With inflation and basic necessities are getting expensive, it is more important than ever to save an extra money today. With extra money, we can pay off credit card debts, loans, or add to our investment portfolio and live life a little better without worries of bills.
As wise have said, do not spend more then you earn and do not eat more than you can burn. I admit, I am guilty of not following these often, but then I have to get serious and follow this principle. And if you are like me, than here is little motivation to get you started with little extra income, save money and path to financial freedom.
Top 5 Ways you can Save extra money without much effort.
- Sell extra items from home that you are not using and will not need in near future. Best way to get started making money is to use what you already have at home with zero expense, you can sell things on garage sale, local market, local Craigslist. Yes eBay and amazon may cost you to sell items on their platform, but you can start free with Next-door App, Facebook Market, Garage sale or Local Craigslist. Any money will you make, put it in savings account to pay debt or save for future.
- See if you have any unclaimed money pending. Many times, we may not know if we have any government, inheritance money that we can claim. You do not need to spend money to find it, there is an easy way to check. I checked and I do not have any money to claim, but hope you are better off compared to me. Go to google and search unclaimed money “Insert your US State” here. See below image by USA gov website.
3. Open new bank account with zero or less fees. Many times, I realized my money in the banks were going to various kind of fees, under $1000 in checking account, check fees, transaction fees and so on. Many of these fees can be small but adding them together can eat at your savings. Open a bank account in credit union or any bank that provides free checking and free tools will be beneficial to you, without costing you extra.
4. Use Credit card to your Advantages; Of course use free credit card without annual fee if you are struggling. Credit card with annual fee can be beneficial if you use it the right way. I have two credit card with annual fees now, one give me air mileage based on money I spend, which I can use when I travel saving me money. Other credit card gives me 2% of money back on my card based on my spending amount, which is like saving 2% on every expenses. I know 2% means not much but think if you spent $1000, you will save $20, small amount can add up and I use credit card for most of my purchase and I save money without trying and that is best way for many of us.
5. Buy things on sale and waiting for 24 hours first. With online shopping made much easier after covid, makes it so easy to buy things when you like, however sometimes putting things in virtual cart and waiting for at least 24 hours, will save you from buying impulse purchases. We all get dopamine release for shopping, but putting things in cart and not purchasing or doing window shopping browsing without money will give you same feeling. Buying things on sale will save you money in long run. Now I know, there are times, you need things NOW, such as health issues, kids school supplies and so on, if you anticipate on future purchases you can get better deals.
One of my favorite book is Tightwad Gazette complete books. It is worth every pennies spend because it saves you 1000 folds more in many cases. Now that I make a little more money, I am not as tightwad as before, still tips from the books are golden and true for current times.
Check out Tightwad Gazette: Complete set of Three Books
So, here a few ways to save money without trying hard, start slow. Next I will try to share ways to make money, investment ideas and more. One of the best way to start a blog or website. You can look at our blog for more ideas on money, career and personal development.