Are you ready to save money on groceries, shopping, and travel? These money-saving tips provided by experts will give you the tools to start saving today!
Take advantage of cash-back offers
According to Nadie Malik, a finance expert and founder of Speaking of Cents, double-dipping on cash-back can put money in your pocket. Malik uses the Discover It cash-back credit card and the Ibotta app to save on things like groceries.
Discover’s credit card is an excellent option because it pays 5% cash-back on extra categories and 1% cash-back on all other purchases. As a result, Malik saves up about 20-25% a month on grocery bills using the credit card and the cash-back app.
Use money management apps when shopping online
Rack up your savings and time by shopping online. Use worthy money management apps to earn back some of what you spend online. Many are using money management apps to save money, including Miguel A. Suro, an attorney and founder of The Rich Miser.
- Earning rewards from store loyalty programs
- Downloading coupons
Suro recommends using money management apps and other savings components (like those mentioned above) to rack up your savings.
Want to travel? Use your credit card
Are you thinking about going to Tulum, Mexico? Use your credit card. Most credit cards provide travel rewards like cash-back points when you book your trip using a credit card. A bit skeptical? Tawnya Redding, an expert at Money Saved Is Money Earned, thinks you should!
Redding saves thousands on travel by using her credit card on purchases. Redding uses multiple credit cards to make all sorts of purchases like gas, groceries, travel, and others to maximize her points.
Keep in mind; credit cards accumulate interest. So, if you were thinking of trying out Redding’s tip, be sure to pay your credit card balance in full each month.
Look for ways to save at home
There are ways to save at home. Experts like Freya Kuka, a personal finance blogger, and founder of Collecting Cents, use various prudent ways to save money on household expenses like utilities. She uses some methods to save money including: using cold water to do laundry, only running the dishwasher when there’s a full load, and installing a programmable thermostat.
Even though it may not feel like it at first, these hacks can save you money in the long term.
Keep an eye out for small expenses
Make sure to account for the small expenses like a $3.99 Kombucha. Small purchases can easily add and leave a strain on your bank account. Hence, be sure to track every purchase in the money management app to avoid missing anything.
Don’t buy it just because you can afford it
Personal Finance Expert and Author Suze Orman, says “Just because you can afford it doesn’t mean you should buy it.” We couldn’t agree more.
As previously mentioned, small expenses can add up, so just because you can afford to buy something doesn’t mean you should. For example, instead of spending $10 a few days a week at Starbucks, you may want to consider making your coffee at home. Because, unfortunately, simply getting coffee a few days a week can add up over time and prevent you from reaching your savings goal.
These money-saving tips can help you achieve your savings goals. These experts’ testimonies and the right mindset prove that saving money is possible in due time.