Saving money, budgeting, and planning are necessary, but can be difficult for some people. But making smaller plans, breaking down tasks into bite-sized pieces, and finding ways to save a little money each day can also be effective. And surprisingly, these savings can add up quickly.
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“Remember, consistency is key,” said Seth Diener, private wealth manager at Diener Money Management. “While individual actions may save you only a small amount of money, the cumulative effect of practicing these habits over time can lead to big savings. Motivate yourself to save.” To maintain it, it’s important to track your progress and celebrate your accomplishments.”
Here are some ways to help you save a little money at a time, which adds up quickly and helps you achieve big savings in the long run.
start meal planning
Tanya Peterson, vice president of Achieve, recommended making meals at home in 30 minutes.
“One recent study found that Americans order takeout or delivery 4.5 times a month and eat at a restaurant an average of three times a month,” she said. “After a month, that could add up to more than $250 for a family. That’s $3,000 a year.”
Similarly, meal planning can help reduce food waste. According to a USDA report, the average family of four spends between $1,047 and $1,576 a month on groceries, said savings and budgeting expert Andrea Wolloch.
“Considering that Americans waste approximately 40% of their total food purchases, consumers could be throwing away approximately $418 to $630 per month on spoiled food and unwanted leftovers. “It seems so,” she says. “To combat this and start saving money, it’s important to learn how to meal plan. Meal planning allows you to be strategic about what you buy, especially fresh foods that can go bad quickly. This can reduce food waste by limiting impulse purchases.”
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Take advantage of your “found” money
Unused gift cards are sitting in drawers, taking up space in your wallet, and loyalty points lingering in a retailer’s app, says Brett Nahlinger, head of global commerce at Blackhawk Networks. If there is, it should be used effectively.
“Gift cards and points are a ‘discovered’ financial resource that can help reduce the financial impact of inflation and save money on everyday purchases and even splurges,” Nahlinger said. “It can also help you avoid taking on debt during financially difficult times.”
Paying with gift cards can also help you stick to a tighter budget and get the most bang for your buck, he added.
Melissa Sid, consumer savings expert at MySavings.com, says one way to save a little money is to unplug electronics, TVs, computers, and small appliances, so you can unplug your lights. He says it will cost less.
“Turn off fans and lights when not in use,” Sid said. “The U.S. Department of Energy estimates that the average household can save $100 a year on their electricity bill. These small daily savings really add up.”
Take advantage of technology. Some debit cards and payment apps offer round-up options that can help you save small amounts on everyday transactions, said William J. Luther, director of the Sound Money Project at the National Bureau of Economic Research.
“If your lunch costs $8.82, your payment provider will deduct $9 from your checking account and transfer an additional 18 cents to your savings account,” Luther said. “Over time, these small contributions can really add up.”
Set your own financial challenges
One way to do that, Diener says, is to plan a challenge that doesn’t cost anything.
“Designate specific days, weekends, or weeks as “no spending” periods. Avoid non-essential purchases during these times. The money you would have spent can be transferred to a savings account,” he said.
And similarly, Diener said you can set weekly or monthly challenges to save a certain amount of money each week or month.
“For example, the first week you save $1. The second week you save $2, etc. By the end of the year, you’ll have saved more than $1,300,” he added.
take a photo of the receipt
You can turn your receipts into cashback using apps like Fetch.com.
“Simply upload a photo of your receipt and earn points that can be used for free gift cards to a variety of stores, including Target, Walmart, and Amazon,” Wolloch said. “Check out our special offers section to see which brands will help you earn more points and get free gift cards faster. He recently earned 2,500 points for purchasing Pampers diapers. This is like he gets back $2.50 for the purchase. ”
Focus on energy-saving habits
For example, Achieve’s Peterson says most people can save up to 10 percent on their water heating costs by lowering their water heater’s temperature to 120 degrees, or one notch lower if it only has a scale. I did. There is still plenty of hot water left.
Additionally, she recommended taking a few minutes to “play the solar game with shades and curtains.”
“When you’re at home, open and close shades and curtains to keep the summer sun from shining in and making your home too hot,” she said. “Try to keep your heating on as much as possible in the winter. Taking this simple step can be surprisingly efficient, which can be reflected in your utility bills.”
This article originally appeared on GOBankingRates.com: 7 Small Ways to Save Money Every Day that Builds Savings Amazingly Fast
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