How To Save Money

How To Save Money

The best way to save money involves saving money each day, month and long-term.

When it comes to how to save money, this guide offers practical tips and easy ways to save money that will put more money back in your pocket.

Let’s dive in.

What is the best way to save money each day?

When it comes to ways to save money, the first place to start is to look at your daily spending.
Your daily spending includes everything from eating out and entertainment to transportation and groceries.

Here are 5 easy ways to save money each day:

1. Keep your pocket change

If you spend money with cash, your pocket change can add up. If you want to know how to save money fast, keep that extra change each day in a safe place. Deposit it in your bank account. Banks such as TD Bank have free change counters, and make it easy to deposit your loose change in your bank account.

2. Don’t automate online purchases

It’s convenient to shop online. With a click of a button, you’ve ordered a new wardrobe. The best way to save money with online purchases is not to store your credit card and billing information with the online retailer. Is it inconvenient? Yes. Will it save you money? Yes, because it is a natural deterrent when you have to enter your payment and contact information each time.

3. Save money with an automated savings plan

One of the best ways to save money is to automate savings. When you automate savings, you use an online tool or app to move money from your checking account to savings account automatically. Apps such as Digit or Qapital are two examples of apps that automate savings, and transfer funds from your checking account to savings account to save money. Acorns transfers funds with your remaining change each time you make a transactions.

4. Limit how many times you eat out

Everyone loves to dine at a restaurant, but the costs can add up. Another great way how to save money is to eat out only on weekends. You can also skip an appetizer or those extra cocktails. If you want to save money fast, then consider ordering a salad or even an appetizer as your main dish. You can also save money (and calories) if you skip dessert.

5. Avoid impulse buying

Are you someone who buys on impulse? Stop. Think through your big ticket purchases. Wait for holiday sales before you make major purchases. When you buy items on impulse, you may regret the purchase later. So, think before your spend.

What is the best way to save money each month?

When it comes to how to save money each month, you should focus on recurring payments. These are the payments that show up every month such as housing, cable, student loans, credit cards and more.

Here are 5 easy ways to save money on a monthly basis:

1. Change your cell phone plan

One of the best way to save money each month is to evaluate your cell phone plan. Do you need all those minutes? Do you need all that data? Perhaps a family plan makes sense. With taxes and fees, cell phone plans can add up. Shop around with different carriers to find the cell phone plan that makes sense for you.

2. Change your cable plan

The best way to save money with cable is to bundle your cable, internet and phone. If your serviee provider offers this option, you should consider it. Another way how to save money fast is to check your channels, and determine if you need every sports package, movie package or extra channels.

3. Save on your electric bill

How to save money with your electric bill is a popular question with an easy answer. In the summer, a fan can save money compared to an air conditioner. Also, if you keep the drapes closed during the day, it can keep your home cool and save on air conditioning costs. In the winter, the best way to save money is to ensure you have energy efficient doors, windows and appliances.

4. Consolidate credit card debt

The best way to save money on credit card debt is to pay off your credit card bill each month. With credit card debt, the interest is the most expensive part and can add fast. If you have existing credit card debt, the best way to save money is to consolidate credit card debt with a credit card consolidation loan. When you consolidate credit card debt, you combine all your existing credit card debt into a new, single credit card consolidation loan with a lower interest rate. The lower interest rate helps you save money and pay off your credit card debt faster. Here are our best credit card consolidation loans.

5. Refinance student loans

The best way to save money with your student loans is to refinance student loans. Student loan refinance can help you save up to $20,000+ over the life of your student loans. With student loan refinance, you combine your existing federal and private student loans into a new, single student loan with a lower interest rate. You can choose between a fixed and variable interest rate, and a loan term between 5 and 20 years. You can learn more about our Best Student Loan Refinance Rates.

How to save money for the long-term?

When it comes to how to save money for the long-term, think about the financial mentality you need to make a mind shifting in spending and saving.

Here are 5 easy ways to save money on a long-term basis:

1. Develop a spendthrift mindset

If you want to know how to save money, you need to develop the right financial mindset. That starts with how you approach money, spending and saving. Do you bargain shop? Do you comparison shop? Do you only buy everything new? Do you buy discounted items? Your mentality drives your spending and saving habits. When you focus more on the bottom line, you will be on your way to save money for the long-term.

2. Create an action plan

Whether it is a budget or a long-term action plan, think about the areas where you can save money. Some ways to save money may include where you live, the size of your house, what kind of car you drive, whether your car is new or used, where you vacation and many others. Think about your choices, preferences and actions. Identify a budget and action plan how you are going to manage these preferences and choices with the amount of money you have. Refine estimates with real-life costs, and modify your action plan over time to fit your lifestyle and realistic budget.

3. Create a savings plan

You need a mechanism of forced savings. A high yield savings account is a great place to start. You can also choose one of the Best IRAs or Best Roth IRAs to ensure you have a stable retirement account. Choose investment options that will help you retirement grow and match your retirement goals.

4. Set goals

Setting goals can actually teach you how to save money. Why? When we set goals, we create discipline and have a concrete thing to work towards. Whether it is a vacation or new home, we can quantify the cost and create a time line by when we need to save. The second component is how to save money. By making daily and monthly modifications in your financial life, you can save the money you need to reach your financial goal.

5. Analyze your spending

The best way to save money is to analyze your actual spending. This is essential to track your monthly cash flow, and to determine whether your actual savings and spending matches your savings plan. When you reflect on your spending, you can identify whether your process includes the easy ways to save money, or whether your action plan fell short. In either case, ensure that your financial plan going forward ensures that you will spend less and save more.


Best Student Loan Refinancing For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 5.87%
Fixed Rates:3.89% - 6.32%
Average Savings:$21,810
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.48% - 7.52%
Fixed Rates:4.00% - 7.80%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.55% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.47% - 7.99%
Fixed Rates:3.49% - 8.72%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 6.38%
Fixed Rates:3.50% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.70% - 7.44%
Fixed Rates:3.25% - 7.03%
Average Savings:$20,221
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

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