Many people will likely consider themselves to be bad with money. In fact, a 2023 survey by National Debt Relief found that only 27% out of 2,000 American adults rated their money-saving habits as “excellent.”
There are many reasons a person may fail to save money, whether it’s ill-advised expenses or credit card misuse. Fortunately, people on Reddit who have seemingly mastered their finances are sharing valuable tips for those in dire need of change.
Whether or not you’re struggling with your monetary situation, these pieces of advice are worth taking note of. Be sure to save this article for future reference.
#1
Just because something is on sale doesn’t mean you will save money.
Report
25points
#2
I sleep on all impulse purchases over $20.
It used to be $100 but over the years I realized I still bought too much junk o a whim.
It used to be $100 but over the years I realized I still bought too much junk o a whim.
Report
21points
#3
I make and bring my lunch and drink to work every day. No going to vending machines, Starbuck's, snacks, no restaurants. What I bring is also much healthier.
Buy used but good condition cars, phones, tools.
I also use my public library as much as possible. Books, audiobooks, music downloads, magazines, newspapers, fishing poles, wifi hotspot devices are all free at mine.
Buy used but good condition cars, phones, tools.
I also use my public library as much as possible. Books, audiobooks, music downloads, magazines, newspapers, fishing poles, wifi hotspot devices are all free at mine.
21points
#4
Don’t spend money you don’t have on trash you don’t need to impress people you don’t like.
Report
20points
#5
Pay yourself first. Set x amount of percent that goes straight to savings. If you save the scraps to savings... you aren't saving.
Easier said than done sometimes though...life happens.
Easier said than done sometimes though...life happens.
Report
14points
#6
When you get a raise, put the extra away. Don't increase your spending.
Report
14points
#7
Review your subscriptions and cancel anything that you really don’t use. Be sure to check things that renew annually, not just monthly charges.
14points
#8
Avoid recurring subscription services
learn how to cook
Avoid delivery food at all costs. If you want to eat make food or go pick it up.
If you have any cash saved, which is a choice. For the love of Christ put it some account that makes interest. You can open a E*trade account and get 3.75%. Not life changing but don’t let the banks use you money for literally no interest.
learn how to cook
Avoid delivery food at all costs. If you want to eat make food or go pick it up.
If you have any cash saved, which is a choice. For the love of Christ put it some account that makes interest. You can open a E*trade account and get 3.75%. Not life changing but don’t let the banks use you money for literally no interest.
Report
13points
#10
-If you’re looking for something that can be a used item, like a bike. Go to Craigslist or Facebook marketplace before buying new
-Avoid DoorDashing food and cook at home
-Look at your current spending habits and determine what is essential and what can be minimized (buying store brand groceries, thrifting)
-invest in good quality clothing and shoes. Long term, it’s cheaper to buy one pair of nice, non-slip work shoes than repeatedly replacing cheap shoes.
-Avoid DoorDashing food and cook at home
-Look at your current spending habits and determine what is essential and what can be minimized (buying store brand groceries, thrifting)
-invest in good quality clothing and shoes. Long term, it’s cheaper to buy one pair of nice, non-slip work shoes than repeatedly replacing cheap shoes.
Report
11points
#11
Plan your groceries and your meals.
List the things you need, the things you want, your budget, and have whatever flyers your local store has.
If you *need* something now (like toilet paper, soap, or actually nutritious food when your fridge is empty) buy it now. Try to pick stuff on sale if it's available.
If you *want* something and can't talk yourself out of it, at least buy it without going over budget. Try to pick stuff on sale if it's available.
If you can, check out whatever stuff is on sale ahead of time and *plan your meals* so you can spend the least amount of money and eat every last scrap of it.
If you're way under budget and all your planned meals are accounted for, the extra money goes into savings. OR you can leverage sales to get extra stuff to cover your WANTS at a later date.
Example: I have a few packs of bacon in my freezer that I bought at a 60% discount with surplus budget a few months ago. Saw the sale, saw I had extra money for the week, stocked up.
We do this every time we see a major sale: grocery shop for our future selves.
List the things you need, the things you want, your budget, and have whatever flyers your local store has.
If you *need* something now (like toilet paper, soap, or actually nutritious food when your fridge is empty) buy it now. Try to pick stuff on sale if it's available.
If you *want* something and can't talk yourself out of it, at least buy it without going over budget. Try to pick stuff on sale if it's available.
If you can, check out whatever stuff is on sale ahead of time and *plan your meals* so you can spend the least amount of money and eat every last scrap of it.
If you're way under budget and all your planned meals are accounted for, the extra money goes into savings. OR you can leverage sales to get extra stuff to cover your WANTS at a later date.
Example: I have a few packs of bacon in my freezer that I bought at a 60% discount with surplus budget a few months ago. Saw the sale, saw I had extra money for the week, stocked up.
We do this every time we see a major sale: grocery shop for our future selves.
Report
11points
#12
Learn how unit-pricing works and buy on that. It's the price PER oz, lb, etc and it's displayed on nearly every pricing label in the store.
Buying a smaller package because it's cheaper (in absolute terms) is often the most expensive option.
Immediate gain for a simple shift in mindset.
Buying a smaller package because it's cheaper (in absolute terms) is often the most expensive option.
Immediate gain for a simple shift in mindset.
Report
11points
#13
Go two weeks, ideally a whole month if you can where you only pay for absolute necessities. No take-out, no restaurants, no shopping.
So many people don't realise how much they spend on random stuff. Pay your bills, cook and eat at home.
So many people don't realise how much they spend on random stuff. Pay your bills, cook and eat at home.
Report
10points
#14
Browsing the library can fill the same need of walking around stores and shopping. Its like this gathering instinct...like hunter/gather.
Report
10points
#15
Every time I consider buying a coffee or buying lunch instead of taking food from home, I’ll tell myself to think about the savings I can make. If I successfully talk myself out of the purchase, I’ll transfer the money I would have spent to my savings account. Easy way to put aside an extra $20-30 a week.
Report
10points
#16
Never stop making a car payment.
Most of the time after people paying off their car that’s it, it’s over, now they have hundreds of dollars freed up that they can do whatever with. My advice (got this from someone a while back) is to never stop making that payment but instead set that money aside for a future car. The reason is 3 fold, when you inevitably need a car you’ll have a nice down payment ready, your car payments will be lower or nonexistent, and the best part is since that amount is already being set aside you won’t have to figure out how to suddenly free up hundreds of dollars from your budget.
You’re welcome.
Most of the time after people paying off their car that’s it, it’s over, now they have hundreds of dollars freed up that they can do whatever with. My advice (got this from someone a while back) is to never stop making that payment but instead set that money aside for a future car. The reason is 3 fold, when you inevitably need a car you’ll have a nice down payment ready, your car payments will be lower or nonexistent, and the best part is since that amount is already being set aside you won’t have to figure out how to suddenly free up hundreds of dollars from your budget.
You’re welcome.
Report
10points
#18
Call your insurance company. For home and auto they like to automatically remove any reductions like having a sump pump, new hot water heater, proximity to fire hydrant...
You just have to call and have them add all those reductions back on. Saved us 100 a month.
You just have to call and have them add all those reductions back on. Saved us 100 a month.
Report
8points
#19
Buy stuff in cash is an old trick. It hurts more to spend a hundred bucks of green in your hand than credit. And Discipline discipline discipline.
8points
#20
Don’t spend it on things you don’t NEED.
Make a snack for yourself before ordering off Uber Eats.
Leave things in your Amazon cart for 24-48 hours before purchasing them.
Keep snacks in your car so you don’t buy a whole meal if you get hungry out and about.
Use the Apartment gym if you have one and learn about functional fitness instead of just body building.
Go over your subscriptions and delete the ones you don’t use. .
Make a snack for yourself before ordering off Uber Eats.
Leave things in your Amazon cart for 24-48 hours before purchasing them.
Keep snacks in your car so you don’t buy a whole meal if you get hungry out and about.
Use the Apartment gym if you have one and learn about functional fitness instead of just body building.
Go over your subscriptions and delete the ones you don’t use. .
Report
7points