Having control of your finances and being able to see the big picture is incredibly important these days. When you have everything in order, saving money comes easy. Our personal finance tips empower you to make much smarter decisions on what to do with your money.
To help you get your finances in order, we’ve brought together some of the top experts in the finance field’s best personal finance tips they had to offer. Continue reading for the top personal finance tips you’re likely to encounter:
30 Personal Finance Tips:
1. Shop Generic
Instead of always reaching for the name brand products, opt for store brand or generic brand products. These are usually of similar quality to that of the pricier brands but at a fraction of the cost.
2. Cook at Home
If you aren’t already doing so, consider switching to preparing your meals at home from now own. Not only is preparing and eating your own meals healthier, but it also ends up being a lot cheaper than going out to eat all of the time. Not only that but after a while you’ll likely grow to prefer your own cooking.
3. Don’t Leave The Lights on
This is an often overlooked money sinkhole. Leaving lights on when they aren’t needed can end up costing you a lot of money needlessly, over the course of a year. When all you had to do was flip a switch! Not only is this a total waste of money, but it is also irresponsible and bad for the environment!
4. Opt for A Programmable Digital Thermostat
If you haven’t already made the switch to one of the newfangled programmable digital thermostats, consider making the switch today! Being able to set a schedule for when your heat or central air system runs is a great way to save money on energy use over the course of a year.
5. Keep Up On Auto Maintenance
Keeping up on your car’s maintenance regiment is a great tip to get your finances in order. A great example is air filter maintenance; For little money spent on a replacement, or by simply keeping up with cleaning it, you can end up increasing your car’s mileage by enough to save you nearly $100 a year!
6. Keep An Eye On Weekly Fliers
The next time you plan a trip out to the grocery store, take a quick look at the weekly fliers sent out by the supermarkets in your area. You’ll be surprised to find all the great deals you had been missing out on. As this becomes a habit, planning your grocery list around what’s advertised in the fliers is a great way to save some money
7. Comparison Shop Your Local Supermarkets
Building off the previous tip, aside from just looking at the fliers, compare the offers between stores and try to keep track of prices between them in order to ensure you are paying as little as possible for your frequent purchases. You’ll be surprised by how much prices can vary from store to store on some staple items!
8. Drink Healthy And Affordable Water
Instead of wasting money on soft drinks, at the detriment to your health, drink water instead. Water is by far the cheapest option available to you when it comes to hydration, and is also the best one for you! If you find yourself buying soda throughout the week, try to wean yourself off the sweet stuff, and make the change to water.
9. No More Fast Food
Fast Food seems cheap and easy, but it really isn’t, when you consider your health in the long run. You may have saved yourself 5 minutes and a dollar on a given day, but as your body is negatively impacted by the unhealthy foods you’re likely eating from fast food establishments, conditions such as obesity, hypertension, and diabetes may creep up on you! These all end up costing a lot!
10. Don’t Smoke
This should go without saying, but smoking is terrible for you. Not just for your health, but also your wallet! If you are a smoker, strongly consider trying to quit. Whether you do it cold-turkey, or slowly wean yourself off, you’ll be glad you did once you’ve kicked the habit for good! This isn’t just one of the best personal finance tips, it’s one of the best health tips as well!
11. Double Up Your Recipes
While preparing your favorite soup, stew, or casserole next time, consider doubling it up for some convenient meals in the future! It doesn’t take much extra effort to make larger batches of a recipe, and you’ll be able to freeze leftovers for quick and convenient meals later on when you don’t feel like cooking. By doing this, you’ll also have the opportunity of taking advantage of bulk discounts at the grocery store.
12. Consider Switching Banks
If you are paying fees to let a bank hold onto your money, consider shopping around for a more affordable establishment. Bank fees are ridiculous, and you’ll be surprised to find that there are many banks these days that offer their services, free of charge!
13. Try Thrifting
Thrift stores, garage, and yard sales are all great places where you can save a lot of cash. A lot of the times, you can find items in basically brand-new condition, but at a fraction of the cost! In order to make sure you don’t end up spending more than necessary, try to only purchase items that you actually need, no matter how tempting the deal might be.
14. Use Energy Efficient LED Bulbs
LED light bulbs are an amazing new technology that offers significant cost-savings over older bulbs. Not only do these new light bulbs draw much less electricity, but they also last much longer than the older technology! If you haven’t already made the switch, do so immediately.
15. Get Rid Of Useless Collections
If you fancied collecting useless items at one point, but then lost interest, get rid of them right away! Storing these sorts of items is not only a drain on your wallet but also your mind! Sell off your old collections, or consider donating, to rid yourself of their burden, and make a few bucks in the process!
16. Use Customer Rewards Programs
If the stores you frequent offer customer rewards programs, consider signing up for them. These programs offer great opportunities to save extra money, or even earn some back, by doing what you’ve already been doing, sans program. The sooner you enroll in these programs, the quicker you’ll rack up the rewards!
17. Cheap Out On Children’s Entertainment
Even though you might love spending money on your child in order to bring them joy and entertainment, kids can actually be entertained quite frugally. There are many free activities available in most communities that’ll keep your child’s attention, and these can be fun for all.
18. Empty Your Closet
Take a look in your closet and sell off or donate anything you don’t wear. There’s no need to have these items hanging around, collecting dust, in your closet, and they can be a great opportunity to earn back a few bucks.
19. Stop Stress Shopping
Stress shopping is a new concept for many, but it is one that is actually incredibly common. If you find that you like to head out for a shopping spree after a particularly stressful week at work, try to slow down a bit and try to find another outlet for relief. What you end up buying during these trips is not likely necessary, and the money can be spent much better elsewhere.
20. Cancel Old Subscriptions
If you are still receiving magazine subscriptions monthly and haven’t even bothered to flip past the first few pages, cancel them right away! These subscriptions might not cost much, but it all adds up over time. Not only is it wasteful for your wallet, but it is also wasteful for the environment as well.
21. Eat Leftover Food
If you shy away from the idea of eating last night’s leftovers, consider rethinking this! Leftovers are a delicious and convenient means of eating on the cheap, and it’s a real shame to squander them away and just toss them in the bin.
22. Brown Bag Your Lunch
Prepare the next day’s lunch the night before and bring it in with you to school or work from now on, instead of going out to eat every day. Eating out for lunch every day is very expensive and ends up being a great way to pack on unneeded weight!
23. Fix Your Own Stuff
There are plenty of great resources available to you, free, these days that’ll teach you just what you need to do in order to repair common household items. Instead of hiring the repair job, or replacing the item, try fixing it yourself. This is a great way to save a considerable amount of dough over the course of a year.
24. Keep Your Tires Up To Pressure
Riding around on partially deflated tires is likely costing you most then you’d think! For as little as a 2 point reduction in PSI, you are losing roughly 1% of your auto’s gas mileage! This might not seem like much, but over the course of a year, this can really begin to add up!
25. Cancel Old Club Memberships
Stop paying fees for memberships to clubs and gyms if you aren’t utilizing them to the fullest. This ends up being a real money sink, and for little payout. You can also resubscribe later on if you change your mind.
26. Buy Used
You’d be surprised what you can find on the used market in your area. A lot of the time, items are being sold at a fraction of the cost of used, with barely even a noticeable reduction in quality.
27. Trying Crafting Gifts
Instead of heading out to the store to buy gifts for your next giving occasion, consider crafting or making your own gifts. This can be a great way to save money and show that you really care about someone in the process.
28. Mend Your Clothes
Try sewing or mending your own clothes the next time a rip or tear happens. These repairs are easy once you learn how and cost you nothing but a little time. Throwing away your old favorite item because of a small bit of torn fabric is a needless waste of money!
29. Wash Those Hands
This might not seem like an obvious tip, but washing your hands can end up really saving you in medical costs over the course of a lifetime!
30. Holiday Shop For Next Year, The Day After
After the next holiday, consider shopping for next year’s decorations. These items are all marked down quite a bit in the days shortly after a holiday and will be just as good next year as they would have been this year. And cheaper too!
FINAL THOUGHTS ON PERSONAL FINANCE TIPS
After reading through these great personal finance tips on mindful budgeting from the experts, you should be well on the way to taking control of your money. Being a master of your budget calculator, and saving some extra cash doesn’t have to be difficult. With great personal finance tips in hand, you’ll be well on your way to financial success!