If you want to reach financial freedom sooner, your goal might be to increase your savings rate. These may seem like small changes, but over time they add up. Just changing a few small habits will compound and grow over time.
1. Make Coffee at Home
I'm very guilty of this one, but try to skip that $6 Starbucks if you can go without it. It really adds up. I invested in a good espresso machine so I don't tempt myself as often
I LOVE Cashback apps especially Rakuten because you automatically get cash back for shopping at places you normally would! It's so simple and gives you cash back when both shopping online and in-person.
Similar to cash back apps, rewards credit cards gives you a percent back when you shop in either cash back or travel points back. Most will offer a hefty sign up bonus if you spend a certain amount when you open it. Currently my favorite is the Chase Sapphire Reserve with a 60,000 point bonus that is world ~$1,000 when redeemed
4. Learn to Cook
Eating out or ordering in every once in a while is fine, but making a habit of it can really put a dent in your wallet. Try learning some new and fun recipes that you'll *actually* want to eat and you'll be less tempted to order Uber EATS
5. Buy Generic Products
Believe it or not, store brand products are more often than just as good (or even better) as named brand. What you are actually paying for is the packaging and marketing of the product. Next time you want to save a little try the generic brand at the grocery store!
6. Buy Used
Check out FB marketplace or apps like offer up or poshmark to get lightly used items at a huge discount. This helped me me furnish my apartment with high end furniture and decor at a big discount.
7. Buy in Bulk
Try shopping for some items that last a while from Costco or Sam's Club. If you buy in bulk it is almost always cheaper when looking at the cost per unit and have to shop for it less often. I try to buy most of my household and non-perishables in bulk to save money.
8. Reduce Investment Fees
Over your lifetime, high management fees on your investments can cost you hundreds of thousands of dollars. Call your investment company to see if you are paying too high in fees. Personally, I love Personal Capital's investment check up tool. They review the management fee on all of your investments and offer suggestions of similar alternatives with lower fees
9. Unsubscribe from promotional emails
Try creating a rule on your email so all promotional emails go to a special folder. I only check promotional emails when I *know* I need to go shopping and not just because I am ~bored~. If you are even better, unsubscribe from them altogether. These are simply a marketing tool to get you to their website. If you don't see it, you won't be tempted
10. Invest in quality
Investing in quality products will cost more upfront, but buying quality will likely last much longer. I gave up shopping fast fashion and have found myself saving much more even though I spend more when I do go shopping.
And this list could go on! These are some of my favorite ways to help save you money. Try some of these out today.
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