Most people would like to pay off debt quicker and have a bit of extra cash in their savings account. The good news is, you can save more each month and still have fun. Simple changes to your spending habits can make a big difference to your savings. If you’re looking for inspiration to build your savings account, then here are the best ways to save money fast.
Ditch restaurants and takeouts
A recent report by the Bureau of Labor Statistics (BLS) found that the average American household spends more than $3,000 a year eating out. Eating out might be convenient, but imagine how much extra you could save each year if you choose to eat at home instead. On top of the cost savings, eating at home is also typically a lot healthier. With that in mind, you should try to prepare food at home and save restaurants and takeouts for special occasions. This simple change could save you hundreds of dollars every month. You should also try to avoid other unnecessary food and drink items like takeaway coffees and expensive cocktails.
Take advantage of discount codes
There is a massive selection of coupons and discount codes that can save you money on everyday purchases. Using discount codes requires minimal effort and can save you significant amounts of money over time. You can find local coupons online and get discounts on a huge variety of expenses such as entertainment, home services, and restaurants. Become coupon savvy and take advantage of available discount codes and promotions. The easiest way to find the latest deals is by registering with a coupon website. That way, you will have discount codes and coupons sent to your email when they become available.
Automate your savings
Automating your savings is one of the most effective ways to increase your savings. When you move cash into a separate savings account, the money is out of sight and mind. If you leave savings in your current account, then you might get tempted to spend this if money gets tight during the month. In contrast, you are much less likely to take money out of a savings account to spend. Work out how much you can afford to save and set up an automatic monthly transfer. It is best to schedule this at the beginning of the month, as soon as you have been paid. Finance experts at TIAA advise that you should aim to put at least 20% of your monthly income towards savings. If you receive unexpected money, e.g., inheritance or a work bonus, then try to save as much of this as possible.
Saving can be difficult, but it doesn’t need to be! The most challenging part of saving is getting started. You will find it much easier to save once you start to see your savings account grow each month. There are endless ways to boost your savings that don’t require huge sacrifices. Try some of the above suggestions to slash your spending and save money fast.