Pennies into Dollars: DIY Tips to Saving Money

Are you having trouble keeping up with your bills each month? Has your credit card debt reached an amount that you have no clue how you’re going to pay off? 

These are financial issues that most people encounter at some point or another. But, you can’t afford to live your whole life with these kinds of struggles! The biggest cost of living with financial stress isn’t late payments or bad credit – it’s a lower quality of life.

Luckily, you can maintain your wellbeing and lead a good lifestyle with just a few simple money saving habits. Here are 7 things you need to do if you want to become a better money saver. 

1. Establish and Edit Your Personal Budget  

If you don’t already have a personal budget, you need to create one right away. This is the only way to tell how well you’re sticking to your savings plan. Budgeting gives you the big picture perspective of how you earn, spend, and save all your money. 

It can help you prioritize all the bills you pay each month. It gives you an idea of the miscellaneous funds you have available to you and the expenses you may not be able to afford, too.

Such an understanding of your personal finances will transform how you handle all your money. It gives you a little more peace of mind when paying off big bills, and it can help you identify savings opportunities you may have overlooked before.

2. Set Up Automatic Savings 

Speaking of savings opportunities, do you have automatic savings set up with your bank account? Automatic savings are pre-scheduled deposits that go into a separate account. This happens on a regular basis, and you can set up the cycles however you’d like. 

Some people have their automatic savings setup on payday; when their paycheck is deposited, a bit of the money goes directly into a savings account. Others have monthly automatic savings set up and still more people use automatic savings every 60 or 90 days. 

No matter how you decide to create your cycles, this is one of the best things you can do to save. You’ll barely notice the difference in money whenever your funds are taken out and put into a savings account. But, you’ll be surprised to see just how well these cycles can add up!

3. Stop Eating Out So Much 

Maybe the key to saving more money is to better invest your time. You can save a lot of money by spending a little more time planning your meals for the week and cooking at home.

Meal prepping eliminates the need to order delivery lunches or pick up something for dinner on your way home. It also does wonders for your health. This doesn’t mean you can never eat out or enjoy yourself from time to time. But, it does encourage you to pay a little more attention to how $10 lunches and $4 coffee trips add up.

4. Lower Your Monthly Home Bills 

Another great way to save more money is to lower the cost of your monthly home bills. These include water, electric, and internet usage. 

If you’re someone who takes a lot of baths, make more of an effort to take quick showers. Try running the dishwasher once a day rather than washing dishes every single time something is dirty.

Maybe even consider turning down the temperature of your water heater. You’ll still enjoy hot water, but you’ll be able to do so at a lower cost. This is because it won’t take as much electricity to make the heater reach the desired temperature. 

Other ways to save on electric spending include:

• Turning lights off whenever you leave a room
• Lowering/raising the air conditioning to be more like the temperature outside
• Unplugging appliances/chords that aren’t in use
• Investing in eco-friendly appliances

Additionally, take a look at your internet bill and see what kind of plan you’re on. You may be paying for a home phone and/or cable on your internet plan even if you’re not using these things! It’s worth calling your provider to talk about which plan is best for your needs and your budget. 

5. Unsubscribe from Services You Don’t Use 

Keep in mind you do have the option of canceling your internet and/or cable service altogether. This may sound a bit extreme, but it’s worth looking into if you’re in a tight financial jam. 

These are just two subscription services you could cancel. If you really do need your home internet and cable consider canceling some of the following services:

• Gym membership
• Netflix/Hulu subscription
• Music streaming service
• Amazon Prime account and other premium services
• Delivery subscription services for groceries, clothes, beauty supplies, etc. 

As great as it may be to enjoy all of these things, investing in such services seriously adds up.

If you have a sense of panic whenever you see your gym membership or delivery subscription statement pop up, it’s time to re-evaluate your lifestyle. Canceling some subscriptions can actually do a lot of good for you, beyond saving money.

6. Become a Bargain Hunter 

The next way to become a better money saver is to learn the ways of bargain shopping. Almost anything you need to buy can be found at a lower price than face value. All you have to do is take the time to look for alternative options and compare the costs. 

Try using coupons whenever you go to the grocery store and wait to buy clothes when they’re on sale. Use cashback apps to earn a bit of money whenever you spend and don’t hesitate to shop secondhand for things like clothes and furniture. 

You can learn more here about all the bargain buying options available to you. Don’t overlook the value of this tool when creating your new and improved money saving plan.

7. Save Your Spare Change 

Here’s one more thing to think about: all the spare change you’re throwing away! Most people don’t pay attention to the 25 cents that separates a $3.75 cost from a $4.00 payment. Not to mention, the majority of transactions are done via debit and credit rather than cash these days. 

But, there are still ways to make your spare change add up. If you’re someone who prefers using cash to pay for everything, keep a jar of change in your car and in your home. Dump your change out every day and watch how it adds up over time. 

If you’re more of a debit/credit person, start rounding up all of your purchases. This will help you stay on track with your budget. You can even use a spending app to track purchases and add up your change from debit/credit card expenses. 

How to Teach Friends and Family to Become a Money Saver 

Once you figure out how to become a money saver, it’s time to share the wealth. Giving your friends and family the same peace of mind that you’ve discovered with financial freedom is priceless. It can do wonders for their wellbeing and happiness, in the same way that it can benefit you. 

Not to mention, it benefits everyone to surround themselves with people who are financially savvy. When your roommate learns how to save money at home and your husband/wife starts bargain shopping instead of buying things at full-price, everyone’s lives become a little bit easier. 

For more money saving tips and tricks, click here.