We all know the importance of saving money. However, it’s usually hard to be disciplined and stick to the conventional methods of putting away money for the future.
That being said, there are probably some money saving tips you haven’t tried yet. That’s why we wrote this guide. This will show you some creative ways to save money that you may not have already considered. Let’s get into it.
1. Cut the Cord With Cable TV
Cable prices are always rising year on year. For instance, the average cable bill in the US is said to be $107 a month. This means, on average, Americans are paying almost $1,200 a year for cable television.
This is kind of alarming when you consider that there are now so many other alternatives to cable. Why not look into streaming services instead? Netflix, Hulu, Disney+, and Amazon Prime Video are just a handful of streaming options. The monthly subscription packages for these are around the $10-a-month-mark – much cheaper than over $100 a month.
That being said, make sure you’re selective with the services you really need. Direct debits for multiple subscription services will leave you in a similar situation you’re in with a cable package.
2. Shop Incognito
Shopping incognito means that your previous history and cookies on a particular website is forgotten when you open a new tab.
This stops companies from tracking your previous activity and driving the prices up. For extra privacy, use a VPN to shop from different virtual locations.
3. Re-Review or Renegotiate Your Workplace Benefits
It’s likely when you signed the contract at your current employer, you also signed up for certain perks and benefits. It’s also likely that you may not be using all of these or have forgotten over time.
What kind of benefits might be on offer? Anything really! These could include things like:
- Healthcare plans
- Dental plans
- Childcare support
- Gym memberships
- Local discounts
Re-review what’s on offer and sign up to what you’re entitled to. Moreover, as work from home becomes more acceptable due to COVID-19, why not renegotiate your contract to include some days out of the office and in your home?
This will help you save money on gas or transportation, not to mention lunch and coffees.
4. Raid Your Attic For Buried Treasure
If you weren’t inspired to have a good old clear out during lockdown, now’s the time to do it. We’re not talking about some deep Marie Kondo cleanse, either.
It’s just likely that you have a lot of items in your attic – or elsewhere – that you don’t use or need anymore. These can be sold for a tidy profit on sites like Ebay or Facebook Marketplace.
Don’t believe me? Well, a recent study showed the average US household has over 50 unused items worth a collective $3100. As you can see, there could be an untapped goldmine lying around the house.
5. Rent Out Your Spare Room or Space For Storage
Once you’re done clearing out your attic, spare room, or garage of items you no longer need, you could optimize the space by renting it out as a local storage option.
This Airbnb for storage model is a great way to save money without dealing with the hidden service fees and rental agreement hoops you have to jump through as an Airbnb host. That’s before mentioning that you don’t have to host strangers in your own home.
This is one of the easiest ways you can use your home to make and save money.
6. Waste Less Food
Food wastage is a huge problem in the US. In fact, just last year, Americans wasted a whopping 40 million tons of food. Reducing your own personal food waste will not only help you save money on your groceries, it’s also good for the environment.
Before going to the grocery store, make sure you make a list and plan out your meals for a week. This also will help you make healthier food choices throughout the week and limit waste.
7. Switch Suppliers
This will probably be one of the more painful money saving hacks to carry out on this list. However, it’s also one of the most profitable.
If you go on any price comparison website, you’ll soon realize you’re probably paying over the odds for your utilities, internet, or cable package. Furthermore, if you call up your suppliers threatening to leave, it’s likely they’ll be able to offer you a deal better than what you’re currently on.
8. Use the Library
Before clicking ‘add to cart’ on the latest bestseller, why not see if it’s in stock at your local library? People frequently forget about the library as an option. However, you can usually reserve or borrow the book you’re after free of charge.
If you’re a bookworm, borrowing rather than buying could have a profound effect on your long-term savings.
There Are So Many Creative Ways to Save Money!
As you can see, saving money needn’t be as difficult as it initially seems. There are many out-of-the-box methods in which you can make some substantial savings for a rainy day.
From gathering your unused items for an online yard sale to becoming a storage host, there are many money saving hacks available to you whatever your personal situation.