Okay, let’s be honest. A lot of the tips and tricks you see it online these days about saving money don’t save you all that much money. Even worse, many of them are boring, hard to do or just plain dumb.
With that in mind we’ve tried to put together a list of 5 money saving tips that you can actually use every day, and that actually work. They might not save you a ton of money but, when combined, the amount of money you can save could be a substantial boon to your checking account! Enjoy.
Tip #1) Stop smoking.
If you smoke you probably have heard all of the negative things that it can cause, not the least of which is damaging your health severely. Another thing it can damage is your finances because, let’s face it, cigarettes are freaking expensive. Giving up this nasty habit will not only save your health but save you a lot of money.
Tip #2) Don’t buy brand name groceries.
When you buy brand-name groceries you pay between 10% and 20% extra (or more!) just for the name. Now, we admit, in some cases the taste of some of those grocery items might be a little bit better but, in most cases, there’s no significant difference
Tip #3) Maintain all of your appliances and electronics.
While this admittedly won’t save you money immediately, maintaining all of your appliances and electronics so that they don’t break down early is an excellent way to save a lot of money over your entire lifetime. Ask any appliance repairman and they’ll tell you that, in many cases, some simple and inexpensive maintenance could’ve saved a refrigerator, washer, HVAC system, microwave or other appliance from being destroyed. The same can be said for laptop computers, tablets and smart phones. Take care of them, keep them clean and treat them well and they will definitely last a lot longer, meaning you won’t have to buy a new one for that much longer also. And hey, the same can be said about your car.
Tip #4) Switch from whole life insurance to term life insurance.
The difference in price between a whole life insurance policy and a term life insurance policy can be quite large. Even worse is that most whole life and universal policies offer a lousy investment opportunity, and that’s why most people get them in the first place! Switching from whole life to term life will save you money immediately and, if you use that extra money to pay down debt on your credit cards, you’ll save even more.
Tip #5) Consider renting out extra space in your home.
This takes a little bit of work, a little bit of luck and can be a little bit tricky. But, with sites like Airbnb and others growing in popularity, renting out that extra space in your house is a great way to make extra cash, especially if you live in a popular area of the country.