Best Ways To Save Money For Travel or Investing

Best Ways To Save Money And Travel / Investing — It starts with taking a critical look at your spending habits and then figuring out how to drastically cut expenses. Just when you thought there were no more ways to save

Do you ever feel like no matter how hard you try it’s still impossible to find Best Ways To Save Money?

You mean well and try to spend less, but something always comes up.

Life gets in the way—the car needs new tires, the teenager needs braces, the house needs a new roof—and just like that, saving money takes a back seat. Sound familiar?

The truth is, you don’t need everything to magically line up perfectly before you start saving money.

How To Start Saving Money

You’ll only start saving money when you learn Healthy Money Habits and let your future needs be more important than your current wants—aka when you make saving money a priority. So do it!

You can stop the cycle of living paycheck to paycheck with a simple secret: Make a zero-based budget before the month begins.

How To Save Money On Banking, Credit, And Debt

1. Pay Off Credit Cards In Full Each Month

The miles and cash-back are only valuable if you’re not falling into debt or paying interest.

2. Start With a Goal of Reducing Your Credit Card Debt By Just $1,000.

That $1,000 debt reduction will probably save you $150-200 a year in interest, and much more if you’re paying penalty rates of 20-30 percent.

3. Use Only The ATMs Of Your Bank or Credit Union

Using the ATM of another financial institution once a week might seem like no big deal. But if it’s costing you $3 for each withdrawal, that’s more than $150 over the course of a year.

How To Save Money On Food

7. Brown Bag Your Lunch

The reason you hear this tip so much is that it works!

If buying lunch at work costs $5, but making lunch at home costs only $2.50, then in a year, you could afford to create a $500 emergency fund and still have money left over.

How To Save Money On Health

12. Don’t Skimp On Preventive Healthcare

Routine dental checkups, for example, help prevent fillings, root canals, and dental crowns – all of which are expensive and no fun.

13. Go Generic

Ask your physician if generic prescription drugs are a good option for you.

Generic drugs can cost several hundred dollars less to purchase annually than brand-name drugs.

And since physicians often don’t know the costs you incur for a particular drug, you often have to ask.

How To Save Money On Transport

16. Compare & Shop For Auto Insurance.

Before renewing your existing auto insurance policy each year, check out the rates of competing companies.

17. Check Multiple Sites For Low Airfares.

Want to plan your dream vacation for cheap? Don’t rely on a single airline search engine to show you all inexpensive fares.

Some discount carriers do not allow their flights to be listed in these third-party searches, so you need to check their websites separately.

More Ways to Reduce Your Transportation Costs

The American Automobile Association (AAA) calculates that owning even a Small Size Car will run you more than $6,000 a year after you add up the:

Gas,
Insurance,
Maintenance, and
Other associated costs.

Here are some ways to save on getting around: Best Ways To Save Money on Transport

a) Skip The Carwash:

By the time you leave a carwash, you may have drained your Bank Account by more than $20.

Wash your car by hand two or three times a month, and you’ll have saved more than enough to buy a full tank of gas!

b) Take Care of Your Car: Best Ways To Save Money

Keeping your tires full of air, getting regular oil checks, and other basic car maintenance helps your car run more efficiently and, therefore, more affordably.

Plus, a well-maintained vehicle has a better resale value.

c) Rent or Car Share

If you need a car to get around but won’t drive it every day, consider renting or signing up for a car share network.

You’ll still have access to a vehicle but you’ll pay only when you need it. And you’ll avoid maintenance and repair costs.

d) Get Out The Bicycle or Go On Two Feet

One eco-friendly way to save money is to leave the gas guzzler in the garage and hop on your two-wheeler (or your own two feet).

Biking and walking are good for your wallet, your health, the planet… the list goes on.

e) Use Public Transportation: Best Ways To Save Money

Public transportation saves you money on gas, parking, car maintenance, and more. Every weekday across the globe, people hop on public transportation 35 million times. Join them!

f) Carpool

Recruit some coworkers and try carpooling. If you drive the average commute (16 miles one way), splitting the cost of gas with even one additional passenger can save you up to $600 per year.

g) Limit Your Financing

The more financing you need, the more interest you’ll pay. And since a car is not an investment that appreciates in value, you never want to pay more than it’s worth.

h) Compare Insurance Costs: Best Ways To Save Money

Prices vary, so shop around. Some insurance companies offer discounted rates if you have a good credit rating, if you’re a safe driver, if your mileage is low, and more… be sure to ask.

g) Don’t Speed

Speeding decreases the fuel economy of your car, meaning you’ll get fewer miles to the gallon than if you slowed down 10 miles per hour. Keep money in your pocket and drive within the speed limit.

How To Save Money At Home

18. Comparison shop for homeowners insurance.

Before renewing your existing homeowners insurance policy each year, check out the rates of competing companies.

19. Refinance Your Mortgage: Best Ways To Save Money

Explore if you have the option to Refinance Your Mortgage to a lower interest rate.

On a 15-year $100,000 fixed-rate mortgage. Lowering the rate from 7 percent to 6.5 percent can save you more than $5,000 in interest charges over the life of the loan.

And, you will accumulate home equity more rapidly, thus increasing your ability to cover those pesky unexpected home repairs.

20. Audit Your Home Energy Use.

Ask your local electric or gas utility for a free or low-cost home energy audit. The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year.

Keep in mind that a payback period of less than three years, or even five years, usually will save you lots of money in the long-term.

21. Weatherproof Your Home

Caulk holes and cracks that let warm air escape in the winter and cold air escape in the summer.

Your local hardware store has materials, and quite possibly useful advice, about inexpensively stopping unwanted heat or cooling loss.

22. Keep The Sun Out

Keep your blinds or curtains closed during hot summer days. Blocking the sunlight really does help to keep your house cooler.

23. Use Less Water: Best Ways To Save Money

Install low-flow shower-heads and faucet aerators to reduce your water usage and water costs.

24. Cut Laundry Detergent Use In Half

Many laundry detergents on the market sold today are highly concentrated. Be sure to use the smallest suggested amount.

Making laundry detergent is said to be relatively cheap and easy, especially if you prefer to use greener, natural products.

25. Go Natural

Speaking of making your laundry detergent, using everyday items you already have around your home to clean works for many. You’d be surprised what you can do with vinegar and lemon!

26. Lower The Temperature On Your Water Heater To 120 Degrees

For every 10 degree reduction in temperature, you can save up to 5 percent on water heating costs.

27. Ditch The Paper

Cutting out paper towels and using cloths and napkins that you can simply wash and reuse is a simple way to save.

28. Become a Coupon King or Queen

We all know that couponing can save you lots of dough! Even simply couponing for those essential household staples like toilet paper and cleaning supplies can add up quickly (and so will your stockpile!)

How To Save Money On Family & Friends

29. Create A Family Spending Limit On Gifts: Best Ways To Save Money

Discuss placing spending limits on gifts within your family and/or a system where you only purchase one gift for one person over the holidays.

Not only will it relieve financial stress for your family, but it allows you to focus on what really matters during special occasions and holidays.

30. Plan Gift-Giving Well In Advance

To go alongside spending limits, give yourself time! You’ll ensure that you’re giving the most thoughtful gifts, which usually end up being not as expensive.

Besides, it will also give you the opportunity to look for sales.

31. It’s Never Too Soon To Start Saving For College

The last thing kids need is more “stuff.” Consider asking for donations to the college fund if you have enough clothes, toys, and other needs for your little ones.

32. Don’t Buy Cheap Clothes For Cheap’s Sake

There are times where it makes most sense to prioritize quality over price when purchasing clothes for the family.

An inexpensive shirt or coat is a poor bargain for older family members if it wears out in less than a year. But could make sense for quickly growing children.

33. Organize a Neighborhood Swap Meet

Here’s how it works: Gather your friends and neighbors with kids around the same age and everyone brings gently used:

Clothing,
Books, and
School supplies,
Toys, etc.,

And receives a ticket for each item they bring. Each ticket entitles you to one item from the swap meet.

If you contribute six books, you can leave with up to six new-to-you books. If you contribute seven items of clothing, you can leave with up to seven new-to-you items of clothing.

All leftover items are donated.

34. Designate One Day a Week a “No Spend Day”

Reserve one night a week for free family and friends fun. Cook at home, and plan out free activities such as game night, watching a movie, or going to the park.

How To Save On Entertainment

35. Take Advantage of Your Library: Best Ways To Save Money

Libraries are gold-mines of free entertainment. They offer several entertainment options including classes, e-books, and audio-books.

Some libraries even allow you to borrow things like tools and sewing machines!

36. Browse Online For Free or Low-Cost Local Entertainment

Check out local events on Facebook or Eventbrite to plan some downtime. There are often events and activities listed that you probably aren’t aware are happening.

37. Volunteer At Festivals

Cultural festivals and events often offer free admission to event volunteers. Contact the organizers of your favorite event to ask about volunteer opportunities and benefits.

38. Calculate Purchases By Hours Worked Instead of Cost

This mental math tactic really helps you to #ThinkLikeASaver.

Take the amount of the item you want to purchase and divide it by your hourly wage.

For example, if you’re considering a $50 pair of shoes and you make $10 an hour, ask yourself if those shoes are worth working for five hours. Sometimes they are, sometimes they won’t be.

39. Unsubscribe

Avoid temptation by unsubscribing from marketing emails and texts from the stores where you spend the most money.

By law, each marketing email is required to have an unsubscribe link, usually at the bottom of the email or you can reply to any text with STOP, and that should opt you out of their list.

40. Place a Reminder on Your Card

Remind yourself to think through every purchase by covering your card with a savings prompt such as, “Have you met your savings goal for the month?” Write the message on a piece of masking tape or colorful washi tape on your card.

41. Participate in a Local Investment Development Account (or IDA) Program

If your income is low, you may be eligible to participate in an IDA program where your savings are matched.

In return for attending financial education sessions and planning to save for a home, education, or business, you typically receive at least $1 for every $1 you save, and sometimes much more.

That means $25 saved each month could become several hundred dollars by the end of the year.

42. Make a Savings Plan: Best Ways To Save Money

Those with a savings plan are twice as likely to save successfully. That’s where America Saves comes in.

If you take the America Saves Pledge, we’ll help you set a goal and make a plan. And it doesn’t stop there.

America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.

43. Save Your Coins – Literally

Putting aside just 50¢ a day over a year will get you almost halfway to an emergency fund.

Check with your bank or credit union, and research apps that offer programs that round your purchases up to the nearest dollar and put the difference into a separate savings account.

44. Use tThe 24-Hour Rule: Best Ways To Save Money

Avoid purchasing expensive or unnecessary items on impulse with a self-imposed 24-hour rule. For any non-essential item, wait 24 hours before purchasing.

It’s perfect for online shopping where your items can simply be added to your cart to purchase later.

45. Treat Yourself, But Use it as an Opportunity To Save

Match the cost of your nonessential indulgences in savings. So, for example, if you splurge on a smoothie while out running errands, put the same amount into your savings account.

46. Don’t Just Save Money, Save For Your Future

There IS a difference!. As you begin to #ThinkLikeASaver, don’t simply spend less. Save with a purpose, such as:

College expenses,
Retirement, or
For emergencies.

If you’ve taken the America Saves pledge, you’ve already chosen a savings goal which means you’re ahead of the savings curve!

47. Save Automatically: Best Ways To Save Money

Setting up automatic savings is the easiest and most effective way to save, and it puts extra cash out of sight and out of mind.

Automatic savings means you have a process in place to save at regular intervals, whether that’s monthly, weekly, or daily.

Instruct your employer to direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both).

Traditionally, you can set this up using your employer’s direct deposit, ask your HR representative for more details and set this up today.

48. ‘Start Small. Think Big,’ with a Short- Term Goal

The truth is, people save more successfully when they set a short-term goal.

For instance, committing to saving $20 a week or a month for 6 months is much more attainable that setting a goal to save $500 a month for a year.

Once you reach the short-term goal, you’ll have created a habit of saving you can be proud of! You’ll be able to keep going strong with a new goal.

49. Start Saving For Your Retirement As Early As Possible

Few people get rich through their wages alone. It’s the miracle of compound interest, or earning interest on your interest over many years, that builds wealth.

Because time is on their side, the youngest workers are in the best position to save for retirement.

50. Take Full Advantage of Employer Matches To Your Retirement Plan

Often as an incentive, employers will match a certain amount of what you save in a retirement plan such as a 401(k). If you don’t take full advantage of this match, you’re leaving money on the table.

51. Save Your Windfalls and Tax Refunds: Best Ways To Save Money

Every time you receive a windfall, such a work bonus, inheritance, contest winnings, or tax refund, put a portion into your savings account.

52. An Emergency Fund Is a Must

Chances are you’ve already been told that you need an emergency fund somewhere in the ballpark of three to six months of your income.

Yikes! Overwhelming, right? Our motto is ‘Start Small. Think Big.’ In keeping with that, we recommend starting with an emergency fund savings goal of just $500.

53. Establish Your Budget

The best way to jumpstart establishing a budget is to realize your spending habits. On the first day of a new month, get a receipt for everything you purchase throughout the month.

Stack the receipts into categories like restaurants, groceries, and personal care. At the end of the month you will be able to clearly see where your money is going.

Additionally, your bank or credit union may have this as an online-banking feature. Seeing what you spend in total on food, shopping, etc. can be humbling!

54. Budget With Cash And Envelopes

If you have trouble with overspending, try the envelope budget system where you use a set amount of cash for most spending. And once the cash is gone, it’s gone.

5-Step Method On How To Save Money For Travel

First, let’s look at the big picture. These five inter-related elements will help you transform your finances into a travel saving machine!

Not all five steps may be necessary (for example, you might decide you don’t need or want to do Step 4); customize this template to make it yours.

Create a Monthly Expenses List, and Reduce Fixed Expenses

Once you’ve tracked your expenses, you have a starting point. Look for patterns in your spending and create a monthly expenses list (include weekly expenses by multiplying them by four).

It doesn’t have to be an exact figure; ballparks work for slightly variable expenses such as utilities, which can fluctuate.

Then, take a look at these monthly expenses. This includes rent/mortgage, utilities, transportation costs, loan payments, subscriptions, and recurring charges.

Track Your Expenses: Best Ways To Save Money

Glib as it may seem, you must know where you’re starting in order to figure out where you’re going. Understanding exactly how you spend your money is essential.

I use a travel-friendly expense tracking app into which I manually input every dollar I spend and assign relevant categories for analysis.

I do it as soon as I spend the money, and I don’t judge myself: I just enter the expense.

Some people prefer using programs like Mint that link up with their bank accounts and credit cards and track their spending habits automatically.

Do whatever works best for you, and whatever you stand the greatest chance of maintaining. This is a long-term exercise; I’ve been doing it for decades.

At the end of each month, take a look at your expenses. Are there any surprises in there? Anything higher or lower than what you anticipated?

Only when we see our expenses from a bird’s-eye view, can we decide whether the things we’re spending our money on are ultimately worth it.

Earn Extra Money: Best Ways To Save Money

Your travel savings plan can be accelerated by bringing in some extra money.

From:

Moonlighting with a part-time job,
Selling stuff you don’t need any more,
Freelancing on the side,
Creating a location independent career that can eventually support a long-term travel vision,
How you earn your money depends on you.

This step is entirely optional, and depends on your situation including your travel savings goals and time frame.

Eliminate Unnecessary (Discretionary) Spending

Every budgeting article hammers on about this, so I’m not going to. In short, this step involves taking a critical look at every dollar you spend.

That morning latte on your way to work every day for a year could translate to two weeks in SouthEast Asia (flights not included).

Everything adds up, like eating out, drinking alcohol in bars, and all those harmless little one-off expenses that individually seem innocuous until you tally them up.

You don’t have to cut everything out; but make sure the discretionary expenses you continue with are worth it to you and your quality of life.

Save Money in a Special Account: Best Ways To Save Money

Don’t just let your savings from the hard work of cutting expenses get absorbed into your life. Calculate every dollar you’ve saved in reducing your expenses and specifically set that aside in a special savings account.

How to save for a vacation? Make it easy by setting up an automatic transfer of funds every week or month.

Transfer it from your bank account into a high-interest savings account.

The rate of return won’t make you rich (by any measure), but it is a great vehicle to set aside money in a guaranteed investment and allow it to grow at a higher rate than your bank account.

How to Drastically Cut Expenses

5 Creative Ways to Reduce Fixed Expenses

While they may be called fixed expenses, they aren’t so fixed they can’t be reduced or even eliminated.

Here’s how to lower bills and common recurring expenses in creative ways you might not have considered so you can save up to thousands of dollars each year.

Now, if you’re new to the game and don’t know how to drastically cut household expenses, take a peek at some of the more common expense-cutting suggestions (that you’ll find all over the web), such as:

No more fancy lattes
Sell your car (if possible)
Bring packed lunches to work
Go easy on the heating/air conditioning
Reduce power bills with energy-efficient bulbs
Stop eating and drinking at restaurants and bars

Below are some additional cost saving ideas that aren’t quite as common but can save you up to $4,000/year.

Ask “How Can I Save Money on My Phone Bill?”

Great question! Renegotiate that puppy. First of all, I’m assuming you’ve already done away with your landline and that we’re talking about cell phone bills here.

But if you still have a landline in addition to your cell phone, then step one is getting rid of that old clunker.

This strategy works best when your cell phone plan is up for renewal if you’ve been on a contract.

As the contract ends you’ll have paid off your phone, and assuming it still works fine and you don’t need a new one. (read between the lines here: don’t need a new one) Then you don’t need to be paying the same monthly rate for your cell phone plan.

When you’re not locked into a contract, the phone company knows full well that you could take your business elsewhere, so they’re usually willing to offer you a deal (also known as a retention offer).

Even if you’re in the middle of a contract, some phone companies can flex to meet your needs, but you won’t have as much leverage since it’s more difficult to change carriers mid-contract.

Before you pick up the phone, ask yourself what you want out of the deal. What is your best-case scenario? More perks? Or less cost?

What features don’t you make full use of, and what do you tend to max out?

Once you become clear on what your ideal cell phone plan looks like, call in and simply ask them what they can do for you, and take it from there. Literally.

Start with “how can I save money on my phone bill” and see what they come up with.

If you really want to save a pile of money on your cell phone bill, you could get extreme like I did and cancel it entirely.

And go with a super-cheap online phone number through Fongo or Hushed or Google Voice and then just use a data sim card to have connectivity whenever you’re not in WiFi range.

With this system, I pay approximately $200/year for all my phone and data needs, at home and around the world.

10 More Best Ways To Save Money

1. Take a “Staycation”

Though the term may be trendy, the thought behind it is solid: instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home.

If you can’t drive the distance, look for cheap flights in your region.

2. Stop Smoking: Best Ways To Save Money

No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that amounts to nearly $3,000 a year you can realize in savings if you quit.

According to the Centers for Disease Control, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s — join the club!

3. Pay Yourself First

Set up an auto debit from your checking account to your savings account each payday. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan.

4. Utility Savings: Best Ways To Save Money

Lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs.

And installing an on-demand or tankless water heater can deliver up to 30 percent savings compared with a standard storage tank water heater.

5. Pack Your Lunch

An obvious money-saving tip is finding everyday savings.

If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.

6. Annualize Your Spending

Do you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum.

7. Set Savings Goals

One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save.

Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal.

8. Create an Interest-Bearing Account

For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time.

If your goals are more long-term, consider products with higher yield rates for even better savings.

9. Eliminate Your Debt: Best Ways To Save Money

If you’re trying to save money through budgeting but still carrying a large debt burden, start with the debt.

Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see.

Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.

10. Spend to Save

Let’s face it, utility costs seldom go down over time, so take charge now and Weatherize Your Home.

Call Your Utility Company and ask for an Energy Audit or find a certified contractor who can give you a whole-home energy efficiency review.

This will range from easy improvements like:

Sealing windows and
Doors all the way to
Installing new insulation,
Siding or ENERGY STAR high-efficiency appliances and products.

You could save thousands in utility costs over time.

How To Save Money With A Budget

One smart way to manage your money — and hopefully hold on to more of it — is to follow a budget.

I think about a budget as a spending plan because saving money doesn’t mean you have to quit spending altogether. It just means you have to prioritize some financial goals over others.

We recommend the 50/30/20 budget for smart money management. Devote 50% of your income to necessities, 30% to wants and 20% to savings.

If you find one of your allocations exceeds these percentages, make some adjustments to fit the formula.

As you work toward your ultimate financial goal, make sure to put your newfound funds in a good high-yield savings account to maximize your money.

Some of the best online accounts pay interest rates that are much higher than large traditional banks. Best Ways To Save Money For Travel or Investing

Related Post: How To Live Your Dream And Change Your Life Today

How To Start Saving Money

Related Post: How To Save Time And Money At Airport – The Hassle

How To Save Money On Banking, Credit, And Debt

Related Post: How YouTube Pays: 10 Ways to Make Money From Your YouTube Videos

Related Post: Reasons Why People Are Poor: “I Have No Money!”

How To Save Money On Food

Related Post: Ways To Make Money From Website: 20 Passive Ones

Related Post: Top Successful Bloggers And How They Make Money

How To Save Money On Health

Related Post: Make Money While Sleeping – With Affiliate Marketing

How To Save Money On Transport

More Ways to Reduce Your Transportation Costs

a) Skip The Carwash:

b) Take Care of Your Car: Best Ways To Save Money

c) Rent or Car Share

d) Get Out The Bicycle or Go On Two Feet

e) Use Public Transportation: Best Ways To Save Money

f) Carpool

g) Limit Your Financing

h) Compare Insurance Costs: Best Ways To Save Money

g) Don’t Speed

How To Save Money At Home

20. Audit Your Home Energy Use.

25. Go Natural

How To Save Money On Family & Friends

30. Plan Gift-Giving Well In Advance

33. Organize a Neighborhood Swap Meet

How To Save On Entertainment

35. Take Advantage of Your Library: Best Ways To Save Money

38. Calculate Purchases By Hours Worked Instead of Cost

42. Make a Savings Plan: Best Ways To Save Money

44. Use tThe 24-Hour Rule: Best Ways To Save Money

47. Save Automatically: Best Ways To Save Money

51. Save Your Windfalls and Tax Refunds: Best Ways To Save Money

5-Step Method On How To Save Money For Travel

Create a Monthly Expenses List, and Reduce Fixed Expenses

Track Your Expenses: Best Ways To Save Money

Earn Extra Money: Best Ways To Save Money

Eliminate Unnecessary (Discretionary) Spending

Save Money in a Special Account: Best Ways To Save Money

How to Drastically Cut Expenses

5 Creative Ways to Reduce Fixed Expenses

Ask “How Can I Save Money on My Phone Bill?”

What features don’t you make full use of, and what do you tend to max out?

10 More Best Ways To Save Money

1. Take a “Staycation”

2. Stop Smoking: Best Ways To Save Money

3. Pay Yourself First

4. Utility Savings: Best Ways To Save Money

5. Pack Your Lunch

6. Annualize Your Spending

7. Set Savings Goals

8. Create an Interest-Bearing Account

9. Eliminate Your Debt: Best Ways To Save Money

10. Spend to Save

How To Save Money With A Budget

Share this:

Like this:

Related

More Related Posts:

Related Articles

How To Increase Your Income Fast

Share this:

Like this:

Amazon Products With High Affiliate Commissions

Share this:

Like this:

Financial Literacy Lessons They Should Teach In School

Share this:

Like this:

Discover more from ZEROX 24