Saving money doesn’t have to mean cutting back on the things you love. In fact, with the right strategies, you can keep living your life as you like while growing your savings at the same time.
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The secret lies in streamlining your spending — finding smarter ways to manage your money without sacrificing what matters most. From small tweaks to hidden savings opportunities, these genius hacks will help you save more without a major lifestyle overhaul.
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Organize Your Bill Due Dates and Negotiate
Double-check all the due dates on your credit cards, electricity, cellphone bill, Wi-Fi/cable bill and more and see which of them can be negotiated, according to Andrew Lasky, senior director of marketing and communications at MoneyLion.
“Call your service providers and ask for discounts, especially if you’ve been a loyal customer. You can also speak with providers to see whether you can switch to a lower-cost plan or subscription to save $10 to $50 per month.”
A simple phone call could save you money without impacting your daily routine.
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Institute a Waiting Period
A common “expense trap” is impulse shopping, according to Dr. Cameron Sepah, an executive coach, behavioral finance expert and CEO of Maximus. He urged instituting a seven-day waiting period on discretionary spending of more than a given amount, say $100.
“Waiting for gratification overrides emotional choice and ensures you really do need the product. More often than not, the urge passes, and you save money without even realizing it.”
Automate Savings With the ‘Pain-Free’ Principle
Many people struggle to save because they experience a psychic “loss” when they transfer funds from their checking account to a savings or investment account, Sepah said. The trick to not experiencing this, then, is to automate the savings prior to even receiving the money into your spendable balance, Sepah said.
“Arrange an automatic transfer of 10% to 20% of what you earn into a savings account or investment account — it makes ‘invisible’ savings that you don’t experience as deprivation,” he said.
Simplify Your Subscription Audit With the 80/20 Rule
Most people waste money on dormant subscriptions, but rather than forcing yourself to cut all of them, Sepah recommended you check your recurring payments every three to six months and use the 80/20 rule: Keep 20% of the subscriptions that you use and cut the rest.
Even by canceling two to three dormant services, you will save hundreds of dollars every year, he said.
Use Cash-Back Apps and Rewards Programs
Whether it’s for groceries, dining out or even online shopping, use cash-back apps and rewards programs to earn money back on your regular purchases, Lasky said. Some apps will automatically search for coupons for those purchases. Apps and credit cards with perks can help you save on things you’re already buying, without changing your buying habits at all.
Use Psychological Anchoring To Spend Smarter
Price anchoring is how retailers get you to perceive goods as being more of a bargain, Sepah said. Flip the switch by creating your own anchor price, or “psychological anchoring,” for discretionary spending, Sepah said.
“Before you buy coffee, for example, ask yourself: ‘Would I rather have this or $50 more in my investments when the year ends?’ Framed this way, small spending is not so appealing, leading to natural spending reductions without feeling stinting.”
Gamify Saving With No-Spend Challenges
Behavioral studies demonstrate that gamification boosts motivation, Sepah pointed out. Thus, you can create a weekly challenge where you select a category such as eating out or shopping online and challenge yourself to not spend for as many consecutive days as possible.
“Treat yourself to a free experience, not something extra to buy, when you reach a milestone. Saving is a game to play instead of a task.
Track Expenses
Consider tracking your expenses for 30 days to get a handle on current expenses and future budget goals, Lasky suggested, whether by app or by hand.
“To make expense tracking easier, try to choose one payment method, like a debit or credit card, so the total is readily available. Once you see where your money is going, consider more ways to save.”
Adopt a ‘Time Value’ Mindset
Instead of pricing your expenditures in dollars, price in hours, Sepah said. “If you earn $50/hour and see a $200 impulse buy, ask yourself: ‘Is this worth 4 hours of my time?’ This subtle change deters impulse buying and makes you a more deliberate money decision-maker.”
Shop Smart
Whether it’s groceries or tech gadgets, always compare prices before making a purchase, Lasky said. “Online tools and browser extensions can help you track price drops and identify the best deals. You get to keep your lifestyle habits, but with the benefit of smarter spending.”
Utilize Free Activities and Resources
There’s no need to spend on entertainment when so many free or low-cost activities are available in your community, Lasky said. From outdoor adventures (hiking, parks, etc.) to library events, you can enjoy your favorite pastimes without breaking the bank.
“You can check social media or other apps to search for free local events. Lifestyle doesn’t have to mean spending more when there are endless free options to enjoy.”
These hacks show that saving money doesn’t require a huge lifestyle overhaul. By being a bit more mindful of your spending, using technology to your advantage and leveraging rewards and discounts, you can save significantly without having to give up the things you enjoy most.
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This article originally appeared on GOBankingRates.com: 11 Genius Hacks To Save More Money Without Changing Your Lifestyle
