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How to save more money: 9 ways to increase your bank account

How to save more money

How to save more money

You need to know how to save more money if you ever want to be free.  Money is your ticket to freedom, and if you can’t accumulate enough of it, you’ll always be a slave to the system.

But if you can learn how to save more money, then you can become financially free.  This will open up doors for your future self.  With more money in the bank, you won’t have to work a job you hate and slave away your time.

Plus, if you know how to save more money now, then you can build up a solid net worth.  With command interest, your money you save now can be invested and you can become rich.

Then you’ll be able to spend more money in the future and not have to worry about your financial situation.  But in order to get to that place, you need to be smarter about your cash.  Learn how to save more money with these tips and you’ll thank yourself in the future.

Ways to save more money

There are many ways to save more money.  A few of the top ways you can do so are

  1. Don’t get into debt
  2. Eat out less
  3. Cancel subscriptions you don’t use
  4. Use credit cards that have perks (pay off every month)
  5. Buy in bulk
  6. Buy discounted
  7. Live in a cheaper area
  8. Budget
  9. Make more money

1. Don’t get into debt

avoiding debt at all costs

Getting into debt will have you paying interest, which means you’re paying more than what you were given.  Debt is never good unless it’s not your own personal debt.  Debt on a car, a mortgage for a house, or anything else with interest is always a losing situation.

Only buy things you can afford and that way you won’t have to pay off interest.

2. Eat out less

Eating out can be expensive as hell.  In San Francisco, where I lived for sometime, the average mid-range restaurant costs $80 for a meal, which is double the national average.

If you live in a similarly expensive city like New York, LA, or London, then $80 is going to be a ton of money just for one meal.  And we all know that that can easily turn into $100 or more with some drinks in the mix.

If you do that 4 times a month, that’s $320 a month just on eating out.

Even if you live in a cheaper Western city, eating out can still cost $40 or more.  Even $20 on a meal would be ab average of $60 a day on food.  It’s fine to eat out once a while as a way to celebrate.  But if you’re serious about saving more money, then you need to cut this out of your lifestyle.  Instead, buy groceries and cook.

3. Cancel subscriptions you don’t use

netflix

I’m guilty of this one.  A few years ago I looked into subscriptions I wasn’t using, and was paying $220 a month on stuff I didn’t use.  $100 a month for a marketing tool I stopped using, $30 a month on an old website, $50 on a gym membership in a town I moved away from.  And a few smaller things.

This $220 a month would’ve been over $2400 a year.  That’s way too much money to be throwing away.  Hopefully yours isn’t as bad as mine.  But in today’s subscription economy, you have to be alert. It’s easy to sign up for subscriptions and then forget to cancel them later.

4. Use credit cards that have perks (pay off every month)

As long as you have the financial discipline, get a credit card with perks.  Pay it off every month so you’re not going into debt.  And then enjoy the benefits.

Many credit cards will give you points towards air miles, food, or other types of purchases.  The air miles is one of my favorites.  This is an easy way to figure out how to save more money.

And there are many others.  Use your credit cards on normal purchases, pay them off, then rack up points.  Then you can use these points for your travel.  You can end up saving a few hundred dollars or even thousand dollars in airfare costs.

5. Buy in bulk

Whatever you can buy in bulk will generally be cheaper.  If you have a Costco in your area, or something similar, go stock up on what you can.  This can include paper towels, non-perishable food, supplies for your business, and anything else you can think of.

Buying in bulk will also save you trips to the store and will help you to be more organized.  This will indirectly help you save more money by savings you more time.

But of course, the direct benefit of saving more money due to cheaper items because of the bulk discounts can’t be ignored.

6. Buy discounted

Besides buying in bulk, buy when there are discounts.  And not just regular sales, but massive deals.  Black Friday and Cyber Monday are great times to get gifts for cheap if you’re doing holiday shopping.

For those outside the US, Black Friday is the day after Thanksgiving, where US-based stores have massive sales.  Cyber Monday is the Monday after Thanksgiving (Thanksgiving is always on a Thursday), and there are huge discounts on online stores.

If you live in the US, don’t miss out on these times to buy what you’re looking for with massive discounts.  If you’re outside the US, then look for times that are relevant in your area for big deals.

Another tip is to buy out of season.  For example, swimming trunks are cheap in the winter, and jackets are cheap in the summer.  If I want summer clothes, I get them in the winter when they’re cheap.

7. Live in a cheaper area

monk mode - man looking at city

One way to figure out how to save more money is to live in a cheaper area.  If the work you do is location independent, meaning you can work from wherever you want, then moving might be a real solution for you.

Living in a cheaper area and having an overall lower cost of living will allow the same income to go a lot further.  You’ll be able to increase your bank account while also having a better lifestyle.

You might move to another city in your country, or even a another country all together.  When the cost of a meal out goes from $40 to $3, then the way you look at saving will really change.

There are some instances where this won’t make sense.  For example, you might live in New York, London, or San Francisco.  But you might also be making 6-figures at a job because you’re in these expensive areas.  If you can manage to save a and build a business on the side, then it makes sense to stay in the expensive area until your business takes off and you can move out.

8. Budget

Make a budget for yourself and stick to it.  Create a budget for your rent, for food, bills, travel, gym membership, going out, and anything else you need to consistently pay for.  Making a budget you can stick to will help you save a ton of money.

Because if you budget x amount, and will have y amount left over, then all of that can be saved/invested.  Most people, especially if they’re single and have a decent paying job, make enough money to save well.  It’s just that most people also don’t budget.

Budgeting will help to keep yourself in check and save a lot of money in the long run.

Make more money

And lastly, one of the best ways to learn how to save more money is just to make more money.

Whether it’s getting a second job, getting a raise, getting a new job, or starting a side business.  You can budget and cut expenses and find good savings.  But if you can add an extra thousand or few thousand dollars a month with extra income, then you’re going to save more money then you ever did before.

Making more money while keeping your expenses the same will have the biggest impact on your ability to build wealth.  If you’re not thinking about how to make more money, then you’re already losing in the game of saving money.

Don’t be like others, save that money

build wealth - start a business

It’s easy to want to keep up with the Joneses and buy the new car, new house, and new watch.  But most people can’t afford these things.  They’re always chasing their next paycheck and stressing over things they shouldn’t have bought.

Save yourself from that stress by saving more money.

Wait until you can buy those things and not have to worry about them.  Live below your means now, so you can live better and stress free later.

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