Saving a lot of money over time doesn’t need to feel painful. There are small things you can do every day to help you build your wealth.
While doing one of them can save you a little, implementing several of these money-saving habits into your daily lifestyle can make a significant impact each month and in the long run.
Steal this billionaire wealth-building technique
The ultra-rich have also been investing in art from big names like Picasso and Bansky for centuries. And it's for a good reason: Contemporary art prices have outpaced the S&P 500 by 136% over the last 27 years.
A new company called Masterworks is now allowing everyday investors to get in on this type of previously-exclusive investment. You can buy a small slice of $1-$30 million paintings from iconic artists, all without needing any art expertise.
If you have at least $10k to invest and are ready to explore diversifying beyond stocks and bonds,see what Masterworks has on offer. (Hurry, they often sell out!)
Review subscriptions
Canceling unused subscription services is one of the easiest and least painful ways to save money. Even low-cost subscriptions can add up over time, especially if you’re paying for several.
For example, even one monthly $7.99 subscription is more than $95 per year (nearly $480 over five years). If you pay for only four subscription services at this price, you’ll pay more than $380 per year — or nearly $2,000 over five years.
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Make a shopping list
Making a shopping list before you go to the store and sticking to it can prevent impulse purchases. Stores strategically place items to make shoppers want to buy things they wouldn’t otherwise.
For example, it’s sometimes tempting to grab an overpriced drink or snack at the checkout line, and sales might prompt consumers to purchase goods they don’t need.
Avoiding browsing and sticking to your grocery list can save you tens, if not hundreds, of dollars every month.
Open a high-yield savings account
Opening a savings account can keep money out of reach so you don’t overspend. A high-yield savings account is one step better. Not only will you save money, but that saved money will make more money.
Unlike investing in the stock market, there’s no risk of losing money when depositing into a high-yield savings account. That makes it a safe bet and better for short-term savings (less than five years).
Some high-yield savings accounts offer rates above 5%. However, rates can change over time, and some companies have balance requirements. Do your research before choosing a bank.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Compare prices before you buy
Comparing prices before you buy can save you a lot of money, especially on large purchases, such as furniture, appliances, and cars.
However, comparing prices on less-expensive items can save you hundreds as well. For example, Target might carry clothing items that look strikingly similar to designer pieces but for only a fraction of the price.
Pay your bills on time
Paying your credit card bills on time can save you from hefty interest and late fees, but paying other bills by their due dates is also important.
Utility companies might charge late fees, and if utilities are shut off for non-payment, some companies charge reconnection fees.
Enrolling in autopay is a good way to make sure bills are paid on time. If you don’t want to use autopay, consider setting calendar reminders for due dates. That way, you won’t accidentally miss a payment date.
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Compare car insurance rates periodically
It’s not uncommon for car insurance companies to raise rates once you’re already a customer. To get the best deal, shop around for quotes from time to time.
Another company might have more competitive rates or offer discounts your current company doesn’t.
It’s especially important to shop around if there have been positive changes to your driving record or credit score. So, if you’ve completed a defensive driving course or have put more time between now and your last traffic traffic, you might pay hundreds less per year.
Reduce utility usage
Reducing electricity usage is one way to lower your utility bill each month. In the winter, turn the thermostat down before bed and when you leave the house.
Other ways you can save include using energy-efficient appliances, turning down the hot water heater and taking shorter showers.
Taking the above steps might save you a lot or only a little each month, but even small savings add up over time. Cutting your electric bill by just $15 per month could put an extra $180 in your savings account by the end of the year.
Purchase quality second-hand items
You’ll likely pay less when shopping secondhand. However, paying less is only cost-effective if you’re purchasing quality items. If you’re hitting the thrift stores for clothing, check for broken zippers, missing buttons, and worn-out areas in the material.
Paying two dollars for a t-shirt that reveals a hole two washes later isn’t worth it. Even two dollars add up over time, especially when you purchase the items often.
Remember to inspect other second-hand items as well. Check for toy recalls, ensure appliances and electronics work as they should, and look for damage to furniture.
Cut entertainment costs
To save the most money, consider swapping expensive entertainment for low-cost and free events. For example, instead of taking the kids to a water park every weekend, hook up a sprinkler at home.
Pack a lunch for a visit at the state park instead of going out to eat, and check out free local community events instead of purchasing tickets for an out-of-town show.
That doesn’t mean you can never splurge on fancy restaurants or see your favorite musician. However, incorporating more low-cost entertainment into your lifestyle can help you save money without feeling like you’re making a sacrifice.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Avoid high-interest credit cards
Paying interest on credit card bills is like throwing away money. This is especially true for high-interest credit cards, which often target people with no or poor credit.
The cards can come with interest rates above 24% and often come with annual fees, too.
If you want to build credit, consider a secured credit card or a credit card with a 0% introductory APR instead. If you opt for a high-interest card, keep balances low and make on-time payments.
Bottom line
Depriving yourself too much can make saving feel like a chore, but making small changes can help boost your bank account without making you feel like you’re cutting back much at all.
Creating a budget is the first step to reaching your goals, no matter which habits you implement. Sticking to a budget is often difficult, but making small changes can help you stay on track.
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