8 Save Money Tips - No Debt Journey

Good day! If you are anything like me, you know it can be difficult to save money. Since I started this blog, I have become more conscious of tracking my money and how I spend it.

I am also not a “spring chicken” anymore…AND I would love to be able to retire early so I have begun to focus on saving for retirement. I wish I could go back and tell my 20-year-old self to start saving for that, but better late than never!

I am always looking for new ways to save money. If you are reading this, I imagine you are too, so I have put together a list of save money tips and hopefully these can help you save some moula!

1. Do You REALLY Need It?

First things first, take a look at things you are paying for on a monthly basis, and ask yourself questions like “Do I use this enough to pay for it?”, or “Is the money I’m paying for this worth it?”, or even “Is there a way I can reduce this cost?”.

Let’s start with the first question, “Do I use this enough to pay for it?”. Maybe you have a gym membership that you rarely use or a streaming TV service (Netflix, etc.) that you don’t use enough, or maybe even a phone landline that you don’t really use because you get most calls on your cell phone.

Question two, “Is the money I’m paying for this worth it?”. This could pertain to the gym membership, once again. Is your gym membership expensive? Do you go enough for that money to be worth it? Can you buy equipment or workout DVDs to workout at home? Could you get outside and be active with walks, bike rides, etc.?

This question could also pertain to something like cable TV, or any monthly subscription service really. Cable TV subscriptions have sure gone up in price. I cancelled mine several years ago now because I realized I was down to mostly just watching one show on there. I decided that paying all that money for ONE show was not at all worth what I was paying per month. So away my cable TV went!

And finally, question three, “Is there a way I can reduce this cost?”. So let’s say that you have cable TV, and you just don’t want to give that up, is there a way you can reduce the cost of it? Do you really need the full premium package? Can you call your provider and see if they can reduce it for you with some sort of deal (I do this every so often with my internet provider)?

This is one of those save money tips that can potentially save you hundreds per year and although some of it may be a sacrifice, it might end up being worth it for you!

2. Extra/Unexpected Income

Every now and then, we get a little “bonus” income. This could be money that comes from a work bonus or raise, overtime at work, income tax refund, or even birthday money.

This is one of the easier save money tips because it’s like a bonus that you are not used to having to budget. That makes it easier to put away in savings.

The best is when you get a raise at work because that will be extra money coming to you regularly. Every time you get a raise, pretend you didn’t, and save that extra dough.

A lot of us have the mindset that when we get extra unexpected money in our pockets, that we do something fun with it. I totally get that 100%. I used to be that way, and admittedly, the odd time still am. However, I have changed my way of thinking and now have the mindset that makes me want to put every dollar I can into debt or savings.

3. Eat & Drink at Home

This can be one of those save money tips that we don’t want to give up, am I right? Well, even if we start out small, we can save. By that I mean is let’s say you tend to eat out, or go for drinks four times a month. Start by cutting that in half and only go two. Take that money for those other two times you would have gone and put it in savings. Or…

Let’s say you buy yourself lunches at work a lot, either cut that out completely or cut it down and bring a lunch either all of the time or at least some of the time. Way cheaper!

Lastly, if you stop at your fave coffee place to grab your morning java, that really adds up. For me, if I were to do that where I live, it would be $2/day. For five days a week, it’s $10, which is $40/month. That’s almost $500 a year just on coffee! Of course it’s way cheaper to buy it from the store and slap it in a thermos.

4. Challenge Yourself

Giving yourself a challenge can be more of a fun way to save money. Last year, I did what’s called the 52-week savings challenge, and was able to save up money to pay for part of my flooring that I needed to replace in my home. My boyfriend and I did that challenge together, and we both had fun doing it.

You can also simply do challenges where you give yourself a certain amount of spending money to live on for a month, or every payday, but make it a challenging number and see if you can do it. You’d be surprised on what you’re willing to give up just to “win” your challenge!

5. Got Stuff You Don’t Need?

Many of us have belongings that we no longer need or use, or even wear. You’d be surprised the things that sell online. What’s that saying, “One person’s junk is another person’s treasure”?

Also, because of the pandemic we are in, people are shopping online and trying to spend less (on second-hand items) more than ever before!

So, go through your things, take some photos (the more, the better), and throw them up on eBay, or Amazon, or even your local online listing website and make some extra cha-ching!

6. Grocery Shop Less

I don’t know about you, but when I go to the grocery store, I tend to buy “extras” every time, especially if I’m hungry when I go. I find that when I go to the grocery store once per week, I spend less than if I go 2-3 times per week.

Side note: When you make a list, STICK TO IT. Make yourself stick to it. If you have kids, it might be best to leave them at home. If they’re anything like mine, they’ll be asking for everything under the sun in the store. Parents, you know exactly what I mean.

Check out this post for saving money on groceries.

7. Nix That High Interest Debt

Any debt with high interest may be weighing you down, so to speak. Many credit cards have high interest rates. Paying those off is one of the most rewarding save money tips I can give here.

Once I paid off my credit cards, both 19.99% interest, I felt so much better about my financial situation. At one point, I was paying over $400/month just in interest which was frightening to me.

So, depending on how much interest you are paying towards high interest debt, this can be a huge savings in itself once it’s paid off.

8. Make “Money Time”

A huge realization to what and where I was spending money was a life changer for me. I sat down one day, a couple years ago now, and looked at my online banking. I pay most things with my debit card so it’s easy to track.

So, I went through 6 months of my spending and realized I was spending money on things I didn’t need to be spending money on. Some of those things were several meals out, wine at the liquor store, too much at the grocery store (I knew I was over-spending there), and buying other items I did not NEED.

My point here is making time to sit down and go through what you’ve been spending money on is essential to spending less and therefore one of the most important save money tips I have listed here. It can be a real eye-opener.

There are several budget apps that you can use to help you manage your money too.

Conclusion

There are many ways you can save money. Part of that is getting in the right mindset to do so. I used to be terrible at saving, but since changing my mindset on it has helped me immensely.

Starting with even the smallest changes can help to change your mindset. Hopefully these save money tips can help you with that too.

Don’t forget, the money you save, put into a high interest savings account. That way, you get the best bang for your buck! Until next time…