25 Ways We Saved $50,000
Is saving money one of your priorities this year?
Do you wish you could spend less and save more but can’t seem to break some of your less-than-perfect shopping habits?
I’ve got a secret to tell you: there’s more than one way to save!
Since Christopher and I moved to Charlotte just over two years ago and made saving a priority, we have been able to save $50,000. So I wanted to share with you a list of some of the best tips and techniques we used in the hope that you will get some ideas and inspiration to reach your own financial goals!
20 Morning Routine Ingredients
1. Sell what you don’t need or aren’t using
This one fits in so well with minimalism and decluttering. Selling what you aren’t using can be a really powerful way of being able to save literally thousands of dollars. In the past couple of years, Christopher and I have done this a number of times. Christopher sold an old computer he wasn’t using, we sold a lamp the other day that wasn’t being used frequently enough for us to justify keeping. It has become a habit of ours to identify things that we’re no longer using and that we don’t need and consider if those items are things we could sell, rather than just donating. Of course, not everything you don’t use is going to sell or is necessarily worth selling but, when applicable, this can be a great one!
2. Save first
Whenever you get paid (whether that’s once a month, a few times a month, etc.) make the first thing you do when you get paid is SAVE. When we first started doing this, I was amazed at the immediate impact it had. We were able to save hundreds of dollars more a month just by saving first and living off what was left second rather than living first and saving second. When you make savings a priority, you are naturally going to save more.
3. Wait 24 hours before buying something
This one applies specifically to discretionary spending: clothes, decor, furniture, etc. Many of us, at one point or another, have struggled with the desire to buy things on impulse. We see something we like and purchase it without necessarily thinking twice. These purchases add up over time, especially if you’re trying to save money. A practice you can implement to cut down on impulse buying is to wait 24 hours before buying. This gives you time to think and reflect on whether or not the cost of that item is going to translate into tangible use and value. So, the next time you go to buy a piece of clothing or art, try waiting a day to reflect on whether or not you’re actually going to use whatever you’re wanting to buy.
4. Increase your income
This one has had the biggest difference in the amount per month Christopher and I are able to save. I’ll discuss getting a side hustle or extra job later but for now just ask yourself: are you being paid fairly for the work that you’re doing? We can often become comfortable in our jobs and complacent with the pay that we are earning. But just think about how much more you might be able to save if you were getting paid more for the hours of work that you’re already putting in. A raise of just a few dollars per hour can translate into thousands of dollar’s worth of savings over the course of the year!
5. Own only one
You can apply this one to a variety of areas whether that’s clothing, makeup, skincare, or even food. When we own more than one of an item, things tend to go bad or not get fully used. By owning one of an item, you are not only able to ensure that you don’t own more than you need but also that you’re getting the full value out of an item. This doesn’t apply to everything but get creative and consider whether or not you might be able to refrain from purchasing duplicates of items that you use on a daily basis. For example, do you need multiple pairs of sunglasses? Or can you get by with just a single pair?
6. Cook your own food
When we choose to make our own food rather than eat out, we are able to save a lot of money. Whenever we eat at restaurants, we are paying a premium for our food to be prepared for us. But if we’re able to make our own food and just pay for the ingredients, we’re able to completely eliminate that cost.
7. Be conscious of your utility use
Be sure that whenever you leave a room, you’re turning off the lights. When you finish using the tv, turn it off. When you’re washing dishes or brushing your teeth, don’t leave the water running. These simple things not only save you money, but they also help preserve the earth’s resources. If you haven’t been conscious of your utility use up until this point, whether that’s water, gas, electricity, or anything like that, I highly recommend developing the habit of not only being more aware of how you’re using your utilities but also consciously try to use them less.
8. Create a budget and stick to it
I can’t emphasize this one enough. When you have a plan in place for how and where you’re going to spend (and save!) your money, you’re going to be able to reach your financial goals so much faster. If you don’t already have a budget, it is so incredibly easy to set one up. Christopher and I use the budgeting software Every Dollar to track our finances. It is as simple as deciding how much you want to spend in certain categories and where you want to save each month!
9. Buy secondhand and DIY things
While I do like investing in some high-quality items, I would say about 50% of my closet and many of our possessions have been bought secondhand or DIY. I have repurposed clothing and we’ve refinished a lot of our furniture. It’s been a fantastic way for us to save money as well as live a bit more eco-friendly. So, don’t be afraid of buying things secondhand and get creative about how you might be able to give items you already own a new life!
10. Eliminate unused subscriptions services
Let’s be clear, subscription services like Amazon, Netflix, and Hulu all have their place and can be extremely useful… if you’re actively using them. However, far too often we’re subscribed to services that we don’t actually use, or at least don’t use enough to justify keeping them. So, I recommend taking inventory of all the subscription services you are currently paying for and think about when the last time you may have used that service was and if the amount you are paying each month or year justifies that cost.
11. Get a side hustle
A great way to be able to save more money is to take on an extra job. To be honest, I’m not a big fan of the phrase “side hustle” since it can sometimes promote an unhealthy culture but think about the hobbies or interests you have. You might be able to get paid to do what you love and use your skills and passions to earn additional income that you can put towards savings. Maybe you’re a fantastic photographer or artist and you can sell some of your work. Maybe you do computer programming for fun and can find a way to generate some extra income that way.
12. Save on entertainment
One example of this one is to do a little research about your city and find a listing of all the free or inexpensive activities that are available. Here in Charlotte, there’s a website called Charlotte on the Cheap. I love checking this one out and finding fun events to attend that don’t break the bank. The next time you are about to spend a lot of money on a ticket for something, take a step back and ask yourself if there is something else you can do to have as much fun but spend a lot less money doing! I promise if you get creative with this one, you will be amazed at how much you can do for free or just a few dollars.
13. Wait to upgrade
So many people have this mindset of always needing the latest and greatest when it comes to their electronics. They’ll upgrade their phone, tablet, or car as soon as the newest model comes out. While I have no problem with upgrading electronics as they wear out or as my needs change, I don’t see the point in needlessly buying new electronics when what you have works perfectly well. Especially when it comes to saving money, electronics are one of the worst purchases we can make because of how much they cost and how quickly they depreciate.
14. Go down to one car
This one might not be realistic for everyone but consider if you actually need multiple cars or if you can go down to one vehicle. When Christopher and I first moved to Charlotte, we each had a car. But after about a month of living in the city where we were closer to grocery stores, restaurants and other stores, we realized that we weren’t actually using our second car enough to justify keeping it. While it didn’t sell for much, we were able to save every month on upkeep and insurance which has translated to hundreds of dollars over the past few years.
15. Invest in quality
When you’re buying an item, make sure whatever you’re purchasing is going to last. When we buy something that’s poorly made or bad quality, we end up having to replace that item far more frequently than if we were to buy something that was well made and that would last for years. This applies to brand new items as well as secondhand purchases. If you’re able to find durable, high-quality items that are going to last, you can take them with you throughout your life rather than having to replace them after a season or two.
16. Shop smarter
Something I’ve noticed is that most cities have different, what I would describe as “tiers” of grocery stores. Most have a lower-cost option, a middle tier, and then a premium, expensive grocery store. If you’re trying to make saving a priority, shopping at a more budget-friendly store like Aldi can be an incredible way of saving. You can also find a store that offers a balance of great quality foods while still allowing you to save money.
17. Limit your purchase of alcohol
This is an interesting one because alcohol is not technically a necessary expense. While I do drink, I recognize that alcohol is expensive and unnecessary. So while I purchase it as a treat or to celebrate a special occasion, most of the time I refrain from buying it since I don’t realistically need it. Depending on how much you buy beer, wine, or cocktails, refraining from these purchases can save you hundreds of dollars.
18. Use shopping lists and stick to them
Personally, when I go grocery shopping without a list, I end up browsing the aisle and picking up whatever catches my eye. I might buy some of the things that we need but I’ll also buy a lot of things we don’t need. So I’ve developed the habit of writing out a list whenever I go to the store so I’m not coming home with additional items that I might not ever actually end up eating.
19. Stay out of debt
This has been a very conscious decision on our part that has enabled us to put more towards savings each month. I won’t go into much detail since there will be a future blog post on this topic, but not going into debt and living within our means has made a tremendous difference in our financial future.
20. Limit coffee shop visits
If you often frequent cafes or coffee shops, I encourage you to take inventory of how much you’re spending per month on those visits. I love the vibe of coffee shops as well as the coffee and tea that they serve, but after doing my own inventory, I realized this wasn’t the best place for my money to be going each month. Rather than eliminate my favorite cafes entirely, I reduced the number of times I go. Instead of going twice a week, I now visit twice a month. This way I’m able to still save a bit of money per month (which will add up in the long run) but I am still able to enjoy spending time in some of my favorite coffee shops.
21. Track your spending
More often than not, we don’t actually know where our money is going each month. We tend to think we know approximately how much we’re spending on different categories each month but if you sit down and actually look at your financial statements, what you find might surprise you. By tracking your spending more intentionally, you’re able to see exactly how much you’re spending and where that money is going. This may enable you to perhaps cut back in areas you might be spending more than you think you are!
22. Use items fully
Sometimes we get tired of trying to squeeze out that list bit of toothpaste or concealer and instead of using every available drop, we move on and buy a replacement. If you can get the full value out of an item, you are making the best possible use of your money. This also applies to using clothes until they’re worn out or even condiments and foods. If you want to stretch your dollars as far as possible, use it up fully! It also helps create less waste, which I try to avoid whenever possible.
23. Stop shopping sales
There is nothing wrong with buying something that’s on sale but hear me out for a minute. When you develop the mindset of a bargain hunter, it tends to open you up to impulse purchases that you might not otherwise buy. Meaning you buy an item just because it’s on sale. Whenever you find your next sale item, ask yourself if you would buy that same item today if it was full price. If the answer is no, think twice about buying it. Chances are it may be an impulse purchase or something that you don’t actually need.
24. Opt for nature-related vacations
This one is a bit unusual and you may not think about it on a regular basis, but choosing nature-related trips can help you save whenever you travel. When you stay in a big city, not only do you have to pay for a hotel or an Airbnb, but you also typically end up eating out for meals and visiting museums, seeing shows, and experiencing other costly attractions. However, when you visit a state park, for example, it encourages you to bring your own food and try camping versus staying in a hotel. This way nature automatically becomes your (free) attraction and no additional tickets or costs are necessary. Like I said, this one may not impact you on a regular basis but keep it in the back of your mind. As you’re planning vacations, consider nature-related travel as it can save you quite a bit of money.
25. Share entertainment
While I already talked about getting rid of extraneous subscriptions, some of them are staples for me and I use them frequently enough to keep. However, what I often try to do is split the cost of these with a friend or family member. My sister and I share a Netflix and a Disney+ account which enables us to save money on something we would both already be purchasing. This one doesn’t have a huge monthly savings value on its own, but adding that five or ten dollars over the course of a year can really add up!
Christopher and I used all 25 of these ways to save over $50,000 in the past few years. He and I were making quite a bit less than the average US national income level so I know this is something that you can achieve as well! Yes, it takes dedication. Yes, it takes perseverance. But it is possible! I hope this list inspires you to try a few tricks and work towards your own personal savings goal. Let me know if you plan to try one by leaving a comment below!
