How to Save More Money: 5 Basic Ways to Reduce Spending Anyone Can Do

A common financial problem for a lot of people is simply having “too much month at the end of the money”.

However, with just a few simple tweaks to your regular spending habits, you could save more money and improve your finances dramatically.

Here are five simple ways of reducing costs while saving more money you can do now to dramatically improve your financial situation in the future.

Save More Money Tip #1:

Cook more at home

How often are you getting takeout or delivery meals every week?

We all know restaurants charge a premium for their food to cover overhead (rent, food service worker wages, food costs, etc.) that gets passed along to the customer.

While it can be convenient to simply buy your lunch every weekday, it can definitely add up to a surprising amount once you take into account all the extra fees and charges you pay simply to feed yourself daily.

EXAMPLE:

Let’s say you spend about $50 a week on restaurant food (and that’s definitely being conservative).

Multiply that by 52 weeks and you’re spending on average about $2,600 annually on meals you probably could’ve prepared yourself for much less with just a bit of pre-planning and creativity.

Save More Money Tip #2:

Review your monthly subscriptions

Most of us probably subscribe to at least one digital streaming service for music, movies, reading content, email marketing, etc. A lot of us may subscribe to several.

However, which of these subscriptions are truly essential to your daily life and which could you easily do without?

It’s a question only you can answer according to your own usage of these services. If you were to truly evaluate your subscriptions, you may find one (or more) services you can either downgrade to a lower price tier or simply eliminate entirely to free up both your dollars and your time.

EXAMPLE:

If you subscribe to a few streaming services at $20 total per month, your annual spend would be $240.

Again, while this may not seem like a ton of money to some people, for others this money could be directed into something more useful, such as buying CBD supplements.

Save More Money Tip #3:

Reduce impulse, “pick me up” spending

Some of us might have that afternoon coffee or snack break from work that has become a ritual, or maybe you just can’t resist grabbing whatever latest game, piece of clothing, or fad that everyone else is buying.

While buying things like these may boost your mood temporarily, the fact is spending money on things you don’t absolutely need (or probably even truly want if you think about it) will reduce your savings.

EXAMPLE:

Conservatively speaking let’s say you spend about $15 weekly on daily coffees, app downloads, impulse knick knacks, etc. Multiply that by 52 weeks and you are sinking about $780 annually.

For some people this might not sound like much, but for others this may mean the difference between filling up their car’s gas tank or taking the bus.

Save More Money Tip #4:

Lower your phone bill

We all need a phone to communicate with others and keep up to date on world happenings.

However, there is such a wide price disparity between phone plans, options, and other monthly add-ons for data and other services. Shop around for the best deal that fits exactly how you use your phone.

EXAMPLE:

Sometimes a $50 monthly pre-paid wireless plan with a few gigs of data is sufficient for your needs, instead of a $150 unlimited plan.

Simply saving that $100 monthly off your wireless bill will translate to $1,200 savings annually.

Imagine what you could do with an extra grand in your pocket?

Save More Money Tip #5:

Research and shop around for the best deal

The Internet as well as various retailer and coupon apps have made it super easy to compare prices and get extra savings on the things you need and buy each month.

By taking a few extra minutes to search and find good deals and coupons on essentials, you can usually free up a good chunk of cash that otherwise would’ve gone right out the window.

EXAMPLE:

A hugely popular site I use often to not only find great deals on essential items while also getting points for even more future savings and free products is Swagbucks.

By first consulting Swagbucks for coupons or specials, you might be able to save at least $100 monthly on the things you are buying anyway.

Extend that savings for a year, and that’s another $1,200 that stays in your pocket.

Conclusion

By applying the above simple savings principles, you could possibly save $5,000 or more annually.

It has never been easier or faster to do your own research and find ways to reduce your spending.

When you have saved up more money, you can actually increase it without trading in your time and energy at a job by investing it back into things like real estate or running your own online business.

What are some of your favorite ways of saving money?

Let’s hear them in the comments below!