If you’re looking for ways on how to save money fast, then you’ve taken the first step to become more financially responsible. Trimming down your expenses to the bare necessities is one of the first steps in living a debt free life. When I first started to create a spending journal, I quickly realized I wasn’t being efficient with my money. I noticed I was wasting a lot of money purchasing and subscribing to things I wasn’t really using.
If you’re trying to pay off your debts or put aside more money towards your savings, I’ll tell you exactly what I did to save over a $150/month. It may not sound like a lot but imagine how fast you can get out of debt by simply paying an additional $150/month towards your credit cards! (And of course think about all the money in interest you’re saving as well!) Here are 5 quick ways on how you can save money fast!
5 Quick Ways to Start Saving Money Today
- Downgrade your cable/internet- If you’re signed up for premium channels, consider downgrading your service. Ask yourself how many hours a day you spend watching TV. If you’re not watching TV that often, it’s a sure sign you should downgrade your service. If you find yourself watching TV a lot, you might want to consider doing something more useful with your time. Perhaps you can find an additional part time job to supplement your income! Downgrading your cable/internet service is perhaps one of the quickest ways you can cut down and save money fast.
- Cancel Subscription Services — When was the last time you looked through your bank/credit card statements? Did you ever notice any subscription services that you were billed for, maybe something you signed up for years ago? Some of the most common types of subscription services that most people overlook (and don’t need) are identity protection, credit monitoring, or magazine/internet subscriptions. Look over your accounts to make sure you’re not signed up for a service you’re not using.
- Wireless Family Plan- Signing up on a family plan for your cell phone bill is another way you can cut your expenses immediately. Talk with your cell phone carrier to see if there are any packages available. You can also talk amongst your friends to see if they want to get a plan together.
- Cut your Gym Membership- There was a point in my life where I signed up for a gym membership and I stopped going for half a year. Since some memberships have an annual contract and an early termination fee, I wouldn’t recommend this if you’re locked into a contract. However, if you’re past your contract date, terminate your membership and look for different ways to exercise. You can bike to work, use your gym at your apartment complex, or go running outside.
- Limit Dinner & Movie Nights- I’m not going to lie, I love movies. The prices to go to the theaters have gone up drastically over the years. About 10 years ago, I remember movie tickets being about $8 a ticket. Now, it’s nearing $12-$13/month! I know this may sound counterintuitive, but you can sign up for Netflix if you’re a movie lover to stream movies online. Also, try to limit the number of times you eat out. Cooking at home is more enjoyable and saves you money at the same time. It can’t get any better than that!
If you’re able to cut down some of your expenses, you’ll feel much better knowing you’re paying down your debts or setting aside money for savings. You’ll sleep easier at night and feel more confident about your financial situation. If you follow these tips on saving money, you’ll slowly start to see more disposable income every month. Little things like this can give you the extra motivation to become debt free.