Best Money Savings Tips Expert Says 2022 | Money Saving Expert Tips
Did you know that 60% of Americans cannot come up with 1000$ in case of an emergency that could mean your car breaks down, that could mean your ac in the house breaks down, that could mean your lovely phone gets dropped in the toilet even though nowadays they’re waterproof. Anyway you get my point 1000$ could mean almost anything so that means that 60% (sixty percent) of Americans are one thousand dollars away from a catastrophe.
What can we all together do to make the world a better place and be financially independent instead of financially dependent or financially miserable. So here what we are going to discuss about few things that you can do to save more money in my honest opinion.
Giving you some very simple tips on how to save more money this year and since it is 2022 I thought 25 tips would be appropriate please share with your friends because it helps the community out when you share your knowledge. I believe that the last one is the best one and I also believe that the last one is the simplest one to do.
How to Save money Expert Says : Money Saving Expert
Eat more at home : Money Saving Expert – Save Money
For most countries it is oftentimes about five to ten times the cost of eating out rather than creating the meal at home. There are other benefits of course to creating the meals at home such as knowing exactly what’s in your meal enjoying the process putting the love into it really nurturing your body by taking the time to prepare a beautiful satisfying meal for yourself and your family. This year maybe consider learning and getting better at those cooking skills.
Learn for free : Money Saving Expert – Save Money
We live in one of the most amazing times in human history right now where almost anything you want to find online is available to you. You can up level in so many different ways for free people are becoming precious amazing musicians just by using the power of online sources; such as youtube. For example whilst courses and online spaces to learn that are paid.
They make it a lot easier for you to hone in on a skill. There are still opportunities for you to find and dig through the Interwebs and find out what it is that you need without having to pay anything extra.
Prioritize savings : Money Saving Expert – Save Money
This sounds so simple and it almost sounds stupid but when you think about it just like anything in life; what gets prioritized gets done. Let’s say you have a morning routine and in there you prioritize going to the gym. If you put it on the list you prioritize it you get it done. But if the night before you say oh maybe I’ll go to the gym tomorrow.
Yes chances are that you’re not gonna go to the gym same thing here with money when you prioritize it, when you say no matter what at the beginning of the month; what I do the first thing is save and then spend what is left.
Because you know what happens here in the us and in the entire world people spend a lot of money and then they save what’s left and many times as you probably know there’s nothing left there is even a negative balance left at the end. One thing that really works for me is when I automate the savings so no matter what I know that at the beginning of the month or when I get my paycheck, a portion of it goes into savings automatically.
I don’t even think about it automating the savings actually is gonna make it so much harder for you to spend. Because now you have to go and stop that automation in order for you to spend.
How many hours of you working does it?
How many hours of you working does it take to buy that shiny object. For those of you that are paid based on a salary you can still do a quick math to figure out what’s your hourly rate. Does it cost you one week to buy that iPhone? Does it cost you two years to buy that beautiful Tesla? what I really love about this technique is that it takes the focus away from the shiny object and it puts a little bit of pain on it.
Because now you have to think in terms of you go on hard work for that object for that. Maybe experience for that whatever you want to buy that big purchase you actually have to think in terms of how much time does it take you to work for it. Is it really worth it?.
How much will it cost you in future money?
If you were to take the same amount that you were to spend on that shiny object? How much will it turn in 10, 20, 30 & 45 years. I mean those are all realistic years as you put your money you let it grow and you’ll use it down the road you’ll use it maybe in your retirement. You can easily use one of the online calculators to figure out what is going to be the future value of that dollar; if I invested let’s say at 10$ for example. You put a dollar today at 10 that becomes 88$ in 45 years.
This is almost an astronomical number it’s a it’s a huge multiplier. Let’s say you were a 20 year old and you want to buy that 40,000$ car which is the current US new car purchase average. So 40,000$ let’s just actually use a calculator right here forty thousand dollars multiplied by 88 when you multiply them out that’s a whopping 3.5 million dollars is it really worth it? to buy that 3.5 million dollar car is it really worth it? I don’t know maybe not it puts it in a different perspective.
You look at it not just from that beautiful amazing experience you’re gonna have with that wonderful car it also puts a different spin on it so if I take this 40,000$ and I let it grow how much will they turn in the future.
If you look at 30 years that multiplier is 20, if you look at 20 years the multiplier is 7, if you look at 10 years down the road that multiplier is 3. The goal here with this trick is to take that excitement from that purchase today and put more excitement into how much money you can really turn in the future by let it grow.
Sleep On it : Money Saving Expert – Save Money Expert
How many times have you heard this word it’s simple yet not the easiest one to do. Before we make a purchase and really I’m talking about big purchases take one day two days maybe even a week take off from that decision and say do I really need to make this purchase. Let’s say one day passes two day passes you come back and you say I don’t think I need this purchase is really not gonna make me happy or this purchase is not gonna make my life easier.
You would be surprised how many times after even one day of waiting you’re probably not gonna go ahead and purchase that item. After all research has shown that people get more pleasure from the shopping itself than from buying that shiny object.
Also one trick you can do is you can shop online add things to your cart and then abandon it; you not only do you get the pleasure from shopping, but you also get that pleasure from not spending the money in the end.
By all means if after that one day or two day or even a week you wake up in the morning and say no I really need to buy that item. I really need it because it’s going to make my life so much better so much easier than by all means go ahead and buy it. This technique right here really puts you in a better place to make sure you’re making a good buying decision instead of going and impulse buying.
Learning to meal prep : Money Saving Expert – Save Money Expert
This is going to save you not only time throughout the week also money because bulk buying is obviously going to give you great discounts. You’ll be freed up with your mental space also to concentrate on things such as business or any other passions you might have and especially if you have a really chaotic lifestyle oftentimes you’ll find yourself reaching for the last minute meal throughout the day.
That’s not good for your health nor your wallet so you really want to try maybe on a Sunday to prepare your meals in advance so you can just reach into the freezer and grab yourself one of those meals sprinkle it with a little bit of fresh vegetables to ensure you have the right nutrients.
Have the Desire to Save Money : Money Saving Expert – Save Money Expert
In my honest opinion I believe this is the biggest one of all if you get this right then the other ones are so much easier. The desire to save money just like anything in life if you don’t have the desire; Do you really believe is gonna happen.
Let’s say you wanna go for a run tomorrow morning, but you have no desire whatsoever you know you should be going for a run but you’re just saying nah I just don’t like it, I don’t want to do it, that means you don’t have that desire and is not gonna happen.
Same thing with money do you have that burning desire to get to financial independence to be free and just do whatever you want when you want it and as I said this is the most important of all once you get this done. The other four just becomes so much easier.
Because you now you have this force pushing you to save money to get to a stage where you don’t depend on that job, you don’t depend on you actually putting the physical work in the end it all boils down to cutting down spending by applying this simple tricks.
Automate your savings : Money Saving Expert – Save Money Expert
One of the best ways to save more is to do it without having to think about it which is automating your savings. There are many apps out there such as Acorns, Chime, Rise, Wiser and others that do things such as
Round up any payments that you might have and automatically put it into a savings account or automatically put a percentage of your paycheck into your savings. Of course any apps will depend on the region and country that you live in.
However a lot of these apps that I’ve mentioned are available in countries such as North America, Europe, New Zealand, Australia and many others. Also check in with your bank maybe they already have this type of service available so you don’t have to do any extra work just give them a call find out on their website.
Record and Track your expenses : Money Saving Expert – Save Money Expert
One of the biggest reasons why people blow their budgets and are constantly struggling with finances is because they don’t understand what the influx of money is! and what the outgoings of money is! because they just don’t track it. It’s so important for you to do this if you’re trying to learn the art of managing finances whether it’s on a small scale or a large scale this is a skill that you must possess in order to grow your wealth further.
Whether you have a budget excel spreadsheet, whether it is you go through your statements at the end of every single week or month and just identify where there’s a lot of money that’s being spent. That maybe you can cut back on whatever you need to do for yourself whatever method works for you implement this into your year.
Get your money out of banks : Money Saving Expert – Save Money Expert
It’d be very nice if you could just keep your money in a savings account and that money would then grow for you. Because that’s the ultimate aim; however due to bad inflation if your money is just sitting in a traditional bank it is being eaten up by interest.
It is not fun so you need to get that money out of the bank and into different alternative means that are there to help support the growth of your money.
Embrace minimalism : Money Saving Expert – Save Money Expert
Now I used to be a quite strict minimalist; not so much anymore I have definitely allowed myself to expand a little bit. But I still have a lot of these principles in my life. Essentially only filling my space with things that I love does it spark joy.
Hence consider this year maybe putting a lot of those principles into your own life and filling your space with only thing that things that bring you joy. Which gives you two opportunities firstly selling things that don’t spark joy and you don’t enjoy having them in your space.
You get to sell them and make some money from that and secondly you get to reinvent your space that will uplift you in every single day life and it’s going to make your 2022 better and save a lot of money because you’re not buying unnecessary things.
Cancel subscriptions : Money Saving Expert – Save Money Expert
I have spoken about getting rid of any streaming services that you might be using. However that is just the tip of the iceberg you also want to check out what it is that you’re subscribed to that you might have even forgotten that you subscribed to.
So checking your bank statements would be good I personally go through my phone app and see what iTunes is charging me on the regular and I often realize that I don’t use these apps enough to justify paying even five or ten dollars a year for these apps. I definitely regularly check in with my subscriptions that are not serving me and I get rid of those.
Prioritize paying off debts : Money Saving Expert – Save Money Expert
If you have debt you’re obviously paying quite significant repayments to a bank or a money lender and this is going to drain your pocket. Quite significantly specifically if you have very high interest rates on these loans the best thing you can probably do for yourself in 2022 is to prioritize paying off debts.
Especially the ones with really high interest rates just get rid of it as fast as you can. Don’t buy anything new until you get this one under control really gets so super strict on getting your life back and your financial freedom back. Because you definitely deserve it and your headspace deserves it and your wallet deserves it.
And with more money in your bank account you can start rewarding yourself with saving with investing putting it into valuable things that are going to benefit your future perhaps a house deposit.
Renegotiate your insurance : Money Saving Expert – Save Money Expert
We have things such as house payments, we have car payments, we have life insurance, we have medical care. There is so much insurance in our lives that it definitely adds up to an expensive bill; by the end of the year it is worth exploring the possibility of renegotiating with your current insurance supplier or if not there are many different insurance companies. Out there it is a very competitive market and they definitely want you as a customer.
Change your energy supplier : Money Saving Expert – Save Money Expert
When is the last time that you try to call a company that you are in service with which is a power company or heating company or electricity company? And just ask to renegotiate your rate your bees are very surprised to see that it is possible actually.
Lots of people don’t want to talk about this and companies don’t make this known. However with the amount of competition out there on services they’re gonna find a way even if initially they say it’s impossible.
Call up and see what negotiations are possible because the older I get the more I realize that everything is negotiable and if there is no potential negotiation with a power company that you’re with you know you can always walk away you’re not tied to anyone.
Pack your work lunch : Money Saving Expert – Save Money Expert
I sound like your mum I’m sorry but I’m gonna say it; hey the food is much better you’re gonna really enjoy it because it is exactly what it is that you enjoy. You’ll get better at cooking which is a really good card for any partners that you want to attract for your life and you’ll save so much money. The amount of money that people spend every single week on food when they’re out at work is just pretty intense. A simple singer sandwich is going to do you a world of good.
Renegotiate your salary : Money Saving Expert – Save Money Expert
If you’ve been employed in a company for quite a significant amount of time and you haven’t had a raise for a while maybe it’s time to speak to your boss and see what the possibilities are of this, because obviously if you make more money you’re gonna also be able to save more money and not increase your lifestyle just because your money’s gone up.
So the best way to do this is to make yourself so valuable to the company that you’re part of and create a nice relationship with the management around you. Of course this can be a bit of a touchy way of approaching things so definitely don’t go into this with an entitled sense.
But know your self-worth and just inquire what it is that you can do in order to raise your money that you’re receiving for the efforts that you’re putting into the company. It can be stressful but absolutely this is something that a lot of people miss out on because they’re just too afraid to ask if you don’t ask you shall not receive.
Use your company for expenses : Money Saving Expert – Save Money Expert
If you’re self-employed one of the best things available to you is to expense almost everything you possibly can through your company. A lot of people don’t make the most out of this because they just end up paying out of their own pocket out of their own salary.
For example if you work from home there is a huge list of things that you can probably deduct for yourself including toilet paper, fuel, car, expenses food, electricity, accommodation costs, internet and just about anything else you can think of related to your home environment your work environment your office.
Not only is this going to help keep more of your personal money in your own pocket. It is also going to reduce the amount of taxable income you have at the end of the year for your company meaning your tax bill will probably be smaller as well. It is definitely worth checking with your professional Accountant to see what it is that you are able to deduct; you don’t want to get nasty surprises at the end of the year. When you were deducting something that you actually weren’t allowed to do in your own country. So check that out.
Make coffee or tea at home : Money Saving Expert – Save Money Expert
Lots of us just love the act of going to the local café and grabbing yourself that delicious cups whatever that might be for you a four dollar coffee for example is going to equal about 1,000$ in a single year which is something that you could probably make at your own house for about 10% of the cost.
But the benefit is of course that you get to do it at home which is a reusable cup therefore you’re also helping the environment which is really nice. You get to customize your experience your coffee or tea experience at home and make it a bit of a ritual. It’ll make you feel less sad that you’re no longer going to get your coffee from awesome cafes.
Cancel your gym membership : Money Saving Expert – Save Money Expert
If it’s valuable for you to continue using it or if it would be beneficial for you to cancel it and start exercising outdoors. Because sometimes going for a run just being in the outdoor exercise parks might just do the same thing for you. Gym memberships can cost 400 to a thousand dollars a year and that’s a big saving you can have for yourself.
Upgrade your style with second-hand shopping : Money Saving Expert – Save Money
The clothing that you will cultivate by going shopping in these places means it’s going to be very unique and your style you’re not going to be on trend you’re not going to be waiting for other people’s and mass media’s approval of your style.
You create your own style and it’s really fun and exciting you also get the benefit of seeing what clothing still looks good after it’s had to pass through different hands. Meaning that you know that that clothing piece will probably end up looking great for a very long time.
Secondhand shopping is not only good for your wallet because things are so much more affordable it is also really great for the environment. So I recommend you just give it a crack this year and see if you like it.
Reevaluate your social activities : Money Saving Expert – Save Money Expert
I’m not your mum you can figure out if this is relevant for you but we know that in the normal society that we function in right now. it is very much an emphasis on drinking a lot with your friends on the weekends.
For example and this can drain your wallet so if you do have a social activity that is draining you all the time; maybe there’s a different way to do it this year, maybe for your health it’s also going to be better to get a good night’s sleep and not have to deal with so many toxins in your body all the time or do other activities that don’t involve spending so much money on substances.
Don’t you worry every now and again I love myself a glass of wine. I’m not saying give it up forever but you’ll know for yourself if this is something that you need to reevaluate in the year 2022 ;good for you, good for your health, good for your wallet.
Become passionate about money : Money Saving Expert – Save Money Expert
This might be one of the most interesting points to cover off because if you do not have the interest in something you are simply not going to execute on it.
Together with having some tangible goals, that you’re aiming for; so if you have the energy of being interested in finances and mastering this area that maybe for you has been so taboo your whole life and your bad person if you’re interested in finances or wanting to have more, then mix that with the energy of having a goal say like a house deposit that you want to aim for this is going to really accelerate your journey in 2022. \
So you really need to prioritize the desire to learn about finances. Consider making finances one of the top priorities for 2022 it will pay off big time for you.
Becoming wealthy is so much more about your habits than anything else it is not as much about how much money you make. But it’s more about how much money you keep.
If you refuse to do any of the above then you know what you can do you can double down in your current job, you can just go all in on your current job and you will be surprised when you get that raise, when you get that promotion and things will just turn out great for you that’s also one of the options that’s actually a bonus you can do both or you can do at least one. And get ready to apply those tips in your life and become rich.
The most effective techniques to save money in your daily life.
- Pay Off Your Debt
- Make a savings plan
- Take care of yourself first
- Give up smoking
- Go on a “Staycation”
- Cost-cutting in the utility bill
- Bring a lunch
What does the 30-day rule entail to save money?
The 30 day savings rule states that you should put off all non-essential purchases including impulse purchases for 30 days. Instead of wasting your money on something you might not need, you’ll think about it for 30 days. If you still wish to make that purchase at the end of this 30-day period, feel free to do so.
What is the 50-30-20 rule in terms of budgeting?
The 50-20-30 rule is a money-management strategy that divides your paycheck into three categories: 50% for necessities, 20% for savings, and 30% for anything else.
What should I put aside each month?
Many experts recommend putting aside 20% of your monthly salary. The popular 50/30/20 guideline states that you should set aside 50% of your budget for necessities like rent and food, 30% for discretionary expenditure, and at least 20% for savings.
— Susanna tips and tricks
What is financial freedom? This is a question that many people ask, but it is not always easy to answer. Financial freedom means different things to different people. For some, it might mean being able to quit their job and travel the world. For others, it might mean being able to provide for their family without having to worry about money.