5 Easy Ways to Save Money This Year

Are you trying to save more money? Whether you want to save up to go on that vacation you’ve been wanting to take the kids on or you just want to see your bank account grow, there are a number of simple habits you can make (or break) to get there. Here are five easy ways to save money this year.

1. Cancel Your Subscriptions

Although there are some subscriptions some of us can’t live without (ahem, Netflix and Prime), there are some that we simply don’t need. More importantly, there may be subscriptions you’re paying for without even realizing it.

Head over to PayPal or check out the Subscriptions section on your iPhone to see exactly what you’re paying for. Is there a subscription cosmetics box that you don’t even open each month? Are you still getting HelloFresh delivered at an old address? Do you have an astrology app that gets renewed every year?

Cancel whatever subscriptions you don’t want or need or ones that you weren’t even aware of to save money.

2. Start Making Your Coffee at Home

I know you’ve heard it time and time again, but your daily coffee really is costing you. Let’s say your large iced latte costs $6.61. If you order one every day of the year, that’s a total of $2,280.45. For some, that may be a mortgage payment (or two).

It’s hard to give up something that tastes so good. If you make your coffee at home most days of the week and splurge only on Mondays (because we all need a pick-me-up on Mondays, don’t we?), your iced lattes will cost you $343.72 a year. That’s much better. (And that’s also not to mention that it can be easier to make healthy coffee choices at home).

3. Automate Your Payments

Have you ever forgotten to make a payment on one of your credit cards on time? Aside from how this can impact your credit score, you might end up wasting a lot of money in late fees. Setting up automatic payments can prevent you from wasting money that could be better spent elsewhere.

4. Use Cashback Shopping Apps

If you’re not utilizing cashback shopping apps, there’s no better time to start than right now. You can use Ibotta to get cash back on groceries and Rakuten for other purchases. You might also consider looking into cashback credit cards if you don’t already have them. Why not get some cash back rewards for items you’re already paying for?

5. Stop DoorDashing So Much

There’s no doubt that there’s a time and place for DoorDash, Uber Eats, etc. If you’re home sick with COVID or another virus, then ordering food is probably your best option. And sometimes you just don’t feel like going out.

But a lot of us are using it excessively these days. You might use it several times a week or more than once a day. The problem? Between higher food prices on the app than in-store and a tip for your delivery driver, you’ll end up spending more money on your food than if you picked it up yourself. Cutting down on how frequently you’re using these apps can help you save loads of money in the long run.

These are just five easy ways to save money this year. Making a few simple lifestyle changes can help prevent you from draining your wallet.

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This post was previously published on medium.com.

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