In my efforts to pay off my student loans and other debt, I’ve had to find ways to save money. The biggest roadblock to getting out of debt and building wealth is spending money, especially money you don’t really have on things you don’t really need.
At first, I thought there was no way I could make sacrifices. It simply seemed way too daunting to cut things out. But slowly, I got rid of one thing after another and now I can’t imagine paying for them.
It may seem like a huge sacrifice or lifestyle change to not eat out or to track every dollar that comes and goes, but it’s such an important step in making adjustments that support your financial future. And these changes don’t have to be forever, just until you can comfortably afford them.
1. Remove the Temptation to Order Food
Life is busy and the siren song of DoorDash and UberEats gets hard to ignore when you feel the grumbling of your empty stomach after a long day of work. But you know what’s harder? The crushing weight of debt.
Eating out is expensive as it is, but ordering from a delivery app can be ,,at least 25% more expensive. Keep those dollars to yourself and delete the apps from your phone. Not having access to them makes it easier to not use them.
With keeping convenience in mind, prepping your meals in advance makes it so much easier to not order in or go out to eat in the first place. Taking some time once or twice a week to wash and cut some veggies or to cook all your dinners for the next few days saves time and money. Plus, it’s healthier for you anyway.
2. Prime Yourself for Success
If you have a subscription to Amazon Prime, it may be time to cancel. Even if you think the monthly subscription fee isn’t blowing up your monthly budget, the money you’re spending on it could be going to your debt.
Not only that, but everything you buy on there is another shovelful of dirt digging your metaphorical grave. Giving yourself unlimited access to buy anything you want is a test of self control that many people fail.
Cancel your subscription, delete the app, and quit buying everything on a whim. You won’t realize how much money you’re wasting each month until you see it back in your bank account.
3. Turn Your Home Into a Salon
Doing any kind of beauty treatment can run you a pretty penny. I stopped getting my nails done at a salon and started dying my own hair because it was too expensive to outsource.
If you’re trying to save money, doing your own nails and hair is a great way to cut back. You can save at least $100 per month doing these things yourself. That’s more money in your pocket to pay off debt or throw into your savings.
Once you reach your goals, you can treat yourself to these services again. Just be patient and paint your own nails in the meantime.
4. Unsubscribe from “Savings”
My inbox is constantly getting bombarded with store newsletters waving sales in my face because I signed up once to get 15% off my order. Seeing these so-called savings is a portal into the dangerous world of justifying unnecessary purchases.
Sure, those pants are $20 less than the usual price, but do you really need them? That TV may be 30% off for this weekend only but doesn’t the one you already have work just fine?
When we see a sale and think we are saving money, our monkey brain tells us it’s okay because it’s a “good deal”. But unless you are in actual need of a new pair of shoes or a new purse, spending the money on those items is a waste and takes you further from your goals. Plus, it just adds to clutter in your home.
5. Read All About It (& More) at Your Library
Are you a reader like me who loves to get lost in books but currently can’t afford to buy them for your personal collection? Prepare to meet your local library.
Libraries are a great resource not only for books, but for other materials as well. Not only can you go there for free wifi, cheap printing, and peace and quiet, many libraries also offer museum passes for little or no cost, board game loans, and access to an online library with digital books and audiobooks, all included with your library card.
Not only does this save you tons of money, it prevents clutter in your home. But if you’re the kind of person who wants to own books on a budget, then online retailers like ThriftBooks or a good old fashioned thrift store can help you get your books for cheap.
6. Cancel Your Gym Membership
Even if you’re only paying $10 a month to work out, that’s $120 a year, which is $120 more than paying nothing at all. Your health should always be a priority, but you don’t necessarily need to spend money to take care of yourself.
I love to get outside and talk walks, ride my bike or longboard, or even go for the occasional run. I also enjoy following along to yoga or other workout videos for free on YouTube.
There are so many ways to exercise that don’t cost you anything so you can save your money and achieve your financial goals quicker. Later on when you’re more financially established, you can splurge on a gym membership or even classes.
7. Compare Prices Online
Whether you’re buying a car or a coat, using the internet to check for the best deals is one of the best ways to save money. Now, remember, we’re only using this to buy things we absolutely need. No bullsh*t.
There are plenty of apps and extensions that you can install to compare prices and apply coupon codes. Honey and Capital One Shopping are two big ones.
I personally use Capital One Shopping to make sure I get the best price if I need to make a purchase. Just be mindful of what I mentioned earlier and don’t go crazy for savings. A good deal is only a good deal if you were going to buy that thing in the first place.
8. BUDGET BUDGET BUDGET
This may seem repetitive or boring, but I don’t care. It’s impossible to have any kind of success with money if you don’t know where it’s going. I used to think I was getting by just fine in life until I really started keeping track of my expenses and realized $1000 a month was going to restaurants and take-out.
Sit down and be honest with yourself about your monthly expenses. Once you make sure you have enough room for the necessities – food, housing, gas – you can apply whatever’s leftover to paying off debt, saving, and for the lucky few, wants.
Budgeting is a way to track your money and hold yourself accountable. Having a good budget will prevent you from overspending or paying money for things you don’t need.
Save Money by Being In Control of It
At the end of the day, your financial situation is your responsibility and you’re the only one who can fix it. I’m making these changes currently so I can have a better future and you can too!
Remember, being in control of your money is the only way you’ll reach financial freedom. So stop letting yourself be controlled and take back your power today.
