These savings tips can save you big in the long run.
Creating a savings nest egg is a win-win. You’ll have the comfort of knowing you’ve planned for your future, and you’ll have money available when those unexpected expenses arise. Want to start a rainy day fund, but not sure if you can afford it? Saving money doesn’t have to feel like you’re always pinching pennies. Our easy tips for cutting out a few small expenses can help you build up your savings quickly and painlessly.
1. Skip the Morning Latte … Except on Fridays
Jogging to the coffee shop for your morning pick-me-up may seem like a small perk, but if you’re paying $4 or more a day every weekday, this habit can add up to more than $1,000 a year. Brew at home and make the coffee shop a special once-a-week treat.
2. Eat Out Less
Dinner at a local chain restaurant can easily cost $15 and up per person. Skipping dinner out once a week could put $780 or more back in your pocket.
Guess what? If you’ve followed these two tips, by the end of a year, you’ll have already saved almost $2,000!
3. Hit the Library Instead of the Bookstore
Your local library likely contains thousands of books you’ve never read, including some newer releases and eBooks. Buying just one less $16 paperback book per month adds up to $192 saved per year.
4. Change Your Movie-Viewing Habits
If you’re willing to wait, consider renting a movie or borrowing one from the library. For less than the cost of a small popcorn, you and your squad can settle back for an evening escape.
Want to see a movie in the theater? Consider hitting a matinee for those must-see movies. You’ll likely save $3 or more on your ticket. If you see two movies per month, this adds up to almost $100 worth of savings or more in a year. An added plus? Less competition for seats!
While you’re at it, be sure to check out special offers and package deals. Some chains also offer special prices on certain days of the week or a monthly package.
5. Bottle Your Own Water
Do your wallet and the environment a favor. Switch from bottled water to a reusable bottle you can refill. According to ABC News, even if you’re only buying a gallon a day at $1.27 a bottle, you’re spending 400 times more than you would if you used the tap! Just filling your bottle can save you $460 or more a year. Don’t like the taste of tap water? Buy a water filter, and you’ll still save in the long run.
6. Wash Your Own Car
It might seem easier to sit in your car and drive through a car wash, but even if you only go once a month, at an average $10 to $20 per wash, you can save another $120 to $240 over a year just by doing it yourself. So the next time you notice you car needs some attention, spend a little time outside on the next nice day.
7. Swap Babysitting Duties With Neighbors or Friends
Even with a good rate on a babysitter—say $10 per hour—four hours of alone time with your significant other can cost $40—and that’s before the price of dinner or a movie. Think about making a deal with a trusted neighbor or friend to swap watching each other’s kids so everyone can get some kid-free time for less. If you do this just once a month, you’ll save nearly $500 over a year.
As you save, put the money you would have spent in a savings account. You won’t miss it, and you’ll enjoy that winning feeling as you watch your nest egg grow. Remember—little things add up. If you followed all these tips, over the course of the year, you could see your savings account grow by more than $3,000!