7 Effective Ways to Save Money and Live Better

The average American is crippled with debt.

Indeed, the total consumer debt in the United States is now at a staggering $4 trillion.

Clearly, people around the country are in challenging financial situations. Unfortunately, it’s a slippery slope. When finances are tight, debt becomes more appealing (and sometimes necessary). But when repayments stack up, many are forced to take on more debt to keep up.

And the cycle continues.

There’s nothing like financial dire straits to make for an unhappy life. When you’re strapped for cash, repayments lead to stress and pressure. Fun and gratifying personal luxuries fall by the wayside.

Thankfully, there are ways out of this situation. A few relatively straight-forwards steps can turn the tide on your finances. With the right approach, you can start saving, pay off your debts, and live a happier life. Sound good?

Keep reading to discover 7 effective ways to save money and live better.

1. Leverage Money-Saving Phone Apps

You may never have had to budget before.

But learning how to budget is an essential way to rectify your financial struggles.

You’ll never get out of the rough water until your income exceeds expenses. And for that, you need to budget.

Nicely, it’s relatively easy these days. There are a wide variety of personal-finance phone applications that serve this purpose. They’ll assist in formulating your budget, setting financial goals, and tracking your expenditure.

Many will even assist in bill scheduling and offer personalized advice on cutting costs. Just Google ‘budgeting apps’ and browse through your options.

2. Buy Sensibly

Essentially, in terms of saving, the less you buy the better!

Alternatively, find ways to pay less for the things you need.

Again, the internet and technology can assist here too. All sorts of phone apps let you know of money-saving opportunities. There are apps that tell you where to find the cheapest gas. Others inform you of the cheapest store to buy a product from. And so on.

Likewise, cashback sites actually provide money-back on your purchases. Even better, rewards programs offer discounts, coupons, and deals to help cut costs further.

Be diligent in how you spend money. Make it into a game! How much money can you save this week?!

Be wary as well. Online apps and services can definitely help you save money. However, by highlighting bargains and offers, they can persuade you to buy more than you need. You can end up paying out more than you would normally!

3. Cancel Unnecessary Subscriptions

Let’s face it, almost all of us are paying for things we don’t utilize.

Whether it’s Amazon Prime, Netflix, the local gym, satellite TV, your mobile phone bill…It doesn’t matter. Monthly subscriptions stack up.

If you aren’t using them, then why keep paying?

Do an audit of your subscriptions. Ask yourself whether you still need them. Be brutal! Remember, canceling a subscription is rarely irreversible. These companies want your business. They’ll make it as easy as possible to come back.

Try it out for a month. Did life get exponentially harder? Then re-subscribe. You might find you didn’t even notice (except for the extra money in your bank).

4. Alter Current Activities & Practices

Life should be full of fun and games.

After all, it’s all too easy to take it too seriously.

However, fun and games don’t have to cost an arm and a leg. Consider your current expenditure on these sorts of activities.

What do you do for fun? Maybe you like going out to eat restaurants. Maybe you hit the town every Friday night. Perhaps you go to the cinema a couple of times per week. Maybe you take regular weekend breaks and holidays.

Whatever the case may be, there’s almost always room to save. Mix things up a bit!

Start entertaining at home, dining in, skipping those take-out meals, watching films on the family TV…You’ll be surprised how much fun you can have for a fraction of the cost.  

5. Downgrade Your Cell Phone

Do you really need the fanciest mobile on the market?

In reality, the answer’s probably ‘no’.

Mobile phone plans are often incredibly expensive. People can pay hundreds of dollars to have the shiniest phone, the most data and unlimited minutes, etc. Similarly, paying outright for most modern smartphones is always a major expense.

Consider downgrading to a phone and plan that’s more manageable. This may seem like a relatively minor step. However, every little counts. Over time, slight changes like this can have a large impact.

Try taking the same approach elsewhere. What about your car? Or even your house? Downgrading and downsizing (or moving neighborhoods), respectively, can both can dramatically cut costs.

6. Lower the Utility Bills

Utility expenses are rarely cheap.

As we all know, energy and water costs stack up all too quickly. Paying these bills can be a stretch.

Consequently, it literally pays to cut these costs wherever possible. Take a greener approach to life. Minimize the amount of energy you’re using.

Wear warmer clothing in cooler months and turn the heating down. Wear cooler clothing in warmer months and turn the air con off. Unplug appliances when they’re not in use. Switch off the lights. Install energy-saving bulbs. Take shorter showers.

All of these minor changes can have a substantial impact on bill repayments.

7. Sell Unnecessary Items

Need money relatively quickly?

Trying sorting through everything you own. Sell anything you no longer need or use.

This, of course, won’t be a long term financial solution. But it can serve an important short term function. In selling unnecessary items you can start the process of saving. You may earn enough to pay off the latest bill, pay down your credit debt, or so on.

Everything starts with action.   

Time to Save Money and Live Better

There you have it: 7 great ways to save money and live better.

Americans across the country are besieged with challenging financial situations. Savings are at an all-time low, debt is at an all-time high. Life can become a struggle. The future can seem bleak.

Thankfully, all is not lost. By taking sensible steps it’s possible to turn the situation around. Hopefully, this post has highlighted a selection of the best ways to do it!

Looking for more money-saving tips? Head over to the ‘tips’ section of the blog now!