10 timeless money saving tips
As long as money exists, people will always be looking for ways to save.
There are many ways to save, some of which are newer than others. However, the money saving tips in this post will never go out of style. Check them out and save big!
No matter how cool you think it looks, smoking is a bad habit that costs a lot of money.
The Awl compiles the average cost of a pack of cigarettes in each state every year. In the most expensive state, New York, the average cost of a pack is $13.50. If you smoke a pack per day, that’s $94.50 a week, $378 a month and $4,914 a year. Over 10 years, you’ll have spent just under $50,000!
Even in Virginia, the cheapest state with an average cost of $4.98, you’d still spend $34.86 a week, $139.44 a month and $1,812 a year. By quitting, you’ll save yourself nearly $20,000 over 10 years.
It’s not just the cost of cigarettes burning through your income either, as smokers pay higher health insurance premiums too.
In short, giving up smoking will save you a ton of cash and you’ll be in much better health too. Sounds like a no brainer to us.
Look for a better deal on your bills
It’s easy to get complacent with your monthly expenses but you might be missing out on a great deal by not checking the market.
Price comparison websites allow you to compare the cost of electricity, water, internet and car insurance (to name just a few) from different suppliers. The savings you can make may just surprise you!
In fact, you should apply this principle to everything you buy…
Never accept the first price you find for something, no matter what you’re buying! Clothes, groceries, video games; whatever it is, you might find someone selling it cheaper than the first place you look.
If you don’t, you can feel super smug knowing you got the best price.
Have a no spend day
With a little forward planning, you can avoid spending anything at least one day a week.
The easiest way to plan a no spend day is consider what you typically buy on a daily basis. For most folks, this’ll be stuff like a coffee in the morning, lunch at work and maybe even dinner.
These expenses are easy to cut out: make your own coffee at home, bring a packed lunch into work and plan your evening meals ahead of time so you have the ingredients you need already.
Eventually you can build this into a habit, saving you $100s on takeout coffee and expensive lunches over the course of a year.
Buy second hand
Somewhere deep in the human brain lies a burning desire to have the latest stuff right now. Never mind that you have 10 unplayed video games at home, you need Doom right now!
We’re not saying you should never buy stuff as soon as it launches. But ask yourself: do I need this right now, or can I wait a few months?
If you can wait, you’ll save a ton of money – especially if you buy second hand. Video games can halve in price in just a few months, while you can find books for as little as 50¢ at a used bookstore.
The same goes for cars, games consoles, cell phones and – well, pretty much anything!
Have a swap party
As the old saying goes, ‘one man’s trash is another man’s treasure’. Holding a swap party is simple: invite a bunch of friends to bring their unwanted stuff to your house, put it all together and pick out the stuff you want.
It’s a great way to save money and declutter at the same time. Plus, you can donate anything left over too.
Don’t impulse buy
We’ve all been there: you see something with 50% off, panic and worry that you’ll miss out and buy it on your credit card – even though you don’t really need it and have a bunch of bills coming up.
Always think before you buy anything. Will you be able to survive without it? Can you wait a couple of months and save up for it? What else do you need to pay for this month?
Unless it’s something super limited edition or rare, the chances are it can wait.
Carpooling is awesome: you’ll halve the time you spend driving to and from work, you get to use carpool lanes and you’ll save a ton of cash on gas too. Oh, and you can do some sweet carpool karaoke too.
Just find some work buddies who live near you and team up. Make sure you like spending time with them first though…
The big night in
Going out is expensive, whether you’re going out for a meal at a restaurant, a few drinks at a bar or just watching the latest blockbuster at the theater.
The good news is that you have pretty much everything you need for an epic night at home. Buy a couple of steaks from the store, a couple of beers or wine, watch a film and feel great about how much money you’ve saved.
Extra bonus: you don’t have to spend money on a taxi home either.
Sell your old stuff
We would say this, wouldn’t we? But it’s true: you can save big just by selling stuff you don’t need anymore.
If you’re buying a new cell phone for example, you can cut the cost by selling your old cell phone for cash. You’ll make space in your home too.
Selling your unwanted stuff is a good idea even if you’re not planning any immediate purchases, as you can put the cash into your savings or keep it aside for any unexpected expenses.
Share your best money-saving tips with us in the comments and we may use them in a future post (with credit to you, of course!).