Abbey Lossing
At REAL SIMPLE, we’re all about saving money!
Here are some of our favorite ways to look after your wallets.
How to Save Money on Everyday Purchases
Budget with a gift card.
Photo:Abbey Lossing
Carry cash.
Alternately, use cash instead of plastic.
Keep a stash of cash with you for nights out or daytime outings so you don’t overspend.
Handing over bills will encourage you to think critically about your spendingand may help you spend less.
Give yourself an allowance.
Declare no-spend days.
Our clients save up to $50 a day.
Stop paying your bank.
Some banks can charge checking-account holders $12 in service fees each month.
Signing up for direct deposit and maintaining minimum balances are usually enough to get the fees waived.
And some banks charge more when you use an out-of-web connection ATM.
Cancel subscriptions.
That free wellness-coach trial you signed up for (and forgot to cancel).
The credit-monitoring service you keep meaning to ditch.
The gym membership gathering dust.
Join AARP.
Join rewards programs.
For local shops, see if they offer a punch-card system.
Never make a late payment again.
“I’ve been guilty of this myself,” says Annie Logue, an investing and money expert.
But most late payments are met with a fee.
And if you’re significantly overdue, your late payment could also ding your credit score.
To avoid this, Logue suggests putting everything on automatic payments.
Nervous about hitting a cash-flow crunch?
Un-store your credit card information.
Frequent online shoppers may have their credit card number stored on their equipment or on certain shop’s websites.
If you’ve memorized your credit card number, do your best to forget it.
How to Save on Entertainment
Don’t assume you’re free to’t BYO.
“Snacks and drinks are so expensive at events like sporting games and concerts.
Do a little research and see if you could bring your own.
Ask for presents that save you money.
Host more events at home.
Instead of visiting bars and restaurants for celebrations and gatherings, offer to host at home.
Rely on the library.
Plus, library card holders can sometimes get discounts around town.
Purchase workout studio packages.
Go to your gym for childcare.
There are plenty of gyms that offer super-affordable childcare while you’re on the premises.
“We’d spend hundreds on babysitting for those hours.
How to Save Money on Insurance
Cancel your mortgage insurance.
In most cases, when you reach 22 percent equity, this insurance should be automatically canceled.
However, when you reach 20 percent, you might request the lender end it.
PMI usually costs 0.5 to 1 percent of your loan each year and can go up to 5 percent.
A 1 percent fee on a $200,000 loan will cost you $2,000 a year!
Ditch auto insurance fees.
Call your insurance agent and ask if you’re being charged a fee for paying your bill monthly.
Evaluate your car insurance coverage.
If your car has a low resale value, you may want to opt out of collision coverage.
Check Kelley Blue Book to determine your ride’s current value.
Then take your comprehensive and collision premium and multiply that figure by 10.
Tell your insurance company about your home upgrades.
Allstate, State Farm, and Nationwide all offer home-protection discounts.
How to Save Money on Apparel
Shop slightly out of season.
Buy better basics.
Don’t dry clean.
Prevent your laundry bills from racking up by checking care tags before you walk out of the store.
Pay attention to care tags.
It will greatly extend the lifespan of your wardrobe.
Ask for a discount.
Barter for new outfits.
Tired of everything in your closet?
Instead of hitting the shops for something new, invite your friends over for a closet clean-out party.
Ask everyone to bring a couple of gently worn pieces, and people can swap as they see fit.
You could walk away with a new-to-you outfit minus the $100 (or higher!)
Protect your clothes.
Make bargain buys look top dollar.
After a few nips and tucks, even inexpensive clothes can look custom-made.
keep your shoes.
How to Put More Money in Savings
Save money when you spend money.
So if you buy a $100 pair of jeans, youd put $100 into your account.
Put change in a jar.
It may sound silly, but we sometimes forget that coins carry value.
By putting your excess daily change into a jar, you’re preventing frivolous spending.
Quit carrying a credit card balance.
In 2022, the average household with debt payed $1,380 in interest, according to personal-finance site NerdWallet.
Schedule biweekly mortgage payments.
Less interest will add up, and you’ll pay off more of your principal balance.
Ask your loan servicer if they can process your payments this way.
Use completed debt payment to save more.
Invest a month’s paycheck without feeling it.
That means, twice a year, you could receive three paychecks a month instead of the typical two.
Flip work reimbursements.
It feels like extra money, says Bola Sokunbi, founder of the website Clever Girl Finance.
Automate to accumulate.
Set this to increase each quarter until you reach the recommended 15 percent contribution.
You likely won’t even notice small increases, and you’ll be happy with the results.
Sneak more money into a Roth account.
With these accounts, you could withdraw money tax-free at retirement.
Check your plan for allowable contributions and limits, Ma says.
Build an emergency fund.
Timing matters, says James Byers, group product manager at Google Flights.
Weve found thatbooking airfarefor international trips 101 days before departure is the most cost-effective, he explains.
For domestic trips, Byers says the average lowest price hits 38 days out.
These arent hard and-fast rules, though, so see what Google Flights has to say before you book.
The site can tell you whether prices are low, medium, or high for your dates.
And you’ve got the option to set deal alerts to notify you when prices drop.
Streamline your errands.
For drivers, heading out on a different errand every day of the week can burn up your gas.
Be a calm driver.
“You don’t want to hit the pedal so hard that it will break the egg.”
Take the quickest route.
The shortest way isn’t always the most fuel-efficient.
Plan rental car reservations ahead.
Also, consider pre-paying.
Buy theme park tickets early.
Don’t buy tickets at a busy park entrance.
Pay tolls smarter.
How to Save Money on Utility Bills
Ditch cable.
If you simply must have everything, cable might offer your household the most value.
Don’t upgrade your internet speed.
Not sure what speed you have?
Test it out at fast.com.
Shut off and unplug electronics.
Go paperless for paying bills.
(Some companies are even going as far as to charge people for receiving paper statements.)
Turn off the water.
Run full loads in washing machines and dishwashers.
Water plants in the early morning to ensure that the water goes into the ground instead of evaporating.
Seal up drafty spots.
Heat can be expensive!
Inexpensive draft blockers and outlet sealers can fix many problem areas.
How to Save Money on Taxes
Invest before tax time.
Get a tax credit on some home improvements.
Take advantage of transportation benefits.
Many employers offer pre-tax benefits on commuting costs, including parking fees and public transportation fares.
Depending on where you live, the tax savings can save you hundreds of dollars every year.
Check with your HR department to see what options you have.
Ask if there’s a better deal available and if it’s possible to negotiate a discount.
“If you have seen a better deal elsewhere, then mention it,” says Palmer.
“Ask if they will match that other offer.
There’s no harm in asking.”
Check your data usage.
you’re able to see your usage right on your gadget or by signing into your provider account.
If you’ve got an Android, open tweaks and click Data Usage.
From there you’ve got the option to view monthly totals.
Join a family plan.
“Even though it’s more overall, you’re splitting it up,” says Palmer.
“That can save you up to 10 percent a month, and that adds up.”
patch your address.
This one could go both ways, but Palmer says folks who move out of state can save.
Switch providers.
Most service providers lock you in these days with two-year contracts.
Expect hefty penalties for breaking themif you’re able to get out.
You’re better off waiting until your current contract ends to go shopping for a better deal.
“That’s when the power switches back to you,” Palmer says.
Some cell phone providers do offer to buy you out of your current contract, including Verizon and T-Mobile.
But see to it to ask before you switch if they will cover all of the early termination fees.
How to Save Money on Cleaning Supplies and Household Goods
Skip name brands.
Go green.
(It is also better for the environment.)
Buy concentrated formulas.
Mix up homemade cleaning solutions.
Decant the solutions into reusable glass spray bottles so they’re portable and easy to use.
Swap in reusables for disposables.
Buy in bulk.
Choose foaming hand soap.
Because it’s already pre-lathered, most people end up using less, so the product lasts longer.
Check coupons.
Shopping discounted cleaning products is an easy way to score the best price.
Keep a permanent marker in your bathroom.
Remember that vinegar and baking soda can clean almost everything.
Buy wine by the case.
How to Save Money on Healthcare and Prescriptions
Buy drugs at membership warehouse stores.
Pay cash for certain medical services.
Also, consider getting blood tests directly at the lab rather than your doctor’s.
You may slash your bill by 50 percent,” Kampine says.
Spend your flex healthcare dollars.
Use a retail clinic.
Staffed by nurse-practitioners or physician’s assistants, they can treat minor conditions for less.
Try Planned Parenthood.
Most locations accept insurance.
Order eyewear online.
Get pet insurance.
Protect family pets with insurance.
They’ll be covered for emergencies that can cost thousands.
How to Save Money on Beauty Treatments
Go to the salon lesswithout losing your style.
Spread out the time between visits by taking extra good care of your hair.
Skip the wash.
At your salon, ask about getting a dry cut at a discounted rate.
How to Save Money Eating Out
Order individual drinks.
To save on drinks when dining with a group, order individual sodas or cocktails rather than a pitcher.
Get the right dish.
For entrees, avoid chicken and pasta, our anonymous restaurant worker says.
These are the cheapest items to purchase, so restaurants often mark them up more than other dishes.
Seafood, beef, and pork are better values for the price.
Ask to BYO.
A good host won’t flinch.
Order tap water.
How to Save Money Shopping
Match buying and saving 1:1.
Say you want a $100 pair of jeans.
Make it a rule that, if you buy the jeans, you’ll put $100 into savings.
This could help curb your spending.
Time pricey buys.
Big-ticket items have designated (often multiple) sale periods throughout the year.
Then, if you’re able to, wait for sale periods, Firestone says.
Use apps to check prices in real time.
Andrea Woroch, the money-saving expert, is also a fan of ShopSavvy, as well as Flipp.
Download apps that help increase your savings.
Swagbucks, another one of Woroch’s go-tos, provides cash back for all your shopping.
Install a internet tool extension.
Capital One Shopping will help you be a smarter shopper online.
Consider your credit card.
Use gift cards instead of cash or credit.
Once the gift card is empty, youre cut off from shelling out any more.
Mark your calendar for major sales.
(Promo Codes for You is owned by Dotdash Meredith,Real Simple’s parent company.)
Shop sales critically.
Do you have Black Friday marked on your calendar?
Are you on the mailing list for all of your favorite stores because they offer insider deals and discounts?
Or am I just tempted to buy it because it’s on sale?”
How to Save Money on Car and Home Repairs
Plan your repairs.
Upgrade air conditioners in winter and heating units in summer.
Master your car.
Develop a relationship with your mechanic.
AAA-approved shops are subject to regular inspections and must pay dues to be a part of the association.
ASE certifications are awarded to technicians with specialties in engine repair, transmissions, or heating and air conditioning.
Get a second opinion.
If you have yet to find a regular mechanic, Mattinat says it’s fine to shop around.
When you get a repair estimate, confirm to get the cost breakdown for parts and labor in writing.
Allowing a new mechanic to lay eyes on the car will ensure you’re truly getting a fair opinion.
And if it turns out the second opinion is cheaper, you saved some money.
Ask about used parts.
Once you’ve agreed to go forward with a repair, ask about getting used parts.
Save money for sudden repairs.
Car repair headaches are usually associated with unexpected costs.
Saving for eventual repairs will ensure you’re always ready for an emergency.
Don’t use the money for gas.
Instead, use it for things like new windshield wipers or tires.
“Parts wear out, they just do,” Mattinat says.
“And a car will never stop costing you money.”
But spending $50 on an oil change now can possibly save you hundreds down the road.
Ignore the tire manufacturer.
Don’t follow the number printed on the tire’s sidewall when adding air.
Internal Revenue Service.Retirement topics - 401(k) and profit-sharing plan contribution limits.Accessed May 22, 2023.
U.S. Department of Energy.
2017;45(7):813-814.doi:10.1016/j.ajic.2017.01.020
