Why Is It important to Save Money? – 16 Ideas to Save Money

In today’s era, there exist miscellaneous ways to save money. If you cut back on your spending, it can allow you to change your life for the better.

It is certainly not a one-time thing, but you got to adapt the habit each month and throughout the year.

Why is it important to save money?

Saving money is important to get financial freedom and a way to avoid financial stress.  Saving Money will enable you to pay off your debt, improve your finances, and make way for early retirement.

Here is a compilation of numerous ways to save money to set aside hundreds and thousands of dollars each year. Always remember, little savings can add up to be a lot in the long run.



1.Start A Blog:

Blogging can make you as much as $75000 / month. 

In the initial days, you might not see any income.

Nonetheless, once you can garner traffic, you can monetize your Blog by placing Ads on the site. 



2. Cancel Your Cable Subscription:

According to NPD Group, an American Market Research Company, the average US monthly cable bill is around $115- $120. It is expected to escalate more in the coming future.

If you think Cable Subscription is eating up large chunks from your account, opt for Streaming Service like Amazon Prime. Alternatively, you can also opt for Digital Antenna to receive local US channels for free!



3. Opt For Swagbucks:

Swagbucks is an  American Rewards and Loyalty-Program Operator.

It allows the user to earn Amazon Gift Cards. 

You get rewarded points for the online searches you do through their website. After you hit a benchmark,  you can get the points for cash, gift cards, and more.

Besides, you will receive a free $5 bonus just for signing up today!




4. Take  Online Surveys:

Taking Online Surveys is an excellent way to earn money conveniently. You may be able to earn anywhere from $25- to $150+ a month.

Here’s a list of suggested Survey Panels:

  • American Consumer Opinion
  • Survey Junkie
  • VIP Voice
  • Clear Voice Surveys
  • Product Report Card
  • Pinecone Research
  • Opinion Outpost
  •  PanelBucks
  • paid surveys
  • Prize Rebel,
  •  Harris Poll Online


They are free to join, and you will get paid to answer surveys and test products.



5. Use An  Affordable Cell Phone Plan:

The majority of people overpay for their Cell Phone Plan.

Instead, opt for cheap Cell Phone Services like Republic Wireless, which has monthly plans as low as $15.



6. Stop Eating Out Frequently:

Did you know eating out less time each month can allow you to save $25  monthly?

Yes, that’s right!

Stop the practice of going out to eat at restaurants every week.

Instead, prepare delicious meals at home.



7. Look For Free Means Of Entertainment:

It is expensive to have fun in the current era, and the budget can escalate to $500 / month!

Instead, look for free means of entertainment in and around your neighborhood or city.



8. Stop Smoking:

According to research & analysis, an average American spends around $30-$34 each month on Cigarettes.

Smoking is an extremely unhealthy habit, and there’s no point in wasting money on it.



9.Cancel Your Gym Membership:

The majority have a gym membership, but they don’t use it regularly.

If you are one of them, that’s just money going down the drain every single month!

Instead, cancel your Gym Membership and commit to other forms of exercise like Yoga & Jogging.



10. Opt For Meal Plans:

The average person wastes more than  40-42% of the food they purchase. In that case, one can try out a $5 Meal Planning Service. Upon subscription, Meal Plans will directly be mailed to you along with the shopping list you need to create the meals. Meal Plans are an excellent way to save money and track your food expenses smoothly.



11. Drive a More Affordable Car:

An average person in the U.S. spends $481- $360 to pay   Equated Monthly Installment (EMI) towards a new car!

Imagine how many people take out High-Interest Loans to pay for their car.

Once you include Gas, Maintenance, Insurance, Taxes, Registration Costs, the expenses will soar higher! It is always advisable to purchase a Car whose expenses should be less than 10-15% of your Monthly Income.


12. Go & Buy a Water Filter:

According to The Water Project, Americans spend around $100- $150/ Year on Bottled Water.

Instead of spending $100- $150 on Bottled Water/ Year, you can probably buy a Water Filter.

Always remember, to save money, sometimes you may have to spend a little.



13.  Utilize Digit Savings App:

Upon downloading the Digit Savings App, you can link up your bank account to Digit.

Digit skims through your income and spending habits to produce a prompt regarding your possible savings at an interval of few days. 

Next, it automatically moves money from your Checking Account to a Digit Savings Account.

Digit is compatible with more than 2,500 Banks and Credit Unions, and the app charges a monthly subscription fee of $5.



14.Run Errands On Your Bike:

Ditch your car and cut your fuel bill by riding your Bike to the Grocery Store, Bank, Restaurant, and more.

Apart from being economical, riding a bike is super eco-friendly and makes for a great workout.

To conveniently run errands, you can attach a basket to your Bike.

Don’t forget to wear a helmet and take the necessary precautions before making it to the main road.



15.Grow A Garden:

Imagine having organic fruits and vegetables to eat right in your backyard for much less than you would buy them for at the grocery store.

Cost-effective, right?

Initially, you might have to invest a certain amount in buying plants or seeds and maintain your garden.

However, growing your garden is one of the best money-saving tips for the Summer months.

Start with planting rudimentary plants like Tomatoes, Lettuce, and Herbs.



16. Turn Your Air Conditioner Up A Few Degrees:

Did you know that you can save a little on your utility bills by turning your AC up just a few degrees?

Yes, it can save you around 10-11% or more on your next electric bill.

Go ahead and purchase a programmable thermostat, which will enable you to set exact temperatures for different times of the day. It is recommended to set your Thermostat between 76 to 78 Degrees.


What steps are you taking to save money and grow your account? Drop them down in the comments section!








Daniel Smith

Daniel Smith

Daniel Smith is an experienced economist and financial analyst from Utah. He has been in finance for nearly two decades, having worked as a senior analyst for Wells Fargo Bank for 19 years. After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management. At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification. Read more on Daniel Smith's biography page. Contact Daniel: daniel@promtfinance.com

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