Brainy Dose Presents: How To Save Money Fast – 18 Money Saving
Tips Learning to save money, especially finding
ways to do it quickly, is something that can benefit anyone. There are many good reasons to start saving
money. Maybe you suddenly got slammed with an unexpected
bill, or maybe your friends just invited you on that trip of a lifetime. Or perhaps, you want to buy a house and you
have to save for the down payment. You could even just be trying to grow your
emergency fund so that you are better prepared for any unexpected expenses. Whatever your reason may be, there are a lot
of ways to save money! Number 1 - Track Your Spending And Create
A Budget Tracking your spending is the very best way
to identify areas where you can save money. All you need to do is track your spending
for one month, and this will give you a good idea of where your money is going. Once you’ve identified where you’re spending
your money, and you see areas where you can reduce spending, you can set a reasonable
budget and then stick to it. This is a simple thing to do, and it’s a
very effective way of controlling your spending. Number 2 - Pay Off Your Debt If you’re carrying a credit card debt, you’re
wasting money. As difficult as it may be, your top priority
should be to pay off your debt and free yourself from those high interest rates. Hopefully, some of the other tips on this
list will help you retain more of your cash that you can then use toward conquering your
debts. Number 3 - Automate Savings Transfers Each
Payday If you can’t seem to create a habit of saving,
scheduling automatic transfers to your savings account can be a huge help. When you have a certain amount of your paycheck
automatically transferred to your savings account each payday, there's less temptation
to spend it - and you can easily watch your account balance grow over time. Review your budget and choose an amount that
you can commit to regularly, then put your savings on autopilot. Number 4 - Negotiate Your Bills While some of your bills, such as your rent
or mortgage payment, may be non-negotiable, you may have some wiggle room with others. For example, you may be able to find a better
deal on your car insurance or your cell phone service. Doing some research to find better rates,
can take a little bit a time - but it can be time well spent, if it helps you save money. Number 5 - Set Up Automatic Payments For Bills With our busy lives and busy schedules, it’s
not uncommon to forget to pay some bills on time. An easy way to save money, is to simply pay
your bills when they’re due. Companies typically charge a late fee for
any balances that are overdue. And while it may just be a few bucks here
there, these fees quickly add up - especially if you pay multiple bills late. So, set up automatic payments for bills to
ensure that they’re paid on time, and to avoid any late fees. It’s also important to keep an eye on your
bank account balance to avoid overdrafts and accumulating additional fees. Number 6 - Go Cash Only Put your credit cards away, and then take
out a limited amount of money from your checking account -enough to last you for a few weeks. Basically, you withdraw a limited amount and
then watch it shrink. Since we're more motivated by loss than by
gain, each dollar you physically spend will force you to spend consciously. Number 7 - Consider Relocating Perhaps you live in the downtown core, and
your mortgage or rent costs you 2-3 times more than it would if you moved just 15-20
minutes outside of the area. Relocating to an area with a lower cost of
living or downsizing your home, could potentially put hundreds to thousands of dollars in your
pocket each month. Obviously there can be some roadblocks that
may prevent you from moving, but if relocating is an option, it may be well worth considering. Number 8 - Stop Paying For Convenience It’s the American way to pay for convenience. People are willing to pay $5 for a taco they
can make at home for less than $1. They pay $6 for a cup of coffee at a local
cafe rather than brew an entire pot of coffee at home for a few pennies. Taking a little extra time out of your day
to make your own food, brew your own coffee or clean and repair things around the house
can grow your bank account rather quickly. Number 9 - Make A Grocery List Making a grocery list before you head out,
will quickly save you tons of money. This will ensure that you end up buying only
what you need, and that you don't fall victim to any impulse purchases. Write down everything you need for the week. The less times you go shopping, the less likely
you'll be to pick up something you really don't need. Plan to shop for an hour or less, and try
to race the clock when you shop. This way you won’t spend time wandering
around picking up things that look appealing. Also, plan to go shopping shortly after you've
eaten. Everything will look less appealing if you're
shopping on a full stomach. Number 10 - Downgrade Your Cable, Phone And
Internet For most families, these three services equal
big bucks every month. Monitor your use over a month or two, and
decide what you actually need and what you could cut. Do you really watch any premium channels? Is your landline phone doing anything other
than collecting dust? How fast do you need the internet to be if
you’re only checking Facebook and email? It truly pays to shop around and find a cheaper
service. Number 11 - Cancel Paid Subscriptions, Memberships
And Services Are you subscribed to a magazine that you
never read? Are you paying for a product delivery service
that you hardly ever use? If you have a gym membership, when was the
last time you actually made an appearance? Paid services, subscriptions and memberships
can really add up. Make a list of all the ones you have, and
ask yourself if you really need them. If the answer is NO, it’s probably time
to cancel. Number 12 - Quit Your Bad Habits For most people, it’s not easy to quit smoking,
drinking, using drugs, or overeating - but these habits are costing you more than just
the price of your vice. Quitting destructive habits will improve your
health, lower your insurance premiums, and save you a surprising amount of money. Number 13 - Buy Something New When You Replace
Something Old If you tend to buy things only because they’re
on sale, or just because - perhaps it’s time to stop because you’re wasting money. By establishing a rule that you can only buy
to replace something you already have, you're creating an 'active barrier.' Before buying anything, think about how many
of those you need, and how many you already have! Then think again, if you really need a new
one. The psychology of having to open up your closet,
decide what to give away, and get it to the nearest charity (or garbage can) is enough
to stop many of us from buying something new. Number 14 - Practice The 30 Day Rule The 30-day rule is a simple method to control
impulse spending. Here's how it works: Whenever you feel the urge to splurge - whether
it's for new shoes, a new phone, or a new car - force yourself to stop. If you're already holding the item, put it
back. Leave the store. When you get home, take a piece of paper and
write down the item, the store where you found it, and the price. Also write down the date. Now post this note somewhere obvious: a calendar,
the fridge, or a bulletin board. For the next thirty days, think whether you
really want and need the item. If, after the 30 days, the urge is still there,
then consider purchasing it. That's all there is to it, but it's surprisingly
effective. The 30-day rule works especially well, because
you aren't actually denying yourself - you're simply delaying gratification. This rule has another advantage: it gives
you time to research the item. Number 15 - Take The Time To Comparison Shop This tip goes hand in hand with the previous
point. The retail industry thrives on impulse, luring
you with so-called sales that urge you to make an immediate purchase. Although there are some door buster deals
that may actually be worth it, more often than not, you’re better off taking your
time and comparing prices with other retailers. Among the many things you should consider,
are not only the base price of an item, but also any shipping costs, coupon codes, and
other offers. As an added bonus, during the course of your
comparison shopping, you may even realize that you don’t actually need the item you’re
looking to buy! Number 16 - Watch Out For Fear Of Missing
Out Your favorite social media site may be super
addictive and offer plenty of useful advice. But they can also lead to fear of missing
out. You’ve probably seen dozens of articles
- that whether intentional or not, make you feel guilty about what you’re not doing. Such as: • Things you should do in your 20s or 30s
• At what age you should buy a house or car
• What luxury items you need to own … and so on Ask yourself, are they really things YOU want
to do or buy? Or are you checking off items on someone else’s
“bucket list”? Create your own list of goals, focus on them,
and let go of the rest. Number 17 - Turn Trash Into Cash Another way to bring in more money is by selling
things you no longer need. Look for designer items you don't wear, electronics
you aren't using, old books, or anything else you can put up for sale on eBay or Craigslist. Figure out what your stuff is worth - so you
get a fair price - and stay safe by following best practices, like meeting buyers in a public
place. Number 18 - Earn More Money Using A Skill
You Already Have Most people only think about cutting costs. This often leads to reading silly articles
online that seem to only suggest ridiculous tips on how to be frugal. We forget about the possibilities of earning
more money - which is the most powerful of all. Try negotiating your salary at work, starting
a second job, or freelancing in something you're really good at. With this extra income, you’ll be surprised
how fast your savings account will grow. Saving money is not as hard as you think. You can save a significant amount of cash
just by making small changes. And the best part is, not only will you learn
to value money, but in the process of saving, you’ll also learn which strategies work
best for you - so you can use them again when needed. Or maybe you’ll keep saving - that way you’ll
always have some cash handy to cover whatever expenses come your way. At the end of the day, having a little extra
in your savings account can give you the confidence and security to enjoy life. What do you think? What are some other good ways to save money? Let us know in the comments below! If you enjoyed this video, give it a thumbs
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