Ever had a sudden thought where you’re like “Where did all my money go?” Well, you’re not alone! This detailed guide will systematically breakdown all essential steps and tips on how to save money. It doesn’t matter if you’re a teenager, student or working on a low income, we’re here to help you out! Moreover, this guide will explore the best money saving techniques of 2021.
Money saving techniques for beginners: Record – Budget – Save
The key step to save money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, item purchase, household piece and cash tip. Once you have your data ready, organize the numbers by splitting them into various categories. These include transportation, groceries and daily expenditure, and total each amount.
Once you are aware of what you spend in a month, you can begin to shape your recorded outgoings into a workable budget. Your budget should outline how your expenditures measure up to your income or monthly allowance (if you’re a student). This way you can scheme your spending and limit overspending.
One of the best money saving technique is to set goals. Start by thinking of what you might want to save for—perhaps an online course, planning a trip or you’re getting married. Then figure out how much money you’ll need and how long it might take you to save it.
Tips on how to save money as a student
Buying local is among the best money saving techniques
Don’t fall for brands! Local thrift stores and online auction sites like eBay offer everything from clothes to electronics at stellar discounts. Hands down, one of the easiest ways to save money is by making choices that are sustainable for you as well as Mother Nature. It’s time to break it off with brand name products.
DIY . . . everything!
Before you take out the cash to pay for a new backsplash, fancy mirror fixture or a little table, think about doing it yourself! Usually, the cost of supplies and a simple YouTube search will save you a ton of money. Also, the best money saving tips can be generated by you, as you know what you are capable of making yourself. So, think think think! If it’s a big DIY project, ask help from a friend, roommate or a neighbor.
Cancel Your Gym Membership
Almost all workouts you do at your gym can be done at home. You ask how? This money saving technique is called creativity! Refer to YouTube tutorials for ideas about home workouts, explore new practices such as yoga or zumba. You can even make use of your community pool for a swim or go for a run in your neighborhood.
Tips on how to save money for teenagers
Best money saving tips include making use of libraries
Before you click “add to cart” on that brand-new book/novel, check your school or local library to see if you can borrow it! Most libraries also have audiobooks and digital copies of your favorite books for rent. It’s an easy way to get your reading in while saving money.
This is the best money saving technique we all need to swear by in 2021. Similar to swapping clothes, share the payments for joint streaming accounts like Netflix or Hulu.
Money saving techniques can be practiced on a daily basis! You might get occasional coupons from restaurants or brands. These include 15% off offers or amazing end-of-season sale. Before you go out shopping, check your phone for such deals and increase your savings. In fact, coupons are available on company websites, apps like SnipSnap. Time to explore!
Tips on how to save money on a low income
Using a Budgeting App is one of the best money saving techniques
Consider using an app like Mint and Savings Goal Planner that keeps track of your spending goals, expenses, and budgets. This can be an easy way to see your progress and get more familiar with your finances.
Cancel automatic subscriptions and memberships
Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, even subscription boxes including Amazon Prime. Make sure to turn off auto-renew when you purchase them. Also, cancelling any subscriptions you don’t use regularly and also sharing memberships with some family or friends are some of the effective money saving tips.
Unsubscribe from tempting emails
Email marketers are really good at alluring you. This is achieved with a 24-hour sale or an exclusive coupon. And talk about those eye-catching GIFs!
If you unable to control your impulses when you see a special offer, click the unsubscribe link at the bottom of the email. This is one of the most benefiting money saving technique. You’ll be less tempted to spend, plus your inbox will be a lot less cluttered. It’s a win-win!
D’you know what else Roomi does outside of helping its readers to save money with the best money saving tips? With our ever-increasing lists of rooms and roommates across the world, we help you find your perfect match! Download the app here and hop on the easiest ride home, ever!