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15 Easy Tips on How to Save Money Fast-Lifehack

Updated on March 8, 2020
nitinkhaire profile image

Nitin is a certified life coach, executive coach, writer, husband, and father. His passion is to help people become their best version.

How to save money fast
How to save money fast | Source

1. Get out of debt

The best advice would be to never get in debt but if you do, then get out of it as soon as possible.

Debt is one thing that will wipe out your savings as fast as can be.

The problem with it is that the interest rates are extremely heavy.

If the principal amount is not cleared within time, eventually the interest amounts to more than the principal.

2. Let go of automatic subscriptions and memberships

One way that many people lose money is true automatic subscriptions and memberships.

The way this thing is designed money gets debited from our account on a monthly basis.

This happens automatically, that is where the problem lies.

As long as you don't stop it, it will keep on deducting money from your bank account.

Take some time and go through all your automatic subscriptions and memberships.

Remove those which don't serve any purpose or add any value to your life.

3. Buy unbranded generic goods

Avoid buying branded goods.

Branded goods are costly, not always because of their quality but because of their name or reputation.

Instead buy generic goods which serve the same purpose and also cost less.

This will save you a whole lot of money in the long run.

4. Cut out your cable service

Television cable services cost a lot nowadays.

You will be surprised to know how much of the stuff on television can be viewed online.

Just go through the internet and get information about streaming services many of which are available for free.

This way, you can cut down on your cable services cost.

Transfer money to your saving account
Transfer money to your saving account | Source

5. Transfer to savings account automatically

There are facilities available to transfer cash from your checking account to the savings account.

This can be done automatically if you set it up that way.

So get the necessary information, set up once, and it will transfer money to your savings account at a predetermined date every month.

This will leave you with less cash in your salary account but in the long run, it will save you a lot of money.

6. Use unexpected income wisely

There are times when you will receive money which was unexpected.

It could be through various sources like retirement funds, insurance policies, funds from the equity market, or from inheritance.

After getting this money, don't start splurging it on unwanted things but invest it wisely to be used in the future.

7. Save on your power bills

Most people don't realize how much money they are losing on their power bills.

So much money can be saved by managing your power consumption.

One way to do that is to buy energy-saving lighting throughout the house.

The next way to save on your power bills is to unplug devices when they are not in use.

You need to know that if a device is plugged into a power supply and the supply is switched off, consumption of energy still goes on at a lower level.

Next, we should switch off fans, heaters, and other devices when they are not needed.

Be very strict about this and you will be surprised how much money you can save on energy.

Money grows little by litte
Money grows little by litte | Source

8. Unsubscribe from marketing emails

We live in the age of internet marketing.

Every day we receive a huge amount of emails asking us to buy things.

These emails are very alluring and deceptive.

If you are not careful you may fall for some of those emails and lose money in the bargain.

We will end up buying things or software that we don't need.

The best way to handle this is to unsubscribe from all source emails.

9. Borrow things from friends rather than purchasing them

Borrow things from friends or relatives rather than buying them.

If you don't use things very often, there is no need to buy them.

You could borrow them from your friends or neighbors.

This will help you to save a lot of money.

10. Avoid eating outside often

Eating outside can be a rather costly affair and unhealthy too.

So, avoid eating outside as much as possible.

Eating outside once in a while is alright but it should not be done frequently.

You can save enough money by doing this and also have healthy home-cooked food.

11. Buy things on discount or sales

Another good way to save money is to buy things on discount or when they are on sale.

Every other store has special days when they offer special discounts.

Buy things during those days and save a lot of money by doing this.

Invest your savings to make more money
Invest your savings to make more money | Source

12. Bring down your telephone bill

One more big money waster is your telephone bill.

Cut down on your telephone bill by using other means of communication which are free.

There are many apps like IMO, Skype, and others that offer free calls and also video calls.

Make use of this and cut on your telephone bill.

Speak less when you are on a call and cut on your bills.

13. Have a no spend week or month

One radical thing to do to cut on your spending is to decide on a no spend week or no spend month.

During that particular week don't purchase anything.

It will be difficult in the beginning but later on, you will begin to enjoy it.

It will not only make your life free from materialism, but you save a lot of money in the bargain.

You'll also realize that you don't really need so many things in your life.

14. Learn to do it yourself

Finally, you can save a lot of money by learning to do things yourself at home.

There are many videos on YouTube explaining how to do it yourself.

You can make furniture and other things at home and save a lot of money.

15. Cut down on groceries and vegetables

If possible cut down on your groceries.

There are various ways to do this.

  • One way is to buy groceries from shops where they are cheaper.
  • Next buy groceries in bulk because the bulk rates are less than the retail rates.

  • Thirdly buy less than the usual quantity.

  • Fourthly, if possible grow your own vegetables.

Friends, these are some of the ways that you can save money.

If you apply all these methods, you can really save you out of money every month.

These are not very difficult things to do once you get used to it and will become your delight.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Nitin Khaire


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