4. Buy generic.
In most cases, the only thing that’s better about brand-name products is the marketing. I mean, look at
that box! Generic brands of medicine, staple food items (like rice and beans), cleaning supplies and
paper products cost far less than their brand-name, marked-up friends—and they work just as well.
5. Cut ties with cable.
It’s no secret that cable prices are continuing to rise. The average monthly price for cable TV is about
$106 a month—which adds up to over $1,200 a year!
Here’s the good news: Cable isn’t the only way to
watch your favorite shows these days. Cut the cord and find out how to save big with alternatives to
cable like network apps and streaming services.
6. Save money automatically.
Did you know that you can save money without thinking about it? Yup—you can set up your bank
account to automatically transfer funds from your checking account into a savings account every month.
If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each
paycheck into your savings account. Pretty nice, right?
7. Spend extra or unexpected income wisely.
When you get a nice work bonus (way to go!), inheritance or tax refund, put it to good use. And when
we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or
even just putting it in the bank.
If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or
the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra
dollars to build up your emergency fund—you know, for emergencies.
Bonus tip: If you regularly receive large tax refunds, it’s time to adjust the withholding on your paycheck
so you can bring home even more money each month. Plus, we don’t want to give the government any
more of our money than we have to, right?
8. Reduce energy costs.
Did you know that you can save money on your electric bill just by making a few tweaks to your home?
Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes,
washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs.
While new, energy-efficient appliances are a great way to save money on your electric bill, they’re
expensive! But if you work it into your monthly budget, you can pay cash for those small improvements.