Saving Hacks

saving hacks

BIG Ideas:

  • Make saving money easier by automating your savings with direct deposits or transfers from checking to savings.
  • You may have the power to negotiate bills with service providers like your cable company or cell phone company.
  • Rewards programs, coupons, and cash-back apps can also help you save money each month.

You don’t have to be a financial guru to understand the most important principle of managing money successfully: spend less than you earn. Pretty simple concept, right?

But with the rising cost of food, gas, and other everyday expenses, it may seem like that’s getting harder and harder to do. It even can make you feel like you don’t have control over your money.

Worry not, we have a few saving hacks to help you boost your savings and income, trim expenses, and get more out of your money. Let’s take a look:

  • Automate your savings. Who says it’s hard to save money? When you arrange to have a portion of your pay direct deposited to savings or set up automatic transfers from your checking to savings, you can save in your sleep.You’ll be surprised how quickly your money can add up. Learn more about how to get in the habit of saving money.
  • Negotiate bills. Our monthly bills can often make us feel helpless, but the fact is, you may be able to lower them. Start by calling billers like your Internet, phone, and insurance providers and negotiating better rates. It could be that you’re paying for extra services you don’t use or need.

    For example, you may be able to lower your insurance costs by choosing a plan with a higher deductible. If your current providers don’t offer savings, shop around for new ones. You’ve got the power!

  • Plan your meals. Are you spending a lot of money on takeout, groceries, and dining out? The best way to curb that is to plan your meals at the start of every week.Then, go grocery shopping and purchase only the things you need to prepare those meals. Save even more money by shopping at the cheapest grocery stores.
  • Take advantage of store loyalty rewards. Signing up for rewards programs offered by grocery stores and other retailers usually only takes a few minutes, but it can save you a lot of money over time.
  • Use gas apps. Use apps that can help you find the cheapest gas in your area. Also, sign up for gas card rewards.
  • Use couponing and cash-back apps. Like loyalty and rewards programs, they can help you save money. Plus, you can earn free money on your purchases. Who doesn’t like a little extra cash in their pocket?
  • Trim your subscription services. Subscription services like music, gaming, and movie services can bust your budget (link to budget buster article). Make a list of all your subscriptions and start canceling the ones you don’t use.
  • Shop secondhand. Instead of buying new, shop for gently used clothing, furniture, electronics, and more at thrift stores or online marketplaces.
  • Sell unused items. Have old dorm furniture or electronics just sitting around? Or clothes in your closet that you no longer wear? Consider selling them on online marketplaces or at consignment shops to earn some extra cash.
  • Unplug electronics. Did you know that some electronic devices use power even when they’re off? Try unplugging them to potentially save money on your electric bill.
  • Use cash. Try withdrawing a set amount of cash and spending only that amount of money each week. You may think twice before you buy when you see what things cost.
  • Avoid credit card interest and fees. Interest on credit card balances can be costly and break your budget. Try not to carry excess balances and if you do have them, work toward paying off high-interest balances first.
  • Have no spending days. Pick one day of the week when you don’t spend any money. Once you master one day, add another.
  • Brown-bag your lunch. Buying lunch every day can also add up and bust your budget. Plan your lunches along with your weekly meals.
  • Make gifts. Rather than buy expensive birthday or holiday gifts, consider making homemade gifts, such as arts or crafts. The recipients may appreciate them more and you’ll appreciate the savings.
  • Comparison shop. Before making a purchase, shop at different retailers or websites to ensure you find the deal that’s best for your budget.

Brazos is here to help you save on college costs

For more than 40 years, Brazos Higher Education has been helping students with the education and refinance loans they need for a brighter future. As a non-profit, we can offer you low rates that fit your budget. Contact us today!