Money Saving Tips by Sectors
Times are tough! In today's world, saving money can seem like a daunting task, especially with so many financial demands on our plates. But don't worry—there's good news! Whether you're a student, a working professional, or a retiree, there are practical ways to stretch your dollars further.
How to Save Money Now?
There are many ways to save money on everyday expenses. Whether it’s trimming your grocery bill, cutting down on utility costs, or managing your personal budget more effectively, these tips are designed to address various aspects of your spending. By applying these practical strategies, you’ll find yourself saving more and spending less.
Reduce Entertainment Expenses
A big part of saving money is by simply reducing your spending on expenses. These can be necessary expenses as well as entertainment expenses. See below for some suggestions and tips on how to save on various entertainment expenses.
- Do away with basic cable altogether and utilize one or two streaming services for much cheaper. Sign up for a streaming service or two which have free movies and shows that you can watch, including new episodes of popular basic cable shows.
- Cancel unused memberships; share accounts with friends and households to use the same streaming service or other membership.
- See if you have any membership benefits; many gyms, credit cards, and other memberships or accounts offer rewards to companies. Review your account app or website and see if a rewards program is available.
- Use the public library; most have a great selection of books for any age. Best of all, it’s free, so you won’t need to spend money at the bookstore. You can also find cheap or even free online reading websites that allow you a certain number of books per month. You can also find used books online which are sold for significantly lower than you can find at your typical bookstore - especially college textbooks.
- When going to a bar, eat before you go or go during happy hour to save money. Additionally, skip dessert when you eat out!
- Instead of going to a professional sports game, find semi-pro, college, or even high school events for much cheaper.
- Host a game or movie night; instead of going out with friends where you each have to pay for individual meals, movie tickets, or other fees, stream a movie and make dinner. Cooking dinner at home and watching a free movie is an affordable and fund way to catch up with friends, just make sure to send the BYOB message.
- Try to avoid concessions at movie theaters, checkout lanes, or other last-minute places who over charge for convenience. Additionally, go to the movie theater during the day as matinee ticket prices are cheaper.
- If you live near a college town, you can catch big-name concert acts cheap. Performers and artists often include campus theaters as part of their tours and tickets may go for less than they would in a theater or stadium in a major city.
- Check with your local parks and recreation department for local inexpensive (or free) events. Even in economic downturns, they often receive funding for programs and activities for residents of all ages.
- You don't have to go far away (or pay high travel fees) to have fun; drive or walk to local festivals, flea markets, or garage sales.
- The National Park Service has several free admission dates each year at national parks and attractions. For dates, visit nps.gov and search "free entrance days."
- Volunteering for causes you believe in or events you have interest in is a free way to get engaged in an activity all day. Volunteer to usher at events held in local theaters. Not only will you get to see performances (concerts, lectures, stage shows, etc.) for free, you'll get the satisfaction from supporting the arts in your community.
- When it comes time to cool down in the summer, consider cheap or free places to go. Local parks, recreation centers, pools, camping, and beaches are some of the more affordable places to go - pick up a summer job to afford those summer outings!
Another way to save money this year is to file your next tax return on eFile.com. We provide the same features as other popular tax prep and e-filing sites for less and everyone receives free premium tax support.
Reduce Electronics and Technology Expenses
With the ever-increasing costs of electricity, it may be worth putting some consideration into saving money around the house. This can be done in a number of ways, like unplugging things you aren't using.
- Learn when new electronics come out so you don't buy something just before it becomes obsolete. Upgrade an older computer or other hardware that may run more efficiently and use less power.
- Reduce your phone bill; choose a low-cost data plan since WiFi is just about everywhere, use autopay for a small discount, outright buy or finance a phone instead of leasing it, consider a family plan, switch to a cheaper carrier, limit background data, ditch phone insurance (after you buy a case and screen protector!), and resist the urge to upgrade to the newest model. You can also consider a pre-paid plan or carrier which are considerable cheaper.
- If you own a business which hires employees, reduce your expenses by allowing remote work and virtual desktops so you no longer have to keep up computers and machines or pay office fees and expenses.
- If you don’t have much use for your landline phone and have a cell phone, consider getting rid of the landline phone. Not using a landline can save you at least several hundred dollars annually.
- When buying a new computer, avoid financing plans if you can afford to as they will end up costing significantly more in the long run.
- Extended warranties offered by stores on electronics are often a waste of money. More times than not, you will end up paying more for the warranty than for repair or replacement of the product. That is especially the case if you are very careful with your electronics.
- If you make frequent phone calls; consider using Voice over Internet Protocol or VoIP services; they offer phone calls to landline phone numbers that are either free or cheaper than those offered by traditional long-distance phone call providers. The audio quality is generally much better too since it's over the Internet.
- If traveling outside the U.S., put your phone on airplane mode. If you don't, the phone keeps checking the internet over the cellular network in the new country and you get a huge bill when you return. If you must have internet, turn on Wi-Fi and find a Wi-Fi hot spot. Additionally, buy an international phone/data package before you leave to prevent costly roaming charges. Short-term plans generally start at $25-$30 and can save you hundreds of dollars.
- Buy refurbished computers which are usually available on major technology brands' websites. Refurbished computers were bought and then returned for some reason. They've been inspected even more thoroughly than new machines and have the same warranty, but cost less.
- Beware of impulsive purchases like 99 cent downloads. They don’t seem like much, but if you do it often, all those purchases will add up.
- Save on printer ink by using the Century Gothic font. A recent study showed that Century Gothic consumes about a third less ink than Arial. That saves about $20 a year printing 25 pages a week.
Save on Exercise and Fitness Expenses
Trying to stay in shape can be expensive; if you cannot use a gym through your employer or a home gym, consider the money saving tips below.
- Consider a chain-gym if it fits your budget; support a local business by signing up for a nearby gym if you are able to, but chains are generally much cheaper.
- Instead of paying for a gym membership, you can work out for free at home through callisthenic exercise. Pushups, sit-ups, pull-ups, and squats can all be done with minimal equipment. For a cardiovascular workout, you can go for a run in your neighborhood if the weather allows which is a much more pleasant alternative to the treadmill. You can also fit workouts into everyday activities: park farther from your destination so you walk more or do yoga on your lunch break.
- In addition to cardiovascular and callisthenic exercises at home, consider setting up a home gym over time. Purchase an all-in-one workout station, adjustable dumbbells, or individual stations and assemble your own gym.
- Take advantage of free exercise classes online; follow a guide or video and keep up with it to begin seeing results.
- Buy inexpensive workout equipment. A jump rope, a pair of dumbbells, and an exercise ball are effective and cheap.
- Check out your community for local exercise classes for little or no cost.
- If you have a gym membership but don't visit the gym often, try switching to a per-visit payment plan if it's cheaper. There is no use spending money on a monthly plan when you only go to the gym once or twice a week.
- Don't join a gym if you won't use it. If you will be able to use a gym, look for membership deals when you join with a friend or family member. You'll have an exercise buddy to keep you motivated and you'll save money.
- Look into your employer benefits; some companies may offer a free company gym on site while others may reimburse some or all of your gym membership fees since it keeps you healthy.
Spend Less on Health Expenses
There are more ways to save money when trying to maintain your health.
- Cut your medical expenses by making exercise and healthy eating a habit; regular movement and a healthy diet can reduce your risk for various health concerns and save you money in the long run.
- You can save money on prescriptions or daily supplements not only by buying generic, but also by buying larger supplies, like a 90-day supply instead of a monthly supply.
- Take advantage of wellness benefits offered through your job. Many employers give incentives for participation in exercise and other health programs.
- Quitting smoking won’t just save money on cigarettes but also reduce the risk of diseases like cancer and heart disease, potentially saving tens of thousands of dollars in the future.
- Getting a flu vaccine at a drug store or pharmacy is cheaper than going to the doctor’s office, though many vaccines like this are covered by health insurance.
- Pick a prescription drug plan based on the drugs you take. Plans charge different copays and they sometimes vary by more than $100 a month for the same drug.
- Sign up for Medicare at the right time. Missing the deadline could cost a lot in late penalties, which would be added to your premiums for all future years you apply for Medicare.
- Find health programs that reduce Medicare costs. If your income is low, you may qualify for a Medicare Savings Program (under which states pay premiums and other expenses) and/or low-cost drug coverage under Part D's Extra Help program. See details on medical and health savings accounts and the Premium Tax Credit that can help save you money.
- Take your medications regularly. Many expensive hospital visits are for conditions (asthma, high blood pressure, etc.) that were managed well with medications until they worsened when patients skipped doses.
- If your health plan has high prescription copays, see whether you could get a better price by paying cash at a major pharmacy chain or warehouse store.
- Drink water instead of soda. Not only is water cheaper, but it is also healthier.
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