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 ones like not to eat out at expensive restaurants to save money, brown bagging your lunch etc. We often forget the other little ways that add up. If you’re looking to save money, here are a few simple and truly effortless ways to add to the piggy bank. Save and earn should become a motto.
Save Money Effortlessly by:
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- Coupons. They might be a pain in the butt, 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 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.
- Switching Banks. 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 is easy to find a bank that gives you free checking accounts instead of the ones where you have to pay a monthly maintenance fee. I was being charged $6.95 a month for mine which is steep for an account l barely use. Chop..chop! They might also be charging higher ATM withdrawal fees too, so make sure you check everything.
- Buy Store Brands. This was a hard one for me. You might have some products that you refuse to compromise on, maybe your nose only wants a particular brand. For most things, l do find the store brands are a good bargain and can save you over half the cost. Baby oil comes to mind. I save over $4 a bottle by using the store brand.
- Use generic medications. 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, the generic versions are just fine and can save a tremendous amount, even with insurance as most companies are now putting the burden of payment on the patient. For instance, your copay for a branded drug might be $50 while the generic copay is $10. Add that up for the year and that’s an extra $480 in your pocket. Make sure to check with your pharmacist to see if you can save $$$
- Buy Used. I’ve said it previously and will keep saying it. You can save money by buying used or refurbished. Visit a Sears 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 which you couldn’t even see as it was against the cabinet. Just a small thing like this can help you save money effortlessly.
- Work on your credit score. A lower credit score means you pay a higher interest rate for credit cards and home loans. 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. There are companies such as Credit Pros that work with you to help repair and delete errors if you need it.
- Increase your deductible on insurance. You might be able to save a bit of dough by raising your copay for house, rental or auto insurance. Make sure to price shop before committing because a lot of these companies would rather give discounts to new customers than retain their old ones by rewarding them with discount on renewal which is insane!!! Insane but true.
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?