9 EASY TIPS TO SAVING REAL MONEY IN YOUR EVERY DAY LIFE
Get ready to fill up that piggy bank!
First things first – you’ll need to take an inventory of where you spend the bulk of your money in order to get a handle on saving money. A few key areas include: food (groceries, restaurants), drinks (coffee, alcohol, kombucha - whatever you’re into), shopping, travel, transportation, living expenses, et cetera.
Since we can’t always move apartments immediately or get rid of that fancy but wallet-shrinking car, below are real and practical ideas to saving money each and every day.
GAME THE GROCERY STORE
HOST AT HOME
NEGOTIATE EVERYTHING
BE FREE OF FEES
SURF SHOP
HOLD IT
UNSUBSCRIBE
RECONSIDER YOUR COMMUTE
CHECK YOUR CIRCLE
Ultimately, the most important thing you can do to save money is to live within your means.
GAME THE GROCERY STORE
Rule #1: never walk into a grocery store without a list.
A grocery list compiled beforehand accomplishes a few key things in the realm of saving money. A list will keep your trip to the store efficient, avoiding any isles-lingering that typically results in those unnecessary purchases. Grocery stores are designed to make you spend lots of money – they rely on well-studied consumer research getting you to buy, buy, buy! Don’t let them fool you.
A list will also force you to take a current inventory of what you already have so that you end up only purchasing only what you need. Americans spend an exorbitant amount of money on food that ultimately goes to waste. With a list, you won’t be asking yourself if you have butter at home only to find out you have added to the life-time supply located in the back of your fridge that you forgot about.
Rule #2: never walk into a grocery store without a full stomach.
The benefit of a full stomach prevents the temptation to buy food that you would otherwise not eat just because it looks good in the moment. Back to the concept that grocery stores spend a lot of their resources on effective consumer spending, don’t be fooled by your appetite! Step away from the potato chips (unless they’re on your list, of course) — they look extra delicious when you’re hungry. When chips are not on the menu for the week, you will thank yourself later for not buying the foods you don’t need or want and ultimately throw away.
Bonus tip: to meal plan for the week - timing is everything. When you plan your meals at home in advance, you won’t end up buying produce or other perishables that go bad all too soon.
HOST AT HOME
Restaurants can be a BIG drain on your budget. But tough to eliminate entirely since dining out (pre-COVID, of course) is such a BIG part of our social culture. So, let’s not get too dramatic because let’s be honest, giving up The Cheesecake Factory is just not realistic.
Instead, offer to host pre-dinner appetizers and drinks at your home. Keeping a few bottles of wine (or sparkling water if that’s your jam) on hand to enjoy with your date before dinner or perhaps serving a light snack to curb your appetite before dining out can save you (and your friends) up to 50% of your tab. Here in New York City, appetizers can be as expensive as a main entrée and the mark up on cocktails is incredible.
If dining out is a slippery slope but you don’t want to sacrifice your social life, order in from great restaurants in your area. You won’t be as tempted by a persuasive waitress to order more than you really want and drinks “on the house” are always cheaper! Friday pizza night, anyone?
Although hosting your friends at home can also add up if you’re the only one offering to host, as long as your friends are willing to reciprocate, it can be a huge savings for everyone in your circle.
NEGOTIATE EVERYTHING
And I mean everything! What’s the worst that could happen? If the answer is no, at least you asked.
A few items that are negotiable that are either big ticket items or add up over time include:
Living: you have probably heard about negotiating when buying a home, but you should especially be negotiating with your landlord. A landlord would much rather keep you as the current occupant or entice you to rent from them as an interested tenant. It costs a lot of money to turnover an apartment when the existing tenant moves out and a new tenant moves in. Alternatively, it also costs money to run ads to attract prospective tenants. Therefore, landlords are willing to negotiate to get the deal done as soon as possible. Time is money!
Insurance: car insurance providers are willing to negotiate since it’s easy to switch and there are so many providers but unfortunately health insurance is not as easy since they know switching is much more challenging or is offered on a group basis through your employer. However, healthcare providers are often willing to negotiate the amount, especially for larger bills like hospital bills or surgery
Utility bills: this includes your phone bill, cable, and yes… even your electricity bill. In many areas, you can always switch providers so many of these companies would prefer to keep you as a customer by lowering their prices
Everything else: what is the worst that could happen?
Be free of fees
As part of negotiate everything (see above), avoid paying fees as much as possible.
Some examples of what you should consider unnecessary fees include gym initiation fees (ask when they will be running a promotion and tell them you will sign up then - sometimes they will just give you that promotion on the spot) or shipping costs (always ask or look up online how to get free shipping from vendors).
Other examples include bank fees or credit card fees. If your bank charges you one of these, call them and ask for a refund. Cite that you are a long-time and loyal customer (only if that is accurate, of course) and that you’d like to have those fees waived this time. Maybe they say no, but a quick call could save you.
As an aside, make sure your bill payments are automated so that you always pay on time. HOWEVER, make sure you always check your bills to make sure they are right. Everyone makes mistakes sometimes, including the people that send you bills. It is your money – no one is going to take care when it comes to your money as much as you should.
surf shop
Buying online can actually save you money. HOWEVER, this tip is reserved for the advanced-savers since online shopping can be a risky business, often resulting in unnecessary spending. You know yourself best so if online shopping is a slippery slope, then move to along the next tip. That’s my official disclaimer. Back to the facts.
Quickly and easily search for coupon codes: I like www.retailmenot.com and www.couponcabin
Enable a browser plug-in to get cash back: I use Rakuten and get at least $1,000 of cash back every year. Note: I also buy almost everything online.
Figure out which credit card you have is running a deal on what you are purchasing, including multiplying your point awards: 5x points for dining with many Chase cards or offers like “spend $50 using your American Express card, you’ll get a $10 credit.” Note: do not let this be a green light to buying something on impulse just because there is a deal.
Compare pricing all with a click of a mouse either across different retailers or over time: CamelCamelCamel monitors pricing on Amazon to help you determine the best time to buy.
Shop in the privacy of your own home and avoid a potentially pushy sales person that may encourage you to buy something that you are not completely in love with, requiring another trip to the store to return it (and potentially buying something else you don’t need). Consider this in conjunction with free shipping and returns if possible so that you can return anything that doesn’t fit, look as pictured, change your mind, whatever. NEVER keep something that isn’t totally fabulous.
HOLD IT
Even if you insist on shopping in-store instead of online, in either case, it is important to implement a self-imposed 24-hour hold policy. This will give you time and space to help you decide if what if you have been eying is really something you want. This habit (emphasis on habit) also avoids impulse purchasing, which can be detrimental to your budget. Make this a habit for anything over a certain amount of money (more than $100) and/or within a certain category, like clothing or something else that is not immediately necessary. If the item you wanted is no longer available, it may be the case that it was not meant to be - sorry I’m not sorry for the added spiritual wisdom.
UNSUBSCRIBE
Unsubscribing to promotional e-mails can do a world of wonder, not only for your time but also for your peace of mind (obviously the doe newsletter is amazing, which you should totally be subscribed to if you haven’t already).
This applies to anything that is pressuring you to buy on their timeline. No temptation from your favorite brands getting you to purchase NOW or miss out on the best deal ever.
It can also help to implement this for social media, too. It may be time to take a break from following those influencers that are influencing you to live a life that is not aligned with your current goals.
RECONSIDER YOUR COMMUTE
Walk or opt for public transit instead of an Uber because hey, you never know who you might run into (actually, this could be a good thing OR a bad thing, depending on if you like running into your former besties from high school).
Walking (when possible and safe, of course) is good for many reason: (1) the environment, duh and (2) your health since it totally counts as exercise.
I know I don’t have to tell you why public transit is better for the environment than taking a private car. However, it also minimizes relying on having your own car.
Public transit or walking can lower (or eliminate) many other incidental costs that you might not be thinking about. You can actually lower your car insurance premium, you will avoid parking tickets – not to mention, the stress of finding parking spot in the first place, limit weekly trips to the gas pump or car wash and can lower your overall maintenance requirements like the normal wear and tear of daily use. Wait, how often are you supposed to get an oil change, anyways? Asking for a friend…
CHECK YOUR CIRCLE
This tip may seem dramatic so just hear me out. Be mindful of the spending habits in your social circle, including friends, family, dates and co-workers. If you find that you always have that friend that is dragging you out to the bars, fancy restaurants, expensive vacations, whatever – and these are things that don’t bring you joy, you should re-consider how you spend your time with that friend.
You may have heard the saying that you become the average of the people you surround yourself with most. This most definitely applies to how you spend your money.
Look, no one would suggest ditching a great friend because they don’t have the same spending habits as you. But it is important to be mindful about how your money is being spent and ensure that you are aligning your spending with your goals and values. Don’t let anyone else pressure you or influence what matters most to you.