Yahoo Finance "I Have Saved So Much Money!": People Are Sharing Money-Related Tips And Tricks That Really Made A Difference, And I'm Taking Notes
I don't have to tell you it's rough out here. Prices for just about everything have skyrocketed, and folks haven't received big enough pay raises to make up for it.
So, I recently asked the BuzzFeed Community to tell us the one money-related secret they think everyone should know. Here's what they said:
1."I immediately cancel all subscriptions right after I sign up. I know I'll never remember to turn them off before the renewal date. Most companies allow you to keep the subscription through the initial sign-up window and then will send you repeat reminders before your subscription is turned off. So, if you want to keep the subscription, you have plenty of chances to turn it back on. This saves me money — and brain power!"
—Anonymous
2."The best thing my boss told me was for every raise you get, increase your 401(k) contributions by 1% as you won’t even notice. In the subsequent years, my 401k has more than tripled in value just from my contributions. I will have a great chunk to retire with at this rate."
"Also, understand your tax burden. If you get a bonus, increase your 401k contribution (you can afford to) to lower the taxable amount. Bonuses are taxed higher than regular income."
—Anonymous
3."I make sure I eat a full meal before I go grocery shopping. When I go shopping hungry, I buy a lot more unnecessary food items that end up going to waste. After I’m done eating, I do a walk-through of my kitchen and make a list of what I absolutely need to buy. I also walk through the rest of my house to see if I need any cleaning products, toiletries, etc. I make sure I stick to my list, and I let myself buy one item not on my list as a treat, like a candy bar or soda at the checkout. I have saved so much money!"
—Anonymous
4."Libby has a great selection of audiobooks, and you don’t need to get Audible. It’s free, and all you need is your local library card. Sometimes, you have to wait to borrow the book, but it’s definitely worth it. I refuse to spend money on Audible."
—Anonymous
5."My legit money-saving hack: When I worked in the service industry, I saved all my $5 bills in a literal piggy (elephant) bank. Within a few months, I had enough saved up to get my eyebrows microbladed. It may be girl math at its finest, but spending money that I didn't have in my accounts was like a free little gift to myself! And I didn't have to feel bad about splurging on myself."
6."I grew up broke. Having an app that compiled all my assets and debt in one place was a game-changer. For years, I used the free version of Mint, but it recently shut down, so look into the different options available now (I'm using Monarch, but it has a yearly fee). For me, the app turned it into a game of sorts: How much could I increase my net worth by next month?"
"I found myself shopping less, not eating out as often, taking on side gigs, etc, so I could increase my net worth. My salary was not even the median for my area, so it took me a very long time, but I finally reached a point where I don't stress about money as much on a daily basis.
If you don't want/can't afford an app, maintaining a spreadsheet is just as good. However you do it, just get in the habit of looking at your finances at least once a month to make sure you're on track for your budget, savings, and goals. Some months or even years will be worse than others, so don't be discouraged if your progress isn't linear. We're all doing the best we can."
—Anonymous
7."I hate getting rid of fresh produce because it rotted too quickly. It's literally like throwing away money. Frozen vegetables not only save you time, but they don't rot as quickly. And they may have more nutrients because they're flash frozen."
8."I make my own laundry detergent. I use equal parts of Borax, Arm & Hammer Super Washing Soda, and OxiClean, then grate in about half a bar of Fels-Naptha. You put it all in a jar and shake it up to combine. I use about a tablespoon for each load, but I usually eyeball it. It lasts forever, too — I once went six months without needing to make more! It also smells great. I always get compliments about how my sheets smell from guests or when I wash other people’s clothes at my place. I use fabric softener and in-wash scent beads as instructed and have no issues. Highly recommend!"
—Anonymous
9."I sell old clothes on Curtsy, and I also use the money I make to buy clothes on the same app."
—Anonymous
10."People will probably hate this answer, but mindful spending. We're all still waiting for our houses for not having avocado toast and Starbucks 😂, so not like that. Just smart, mindful choices day to day. A lot of people buy name-brand food without ever trying store-brand, despite costing dollars more. People overspend at bars and restaurants. Many spend on clothes, accessories, and makeup when they have so much already. This is what I've noticed, and then they often complain. Little choices can add up to nice treats or goals, especially when times are so hard, and everything counts."
11."This one takes discipline, but get a credit card and use it for absolutely everything. But be sure to pay it off completely each month. Treat it like the cash in your bank account. That way, you never pay interest, but you do get reward points. I am now on my 17th free Christmas from just one MasterCard's reward points, which I can redeem on Amazon."
12."If there is something specific I want to purchase (a pair of Adidas sneakers, a new coffee maker, a pricey beauty product, etc.), I will label an envelope with that item and the cost. Then, I look at my paycheck and figure out how much I need to set aside every pay period for that item. Physically putting money in an envelope for the item that I’m saving for has done wonders in helping me stick to my budget. I know that, yes, I COULD spend this money on a T-shirt, but then I’d be starting from scratch. It also feels so much more rewarding to purchase the item with the cash in hand rather than charging it on my credit card and paying an additional 20% for the item in interest. Waiting makes me enjoy the item so much more."
"It’s something I think everyone should try at least once, especially if there is something particular you want but don’t necessarily have the money for. I’ve saved a lot by practicing this discipline and separating snap purchases (like a candy bar from the checkout at the grocery store) from rewarding purchases (like the brand-new Veja sneakers I just ordered after four months of saving). It works!"
—Anonymous
13."I cut open containers of shampoo, lotions, and detergent when they are mostly used up and scoop the remains into other containers. I then clean and recycle the used containers. I can't stand waste of any kind!"
—Anonymous
14."I started using Ibotta after following couponers like Torok Coupon Hunter. I've already gotten back over $20 and so many household items (laundry detergent, toothpaste, etc.) for so much cheaper."
—Anonymous
15."In a nutshell, don't live beyond your means. Each person or family has to decide for themselves what they can or can't live without. Growing up, we loved to eat out, but my parents satisfied that itch by occasionally taking us to a drive-in on a Friday night or out for ice cream after dinner in summer (in our jammies!). Not so expensive, and for us kids, this was the height of fine dining."
"With my own family, we declared Fridays to be fast-food night, but at home. While I usually cooked from scratch, we could eat 'unhealthy' stuff like frozen pizza or fish and chips on Fridays. Much cheaper than take-out or a fast-food chain, and it gave me a break from cooking."
—Anonymous
16."I have two that I’ve always been told by my parents. 1) Always save as early as you can. The earlier you start, the more money and less struggle you will have. 2) You are ALWAYS just a few bad decisions away from being broke. Be careful out there."
—Anonymous
17."I have a really bad shopping habit. I shop when I'm sad, happy, angry, or just need to decompress. Unfortunately, that's affected my bank account. I saw this hack where if there's something you want, TAKE A PICTURE of the item. If you look back on it multiple times within the span of a week or month, go back and purchase it. If you don't, however, you just saved yourself some money."
—Anonymous
18."The short answer is repair your clothes. You can't save everything obviously, but it saves money and waste!"
19."I know it's a cliche, but 'pay yourself first.' To me, that meant setting up a Roth IRA in graduate school and setting up an automatic monthly transfer of the maximum allowed amount into a target date retirement fund. Automating everything meant I never thought of that chunk of money as something available to be spent, and dollar-cost averaging makes the investment more stable."
"When I began making more money (and got a job with an employer-matched retirement plan), I also started investing in a regular brokerage account (although I have to log in every month and actually buy shares in a few ETFs). This won't make me a quick buck, but it's grown a lot in the past six years!"
—Anonymous
20."My kid lives with ADHD. As such, they lose interest in most activities quickly. After paying for many abandoned sports, hobbies, and instrument lessons, I now know to talk to the providers about this before starting. Many offer a longer test period or more lenient cancellation policies under these circumstances."
—Anonymous
21."I use eating out as a social activity rather than eating out by myself."
—Anonymous
22."Always have lots of things in your online shopping carts, no matter how seriously you're considering buying. Why? Retailers regularly send out 'abandoned shopping cart' emails with extra discounts to encourage you to complete a considered purchase."
—Anonymous
23."Use your local library. There are so many resources that people don't realize are offered!"
—Anonymous
24."ALWAYS pay attention to your spouse’s spending habits. Check those bank and credit card statements monthly! As much as I was bringing in the front door, my husband was secretly spending it out the back door. He’s gone, and that was a hard lesson learned."
—Anonymous
25."I love eating fish. The fresh ones are way more expensive than the frozen ones. Just take them out of the freezer the day before you want to cook them. Let them thaw overnight in the fridge, and just pat them dry when they are ready to use. They taste equally delicious as the fresh ones, and you don't have to worry they've gone bad."
26."Simple, but I brew my own iced tea or coffee at home and bring it in a thermos. Sounds obvious, but I used to go to coffee shops far too frequently when I could just make it myself."
—Anonymous
27.And finally, "My partner and I are saving for a house, so we try to find cheap date ideas. Picking up a to-go order from a local breakfast place and having a picnic is much cheaper than eating at a restaurant for dinner. Swimming in the community pool and then watching a movie on Netflix costs nothing extra. Going bowling on the weekday with big discounts gives us hours of fun for $14/each. Sometimes, there's a band playing in the park for free, or we just take the dog on a hike."
"The key is finding inexpensive options in your area so you're not totally depriving yourself while you stick to your budget. If you try to cut ALL the fun out of your life to save, one of two things will usually happen: you'll give up and splurge on something because you feel like you deserve it, or you'll successfully save but feel miserable sitting at home all the time. Life is all about balance."
—Anonymous
Any other money-related tips that you think everyone should know? LMK in the comments below!
Note: Some responses were edited for length and/or clarity.
