Live a Frugal Life: Money Saving Tips
Want to save money on common purchases and everyday expenses? These simple and practical money saving tips can help you maximize your budget and have more money left over at the end of each month to add to your savings, help pay off your debts, or even buy yourself something special. Learn how to save money via simple tips for everyday expenses and savings.
To save even more money, prepare and e-file your next tax return and get all the benefits from e-filing your return with eFile.com! We will help you save money by offering competitive pricing, claiming tax credits and tax deductions on your return, and getting your refund to you as quickly as possible through direct deposit.
eFile.com Money Saving Benefits
We offer a variety of Free tax tools and calculators to help you save your hard-earned money. Here are some ways we can help:
Tired of waiting months for your tax refund from the IRS? Adjust your tax withholding on your paycheck so you get more money in your paycheck every week or month, rather than waiting for a large refund once a year. Here's how:
- Adjust Your W-4: Use our Free W-4 TAXometer tool to adjust your W-4.
- Increase Your Paycheck: Enjoy the extra money in your paycheck throughout the year.
- Save for the Future: Put that extra money in a savings or money market account so it's there when you need it.
With our tools, you can make your money work better for you all year round!
Remember, other tax sites charge extra if you have questions about your tax return. At eFile.com, we offer you a secure, free, Personal Support Page for direct, one-on-one communication with one of our Taxperts®. There are no additional charges for this service! You can also set up a chat session via your PSP.
This tax year, TAXercise your paycheck for your next return. eFileIT and get the most out of your IRS or state return, due by the IRS April 15 deadline.
KEY TAKEAWAYS
- Track your income and expenses to identify where your money goes. Budgeting helps you control spending, prioritize savings, and avoid unnecessary purchases, contributing to financial stability.
- Manage your finances wisely by prioritizing the repayment of high-interest debts, exploring higher-yield online savings accounts, and making informed investment decisions to maximize your savings potential.
- Avoid unnecessary expenses by steering clear of rent-to-own services and opting for cost-effective online payment methods, such as e-bills and e-payments, to save on postage and stationery.
- Regularly assess subscriptions and memberships you pay for. Cancel services you don’t use often or find cheaper alternatives, reducing unnecessary expenses and saving money each month.
Tips for Saving Money on Everyday Expenses
- Take advantage of warehouse or big box stores and buy items that you use a lot (paper towels, toilet paper, laundry detergent, some food items) there.
- If you’re friendly with your neighbors, ask them to babysit your kids and offer to babysit theirs in exchange. There are a lot of parents out there willing to do that to save money on babysitters. You can also ask your friends that live close by.
- Instead of calling a carpet cleaning service, rent a carpet cleaning machine and clean them on your own as it will save you a significant amount of money. Or, purchase your own if you clean your carpets or rugs often.
- Cut your own hair or get someone to cut your hair. If your hairstyle is not too complicated, it shouldn’t be difficult for a friend or family member to cut your hair successfully.
- Avoid rent-to-own services; they generally cost at least 50% more than the sales price of the product you’re buying.
- Instead of buying postage stamps, consider e-gift cards, e-bills, or e-payments. Most regular bills (electric, heating, insurance, etc.) allow you to pay bills and premiums online. Save money on postage and envelopes by paying online.
Tips for Getting Your Finances on the Right Track
- Avoid debt; most debt carries high interest rates which are added on every month as long as you still have the debt. Pay off or minimize debt to lower or eliminate interest penalties.
- Optimizing your tax withholding on your W-4 form can leave more money in your paycheck each month. With eFile.com, you can use our free W-4 TAXometer to optimize your withholding.
- An online savings account often has a higher interest rate than one at a traditional bank. If you don’t mind the fact that there is no brick-and-mortar neighborhood location, consider putting some of your money into an online savings account whose interest rate can be several percentages higher than one at a traditional bank.
- Pay off your credit card debt to the extent that you can afford to so you don’t lose money on interest payments.
- When investing, you can invest in index funds instead of actively managed funds. It can save you a lot of money on fees and many actively managed funds were found to not have much of a difference in gains from index funds.
- Invest in passive or unearned income where your money can work for you; see passive income ideas.
- Avoid banking fees; shop around for the bank that has the lowest fees or no fees at all. Getting something for free is always better than paying for it.
- Make a budget as it will help you keep track of your expenses and help you eliminate unnecessary spending.
- Know how much taxes you will have to pay to the IRS this year, or if you will get a tax refund. Use our free tax calculator for an estimate!
Miscellaneous Money Saving Tips
- Make your own greeting cards or save money on the card and postage by sending an e-card. Baked goods can be gifts, too!
- If you have a pet, don’t take it to a pet salon; buy some pet hair and nail clippers and do it yourself instead.
- Adding improvements to your home like smoke detectors or burglar alarms can save you some money on your homeowners insurance.
- Instead of stopping monthly payments when you pay off your car loan, keep making the payments into your savings account. It’s an easy way to save and you can then use that money to buy your next car upfront or make a significant down payment and thus save money on paying interest on the loan.
- Buy only what you really need; ration your food, toiletries, and other budgets on a weekly or monthly basis.
- Go to schools for mechanics, cosmetology, or dental for simple procedures or appointments rather than an established office.
- Dryer sheets can be cut in half and still work fine, thus saving you money.
- Unplug unused appliances so they do not increase your electricity bill.
- Instead of presents for each member of a family, purchase a gift card the whole family can use for movies, bowling, ball games, and other activities.
- Use old maps, calendars, or Sunday comics for colorful gift packaging.
Have a money saving tip that we didn't mention and that you would like to share? Contact eFile.com to tell us! We might post it on this page, but we won't post any personal information.
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Tax and Money Savings Tips
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