Written By Ashley Danyew
Who doesn’t like to save money?
I mean, the more money you save on everyday things, the more money you can… save for later!
Ha! You probably thought I was going to say you could spend that extra money on stuff that none of us need, but on this blog, you will frequently find us advocating for saving over spending.
Here are a few articles we've written on this topic if you're just getting started and looking for some advice:
Budgeting Basics for Musicians
How to Organize Your Finances As a Musicpreneur
My Finance Friday Workflow: Tips for Entrepreneurs
We actually came up with the idea for this post over a year ago, but given the recent surge in inflation and the rising cost of just about everything, we thought now would be the perfect time to share these strategies.
In this post, we’re sharing 11 practical and creative ways to save money in your everyday life.
Disclaimer:
This content is for educational purposes only and should not be construed as financial advice. Please seek advice from a financial advisor familiar with your specific situation.
11 Practical & Creative Ways to Save Money
*Disclosure: We get commissions for purchases made through links in this post.
Sign up forRakuten.
Through Rakuten, you can earn free cashback when you shop online at participating retailers. Plus, when you add an extension to your web browser, it will alert you when cashback is available through a particular site and search the web for coupons and other discount codes that you can apply at checkout.
We've earned over $400 since signing up!
Look for credit cards that offer cashback.
When comparing credit cards, we recommend looking for a card that offers cashback rewards vs. points that must be redeemed through the company's online shopping portal. This can be limiting and you may end up forfeiting some of your rewards in the end due to expiration dates and lack of options. A card that offers cashback rewards can be redeemed for a statement credit or a check or direct deposit.
Sign up for annual plans.
Most software and other subscriptions offer the option to pay an annual price or pay by the month). It costs a little more upfront, but this will often save you 1-2 months of subscription costs per year.
Call your cell phone company to make sure you have the best deal.
Often, there are special promotions or offers you might be eligible for that will lower your monthly bill. If you work for a university or other organization (part-time or full-time), you may also qualify for a monthly discount.
Switch to an MVNO for cell service.
In the world of cell phone plans, you're probably aware of the big names like AT&T, Verizon, and T-Mobile. You may not be as aware of smaller companies that use the same cell towers to provide service. These are calledMVNO (Mobile Virtual Network Operators).
Because they're able to use existing towers, you can get thesame coverageas a big-name companyfor a fraction of the price.
We have a story about this:
We used to have a family plan (two lines) with Verizon. We don’t use a lot of data (on average, less than 2GB shared across both lines). And we were grandfathered into a plan that was no longer available.
Basically, we were getting a pretty good deal.But we werestillpaying $75 a month (plus taxes) for our cell phones.
Then, we heard about an MVNO,Mint Mobile. Mint Mobile uses the T-Mobile network and by switching, wequadrupledour data forhalfthe price.Our plans include unlimited talk & text, nationwide coverage, and 5G or 4G LTE, whichever is strongest. We each get 4GB of data for $15/mo. Looking for an unlimited plan? That's also available for $30/mo.Learn more about Mint Mobile >>
Use an HD antenna instead of paying for cable TV.
Cable is expensive. And often, you might find yourself paying for channels and services you don't really need.
A solution? An HD antenna. This won't get you special channels like ESPN, but it will give you access to basic networks, which you may find, is all you really need. Here's a good one.
Do a 3-mo. audit of your expenses.
We talked about this in our post, Budgeting Basics for Musicians earlier this year.
Auditing your expenses is a helpful exercise to evaluate your spending and see where your money is going each month. Once you've run the numbers, look for places to save money. Is there anything you can eliminate or cut back on?
Evaluate your current subscriptions.
More and more companies are adopting a subscription model. These can add up quickly, so it's helpful to take some time every few months to evaluate what subscriptions you're paying for each month: Spotify, Apple TV, HBO, Netflix, Peloton, Amazon, Adobe Creative Cloud, Pandora, etc.
Look for offers on your credit card.
Some credit cards offer statement credits if you spend money at certain places. Some offer extra cashback in certain spending categories per month or per quarter. Review any special offers or discounts available through your credit card and take advantage of these opportunities to save a little money.
See if you qualify for the Affordable Connectivity Program.
Earlier this year, the government created a program that provides discounts on internet service for eligible households. Find more information here.
Buy and sell USED stuff.
Facebook Marketplace, Craigslist, Postmark, Mercari, eBay, Etsy – there are lots of places where you can find items you need, often for significantly less than buying them through traditional retailers.
Last year, we needed a new vacuum cleaner and found the one we were looking for on Facebook Marketplace, almost new, for half the cost.
You can also sell things you don’t need anymore. Then you can take that money and….well, you know.
This is not an exhaustive list by any means and we believe there must be other creative ways that people are saving money out there.
We’d love to hear from you:
What other tips do you have to add to our list? Perhaps with your help we can share a list of 20 tips next year! The more we share these ideas, the more we can share in this knowledge and help each other save more money. And what’s better than saving money? :)
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Ashley Danyew
