While you may already be familiar with some money-saving
tactics— such as bringing your lunch to work instead of buying it or
getting fewer cups of coffee out
— there are more creative ways to save money every day that you may not yet be
After all, when it comes to money matters,
every cent does add up — literally.
For instance, I used to fall into the buy-lunch-at-work
trap. Even though I'd aim to only spend up to $10 per day in the work cafeteria
or going out with friends, that number would often inch up.
Once I added up how much I was spending per
week, I realized that money was better off in savings or
my emergency fund versus in overpriced lunches that I didn't even enjoy that
Bank of America's recent Better
Money Habits Millennial Report found that 73% of millennials (ages
23-37) said their generation overspends on unnecessary indulgences. In
addition, 35% of millennials reported not saving enough, while 17% said they
spend more than they should.
All that said, there are many under-the-radar
ways to save more money each
day. Below, experts weigh in:
1. Automate small amounts of money
You may already pay your bills and add to your savings
through automatic transfers, but once you start automating smaller amounts,
they'll add up to bigger ones. For example, once I eliminated buying lunch at
work and daily Starbucks runs, that was approximately $20 a day I was not
spending, which meant an extra $100 per week toward my savings just from
skipping frivolous lunches and coffees.
"Automate weekly savings for small amounts you won't
miss, even as little as $10 or $20 per week," Andrea Woroch, a nationally-recognized
consumer expert, told Business Insider. "These small amounts will build
quickly over time and you will learn to live without those extra funds."
She also recommended putting the money toward an online
savings account that offers a higher interest rate than savings account at
2. Create a 48-hour rule and remove stored credit card
The speed and simplicity of online shopping make it easy to
fall into the habit of impulse buying clothes and other items. "To prevent
impulse purchases, wait 48 hours after identifying something you'd like to
purchase," Chris Whitlow, CEO of workplace financial education
company Edukate, told Business
Insider. "This will separate your need spends from your want spends."
Similarly, having your credit card numbers stored online
may be efficient, but it's also dangerous as far as spending money is
concerned. "Removing this information can save you from impulse shopping, and
allows you to cut back on the amount of money you spend," Jennifer
McDermott, consumer advocate at finder.com,
told Business Insider. "Plus, the more time you have to think about a
purchase, the more likely you'll make a better financial decision."
3. Take public transportation or walk
Yes, it may be convenient to drive, but is it
cost-effective? "Stop driving your own car to work every day," Andrei
Vasilescu, CEO of money-saving platform DontPayFull, told Business Insider.
"Instead, use public transportation, such as trains,
buses, or shared vehicles, or try biking or walking for a few miles every day.
This will extensively save your wallet and health at the same time." Plus,
there are a lot of extraneous costs involved with owning a car, from insurance
to parking fees.
4. Use financial planning apps
There's nothing like some accountability to keep you on
track when you're trying to reach a certain goal. "Use financial planning
apps," Matt Reiner, CFA, CFP, and CEO and co-founder of Wela, told Business Insider. "They provide
an almost effortless way to save money each
day, as they can connect directly with your accounts to track spending and
alert you to problem areas without needing to log your spending each day
Some apps such as Acorns, Mint, and Wally also
help you create a budget, as well as alert you when you're spending too much in
5. Change banks
It's the worst when you need to use an ATM … but your bank
is nowhere to be found, and you're forced to pay out-of-network ATM fees.
However, with a little research, you can solve this problem.
"Refuse to pay bank fees," Jennifer
Beeston, VP of Mortgage Lending at Guaranteed Rate Mortgage, told
Business Insider. "There are banks that require no minimum balance and
have such perks as no monthly fee, no ATM fee if you use an out-of-network ATM,
refunding you what an out-of-network ATM charges, and no foreign transaction
fees. I have a client saving $50 a month from switching banks."
6. Go through recurring expenses and eliminate forgotten
Byron Ellis, a certified financial planner with United
Capital Financial Life Management and founder of Doing Money Right, said he suggests
going through your checking and credit card statements from the last six
"Grab some paper or make a spreadsheet and list any
recurring expenses that you might be able to cut," he told Business
Insider. "Also list any high expenses that you might be able to
8. Log every expense
your money is going every day can make you aware of unnecessary
purchases that you may be making," McDermott said. "Plus, cutting out
those extra daily purchases can help you put aside more money for the
One example of an unnecessary purchase is ordering water or
soda versus an alcoholic beverage when you're out. Finder.com recently completed a
study that showed 64% of adult men have at least one alcoholic drink a
week, while 52% of adult women have at least one, too. "Switching that
drink to water will guarantee more money in your pockets," McDermott said.
9. Split shipping fees or meals with friends
Chances are, some of your friends have similar store
tastes, so when it comes to shopping, do so together.
"When shopping online, coordinate with your friends
that might order from the same site," Janine Rogan, CPA and financial educator,
told Business Insider. "This allows you to have a larger order, which
might mean free shipping, or at the very least, you can split the cost of
Speaking of splitting costs, try sharing meals when you go
out to eat with friends. "If the portions are big, split your entrée and a
dessert afterwards," financial advisor Thomas Scuccimarra told Business
Insider. "Try Groupon and other deals, too."
10. Meal plan with overlapping ingredients
Are you guilty of letting too many of your groceries go to
waste before you get a chance to eat them?
"While meal planning for the week can help you
eliminate excess grocery purchases, the best way to crack down on expired food
waste is to look for recipes that use overlapping ingredients," Woroch
said. "I like The Fresh 20,
which offers meal plans that use just 20 simple ingredients."
11. Unplug your gadgets
Woroch recommended unplugging electronics and appliances
like TVs, laptops, coffee makers, and cable boxes. "They continue to suck
energy even when turned off, which adds to your energy bill," she said.
Power strips make it easy to turn off multiple electronics at once.
12. Stash every $5 bill
McDermott believes that saving money daily can be done
easily. "When you pay with cash and are given a $5 bill, set it
aside," she told Business Insider. "Whether you place them in a jar
or your savings accounts, dedicate at least six months to saving every $5 bill
you receive, and you'll be amazed by just how much you can save."
here for the original article from Business Insider.