How to Save $3,000 a Month (20 Saving Hacks)
You may hear it often enough from your family, friends or accountants that you should begin saving money as early as possible. What would probably be more helpful are specific examples of ways to save, preferably backed by experience. Without further ado, here are 20 simple methods for you to spend less on a daily basis and even earn some surplus cash at the same time, possibly as much as $3,000 a month!
1. Stay Home This Weekend
Between cab rides, food costs and beverage expenses, the average weekend night out is often pretty extravagant. Choosing to stay home on Friday or Saturday night isn’t nearly as bad as some people make it out to be, especially if you buy some take-out food or entertain a few friends.
2. Purchase Your Airplane Fare a Month In Advance
Scheduling airplane trips at the last minute is almost always much more expensive, often by as much as $100 more per ticket. So in case you plan to travel in June, for example, you should probably buy your tickets at the beginning of May.
3. Consider Refinancing Your Mortgage
Even new homeowners can usually manage to shear a few percentage points from their interest rates just by refinancing, which can amount to significant savings on month-to-month home loan payments.
4. Be a Professional Freelancer
If you happen to be a good writer, artist, technician or possess another in-demand talent that is potentially lucrative, offer your goods or services professionally and make some extra dollars.
5. Write A List Before Going to the Supermarket
You don’t want to arrive at the supermarket hungry and ill-prepared, roaming every lane on the lookout for comfort food. Preparing a list of items prior to every shopping excursion helps to avoid overspending on junk food like chips, soda, sweets, etc.
6. Terminate Your PMI
If you bought your property with a down payment under 20%, it’s possible you have enough equity built up now to terminate your costly PMI.
7. Don’t Spend
Try not spending any money for a whole week. For extra motivation, ask your friends to participate in a no-spending challenge with you.
8. Throw a Yard Sale
Organizing a yard sale is a hassle, but it might be worth it to get rid of the clutter in your home and earn money at the same time.
9. Go Vegetarian
It’s not necessary to survive on chickpeas alone to reduce costs, but exchanging two meaty meals each week for vegetarian ones saves a lot on food expenses.
10. Open an HSA
If health costs are reducing your funds, consider opening an HSA (health savings account). HSAs let you deposit money into them, similar to a 401k, to used for paying medical costs.
11. Move Your Credit Card Balance
To avoid costly credit card interest rates, find a credit card provider that offers a 0% APR balance transfer, and then switch your current balance over to the new credit card.
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12. Buy Discounted Jeans
If you happen to be picky about denim jeans, get them from outlets such as TJ Maxx, Loehmann’s or Steinmart, where jeans are often reduced by $100 or more.
13. Get Generic Prescriptions
A lot of accountants suggest choosing generic medications over name brands. The FDA has verified that generic prescription drugs are just as effective as their name-brand cousins, yet may be up to 85 percent cheaper.
14. Buy Generic Foods and Toiletries
Just as there’s no serious difference in quality between commercial food brands and their generic counterparts, the same is true of a lot of pharmacy toiletries. Quality differences are more obvious with a few products, but for the most part, transitioning to generic items while store shopping can help you save at least 20 percent.
15. Buy Your Eyeglasses Online
Following an eye examination, use your prescription online to shop for a majorly reduced pair of glasses. You won’t have an associate to fit them perfectly, but you’ll be saving considerable money.
16. Switch to Hulu or Netflix
If you spend a lot of time watching premium cable TV, Hulu and Netflix are a mere $8 to $10 per month, and you won’t have to scan through thousands of channels all day.
17. Consider Bartering
There are still folks who barter merchandise and services for money, and they conserve some huge cash on all types of things, including babysitting fees and food products.
18. Sell Your Video Games
GameStop purchases previously owned games, or you may list them on eBay for extra cash.
19. Create an Automatic Transfer
Create an automatic transfer of $20 each week from your checking to your savings account. You’ll never even notice it.
20. Sell Your Gift Cards
An untouched gift card is basically untouched cash. Sell your unused gift cards and add the money into savings.
By applying these economical suggestions to your daily life, you could easily save $100 each day, totaling up to around $3,000 each month. That’s more than many people earn with their monthly income!