8 Easy Ways to Save Without Thinking About It
When we actively think about saving money, it often seems like we go nowhere fast. A little bit goes in here from one paycheck and a little bit goes in there from the next one.
It can feel like watching a kettle boil. What seemingly happens in a flash suddenly takes monumental lengths of time.
The best way to beef up your savings is to consider easy ways to save money without thinking about it. Once you stop thinking about it so much, it starts to come together more naturally.
The end result is a healthy stack of cash to look in on from time to time with an overwhelming sense of accomplishment. Here are eight easy ways to save money without thinking about it.
1. Automate It
To be very literal about the whole “not thinking about it” approach, try to automate your savings. Most companies allow you to set this up in their payroll processing platform.
You can elect a certain percentage or dollar amount to go straight into a dedicated savings account. Then, when your next paycheck rolls around, you can teach yourself to be accustomed to that routine amount while a certain portion gets quietly tucked away in a savings account.
This completely removes the temptation to manually transfer savings month over month, making it one of the best money saving tips. If you’ve overspent or are eyeing a certain product, it’s easy to divert those savings into unnecessary spending.
To be really smart about it, consider a high-yield savings account. American Express, for example, offers one with a 4.35% APY.
Let’s say you can only dedicate $50 to $100 per paycheck. When that 4.35% compounds your hard-earned money, that can be a very rewarding experience.
You can also use this account in unique ways, such as depositing your annual income tax return or bi-annual bonus from the job.
2. Chip Away At Your Debt
This seems counter-intuitive since we’re talking about how to save money. We’re supposed to divert more income into debt payments and, somehow, save money? Well, yes.
This course of action doesn’t happen overnight. But, if you can eliminate those monthly minimum payments by tackling your debt, you’re freeing up – potentially – hundreds of dollars a month.
That income can then be placed into savings, a retirement fund, or something fun like a travel fund. The only way to make that money magically appear is to get serious about chipping away at your current debt.
The snowball method is a proven technique that can help you wrangle your debt with a strategic vision and get one step closer to increased annual savings.
Essentially, you chip away at one debt at a time, starting from the smallest balance to the largest. It allows you to gain traction, witness immediate results, and get really resolute about living a debt-free existence.
3. Meal Prep
One of the hazards of an office job is the temptation to grab a latte on the way in and a quick bite from a local hotspot for lunch. Then, heaven forbid you’re lured into happy hour followed by appetizers.
In one fell swoop, you can easily blow through more money than you actually made in that eight-hour shift. It’s easy to fall into this trap. We all do it. And, truthfully, we should treat ourselves in this way – but not every day.
When we meal prep, we set out all our meals for the week, particularly lunch. This is one of the best tips for saving money because, when done really well, it can even extend into dinner prep.
This way, when we come home from a long day in the office, all we have to do is heat up a pre-prepared meal in a Tupperware container in the fridge.
By meal prepping our dinners, it may also help us avoid the whole drinks/appetizers scenario because we know we have a meal back home that we spent time, effort, and energy on over the weekend.
4. Cancel All Your Subscriptions
Okay, don’t cancel all of them. But, do you really need Netflix, Hulu, Max, Showtime, Disney Plus, and YouTube Premium? No, you don’t.
Consider which streaming service you use the most. Make the sacrifice to let go of the Kardashians on Hulu so you can focus on another series on Netflix.
Give yourself options, but tighten up the reins as best you can. $7.99, $13.99, and $15.99 adds up quickly. Imagine returning as much as $100/month back into your wallet?
Of course, streaming services are the most obvious recurring subscriptions. But, take a look in your App Store and your phone. Are you paying for apps you haven’t opened in a while?
Cancel them immediately. If it’s not an app that you use every day, it’s not worth whatever it’s costing you, even if it’s as little as $3.99/month.
The whole point here is to create automatic savings. When meal prep is combined with whatever you were paying for recurring subscriptions, you can find yourself adding more and more into that high yield savings account.
Make a Budget
Do you ever get to the end of a month and wonder where in the world all your money went? How is it that you’re five days away from your next paycheck, but you only have $20 in your account?
We should never be left guessing about our lifeline. Whether we like it or not, we need money to survive and feel safe. So, it’s amazing to think that so many of us go through our lives not being able to account for most of it.
Dedicate one month to recording every single one of your expenditures. Record your net income at the top of the list, and then itemize every single expense – whether it’s an essential like rent and groceries or an additive like dinner and drinks once a week.
Once you see where all your money is going – down to the penny – you can uncover easy ways to divert added income into an automated savings plan. Before you know it, you’ll be able to teach others how to become better at saving.
6. Buy Generic
You’ve probably already noticed the theme here. The best way to save is to create more cash flow with what you already have.
Yes, we love our brand-name detergent and swear there’s a difference between Bounty and store-bought paper towels.
But, if we’re really honest with ourselves, there’s absolutely no shame in buying store-bought paper towels – which just get thrown into the trash, anyway!
Use the one month rule again because this is truly one of the easiest ways to cut your expenses. Pull out your last receipt from a major haul at WalMart or the local grocery store. Put that somewhere and go the entire month conducting similar hauls, but only buying generic.
You’ll be surprised at how easily you freed up another $100+ dollars with this simple act.
7. Look at Your Cell Phone and Internet Plan
Have you ever been told that you’re a lucky person because you’ve been grandfathered into a cell phone plan? Okay, that sounds nice, but what does it really do for your bottom line?
The great debate wages on between Verizon, T-Mobile, Sprint, and other major providers. Who provides better service? Who tacks on fewer taxes and fees at the end of every invoice?
Most of us are locked into contracts once we decide who we’re going to go with. But, if you’re coming up on a year when you’ll become a free agent, use the time wisely.
Shop around for new service providers. We should never stay where we are just because we’re comfortable or it’s easy. With inflation on the rise, it’s wise to save every which way we can.
8. Do the Same With Your Insurance Plans
The whole bundling effect is real. That’s why the heavy hitters in the industry like Geico and Progressive offer deals for those who bundle their car, home, and/or renters insurance.
There is a cost savings there. But, aside from the obvious bundling effect, spend an afternoon or evening price shopping online. Could you be getting the same coverage at a cheaper rate through State Farm or Nationwide? You never know until you look.
A $40 savings here can be bundled into your $30 savings by buying generic and $15 savings by canceling a few subscription services. There’s an extra $100/month you never knew you had.
New and Easy Ways to Save Money Without Thinking About It
Try exploring these easy ways to save money without thinking about it. Start with the tactic that offers the fastest reward – an automated savings account.
Once you have that going, give another method a try. Dedicate one whole month to buying generic or meal prepping. See which tactic comes easily. You might even find tremendous satisfaction in the act of meal prepping, not to mention the monetary gains you’ll make.
Little by little, step by step, we can improve our financial wellness. All we have to do is choose to make the commitment, stick to it for at least 30 days, and watch life shift in new and rewarding ways.
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