Save money effortlessly the best way! While most people are very adept at saving money, there are still others (sometimes that includes me!) that need just a little more motivation than normal. Becoming frugal is a constant struggle and not instantaneous. You just can’t wish it and make it so, you have to work at it and it comes easier for others.
Everyone knows the obvious ways to save money. Ideas like not dining at expensive restaurants will save money, brown-bagging your lunch for work rather than getting take-out, etc. We, however, often forget the other little ways that add up and will save you a significant amount of money.
If you’re ready to start retaining your hard-earned dough in your pockets, here are a few simple and truly effortless ways to add to that piggy bank. Save and earn should become a motto.
Save Money Effortlessly: Effective Ways To Get Results:
Save and use coupons:
Coupons might be a pain in the butt to organize and use, but they can definitely save you money. If you don’t subscribe to a newspaper, you can look online for deals and discount codes.
One good one that you are most likely familiar with is Groupon. I’ve been able to get amazing deals on massages and manicure and movie tickets in the past. There is nothing wrong with treating yourself, just do it frugally.
Apart from self-care items (something that is definitely useful during these very strange days of the pandemic), Groupon also has coupons for just about everything. Restaurants, furniture, events, home services, even online courses. A friend was able to serve quite a bit of money to get her teaching English certificate (TOEFL).
Banking: Time for a switch?
This is another way to save money without much effort. Check out hidden fees your bank might be charging you and make a change. These days, it’s easy to find banks that give you free checking accounts instead of the ones where you have to pay a monthly maintenance fee.
For example, my bank was charging me a $6.95 a month maintenance fee. I found this charge steep for an account that l barely used. I first asked them to waive the fee. They agreed, but only for three months.
That was unacceptable, and so l ended closing the account with them. $84 a year for the privilege of holding my money didn’t cut it. In the end, I realized l didn’t use it enough to care.
Your bank might also be charging higher ATM withdrawal fees compared to others. Sometimes, your bank ATM might not be convenient. Make sure to know what the charge is for using ATM’s from other banks. They can be as high as $5 per withdrawal, and that adds up too. We get so relaxed and comfortable with what you’re used to, and always assume we are getting the best deal, which is not always right. Check everything!
Buy the store brands:
This, l admit, was a hard one for me at first. Having been conditioned to think only name brands deliver on quality, l fought change for a long time. You might have some products that you refuse to compromise on, maybe your nose only wants a particular brand for instance.
For most things though, you will find that the no-name store brands are great bargains that save you quite a bit of money. Baby oil is a prime example that comes to mind. I save over $4 a bottle by using the store brand.
Use generic medications when possible:
As a pharmacist, l have no problems recommending generic medications to patients (with some exceptions. For instance, l would not recommend changing seizure medications without a blood test). For most medications though, the generic versions are just fine and can save a tremendous amount, even with insurance.
Nowadays, most insurance companies are putting the burden of payment on the patient. For instance, your copay for a branded drug might be $50 while the generic copay would be $10. Add that up for the year and that’s an extra $480 in your pocket.
Also, if you as the patient refuse the generic drug despite the doctor’s approval, the insurance will pass the cost difference on to you, and that $50 brand copay becomes something like $317. Make sure to check with your pharmacist to see if you can save $$$.
Used is “new to you” to save money:
I’ve said it previously and will keep saying it. You can save money by buying used or refurbished items. Visit an Outlet store for instance and you can score good deals on new appliances with the tiniest dents.
I once got a stainless steel refrigerator for $475 off retail that had a slight indentation that you couldn’t even see as it was on the side up against the cabinet. Just a small thing like this can help you save money effortlessly.
For those that are against visiting second-hand clothing stores, you can still get bargains at retail shops like Marshalls for instance which sells new apparel at deep discounts compared to the department stores.
Work on your credit score:
A low credit score means you pay a higher interest rate not just for credit cards, but on every other kind of loan. This can cost you hundreds to thousands of dollars over the course of the loan. Having a good score will get you the best rates. Check on this FICO page to see how much more you would be paying on a mortgage loan for instance.
You are entitled to a copy of your credit report yearly for free through the 3 major agencies. Check for inaccuracies and correct them before applying for loans to save money. If you need credit repair, make sure to work with reputable companies that can assist you.
Increase your insurance deductible to save money effortlessly:
Can you afford to increase the deductible on any of your insurance policies? If so, then do it. Raising your copay for the house, rental, or auto insurance can make a big difference in payment amounts. If you can afford a $300 deductible if you need to file a claim, then up it to that rather than keeping it at $50 for instance.
Make sure to price shop before committing because a lot of these companies would rather give discounts to new customers instead of retaining their old ones. You are not rewarded for loyalty. AT ALL! Don’t assume you’re getting the best rates at the renewal time. Shop around, and you will more than likely be surprised. They count on your gullibility. Your plan is to carve out a plan that suits you. Destroy the misconceptions.
So, there you have it. A few ways on how to save money effortlessly. Which ones have you tried? Do you have any other tricks to help others save?