Saving money is just as important as making money. The more we save, the less likely we are going to have to live our lives paycheck to paycheck. Did you know that you could make some easy lifestyle changes that will help you to save $10,000 or more each month?
Did you know that you could make some easy lifestyle changes that will help you to save $10,000 or more each month?
If so, here are 7 ridiculously easy ways to save $10,000 a year (or more).
7 Ridiculously Easy Ways to Save $10,000 a Year
Cancel Your Gym Membership
Most people will tell you to cancel your gym membership to save money. I used to agree, but not so much now. Do I think you should cancel your gym membership? Maybe. I do believe, however, that canceling a gym membership you don’t use is probably one of the easiest expenses in your budget to cut.
But what about those of you who work out regularly in a gym and maximize the benefits of your membership? If that’s you, then you should probably keep it. For those of you who can’t remember what the inside of our gym looks like, should definitely call to cancel. No matter if you keep telling yourself you’re going to the gym some day, stop wasting money.
Alternative: If you must have a gym membership, look for one that is affordable. In my area, you can join Planet Fitness for $10 a month. Otherwise, drop your membership and then look into walking or running outdoors. Purchasing workout DVDs is still cheaper than an unused $10 a month gym membership.
Make Coffee At Home
No one loves Starbucks more than I do. I could give you tips and tricks on how to save money and calories, such as requesting a regular coffee with syrup added instead of ordering a fancy latte. But, that’s a post for another day.
Making coffee at home can literally save you hundreds of dollars each year. You can easily spend $5 a workday for coffee (or more if you add in a pastry). Not only is this devastating for your budget, but can add unhealthy inches to your waistline as well.
Alternative: Buy a coffee maker and make your own coffee at home. Purchasing Starbucks’ Keurig k-cups is still much cheaper than ordering a caramel macchiato every day.
Stop Eating Out
I love to cook. I just don’t like to go grocery shopping. So when I’m ready to cook, there’s usually no food in the refrigerator because remember, I hate grocery shopping. This, in turn, forces me to have to order out. This is crazy and I’ve noticed a direct connection to eating out and the size of my clothes (and bank account).
Needless to say, I vowed to make a change and minimized the amount of time I spend ordering out or going out to eat. I now make sure there’s food in the house for me to cook and plan my meals in advance. Not only is this healthier, but it has saved me a lot of money – especially when you take in consideration how much it costs to feed three people.
Alternative: Plan meals in advance and cook at home. If you’re eating out during lunch during the week, make the effort to fix your lunch the night before.
Pack Up and Move
Do you know of anyone who is struggling to pay their rent or mortgage? If that’s you, then it’s probably best for you to consider moving. I know so many people who are spending a large percentage of their income to live in a big house in a ritzy address downtown.
Housing will undoubtedly be your biggest monthly expense, but you can control how much of it will keep you in the poor house. There’s no reason why you can’t move if you really want to save the extra money.
Alternative: Buy or rent a place in suburbs or rural area to save money on housing costs (just make sure you’re not spending the savings on commuting costs, which will defeat the purpose). Can’t move? How about downsizing to a smaller place that is still comfortable, but cheaper than what you’re spending on rent right now.
I know some of you can’t live without cable. Maybe you live in an area where the only way to get decent reception is through cable or satellite. Or maybe you don’t feel you have to give up cable since you’re not struggling that bad. If so, then by all means, keep cable.
But for the rest of you, I recommend cutting the cord. As much as you may want cable, you don’t need 300+ channels you’re never going to watch anyway. Most of us probably watch the same channels anyway, which makes paying $200 or more a month for a premium package a waste of money.
Alternative: Get a digital antenna for basic channels and use subscription services such as Netflix or Hulu, which cost about $10 a month each. You can receive Amazon Prime Video free as an Amazon Prime member. Click here for your first month free.
- How to Cut the Cable Cord Without Feeling Like You’re Missing Out
- 21 Places to Watch TV Online for Free
Buy a Used Car or Forgo One Altogether
Look, owning a car is expensive. If you purchase new, you are looking to spend around $300+ a month on car payments. This amount doesn’t include full-coverage insurance, maintenance, gas, tolls, etc. When you add all of that together you will find that the cost of owning a car can be downright outrageous.
Instead of financing your next car, consider paying cash for a slightly used car. Even if you do have to take out a loan, the payments will be undoubtedly less expensive. If you live in a city with a great transportation system, sell your car and put the proceeds towards savings.
Alternative: Buy used or get rid of your car. Becoming a one-car family can increase savings two-fold. Use metro or ride services such as Lyft or Uber to get around town.
Savings: If you buy used, you could save $4,800+/year
If you sell your car, you could potentially save $8,400+/year
Eliminate Checking Account Overdrafts
If you’re someone who hates to balance your checking account, then you might have goofed and ended up with a few overdrafts here and there. No biggie. Things happen. Right? Wrong.
These goofs can add up to major dollars considering how even if a bank pays it, you’re still on the hook for fees that average $38 a pop. Now add multiple overdrafts and things start to get harry. To prevent this, balance your checking account often and try to eliminate the number of auto-debits from your account.
Alternative: To prevent your account from becoming overdrawn, try a checking account alternative such as Simple, which doesn’t charge you fees. You could also have money transferred automatically from your savings account so you don’t have to pay an overdraft fee.
Savings: $456+/year (more if you have more than one overdraft a month)
I just gave you seven simple ways you can save an additional $10,000 a year or more.
If you’re looking for other little ways to save money here and there, check out my post 25 Easy Ways to Save More Money.
Some Tools You Could Use
Self Lender – If you’re looking to get your credit right, check out Self Lender. This is a great way to improve your credit score and save money as well. If you have no (or not-so-good) credit and want to increase your score, join Self Lender.
Credible – If you have student loans you may want to consider refinancing them to make them more manageable. Check out Credible to see if they offer options for your situation.
Ebates – If you shop online, why not get cash back on your purchases? You can earn money from doing something you were going to do anyways. Sign up with Ebates for free and earn $10.
Swagbucks – One of my favorite companies to earn additional money each month. You can earn Swagbucks by completing surveys, watching tv, shopping and much more to convert to gift cards to use as you please. Get $5 for signing up for a free account with Swagbucks.
American Consumer Opinion – Earn money with surveys with American Consumer Opinion. One of my favorite companies which are reputable and fun to complete. Sign up with American Consumer Opinion for free here.
More resources here