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22 Easy Ways On How To Save Money On A Daily Basis (Updated 2019)

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WANT TO EARN EXTRA MONEY?

how to save money on a daily basisIf you included saving a few extra bucks in your new year’s resolution, you’re headed towards the right financial path.

As you begin saving, you’ll find out that saving is not such a piece of cake as you thought.

Different websites and people around you will offer varying tips and tricks that you’ll find difficult to adhere to.

You may, at one point, give in to the temptation of treating yourself to goodies that you can’t say no to. In the back of your mind, you know very well that you should save, but that $5 in your pocket tells you otherwise.

One mistake that we all make when we start saving is setting aside vast sums of cash. Experts advise keeping 10% or 20% of your income every month. If saving the stated percentage every month may prove to be a daunting task, why not do it on a daily basis instead?

Just think, if you were to save a dollar every day for the next 50 years, wouldn’t that amount to something substantial in fifty years to come? This will add up to a whopping $18,250.

If you go about saving the right way, this amount is bound to add up drastically. The following are simple, manageable tips you can use to save money on a daily basis.

1. Think Twice Before Making Impulse Purchases

Impulse buying keeps you from achieving your financial goals, aside from slowing down your savings progress. Unfortunately, we’ve all fallen prey to impulse buying at least once in our lives.

What is it in the first place? Impulse buying is purchasing a product, food or clothing that catches your eye – one that you initially didn’t intend on buying before. Most of the time, these items add zero value to our daily lives.

Once you quit window shopping and learn how to stop impulse buying, you’ll be surprised at how much you can save daily from taming your eyes.

2. Don’t Make Hanging Out With Friends a Costly Affair

When hanging time with your pals, it’s not a rule that you should spend anything more than time. If you while away your time at pubs, eateries or clubs, you definitely don’t step out empty-handed.

Unless you’re the one being treated to a drink or a burger, you should consider making plans elsewhere – fun but cheap places. Tell your friends about your fiscal stance and show them how important this is to you.

Offer to take them to more budget-friendly hang-out spots and engage them in fun but frugal activities that will allow you to set aside something extra every day.

3. Buy Home Essentials in Bulk

With all the benefits associated with buying items in bulk, who wouldn’t want to take a break from visiting the store every day? Purchasing pesky items such as paper towels, laundry detergent, etc. in bulk can save you up to $500 annually.

The more you keep off supermarkets – where impulse buying is at its peak – the more dollars you save. Spontaneous purchases rob you of a few dollars or two that can easily make you a millionaire ten years from now. Shop strategically and save yourself gas money, extra cash, and precious time.

4. Cancel Subscriptions You Don’t Need

According to new research, online streaming and magazine subscriptions cost Americans approximately $63 every month. Unless you listen to music regularly from Spotify or binge-watching every episode of House of Cards on Netflix, it’s time you shook things up a little.

Draft an inventory of all your monthly subscriptions and cancel those that are making you $63 less rich. As you do this, don’t favor others and end up scrapping a single service.

Though various services may not be ready to cut ties with you that easy, there are tips and tricks you can use to secure your financial freedom.

5. Buy Generic Brands Than Popular Brands

Tough times call for strict measures. These tough times require you to be financially wake and ready to do what it takes to save some cash – even if it means switching brands.

As more and more consumers are switching to generic brands, you too should consider prices over popularity the next time you’re at the store. If you’re loyal to a particular brand, well, it’s better to be disloyal than broke, right?

Aside from significantly lower prices, generic brands offer everything else their well-known counterparts have to offer. While buying generic stuff saves you lost of money daily, there are 3 major things you should never buy generic.

6. Weigh Your Transportation Options

This will strongly depend on your area of residence. If you live in a vehicle-reliant city such as Los Angeles, public transportation is your best bet at saving gas money, parking fees/tickets, car insurance, and highway toll fees.

Using Lyft or Uber can also work to your advantage. If you want to save cash on either of these, you can always keep fit by cycling, walking or jogging. This can be a real money-saver, especially if you live in a neighborhood that is walkable and you feel like exploring your surroundings.

Doing these and more will enable you to save more each day by either limiting or doing away with your transportation costs.

7. Become a DIYer

No matter how useless you think you are when it comes to DIY projects, there are plenty of videos online you can learn from. YouTube is a hub for all DIY projects – be it something as simple as replacing a light bulb to complicated stuff like changing a car engine.

Every day new videos are posted to provide lesser skilled individuals with basic know-how of how to do basic tasks. The money you spend on hiring a handyman can now be used on more beneficial stuff or go directly into your daily savings account.

If you have all the tools you need at home, you can save a lot of money on home maintenance when you become a Do-it-Yourselfer. With enough skill, you can even save money on buying new clothes by up-cycling old jeans, t-shirts, etc.

8. Draft a Comprehensive Shopping List Before Going Shopping

More often than not, you find yourself in a store wanting to buy one item, and you step out with two bags on both hands. If you’ve had costly shopping experiences in the past, trust shopping lists to save you valuable time and money.

Especially when meal planning is involved, shopping lists put an end to intentional or unintentional food wastage. On your list, be sure to state the exact quantity of each item, to avoid buying too much or too little.

If you’re one to forget your grocery list on the fridge door, Google Keep is all you need. Aside from viewing it on all devices, you can share it with a loved one who’s already there so he/she doesn’t squander cash on items you won’t need.

9. Practice Your Culinary Skills

In other words, minimize or better yet, stop eating out. You’ve probably heard this too many times before, but eating out is very expensive. The Bureau of Labor Statistics reports that the average American household spends approximately $3,000 a year on hotel/restaurant meals.

That is about $8 every single day. If you stock up on kitchen staples such as flour, spices, and oils, you can spend only $4 or less cooking your own meals at home. If you already have the basics, the grocery bills will be significantly lower.

Though eating out saves you the hustle of grocery shopping and cooking in general, it eats up a considerable chunk of cash that would otherwise be useful in other fields.

10. Brew Your Coffee at Home

Speaking of preparing meals at home, brewing a cup of hot coffee before you leave the house saves you anywhere between $4 and $6. Yes, that’s right – you don’t need Starbucks coffee to get you through the day.

It’s a common belief that homemade coffee tastes better than those you buy outside. With the right recipe and ingredients, you’ll never need to step into any coffee shop on your way to work ever again.

Try out this simple approach and give yourself a few days every week to have a cup at cafes, and prepare it yourself the rest of the time.

11. Stay Focused

Staying focused on your daily savings goal will require a ton of discipline and determination. When you start saving, you will have an unshakable zeal to change your lifestyle in a way that goes in line with your financial goals.

In the long run, you may grow weary of saving and give in to the daily pressures, cravings, and temptations. Maintain your focus by creating a savings plan that you can stick to or keep focusing on your primary reason for saving.

Even when you’re confident you can’t deprive yourself of everyday goodies, stay focused on the long-term goal. If you picture yourself veering off course in future, there are so many ways to trick yourself into saving money.

One of the best ways, however, is to think twice before going contrary to your initial plan. Once you gain control of your mind, you can quickly gain control of your expenses.

12. Create Your Own Gifts

One of the best ways to express your love is by giving. If you’re one to surprise a special someone with a box of chocolates or other special stuff every once in a while, you might want to reevaluate your options.

Rather than breaking the bank on high-end gifts, you’ll be better off crafting them yourself. Not only will you be creating cost-effective gifts, but you’ll also be creating lasting, heartfelt ones.

Aside from saving you $700 worth of fancy gifts, crafting gifts is also very fun. You can even make it for others and make some extra cash on the side. Don’t worry about it being outside your scope; get one of your skilled friends to help you out or look up the internet for gift-making tutorials.

13. Mind Your Utility Bills

According to a report by the U.S. Department of Energy, the average American spends $2,060 on home utility bills annually. This practically means that on a monthly basis, most families spend hundreds of dollars on electricity alone.

If you’re going to save some money every day, you’ll have to cut down on your utility bills. This isn’t really what you’d consider rocket science. By doing any of the following, you stand a great chance of reducing your utility bill cost-effectively:

  • Wash your clothes in cold water
  • Use your dishwasher less often
  • Buy appliances with the Energy Star logo
  • Insulate your water heater
  • Install a low-flow shower head

When trimming down utility bills,  focus on appliances that consume water and energy such as water heaters, washing machines, and dishwashers.

14. Stop Ordering Pizza

Pizza is a simple family-favorite delicacy but can get pricey when buying frozen brands or ordering delivery. Did you know you can make pizza at home?

Find the perfect frozen pizza recipe online and prepare it ahead of time in your kitchen. Store it in your freezer and heat it in your microwave whenever your craving kicks in. An excellent way to save money every day is planning meals ahead of time – it can even be healthier.

Depending on your craving for pizza, you can make 3-4 frozen pizzas to avoid getting into the kitchen now and then. Just like that, you’ve saved yourself approximately $7 – $15 worth of pizza delivery.

15. Have Your Grocery Delivered to Your Doorstep

Though most people believe that ordering groceries for home delivery costs a fortune, it’s quite the opposite. Home delivery saves you money, and not on gasoline alone.

Nowadays, almost every specialty supermarket offers home delivery. For instance, Amazon Prime provides same-day delivery with an annual membership of $100. Amazon Fresh, on the other hand, does the same, but on $14.99 monthly subscription plan.

Parting with a few bucks for a whole month or year has its benefits. Among them being:

  • There’s zero chance of going off budget
  • You never get to miss out on budget-friendly sales
  • You get to buy what you need, thereby minimizing food wastage
  • You’ll never have to waste your time going grocery shopping ever again
  • Impulse buying will be a thing of the past

16. Be Content With Your Financial Status Quo

In a bid to live a life as flashy or glamorous as the Kardashians, we lose sight of what matters the most: contentment. Most of us splurge money on irrelevant stuff to fit in with what society requires of us.

It pays a lot to be content with whatever you can afford. If you understand the limits of what you can or cannot buy, the thought of squandering more than $40 in a single day will come across as foolishness.

You can become serious with your saving journey once you quit using debt as a tool. Consider making lifestyle sacrifices if you wish to experience the freedom that comes with paying for clothes, shoes, etc. that you can afford.

17. Skip the Mall, Buy Clothes at the Thrift Store

While it’s a fact that thrift stores have gotten a tad expensive, they’re still an alternative to the even-more-expensive shopping malls. Thrift stores can save you hundreds of dollars annually.

At first, it may feel like it doesn’t offer much in regards to style. If you go on a regular basis with something in mind, however, you’ll notice that there is something after all. Going thrifting when you’re clueless doesn’t fit the point of you stepping into the store in the first place.

You can get anything from winter and snow gear to lunch boxes, backpacks, and bags.

18. Avoid the Car Wash

Think of the insane amount of cash you spend every day at the car wash for a car that you can clean yourself. Taking a ‘dirty’ car just for a bird poo stain or other essential stuff you can do in 5min time.

With the right tools and appropriate skill, you won’t pay another penny at the car wash. As you clean your ride, practice all levels of thoroughness to avoid minor (but potentially risky) wear and tear.

Imagine the amount of cash you spend every day getting your car washed; now imagine that same amount in your account. Rather than merely imagining, make it a reality and get to know what it takes to clean your car in the fastest way possible thoroughly.

 19.  Make Use of Money-Saving Apps When Shopping

Do you go grocery shopping every day? If yes, there are multiple money-saving apps you can use to save money on almost everything you buy. With the revolution of smartphones and the internet, it has become relatively straightforward to save on stuff.

No matter your level of frugality, you have to part with your money in one way or another. While you make purchases, money-saving apps ensure that you get the best value on everything you buy.

When you make use of apps such as Ibotta, Swagbucks, Shopkick or Ebates, you’re assured of making huge savings on a daily basis. Instead of wishing you knew about these apps earlier, read a full-length review of the best money-saving apps and sign up on one or all of them.

The best part about them? They’re all free.

 20. Budget More Than Usual

When it comes to trimming your budget, there is no ‘wrong’ or ‘right’ way. Budgeting is simply a way of securing your future by drafting a clear plan on how to spend your income. If you’re not successful when saving money, it’s time you started a budget.

A disciplined saver always has a budget in place in case of anything. You need to know how to start a budget, make a budget plan, and understand how to save money in various fields of your budget.

To avoid the hustle of maintaining a budget on a spreadsheet or budget, consider downloading a budgeting app. Get the best budgeting smartphone apps that will help you develop commendable saving habits.

Downloading apps like Good budget, YNAB (You Need a Budget) or Stash can go a long way in changing your budgeting habits, thereby enabling you to determine how much you can save every day.

21. Ditch the Bottled Water

Especially in restaurants and convenience stores, bottled water can be very pricey (approximately $2.50 a bottle). Most people even part with a cool $8.29 for popular brands of bottled water.

Though there are more affordable sources of bottled water, you’d be better off saving those precious bucks you spend every day. Tap water is the best cheap alternative to bottled water.

If you really must carry around water with you, get a clean, empty water bottle and fill it up with tap water. This simple act will not only add some cash to your daily savings account but also reducing the amount of environmental waste.

22. Have a Savings Partner

When it comes to financial habits, Millennials are significantly influenced by their friends. Whatever you do may have a substantial impact on your friends. From here, you may develop a savings partnership with one of your friends.

You may or may not have a friend who shares similar interests as you. Get him/ her to walk with you through your daily savings journey.

If your friend is already on course and has mastered the art of saving, the better for you. Set a few rules on how to go about your savings goals and stick to them.

The primary purpose of this partnership is to motivate each other. A little friendly fire between you and your friend will drive you both to spend your cash wisely to achieve a higher savings account than the other.

You could choose to have an individual savings account or do it collectively. Either way, setting something aside will be more fulfilling with someone by your side.

Start Saving – Nothing’s Holding You Back

Of all the twenty-two tips mentioned above, there must be one or two that you can use in your daily life. To keep track of your everyday savings, set aside some time every week to monitor your finances and ensure you’re on the right track.

For most of us, saving money is not what you’d consider being a walk in the park. If you try out one or all of these tips to save money, you’ll be well on your way to counting a substantial sum by the end of the year.

Until then, strive hard to stay in line with your daily savings goals – it’s all worth it.

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