It came out in the news again that the majority of Americans don’t even have $1,000 in their savings account. Even worse, it’s been reported that 56% of Americans have less than $10,000 saved for retirement.
The situation is looking bleak, my friends. But, if you’re anything like me, then you see these statistics and use them as motivation to save more money. I sure as heck don’t want to be in that situation, and I’m sure you don’t either.
This post has been written by Amanda Abella, a fabulous speaker and writer of personal finance!
9 Ways to Save More Money This Year
With that being said, here are 9 ways to save more money this year. Some of these I’ve tried, and others I plan on trying in 2017.
#1. Use apps to help you.
I like to think of myself as a pretty good saver, but even I need help saving more money sometimes. That’s where Digit and Acorns come in.
Digit helps me save any extra cash I may have sitting in my bank account based on my spending habits. Acorns rounds up my purchases to the next dollar and invests the difference into index funds.
With Digit I’ve saved a total of $2,049 and I’ve got about $960 in my Acorns account. This is all extra money that would have gone to waste otherwise.
#2. Use cash back sites.
If you must spend money, at least make sure you’re using a cash back site to put some of that money back in your bank account. You can also make commissions for referring people and get an even bigger check.
#3. Get rid of cable.
Maybe it’s because I’m a millennial, but I don’t think I’ve watched TV on an actual television set for years. I mean, do people even own TVs anymore?
In case you still do, do yourself a favor and cut the cable to save money. It’s cheaper to just pay for Netflix, Hulu or Amazon Prime.
#4. Get rid of the landline.
As you’re cutting out the cable, you might as well save more money and get rid of the phone line too.
#5. Find a different cell phone provider.
While cell phone plans can be expensive, there are more affordable options out there like Cricket and Republic Wireless.
#6. Negotiate your bills.
You can save a lot of money by negotiating your regular monthly bills. You can try doing this yourself or you can use a service like Billcutterz.
I’ve actually used Billcutterz and interviewed the founder for my podcast. Not only have they saved me money, but the founder taught me a thing or two about how to negotiate just about anything. Turns out the old saying is true, “Everything is negotiable.”
#7. Try a savings challenge.
When I was first getting my financial life together, I stumbled upon the 52-Week Savings Challenge. Essentially, I would transfer money from checking to savings based on what week of the year we were in. So, $1 the first week, $2 the second week, and so on.
It helped me see that even little amounts add up over time. It also gave me a little extra push to save money.
#8. Find ways to earn more.
#9. Just do it.
Want to know the best way to save more money? Just do it. What I mean by that is you need to actually commit. Otherwise, none of these tips are going to help you. Make 2017 the year you finally commit to saving more and then try your hand at some of these ideas.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.