% on anything else
Let’s calculate the groceries only for $500 a month
That’s worth $6,000 a year with 3% = $180
You pay $60 and keep $120 – I still have gas and recurring bill not included here
Plan your meals with shopping list
Planning your meals will really help you to save money and live a better convenient life
You don’t want to go to the grocery store more than once per week because you forgot to buy an essential item(s)
There are so many apps to make your grocery shopping list easy and fun
Personally I use a shopping app called AnyList
I love it as I have it integrated with Amazon Alexa
Every time I remember an item I just say Alexa add so and so to my shopping list
In the grocery store, I use AnyList to strikeout the items I buy
Use your leftover dinner for lunch at work
You can never imagine how much I saved money and lived better and healthy life once I stopped buying lunch at work
Before I was eating junk food at work
Now when cooking for dinner we always plan for extra food to take at work
Save money live better by Cutting alcohols, cigarettes and soft drinks
Yes, not only you will save money and also live a healthy life
Imagine you cut cigarettes completely – I say that if you smoke
Also, have alcohols on occasions and not a daily routine in your life
What about soft drinks, well there is no prove that it is not healthy
But at least it is so many sugar to consume
You can drink fresh juice if you want
Join wholesale club membership
I know all wholesale club require to pay annual membership fees
It is up to you but I made my calculations and I found it will be saving money and make me live convenient life
I will tell you why?
Buying meat especially ground beef and chicken from there is 50% cheaper than grocery stores
That’s for one item only and there are so many items you will save money
Bottom line, it is really worth paying this annual club membership
Recently I realized if I pay for the executive membership which costs $120 a year
I will be saving money instead of paying the $60
How? well the executive membership rewards you with 2% cashback
I noticed I consistently make $80 cashback per year this means my membership costs me $40 and not $60
Save money and reducing dinning out
I didn’t say cut the dinning out completely
All I ask you to be reasonable and budget an amount for your dinning out
Definitely you would save money and live a healthy life eating at home
Find cheap gas stations to save money
I know it is very obvious to fill up your gas from the cheapest station
Actually near my home, I have 2 gas stations after each other with one station always has the lower price
I always fill up gas going for the lowest price
Not everyone will do the same otherwise the gas station with the higher price would go out of business
Anyway, if you are like me how you know the nearest gas stations with low price on gas
Well, there is an app that is called GasBuddy which can list all the gas prices near you
Also consider using GetUpside to get $25 cents on each gas fill up
Know your needs and wants
So many people don’t know the difference between needs and wants
Do you know it?
If you want to save money and live smart life, you too have to know this difference
Your needs are everything that keep you alive
Your shelter like mortgage or rent, your food and transportation
You have to make sure to spend money on your needs efficiently
While wants are things that make us feel good about ourselves
We can survive without our wants but we cannot without our needs
Save money with side hustle
If you have a hobby that’s really good
You can save money and live enjoyable life of earning money from the thing you like to do or make
I recommend to read the following for pursuing a side hustle
How to make 200 dollars per day
How to make 500 dollars fast cash free
Pay off your debt
Paying off your debt completely is a thrilling feeling that cannot be described
Once you finish your debt, you will start to save money and live relaxed life not full of any stress and anxiety
You will really start to enjoy the real meaning of saving money
Go for 52 weeks money saving challenge
I had before a separate post dedicated to the 52 weeks money saving challenge
Let’s summarize it below
Simply this is a saving challenge for the whole year where you save $1 for week one then $2 for week two and increase it by $1 every week
There are so many variations to achieve that
Bottom line, you will end up saving $1,378 in an easy and convenient way
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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