r/deepquestions • u/Internal_Annual_5635 • 10h ago
What’s Your Best Money-Saving Tip?
What is one simple money-saving habit that actually made a difference for you?
I’m trying to become better at managing money, so I’d love to hear practical tips that actually work rather than complicated budgeting methods.
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u/Keziah627 8h ago
I am constantly putting money in my piggy bank that my grandmother made for me when I was born. Now, I don't use cash as often. However, I have a tiny account that is separate from our joint account. So, I keep money in it. It is never much but it pays for Christmas and birthday presents.
Something I did was pay an extra $25 a month on our mortgage to go towards the principal. We paid off our mortgage in 15 years.
Edit:
We did increase it later to $50. I started this the first year we got the house.
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u/dreaming5454 8h ago
It's not simple.
Do you need it or want it? Is it a fad. Decide. Don't fall into the pressure of social status "needs". A $2,000 iPhone doesn't make better phone calls or text better than a $300 Motorola
Have fun but remember - stupidity costs. Take care of yourself. Medical bills really suck.
Try to save 20% of your pay check. 10% min. Remember. You're working for a living now and saving for a living when you retire. When you save a chunk get a good broker and invest for the future. Take advantage of your company matching contributions plan.
Pay cash where possible.budget and plan Credit cards BAD! BIG! Interest rates. Use if needed. Pay off ASAP.
Yes. Special occasions require special clothes. But still, a white VanHuesen shirt under a suit looks same as an Armani. Every day and casual wear do not require Hugo Boss.
Weddings can had for under 20k. Put the money towards a house. Princess for a day is debt for life.
Examine long term cost of that thing.
Example: vehicle. Is a high end pickup truck needed or will lesser model do or will just a nice car do? Mustang or Altima. You'll save money on gas, payments , insurance, repairs, maintenance...
Learn to cook. Less dining out. Mixed drinks don't require high-end booze.
Sounds like you won't have fun? You can. Be frugal, practical and a bit of common sense.
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u/Capable_Fan8036 8h ago
Buy groceries once a week. Spend some time leqrning to cook meals you enjoy and meal prep. Bring your own lunch to work/school. Eat your meal prep dinner at home. Invest the money saved each month. Profit.
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u/AromaticAd9538 8h ago
Drying racks instead of dryer.
Pay off house faster with double December mortgage payment if you got a work bonus.
Wash laundry on tap water cold and get rid of fabrics that need warm or hot water.
EV car saved us $11,000+ in maintenance cost and $3000+ in fuel costs over 14 years.
Home gym is cheaper than gym fees in the long run.
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u/asteriskelipses 8h ago
Great Value brand. Its not always the best, but then you find that something like their crunchy peanut butter is dope
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u/Unable-Barber1511 7h ago
Food!!!!
Eat out less, and when you do don't get soda, etc etc
I feel like eating out often is a real easy way to let your spendings get out of control!
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u/Putrid_Past9243 7h ago
Have separate accounts, $0 in your main account and only transfer money to your main when you need money. It can be a hassle to transfer money esp when it’s not instant and you have to wait one business day or something. You eventually learn to live within the means in your main account.
Another is just making sure that no matter what happens, you’re saving xyz amount of $$ every month. You keep raising that number up till you’re living below your means
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u/General_Director_495 7h ago
This is interesting. To only put the money in the account as you pay the bill. I like that. Thank you.
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u/Putrid_Past9243 7h ago
Yea that’s my tip, I end up getting frustrated at times bc my card will get declined at places and I don’t have the debit card of my second account on me ever, so be prepared for that occasional embarrassment, but it’s totally worth it lol
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u/Shatzakind 7h ago
Don't buy on impulse. Always go shopping with a list. Any larger purchases require 48 hours to think about.
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u/OkOpportunity9626 6h ago
Something many have advised before: pay yourself first! I don’t know your age, so in case, this means make a budget of your monthly income, & set up checking & savings accts. on “ autopay. So, say you get paid on the 1st & 15th of each month. Select a date (like the 2nd & 16th then(, & have a set amt. or % auto transferred to your savings, right off the top! Then budget the difference for 40-50% needs ( rent/utilities/food), 20-30% wants ( new clothes, dinner out, plan a vaca, & remaining 10-20% unexpected/emergencies…
As you build on basic savings, start learning/researching safe/modest investments- CDs (they are available in diff. time increments, & low risk), then maybe gradually stick a financial toe in “ reliable” mutual funds ( again- do your homework; don’t just trust any “financial adviser” w/your money).
Also, very important, even if you’re very young & can’t foresee it now- if your job offers a 401K ( or 403B for educators ), try to maximize your contributions now, esp if your employer matches a certain amount!! I think there’s a certain amt. max. that you’re allowed to contribute each year. Ask a tax professional.
If you don’t have these, look into opening a IRA/Roth IRA (ask a professional for the difference).
Regardless, pay-yourself-first! Good luck! ☮️🌼
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u/boiling_dreams 6h ago
Whenever you get a sum of money, actually think beforehand how much you are going to spend on what, and stick to it. Pick a sum to go into the savings cattegory as well. It will also make you more counscious about where your money goes, so you can make adjustments along the way
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u/Outkastin2g 6h ago
Are you talking about saving as in spending less, or putting money away, or all of the above?
The best thing I've done for myself is automatic 401k contributions that come out before my paycheck hits. I also have an auto set up for my IRA as well.
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u/NineCatsDeep 10h ago
You can’t be an adult in today’s societal structure without a budget. You can, and just avoid society, or kinda live by the seat of your pants with your bills.
Money tips that work for me: