Posted on February 28, 2017 in Uncategorized
11 Creative Ways to Save Money
We’re always looking for creative ways to save money, so we asked our members for their favorite savings tips. Check out these cool ways to keep yourself motivated and save more money:
1. “Out Of Sight, Out Of Mind” – Anya H.
We love this one because most people have moments of impulsive weakness—splurge spending on drinks with friends or a cool new toy. If you see available money in your checking account, you’re more likely to spend it on things you don’t need. That’s why opening up a separate account (like Dobot) helps you separate what’s fair game for spending and what’s for saving. Ideally, you automatically save without thinking about it—that’s the principle behind “Out of sight, out of mind”!
2. “Bring Your Own Lunch” – Areana T.
If every lunch costs about $10 and you go out for lunch every work day of the year (we’ll say 50 weeks), you’ll end up spending around $2,500 just on lunches! Going to the grocery store and getting stuff to make sandwiches or salads will save you about $2,000 a year. Try bringing your own lunch two times a week and then go from there. Put the rest into your savings goals so you won’t spend it on other things.
3. “Steal Toilet Paper From Your Campus” – James G.
Ok, this one is hilarious and we are all probably guilty of doing this at least once in our lives! So while we don’t condone this, we thought you might enjoy a laugh. Now head to the store and stock up for real. 😉
4. “Make A Fun Money Challenge” – Maurice L.
This was a cool challenge. Maurice picks a period of days (3, 5, 7 or 10 days) and only buys necessary items. It helps because you often find yourself picking up items in the store and then realizing you don’t really need them right then or at all. This challenge can help you save money to put towards debt or savings.
5. “Small Savings Every Day” – Bryan B.
If you save a small amount of money every day, you’re more likely to keep saving because it’s part of your daily routine. That’s the theory behind this tip. It also encourages you to check your bank statement and be aware of your current finances.
6. “Get Cash Back With Coupons” – Jessica R.
Try couponing! When you go to stores, try out coupon apps (like Ibotta) or cut coupons to help you save money on necessities and put more into savings.
7. “$5 Money Challenge With A Friend” – Rayna G.
Here’s a fun one! Pair up with a friend and challenge each other to save every $5 bill that gets handed to you. Make it a competition and see who can save the most. Who knows! You may get more than you think.
8. “Give Up A Bad Habit” – Tracy B.
Smoking, drinking or any other habit can really cut deep into your checking account. Try cutting down or giving up a bad habit entirely. You’ll quickly realize how much you were spending every day!
9. “Use Membership Cards” – Kyle E.
If you regularly shop at certain stores, consider getting a membership card in order to get points or cash back on purchases. It’s encouraging and a good use of a card as long as you don’t overspend! Remember to shop frugally and store up the extra cash you earn.
10. “Round-Up Your Spending” – Michael D.
Rounding up how much you spend is a great way to save. Michael had a fun way to go about this. Every day, he put his loose change into a jar and every week, he adds his small bills ($1 & $5) and then lets it all add up. It’s a great way to see how small savings can lead to a meaningful amount!
11. “Mirror Your Expenditures” – Ashish M.
Take a few days a week to mirror your spending. For example, say you spent $5 on a coffee. You should also put $5 into savings. If you can’t afford to do both, then you shouldn’t buy that coffee!
It’s always encouraging to see how people work towards saving money and reaching their goals. Do you have any fun savings tips you’d like to share? Feel free to comment below!