These arent exactly easy to reduce.
And the little things do add up.
Read on if youre ready to start saving.
Robin Hartill scored a free birthday sub she got from Jersey Mike’s Subs in St. Petersburg, Fla. Tina Russell/ The Penny Hoarder
If you better pad your income, it may be time to consider a new way to make money.
Dont know where to start?
Check out our favorite ways to make quick cash to keep up with bills in between paydays.
But, its your essential first step when you want to start saving money.
If you want help, geta free financial planand get matched with a financial advisor.
Is Your Paycheck Not Going As Far As It Used To?
We get it.Everythingis more expensive than it used to be, but your paycheck hasnt kept up.
When money is tight,these resourceswill help nearly everyone.
To get motivated to make saving a priority, spell outwhyyoure saving.
Think about the short-term goals youre hoping to accomplish within the next year or two.
Also, consider your long-term goals, like putting more money in a529 planfor your child orsaving for retirement.
The good news is that theres no one thing you have to cut out.
If it really matters to you, go ahead and keep spending money on it.
you’ve got the option to find other things to eliminate that wont cause too much pain.
Time your purchases like a pro.
Wait until January, when last years models are discounted to make room for the new ones.
Looking for new furniture?
Retailers often clear out their stock around Independence Day, making July a prime time for scoring cheap furniture.
But check that youre getting the best deal consultour tipsfirst.
Master the art of getting stuff for free.
Becoming a hermit isnt the only way to save money.
There are plenty of ways to get free stuff or have fun on the cheap.
you’re free to start by:
3.
Smash your credit card debt once and for all.
The average APR for people who carrycredit card debtis well over 16%.
Quit padding your banks coffers and break up with your credit card debt forever.
Some tactics to try:
4.
Flex interest rates to your advantage.
Interest rates are higher in 2024 than in the past especially when you look at mortgage rates.
However, you could still take advantage of the situation if you have a great credit score.
If you cant, wait until interest rates go down since youll have to pay closing costs.
Lower your student loan payments.
If youre struggling topay off student loans, take advantage of the newFederal SAVE plan.
Your monthly payment will be a percentage of your discretionary spending money dont have any?
You may pay as little as $0.
But dont get too ambitious here.
7.Get cash for switching banks.
Another way to get a quick cash infusion: Switch bank accounts.
*See full terms and disclosures atsofi.com/banking.
8.Be strategic about your tax refund.
We say, do whatever works for you.
Opt to have less money withheld from your paycheck if youll actually save it or apply it toward debt.
Just make a plan for how to spend your tax refund that will pay off in the long run.
Some of our favorite ideas:
9.
Be skeptical when something seems like a deal.
Free shipping if you spend just another $11?
Step away from the digital shopping cart.
If youre being coaxed into shelling out another few bucks for something thats free well, it isntreallyfree.
Playing the credit card rewards game is another good example.
Yes, you’re able to score free airfare and cash back.
Otherwise, youll shell out way more in interest than youre getting in rewards.
Cancel automated purchases for non-necessities.
Curbing mindless spending isnt just about cutting out late-night Amazon purchases and impulse grocery buys.
If you havent used it in the past month, it probably belongs on the chopping block.
Also, be on the lookout for anyfree trials you forgot to cancel.
Find energy suckers that are driving up your electric bill.
But there are a few inexpensive tricks that can help yousave money on utilities.
Repair whats broken instead of buying new.
Just because somethings broken doesnt mean its destroyed.
There are plenty of ways tolearn home repair skillsfor free online.
For major repairs, know when to call a pro.
Its worth the cost when youre repairing a big-ticket item or doing anything that could jeopardize your safety.
Heard of These Money-Making Hacks?
Ready to find out how some folks effortlessly earn the big bucks?
Millions of Americans ignorethese easy tipsthat could have you padding your wallet in no time.
Save money on prescription drugs.
Even if you have insurance, a prescription drug card could help you save money.
A lower-cost alternative may be available.
For over-the-counter meds, always buy generic.
The FDA requires generic drugs to be chemically identical to their more expensive name-brand counterparts.
Ditch your cell phone plan if you have a major carrier.
You dont have to worry about spotty service when you switch to adiscount cell phone plan.
Depending on the plan, you may have data restrictions.
Some also require an unlocked gear.
Find money youve long forgotten about.
Some money-saving strategies require a ridiculous amount of discipline.
So heres a super easy trick that could give you a quick savings boost in just three minutes.
Find out if someone owes you money by searching your statesunclaimed property website.
At least one in 10 Americans has missing money waiting to be claimed.
The key to making a one-time windfall work for you is to use it purposefully.
That can mean saving orinvesting your moneyor putting it toward debt.
(You invest in companies without having to pay for an entire share with afree app called Public).
Full terms and conditions atwww.public.com/disclosures.
16.Squeeze every cent you might out of your employer.
To build your long-term savings, ensure youre not leaving free money on the table.
Contribute enough to get your employers full retirement match if they offer a401(k) plan.
If you have ahealth savings account, take advantage of any matching contributions to that as well.
you might use the money you save for your own, your spouses or a dependent family members expenses.
17.Got a raise?
Congrats, but dont spend it.
Do your tastes get fancier every time you get a raise?
This phenomenon is called lifestyle inflation, and its a notorious savings killer.
For example, plan to save half of your next pay increase and stick the rest in savings.
Travel on two wheels whenever possible.
Cancel the insurance you dont need.
Insurance can seem like a money-sucker because you dont need to use it very often (hopefully).
Youre probably paying too much for car insurance, too.
Dont waste your time browsing insurance sites for a better deal.
That said, some types of insurance are a waste of money.
Evenlife insurancemay not be worth the cost if youre single with no dependents.
Do a no-spend challenge
Duh.
It sounds so easy: To save money, just dont spend it.
But, that can be hard.
Fortunately, gamifying saving money can work.
Or, you could try a modified version.
You dont need to spend big bucks to work with a financial pro.
Find ways to earn extra money.
If you love playing mobile games in your spare time?
Find cheap ways to treat yourself.
Have aDIY spa dayusing simple ingredients you probably have on hand.
And if youve been stuck at home trying to save, tryrefresh your homes lookwithout spending a dime.
Talk about your struggles and your successes.
One of the best ways to save money is to tell other people that youre trying to save money.
But thats not the only advantage.
But youre far from alone.
you’ve got the option to swap tips for saving money and find encouragement when times are rough.
And when you reach your savings goals, no matter how big or small?
Let others know exactly how you managed to save money and that they can do it, too.
Need Some Quick Cash?
If youre looking to boost your income this month, weve got just the thing for you.
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This content is provided as is and is subject to change or removal at any time.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
