52 Easy Ways to Save Money and Build Wealth - Life's Little Pleasures and Struggles

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Many people feel overwhelmed about how to save money. While spending money is something we all can do very well, saving money needs careful thoughts, planning, efforts, and some changes in our habits. Not that many people find this exciting. About 65% of Americans save very little money or nothing at all. About 1 in 5 Americans or 20% of American people are not saving any money from their annual income.

Some people think it needs a lot of sacrifice to come up with some extra money to save. But in reality, saving money doesn’t always need sacrifices. More than sacrifices, it needs understanding of your finances and a little adjustment in your current lifestyle. With an understanding of your budget, your spending habits, and your true needs, you may be able to start putting away more money than you ever thought would be possible.

Whether you are trying to save money for a big financial goal or paying down your debts, cutting back on expenses is one of the most effective ways to do more with the money you have.

There are plenty of options for trimming expenses without feeling like you are depriving yourself. We are not talking about self-deprivation here. It’s all about spending your money in ways that reflect your current values and priorities in life. It’s about minimizing the wastes of money, making the best use of your income, and gradually building wealth to attain financial security.

When you make saving money a priority, and put your future needs on top of your current wants, you will find many ways to trim your expenses and save money.

Related post: 20 Silly Things You Are Wasting Money On

Why do you need to save money?

It’s essential to save money to attain financial security or some level of financial freedom for yourself and your family. Saving money, as much as you can, is important because it gives you peace of mind, expands your choices for decisions that can have a big impact on your quality of life, and eventually gives you the option to retire instead of working in your old age.

Saving money in emergency fund, in retirement fund, or in some other funds to meet big financial goals make life less stressful. When you have some money saved for your rainy days, you experience less stress and anxiety, feel more relaxed, sleep better, and enjoy peace of mind.

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Here are 52 easy ways to save money and build wealth:

Consider downsizing your home
Refinance your mortgage
Move to a less expensive neighborhood
Take a roommate
Move in with your family
Get a smaller, fuel-efficient vehicle
Use regular gas instead of premium gas
Keep your tires inflated
Drive carefully, and don’t speed up. According to FuelEconomy.gov, more careful driving cuts your gas mileage by 33% on the highway.
Use public transportation more often if available in your city
Carpool to your work or school
Take good care of your home and your car
Consolidate your debt
Switch to a cheaper cell phone plan
Cut your land line
Cancel your gym membership and use resources like YouTube or go outside
Cancel unused or unnecessary subscriptions, especially if they renew automatically
Travel on weekdays or off-days
Do advance meal planning
Cook your own meals at home from scratch
Pack your lunch from home
Buy in bulk
For items you buy regularly, determine which grocery store sells it cheapest
Avoid food waste. Only buy what you need or what you can consume
Grow your own vegetables
Lower the temperature on your water heater
Invest in a programmable thermostat
Lower your thermostat in winter and raise it in summer
Buy generic products
Buy things on sale (only when necessary)
Ask about discounts. Pay in cash to get a better deal
Shop for better insurance rates. Bundle your insurance policies
Take advantage of your employer’s 401(k) match
Save any extra or unexpected income or spend that wisely
Use your local public library for free entertainment
Designate “no spend” days
Use coupons and promo codes. Spend some time looking for coupons or deals online before going for shopping
Drink less bottled water. Buy your own bottle and refill it or invest in a good water filter
Ditch that daily Starbucks habit. Make your own coffee
Declutter and sell your extra stuff
Unplug unused devices
Use a 48 hour waiting period before making any big purchase
Wash laundry in cold water (except towels, bed sheets and pillow cases)
Get a free checking account
Refinance your student loan
Ask for a lower interest rate on your credit card
Use the power of negotiation
Cut ties with expensive cable, and opt for streaming services like Hulu, Netflix or Amazon Fire Stick
Eat healthy, sleep well, and exercise to maintain your health to avoid big medical expenses
Get organized and pay your bills on time to avoid late fees
Make your savings automatic. Pay yourself first. Set up your direct deposit to automatically transfer 10% of each paycheck into your savings account
Embrace the simple, minimalist lifestyle or frugal living

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The Takeaway:

Create a sustainable budget, and be intentional about trimming expenses and saving money every month. Remember – it’s not how much money you earn but how much money you save that makes you financially secure, and possibly wealthy. So how you spend your money and how much you manage to save make a big difference in your overall financial well-being.

Make saving money a priority today. If you can save even $100 a month by cutting costs and invest that in your retirement fund, over the years you will have a significant amount of money saved to make your retirement years easier and less stressful.