10 Money Saving Hacks to Help You Reach Your Financial Goals

When you are focused on reaching your financial goals, it is important to find ways to save money across your budget. The more you can save, the more quickly you will be able to reach your goals. It helps to make the saving as easy as possible. These money saving hacks will make it easy for you to save money on your everyday expenses without too much effort to help you reach your financial goals. 

Use Apps to Save Money

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There are apps that you can use for shopping online and at home that will help you save money. Installing them and then checking before you make a purchase can make saving easy. There are store specific apps like Cartwheel by Target or something like Ibotta which will give you rebates on food that you buy. There are also apps you can use to find good deals on local restaurants or other activities. These make it easy to save money on the things you already do and to look for savings while you are doing them.  

Switch to Cash for Most Expenses

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Another strategy you can use it to pay cash for your daily expenses. Many people do not stop to think about the money they are spending when they swipe a debit or credit card. While it is convenient it removes you a step from thinking about how much you have actually spent. Using cash has two benefits. First, it makes you more aware of how much you are spending since you need to count out what to give the cashier. Second, it acts as a way to stop overspending because you cannot spend money you do not have. In order for this to work, you cannot use your debit or credit cards. You may want to leave the cards home when you go shopping. 

Stop Shopping at Convenience Stores

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There can be huge price differences depending on where you shop. If something is convenient, it tends to cost more. For example, a 16-oz soda at a convenience store may average around $2 a bottle. At a grocery store, you can buy a six-pack for $5. The cost different is $7 a pack. If you are drinking two sodas a day, the savings can add up to $70 a month. (Monthly cost at the convenience store is $120 for 60 bottles and the grocery store is $50 for 10 six-packs.) A similar comparison can be done with coffee or with eating out as opposed to preparing your food at home. 

Cut Your Utility Bills

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Many people assume that there is not much you can do to change your utility bills. There are money saving strategies you can use to lower the price of your utilities. Start by installing low-flow shower heads and faucets. You can set your thermostat a bit lower in the winter and a bit higher in the summer. Take the time to seal the cracks around your windows and doors. You should be able to find real savings that will add up over the year. 

Stop Paying Interest

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One of the best things you can do if you want to reach your financial goals is to stop paying interest each month. If you are working on getting out of debt, you can try to reduce the amount that you pay in interest. Call the credit card company to see if they can offer you a lower interest rate. You can also transfer the balances to an interest- free credit card to help you save while you are paying off your debt. Your statement will show you how much of your monthly payment is going to interest each month. If you only pay the minimum balance, it will take you years to pay off your debt. 

Prep Your Meals Once a Week

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Many people end up buying take out because they are too tired to plan and cook a meal at the end of the day. One strategy to deal with this is to prep your meals for the week on one day. This may mean cooking and freezing your meals so that all you have to do is heat them up when you get home. A slow cooker can also make it easier to cook for yourself. You can use the same strategy and pack your lunches for the week on Sunday to save time and money.

Do Repairs and Maintenance Yourself

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Another way to save money is to take care of maintenance and repairs yourself. This can apply to both your home and your car. The internet makes it easy to find videos that will take you through the process of changing your oil or repairing your dryer, and you can save money by ordering the part and doing it yourself. If it intimidates you, then ask someone who knows how to do it walk you through it the first time. You may be surprised at how easy it is and the savings can add up quickly. For example, you can save each year just by doing your oil changes yourself. 

Try Buying Used

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Another option is to try buying used instead of new. This may not work for every item, and you may end up using something as a holdover until you can save up and pay cash for the model you want. Craigslist and eBay make it easy to look for used items. Yard sales and consignment shops are also good options. If you start out by looking for deals, you may be surprised at how much you can save. It helps to have patience and time so that you can wait to buy until you find the perfect item. 

Wait Until the Price Drops to Buy

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If you need to buy something the day it comes out, then you will likely pay full price for the item. If you can wait, often the price will drop on the item. This strategy works well in electronics and it can work with clothing. If you are someone that needs to have the latest fashion or tech toys this may be a big adjustment, but it really can make a difference in how much you spend. 

Have Someone Shop for You

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If you struggle with sticking to a list or impulse purchases, then you really may be able to save by having someone else do the shopping for you. This is most effective for your grocery shopping. There are several stores that will shop for you for free or for a small fee and all you have to do is pick up the groceries. There are also services that will deliver the groceries to your home which makes it even easier. I usually spend more than the $5 fee on impulse purchases when I am shopping and the money and time saved is worth it.