How to Pocket More of Your Income

Some practical ways to save money all year long

From the LifeMinute.TV Team

January 31, 2024

Here are some practical ways to save money all year long.

Track Expenses
To save money, determine how much you spend. Record all your expenditures—whatever is most practical—writing it down, creating an online spreadsheet, or utilizing a spending app. Organize the numbers by categories and total each amount.

Pay Yourself First
Have a portion of your paycheck automatically transferred from your checking account to your savings account. Try setting aside at least 10% monthly. If eligible for a tax refund, you can also have the refund automatically deposited into your savings account.

Cancel Unused Subscriptions
Don’t pay for subscriptions or membership services you rarely or no longer use. If you sign up for a free trial that requires an automatic subscription, set a reminder to cancel before the free period ends if you no longer need it.

Bundle Up
For annual savings on bills, bundle services, like auto and home insurance or cable, internet, and phone providers. Depending on your carrier, the costs may be negotiable. The only way to know is to ask.

Prepare a Grocery List
Prepping for grocery shopping can help you avoid buying items you do not need and can reduce impulse purchases. Also, try swapping out more expensive brand name products with store brands, which typically cost less, at least 20 percent, according to some reports.

Scan for Discounts
Inquire in-store and look online for discounts. Many businesses make them available to students, individuals over a certain age, military personnel, etc. You can also find browser extensions and apps that compare prices between businesses to find you the best deal.

Second-Hand Shops
From thrift stores, consignment shops, and flea markets to yard sales, check out second-hand shops. In addition to great deals at these stores, the thrill of discovering that rare and one-of-a-kind treasure is priceless.

Staycation
The average cost of a one-week vacation in the US for one person is almost $1600. Save money (and the hassle of traveling) with a staycation. Ideas could include buying a day pass at a local hotel with a pool or experiencing your town as a tourist — stroll through landmarks and try that new restaurant you’ve been eyeing.