This article will show you the creative money-saving hacks you should adopt to save money live better. These hacks have greatly optimized my savings, and I’m confident they’ll work for you.
We live in a world ruled by money. In an attempt to live better, many finance their cravings with their savings. Hence, they are left with nothing when issues of life come calling.
And I must say, even the deaf answer to this call of life.
There will always come that moment in everyone’s life where the water of finance runs dry in the well of earnings.
And the only thing that can save the moment is the water of savings tanked up as a reserve.
The question is—do you have enough reserve? Or, are you part of those that think their well will never run dry?
I hope it doesn’t, but it is only intelligent to pray for the best and prepare for the worst.
Meanwhile, some might still wonder, what does saving mean in this context and why is it important?
What is Saving?
“Saving is the total sum of money a person is having left after deducting consumer spending from a disposable income for a certain time.”
This is a deliberate habit engaged only by the disciplined mind. It is like delicious seeds that lie in the hands of a hungry fellow.
Humans are always hungry because our needs are insatiable. We always want more.
Therefore, there are always two options available; eat your limited seeds to appease your present appetite or preserve it for future planting to yield more.
I must tell you, the choice of preserving these seeds never comes easy—easy, they say, is the perfect route that leads to financial dryness.
Many still don’t see a reason to save because they are presently buoyant financially.
“Why not enjoy the moment?” is the perfect slogan that drives and justifies their spending habit.
Below are important reasons why everyone should cultivate the habit of saving rather than spending.
Why is Saving Money Important?
1. Financial Independence
Slavery had indeed ended many years ago. Sadly, many are still financially enslaved and dependent on their boss, friends, and relatives regarding financial matters.
Well enough, some of these people rock a nicely fitted suit and tie that you might even be envious of them.
If only such people can cultivate a healthy saving habit, they wouldn’t have to be at the mercy of a friend, boss, or relative to make financial decisions.
Financial independence does not only give you the liberty to get what you want when you want it, but it also builds the integrity and social standing of the said person.
2. Keeps You Out of Debt
Without sufficient savings and proper budgeting, debt becomes a melodious instrument you have to dance to get what is needed.
A good saving habit helps eradicate debt or minimize it.
Although, saving does not mean one will not make use of the credit card sometimes.
But there is this calm that comes with having reasonable cash somewhere to clear your debt before it becomes unbearable, hence, giving you sleepless nights.
3. Emergency Funding
Life is full of uncertainties. Several times, people have been in financial dilemmas that rob them of their income.
Many struggle hard to make it back up, while others just live through it as nothing happened.
What differentiates these two categories of people is money set aside as saving to cater to such emergencies.
A hard lesson was learned during the outburst of the coronavirus pandemic. People with little or no savings felt the world has come to an end.
They now rely on their government for stipends to help them stay alive.
Imagine an individual with no saving habit living in a 3rd world country with a system that lacks basic amenities in such a trying period.
4. Huge Purchases
It is natural to desire growth. Sometimes this growth agenda requires making a huge purchase.
The price tag of such a purchase sometimes goes beyond what monthly earnings or daily wages can cover.
So, does this means we should give up on such a dream? Well, that depends on how hungry you are to grow.
A consistent accumulative saving habit can help to buy most of these needs required for growth.
Yet many stagnant people are lamenting and wishing someone can help them make these massive purchases.
You either live your life in the passenger’s seat and let luck drive you around, or you take the wheel. The choice is yours to be made.
5. Funding Financial Legacy
Not a lot of people care about what happens after they are gone. Well, for the few who do and still wonders how to go about it, saving is the way.
Not everyone was born with a silver spoon. Many struggled hard to make it and doesn’t wish their children should face a similar reality.
You don’t have to be super-rich to have a trust fund set up for your kids. You can plan and save to achieve it.
Also Read: 13 Tips To Improve Your Financial Health
20 Creative Money-Saving Hacks to Save Money Live Better
Having been enlightened with the reasons why saving money is important, many who are new to this practice may still ask how to go about it.
Below are some helpful tips to help you save money and live better.
Are you aware that every penny counts when it comes to saving?
Some of these creative money-saving hacks might sound silly because they are usually the penny you typically forgo.
The deliberate accumulation of these pennies and tuning down an extravagant life are what sum up to a good saving.
Below are 20 creative ways to save money and live better.
1. Automated Saving
This is ranking first on my list because I consider it to be the first step on your journey of saving money.
Automated saving is the way to go for any working-class person who expects to get paid on some specific dates.
All that is required of you is to give your bank a standing order to automatically save a portion of your income the moment you get paid.
The fact that it is automated gives you no power over it.
Irrespective of your impending expenses, this specific sum no longer counts as your money.
Therefore, your budget is restricted to whatever is left just like in the case of your task to “pay as you earn.”
This is the best way to begin your saving habit. Over time, you can use this accumulated fund for the betterment of your life.
2. Using the 30 Days Rule
Are you wondering what the 30 days rule is all about?
Well, often, we indulge in impulsive spending. We buy things not because we need them but because we felt they look appealing.
And since we have the cash to finance these cravings, why not.
The 30 days rule is a rule that preaches patience.
Whenever you see what looks appealing, instead of buying it instantly, kindly set the money aside and wait for 30 days to see if your craving for that commodity is still on the high.
Most times, you will find out that you don’t need such a product, and this helps curb the “had I known” kind of statement after buying.
3. Normalize the Request for a Discount
Some people are shy to ask for a discount; others don’t want to be seen as being too forward and stingy.
Your shyness is making you leave a slice of huge meat on the plate. Asking for a discount should be a regular practice for anyone who intends to save.
The salesperson will never tell you there is a certain percent you stand to enjoy for buying a specific quantity. If you don’t ask, you pay for it.
Asking for a discount will help you avoid that feeling of being cheated when a friend tells you they bought the same product for a lesser price.
4. Minimize Smoking and Drinking to Save Money and Live Better
Excessive smoking and drinking, as we know, are bad for the health. If you intend to live better, quit or minimize your smoking and drinking habit.
It is disheartening to constantly set aside a part of your hard-earned income for what badly affects your health.
Most times, the money people spend on this indulgence is considered tiny and insignificant; hence, they dwell on this habit that affects life, promotes addiction, and increases expenses.
5. Download More, Stream Less
Some people will be stunned when they discover how much they spend on internet data annually.
With the advent of 4G and 5G, internet service has become so efficient that streaming is modern culture.
People now feel too lazy to download movies because they consider it a waste of time to wait a few minutes for movies to download so, they prefer to stream these movies instead.
If you observe closely, by now, it will be evident that streaming movies online consume more data than downloading them.
If you have always been left in awe with the rate at which your data subscription deplete, try to curb your streaming habits.
This is a sure means to cut down your data usage and reduce your cost in the long run.
6. Share Media Streaming Account
Due to individual differences and preferences, downloading is never an option to be considered by some people.
Nevertheless, if streaming is the only way to go, it cost less to share an account with someone.
I’m saying here that if Netflix is your best streaming platform, you can share a Netflix subscription with a friend or group of friends.
Instead of bearing the burden of the cost alone, you can share this cost with friends and still enjoy maximum service.
That way, you’re saving an extra penny.
7. Save More by Carpooling
Carpooling is an exciting way of saving money and keeping a bond with friends, coworkers, and neighbors you often share a similar route with.
For some people, daily transportation consumes most of their earnings and reduces their savings ability.
Carpooling helps create that social atmosphere where you get to catch up with friends.
That way, you’re improving your social life and at the same time reducing your cost of commuting to work.
8. Pack your Lunch
Packing of launch seems to come more naturally for the female folks because they are better at savings and management.
Some male folks see it as a feminine attitude. So, they become shy to pack their lunch.
This does not apply to all men because some have discovered how frugal this simple act can be.
Most times, people don’t take breakfast while going to work in an attempt to get to work early.
Packing your lunch not only saves the day but the pocket of anyone who makes it an attitude.
9. Unplug Electronics
Electricity tariff is another expense that bores a hole in the pockets of many.
It is fair when you are paying for a service you use to your satisfaction.
Leaving your electronics plugs on while at work is just another level of wastage of limited funds.
Also, always choosing appliances that have a lesser voltage consumption is not a bad idea.
It will go a long way in reducing your electricity tariff, which gives room for more savings.
10. Walk More
Outside the fact that you intend to save more money and spend less, walking is a healthy practice.
Many people live by a busy schedule, and they don’t have the time to exercise often.
You should optimize going to the mall located in the heart of your neighborhood as an exercising opportunity instead of going in the car.
Walking will always save you some money if you are boarding a bus and fuel when you are taking your car.
To top it all, it is a healthy practice of its own. So, this helps you live better while saving you money.
11. Prevent Food Spoilage and Wastage
Feeding is a necessity for every living thing, and it’s not free for humans.
In an attempt to maintain nourishment, a lot is being spent, and, sometimes, people don’t optimize this spending.
Food wastage drains earnings in a way that is not visible to the earner.
Cooking more than you can eat quickly runs down your food storage, which calls for another budget.
Hence, an expense that you should have incurred in later days becomes a thing to tend to in the present.
A frequent occurrence of this affects your saving.
12. Cancel Subscriptions
This simple act that is just a click away on your phone or PC has cost many people some reasonable amount of money.
People will always forget to unsubscribe from these services they no longer use. The only time they will remember is the moment they get charged.
Canceling a subscription you no longer need should be a deliberate act. If you’re leaving it till you are chanced, it makes you a victim to the service providers.
You keep enriching another man’s pocket while you leave yours to leak.
13. Do Your Laundry
Oh yes! This is a bit stressful, especially for those who are used to outsourcing it.
However, anyone who is in a die-hard need to meet a specific saving goal would not mind.
Laundry is quite a task, so the charges are pretty wholesome. You can bye-cut these charges by just doing it yourself.
If you will agree, It is just another means of looking out for yourself.
14. Use the Library
A modern person will regard the use of a library as an old-school practice.
Everything is online, and “the book store is more than a mile away” is what they will say.
That is true; convenience is the motto that runs the modern world but comes with a price.
Buying books in the book store or buying online with your credit card is a costly approach.
Getting a library card gives you unlimited access to various books at a cheaper rate.
If indeed knowledge acquisition is what you are truly after, the library is that ancient home where knowledge resides.
15. Avoid ATMs
Frequent usage of this money machine can be a bad habit that depletes your cash to enrich your bank.
I’m still trying to wrap my head around the fact you get charged for collecting your money.
Frequent usage of different ATMs often makes it worse.
Although, you can not avoid the ATM because you will always need some cash to run around.
The best practice will be to make a budget around a certain amount that will be sufficient to carry you through a week before going for withdrawal.
This scheduled form of withdrawal helps you manage your cash at hand till the next scheduled date.
This simple practice is one creative way that saves you money and helps you live better.
16. Buying Groceries/Food in Bulk to Save More Money
Since inception, a favorable price has consistently been awarded to the person buying bulk yet.
Still, people refuse to harness this golden ticket; hence, they spend more and save less.
People often prefer to move around with cash than make a bulk purchase that will last them a while.
This mobile cash attitude has never been helpful as they end up making you an impulsive buyer.
Most times, what happens is you end up buying what you don’t need, rather than buying a bulk of what you need most and save the rest.
17. Audit Your Expenses
It amazes people when a thousand dollars have finally depleted to a hundred dollars.
Some folks shrug it off and blame the nation’s economy, while others sit back to audit their spending process.
Oh Yes! Auditing your expenses does not bring back the money.
However, it equips you with the knowledge to make better financial decisions the next time you are holding a thousand dollars.
Auditing does not save your already spent money; it saves the one you are about to make.
18. Compare Rates
A lot of buyers are so loyal to the sellers that—they won’t buy from others.
This loyalty is most times bonded by blood, religion, efficient service, or natural likeness.
An intelligent seller who is keen on making more money will exploit such loyalties. You can’t blame them; it’s business.
If you want to practice frugality, save money, live better, then learn to compare rates from competitive sellers.
So long there is competition, there will always be a price difference.
Not exploring these differences is purely your fault; stop blaming the sellers for exploiting your loyalty.
19. Give Up on Your Expensive Habits
Giving up on every expensive habit is one creative money-saving hack that I cannot overemphasize.
Everybody has one or two expensive lifestyles that should be foregone.
These habits ruin our financial stability, and we know it. Yet, we enjoy indulging in them because it seems pleasing to everyone around except for your bank statement.
Some of these habits have been stated above, while others did not make the list.
As individuals who know their money more than anybody else, it is left to you to identify what punches your savings and have it fixed.
20. Get Insured
Getting an insurance policy to cover any money-depleting occurrence is the best thing anyone can do for themselves.
Insurance is coming last on the list due to its efficacy.
Your savings can be as mighty, strong, and guaranteed as the Titanic ship, and one single health challenge will sink it all.
This is dreadful and shouldn’t happen to anyone.
Sadly, we are not able to choose what happens to us, but we are in a position to determine to what degree we will be affected.
Adhering to all the above creative ways of saving is not enough if you leave this out.
Insurance is the cap that covers your bottle of finance. That way, you are covered when life issues make your bottle slide to the side.
People Also Ask
What is Walmart’s “Save Money, Live Better” Slogan About?
Save money live better is a brief, popular, persuasive, and emotionally tangled slogan used by one of the most renowned retailing stores in the world, Walmart.
Walmart Stores Inc. is the largest global store with over 11,500 stores in existence.
The store’s fore-running agenda is to deliver value at a lower price.
In essence, this slogan says that buying an inexpensive product saves you extra money to purchase other products. Hence, you better your life with more acquisitions.
Since having more is always a pleasant idea, they help you achieve this objective.
What are the 3 Golden Rules of Money Management?
There are three golden rules guiding money management. If you are interested in making a wise money decision, you should diligently follow these rules.
- First Rule: Do not spend more than you make.
- Second Rule: Have a plan for the future.
- Third Rule: Do all you can to help your money grow.
What is the 70/30 Rule?
The famous 70/30 rule is a rule in finance that guides one on the path of managing expenses, debt, and saving.
It addresses other issues, but the above are the majors.
These rules stated that 70% of your income should go for expenses, 20% for saving, and the remaining 10% for debt settlement.
If you are reading this article on the creative money-saving hacks to save money, live better to this point, it indicates you have a high interest in changing your financial stance.
Now you know that you can improve the quality of your life from a spendthrift to a saver.
Do not be caught in the bracket of people who justify their “earn it; spend it” lifestyle, with the fact that their income is too low to warrant any form of saving.
According to HuffPost, most people in their 20s have no savings due to bad habits.
Cultivating the habit of saving makes you a skilled financial farmer who refuses to eat up their seed.
Consistent practice of this habit waters your land and gives room for your seed to grow.
Eventually, this cultivated habit will yield a result that would give you the financial liberty and vigor that makes living life better.