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Did you know a 2024 survey found that over half of the respondents had $500 or less in a savings account? This statistic isn’t surprising. I’ve seen it floating around so many times!
As an avid saver, I’m always looking for ways to grow my savings. You never know what could happen. Most Americans are one paycheck loss away from homelessness. Even if your situation isn’t that dire, not having enough to cover car trouble hurts.
To compile these lifestyle changes, I looked for easy changes anyone can do. These tips are for the average Joe!
Here are 12 easy lifestyle changes to boost your savings account.
Thrift
Clothing is expensive, but most of the time, we don’t need new clothes. Wanting new clothes can cost us precious money that could have been in our savings. Instead of spending hundreds of dollars a year on new clothes, check out a thrift store.
At thrift stores, you can find gently used clothes for a quarter of the new price. Just the other day, I bought a $3 pair of much-needed shorts. These same shorts, new with tags, cost about $30.
Attend Free Events
I don’t know about you, but I struggle with FOMO (Fear of Missing Out). Because of this, I sometimes overspend at events, but you don’t have to. Instead of spending money on concert tickets or big events, check out some free ones in your local community.
Facebook is a great place to search for weekly events. You’d be surprised just how many free festivals there are.
Delete Food Delivery Apps
Delivery apps cost too much money, and they are also too tempting! I should know- I’ve spent an embarrassing amount of money on food delivery apps like Uber Eats.
Out of sight, out of mind is a great tip to consider. Imagine instead of spending $100 a month on delivery, this goes right back to your savings. Most of the time, the food comes cold anyway.
Cut up Credit Cards
Credit cards are a tough one. They hardly feel like real money. Cut up your credit cards unless you have built up savings and discipline. This way, instead of increasing your balance, you’ll be more likely to increase your savings.
Let Products Sit in Your Cart
Ask yourself, do you really want this item? Do you really need or want a new towel, shirt, game, or nicknack? A lifestyle change I’ve implemented to save more is to let items sit in the cart.
This applies to digital and physical transactions. When walking around a store, take your time. After a while, you’ll start second-guessing whether you really need what’s in your cart.
This is the same for online shopping. Return to your online cart in a week. Did you forget what was in there?
Avoid Malls and Shopping Plazas
It’s hard to ignore a temptation when it’s right in your face. Avoid malls and outdoor shopping plazas so you don’t feel tempted to spend over your budget.
Instead of heading to a mall on the weekend, try walking in the park. If you do go out to a shopping center, only take cash so you have a set budget and no space for excuses.
Take Daily Walks
Daily walks are great for physical and mental health, and they are even better for your wallet. If you have something to do that’s free, you won’t need to spend cash. This lifestyle change is small but mighty.
Try a New Recipe Each Week
This is a personal lifestyle change I’ve had to make as someone who used to eat out way too much. Eating is so much fun. But once you start cooking and recreating your favorite dishes, you won’t go back.
Try and make bread, quesadillas, or your favorite coffee drink. The internet is at our fingertips with plenty of free recipes. Many recipes even include videos and specific ingredients.
Track Your Spending
Tracking your spending is not fun—it’s almost painful to think about. I was receptive at first, too. There is something uncomfortable about seeing your expenses laid out in front of you.
But it’s super helpful. This lifestyle change lets you see where your money is going and why. Make it a habit to review your spending and finances. It makes it easy to correct mistakes and make changes to boost your savings.
Downsize/Declutter
Downsizing doesn’t mean completely getting rid of everything you own. It doesn’t mean you have to trade your 3-bedroom home for a studio apartment. Instead, look around and see what you don’t use.
Can you sell any of these items to put towards your savings? Decluttering is a great way to save money even if you don’t sell anything. During this process, you can see exactly what you have and don’t need.
Set up Automatic Transfers
Everyone sets up their savings differently. Personally, I automatically transfer a set amount on payday through my bank, so I don’t have to think about it or spend my future savings.
Some people also find it helpful to transfer savings to another account automatically. This way, it isn’t as easy to access your savings from your checking account.
Carry Cash
Cash is still money. Another lifestyle change I swear by is carrying budgeted cash. If you are going somewhere with friends, carry a specific amount that you want to spend.
If possible, ditch your debit and credit cards at home. This way, you don’t overspend. Whatever you don’t spend when shopping can go straight to your savings.
16 In-Demand Remote Jobs Hiring Candidates Now
If you’re looking for a little more flexibility in your career or wondering what it might be like to work from home, this article is for you. We will break down 16 remote jobs to show that opportunities are available for more than just freelancers and entrepreneurs. From creative roles to dynamic customer service positions, you can pursue many engaging and fulfilling jobs right from the comfort of your living room.
The Purpose of a Budget and 11 Reasons Why You Need One
The primary purpose of a budget is to track your income and expenses. A budget also ensures your bills are paid on time, helps you plan for the future, helps identify any bad spending habits or areas where you could reduce your spending, and ensures that your spending reflects your priorities. By creating a budget and sticking to it, you can ensure your needs are met, your bills are paid on time, you get out of debt, and you meet your financial goals.
17 Jobs That Pay $25 an Hour to Work From Home
Busy modern lifestyles require flexibility and stable earning potential. However, not everyone can make a good living while managing the responsibilities of being a remote worker. It takes discipline, time management skills, and integrity to be successful. Whether you’re a stay-at-home parent, a student, or just looking for an extra source of income, these jobs might be the perfect solution for you.
Thanks to the internet, there are plenty of opportunities to work from home and earn at least $25 an hour. Now, it’s just a matter of determining which job best fits your skills and lifestyle.
