How to Save Money Every Day this Year

By Matt Diehl

When it comes to saving money, there are a variety of actionable ways to trim daily costs. Not every person has the same everyday expenses but there are general rules that can help almost anyone be more economical.

If you’re looking to make cost-effective decisions a new routine, here are some tips to save money every day this year:

Start couponing

In the past, couponing was limited to clipping your local newspaper. Here in the 21st century, consumers can find coupons in a number of places. In fact, some retailers allow you to sign up to receive weekly coupons via email or text message1.

The next time you plan on shopping, consider the following sources for coupons:

  • Coupon websites - Websites like Coupons.com and RetailMeNot offer coupons for thousands of companies and allow you to search by category and store.
  • Social media - Some companies will offer you coupons and discounts if you interact with them on social media. For example, a retail company could offer you a coupon code if you “like” and follow their Twitter account.
  • Mobile apps - Mobile apps like The Coupons App offer deals and promo codes for a large variety of stores and can also send custom alerts and notifications directly to your phone.
  • Email - Sign up to receive emails from your favorite stores. You may receive special coupons that aren’t publically advertised.
  • Store circulars - Some retailers and grocery stores still print out weekly circulars. Try to look through these hard copy advertisements for special deals.

Cut food and drink costs

It’s no secret that some people love to dine out. In fact, March 2015 marked the first time in history that sales in restaurants and bars surpassed spending at grocery stores in the United States2. While dining out may be the convenient option, it can be quite costly compared to cooking meals at home.

Here are some low cost recipes to help you get started:

Apart from cooking at home, there are other solutions to cut food and drink costs. For example, try planning out all of your daily meals for the week. You could put a price cap on each meal and create a menu based on your spending limit. Another idea is to keep a list of perishable food and beverage items on your refrigerator so you eat or drink them before they expire. And if you’re a coffee drinker, try to brew your morning coffee at home before heading to work.

Lower energy costs

A recent study by the American Coalition for Clean Coal Electricity (ACCCE) showed that U.S. families spend up to 22% of post-tax incomes on energy costs3.

If you’re looking to save money by cutting your energy expenses, here are some helpful suggestions:

Adjust your mobile phone, cable and Internet packages

If you haven’t reviewed your technology services recently, you may be missing an opportunity to save money. For instance, instead of paying for several services individually, you might be able to find a package at one discounted rate. If you already pay for packaged services but don’t use all of the features, you could save money by downsizing to a lesser package.

Being able to compare your options can help you choose the ideal plan for your needs and your budget. Here are two websites to help you get started:

Track your progress

Although it may seem like a chore, keeping track of all of your expenditures can be a real eye opener. Reviewing this list can help you identify and eliminate bad habits and also start or stick to a budget.

When it comes to documentation, a notebook could be an easy solution. If you prefer a more digital approach, there are money management and spending apps that can be helpful as well. Whichever method you choose, be honest and diligent with recording your spending. It may assist in making better financial decisions.

Take it one day at a time

There are a variety of ways to save money every day. Find what works for you and turn these actions into daily habits. By making a few small changes now, you could start a savings trend for years to come. Good luck!


1https://www.thebalance.com/text-codes-for-mobile-coupons-2372196
2https://www.bloomberg.com/news/articles/2015-04-14/americans-spending-on-dining-out-just-overtook-grocery-sales-for-the-first-time-ever
3http://www.americaspower.org/wp-content/uploads/2016/06/Family-Energy-Costs-2016.pdf

 


The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of OneMain. The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial, legal or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else. The author was compensated by OneMain for this post.