Most people think that if they cut back financially, they will lower their standard of living and miss out on the things they enjoy day to day. However, you may be surprised to learn that this is not always true. Forming good habits like impulse control when you consider splurging, and saving money each month, for example finding the cheapest car insurance that maximizes your coverage, will keep dollars in your pocket and you will continue living well.

Here are some additional tips:

  1. Use Your Extra Money Wisely

Extra money? Did someone say extra money? When you’re looking at that income tax refund, get a bonus from work or an inheritance comes your way; think seriously about how you will funnel that money. First, it may be money you weren’t necessarily counting on, and so it doesn’t really have a ‘home.’ Therefore, it might be easier to make it work for you by putting it toward credit card debt or even setting up or building on your emergency fund.

  1. Unsubscribe

Do you admit to being a little impulsive? Do flashy emails grab you? Do yourself a favor ahead of time and take some time to unsubscribe from vendors and marketers that reappear in your inbox. If you’re not able to resist a coupon, special offer, or limited editions – you’re spending money you don’t have to, and without those emails to lure you in, you won’t know what you’re possibly missing out on!

  1. Do It Yourself!

With YouTube and Google at everyone’s fingertips, there really is no excuse (except for maybe extreme clumsiness!) to not try and do things yourself. This doesn’t include electric or plumbing issues, of course, but smaller appliance fixes, landscaping, reupholstering, etc. And in the same vein, if you need something new or as a replacement to another item, buy it second hand or ask a friend or neighbor if they have one you can borrow.

  1. Sell Your Unused Items


If you’re like most people, you have accumulated a lot of clutter over the years -items in the attic, closets, and general clutter that you don’t use. It’s time to get rid of them! When things don’t bring you joy or are useful, release them to be used or loved by someone else. A yard sale, selling them online or donating the items will clear the home air and pad your pocketbook.

  1. Get a Library Card

If you are an avid reader, you are in good company, especially among millionaires who read 11 books or more a year. But, instead of buying them (and hardcovers can cost good money), visit your local library. Growing into the technological age, most libraries offer digital copies and audiobooks, also.

  1. Make Your Home a Haven

The pandemic has taught all of us that we must appreciate our surroundings as much as possible. Quarantining and being limited in social activity, our homes have become our sanctuaries. If you haven’t yet embraced this idea, it’s time to get to it! Re-imagine the rooms in your home and redecorate, repaint, and furnish (from second hand shops!) to realize those visions. Pro tip: Up-lights and string lights go a long way in transforming a space, and staycations may become your ideal.

  1. Ask for Discounts

Most of the time, a vendor is not going to say, “Oh, by the way, I will give you this item for 20% cheaper than the sticker price.” It’s something you have to ask for, and yes, it can feel awkward at first. If you are a veteran, student, teacher or are currently in the military, you may be entitled to various discounts available at hotels, restaurants, for flights, etc. AAA members enjoy lots of discounts as well.

  1. Lower Energy Costs

When you make a few small tweaks to lower your energy costs, you don’t even feel it. If you can live with the temperature in the house being 3 degrees cooler (or warmer if you’re using the air conditioning), rest assured that your body will get used to the adjustment rather quickly. Taking a shorter shower (and consider a cooler one!) will get you started on your day more quickly. Install dimmer switches, LED light bulbs, and wash your clothes in cold instead of hot water.

  1. Transfer Money Automatically

The power to save is within easy reach! Ask your bank to set up an automatic transfer from your checking account to your savings account – 5%, 10% every month, whatever you desire. You can also get a portion of your direct deposit paychecks transferred to your savings account, too.

Finding money on the ground is certainly a thrill, but you don’t have to wait for that to happen to save some serious cash. When you make the smallest changes and are consistent, you’ll watch your bank account balance grow, while you’re still living well.