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Tired of overspending? Want to cut expenses without giving up your favorite things? Here are a variety of creative ways to save money on everything from food to getting married.
Food and other essentials can take up a big portion of your budget, but there are many clever ways to save money on groceries.
Discount grocery stores and bulk stores like Aldi or Costco often have lower prices than traditional grocery stores. While these stores may have more limited selections, this can help you save time and money.
Not only does meal prepping save you time during the week, but it also helps you avoid the temptation of eating out or ordering in—both of which eat into your bank account more than you might like. Plus, prepping your own meals makes it easier to meet your nutritional goals.
Generic brands can be quite a bit cheaper than name brands. For example, a can of generic black beans may cost $0.78, while a can of name-brand beans might run you $1.28. That’s $0.50 saved on one item. Do that consistently, and you’ll notice the savings.
Shopping on Tuesday, Wednesday or Thursday may help you find more discounts on groceries. Stores often run sales midweek and offer coupons or savings on specific weekdays. Try out a few different days and plan your trips according to when you find the best deals.
Using a cash-back credit card is a great way to save money on purchases you would make anyway. Look for a card that offers cashback on your biggest spending categories, such as groceries, gas or dining. Pay off your entire balance each month to avoid interest charges.
Prepare a list before you hit the store and try not to stray from it so you can stay under budget. Try doing pick-up orders so you can see your total before you check out and delete any unnecessary items from your cart. Keep an eye on sales and plan your meals around what’s in season to score discounted prices.
For those constantly on the go, buying gas is a necessary evil. However, there are several ways to cut your spending down when you’re filling up.
How you drive has a significant impact on your gas consumption. Sudden braking and accelerating not only wastes gas but also wears out your car. Driving smoothly at an even pace can help you get more distance out of each drop of fuel.
Taking good care of your car can also help to optimize your fuel usage. Frequent tune-ups, properly filled tires and regular oil changes make your vehicle more fuel-efficient, while also keeping it out of the shop.
Carpooling with friends, family or coworkers lets you split the cost of fuel to save on gas. It also reduces your carbon footprint and may offer added benefits like access to carpool lanes.
Using gas price comparison apps can help you find the cheapest gas prices in your area so you’re always paying the lowest prices possible. Some apps can even be used to calculate trip costs or earn rewards.
Energy rates continue to rise every year, with many households paying hundreds each month to keep the lights on. If you’re feeling the drain, here are a few ways to lower your electricity bill.
Ever heard of energy vampires? Your electronics keep drawing power even when they’re not in use. Unplug your device chargers, game consoles and TVs when you’re not using them—it’s a small effort that can make a big difference in the long run.
LED bulbs use around 70% less energy than traditional bulbs, and they can last up to 25 times as long too. This means you save money on your electric bill and on replacement bulbs by switching to LED. Dimmer switches also work well with LED bulbs to stretch your energy.
Use your appliances during off-peak hours to cut your monthly bill. Power companies often charge lower rates during times of day when demand is lower, such as before 3 p.m. and after 7 p.m. Try doing your laundry at night or running the dishwasher in the morning to start.
The Department of Energy estimates that you can reduce electricity costs by up to 10% annually by adjusting your thermostat seven to 10 degrees from its normal setting for eight hours each day. With a programmable thermostat, you can easily schedule temperature changes to use a little less energy when you don’t need it.
Air leaks can cause your heating and cooling system to work harder and use more energy. Check your doors, windows and vents for leaks to make sure you’re not paying for more electricity than you need. Sealing these with caulk is an easy, low-budget solution.
Ceiling fans can help circulate air in your home to make you feel cooler when it’s hot outside and warmer when it’s cold. This lowers your energy use while keeping you comfortable.
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Saving money for a house takes time and discipline no matter how you slice it, but there are ways to make the process a little easier on yourself.
To give your savings a boost, open a high-yield savings account earning a competitive interest rate. Then, automate your saving by scheduling automatic transfers or sending a percentage of your paycheck straight to this account.
If you’re renting, consider moving to a smaller apartment or sharing a living space with a friend or family member to reduce your rent and free up more money for a while. You may also be able to negotiate with your landlord to lower your rent.
Transportation costs can add up quickly. Consider carpooling, taking public transportation or biking to work to spend less on gas and ride-sharing services.
Saving in the background, or without thinking about it, is a smart solution for anyone who has trouble remembering to save. Many money-saving apps offer round-up transfer options to automatically send a portion of every checking account transaction to your savings account.
Cancel any services you have but don’t need including streaming, gym memberships and food delivery services. Take that extra money and move it to your savings account each month. Try an app like Rocket Money to organize your subscriptions and see which ones you might be able to cut.
Challenge yourself to not spend any money for an entire weekend. Instead, find free activities to do and cook for yourself. Many people spend the bulk of their extra cash on the weekends, so even one or two spending breaks can make a difference in your house savings fund.
Who said you can’t have your dream wedding without breaking the bank? Here are some fun and creative ways to save money for a wedding.
You’d be surprised by how much you can save just by choosing a date that’s not in high demand. Get married on a weekday or pick a weekend in an off-season month to take advantage of lower average costs.
You can save a lot of money by making your own decorations. Get creative and make your own centerpieces, flower arrangements and wedding favors. You can also borrow decorations from friends and family or rent them from your local party rental companies.
Dedicated wedding venues grow costlier every year. Go the non-traditional route and have a breathtaking ceremony at a park, the beach or in your backyard. You’ll often save money at non-traditional venues, and many places allow weddings even if they don’t specialize in them.
One of the most straightforward ways to save money on a wedding is to trim your guest list. You often pay for drinks and food at a per-person rate, and larger venues charge higher prices. Consider limiting your guest list to your closest friends and family members. Or, invite everyone to the ceremony and a select number of guests to the reception.
Wedding dresses tend to be very expensive, but you can save money by buying a pre-owned dress. Companies like Pre Owned Wedding Dresses and Stillwhite make it easy to shop secondhand from a variety of styles and designers.
Instead of having an open bar, consider serving a signature drink. This adds a personal touch to your wedding and typically costs a lot less than a fully-stocked bar.
Plated dinners are often the most expensive way to serve food at a wedding. Consider a potluck-style reception, serve a fun build-your-own food bar or offer just dessert instead. Guests are often pleased just to eat, and you can let them know ahead of time what you’re planning.
Entertainment doesn’t have to cost a fortune either. Skip the pricey DJ and curate your own playlist and rent a sound system, or ask some of your guests to perform ahead of time as their gift to you. The memories created will be priceless, and your savings will thank you.
Stationery, decor and accessories may go on sale at different times of the year. Before you make a purchase, do a quick search online to see if there are any discounts available and try to purchase things several months in advance to give yourself more time to bargain hunt.
The best way to save money is whatever way will work for you. The easier it is for you to commit to saving, the more regularly you’ll do it and the faster you will be able to reach your goals.
The first step to saving is to make it a habit. Here are some tips for getting into a habit of saving.
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Again, let’s say you want to save $40,000 in 24 months to cover your down payment (plus closing costs and other moving expenses). Now that you’ve set your goal, it’s time to fast-track your savings.
So, if you’re getting a mortgage, start by asking yourself these questions:
The first step in saving for a house is to know the exact dollar amount you actually need. In a perfect world, you’d pay for your house with 100% cash. But that’s not realistic for everyone.
It may sound intimidating to save for something as expensive as a house—especially while renting . But with a plan and some grit, you’ll be amazed at what you can accomplish! Let’s get started.
We know that’s easier said than done. But don’t worry. We’ll show you how to set a realistic down payment goal, take control of your spending, and boost your income so you can save for a house as quickly as possible.
Like with any task that seems impossible, try breaking down saving for a house into smaller steps. (Remember, that’s how you eat an elephant—one bite at a time!) For example, saving a $40,000 down payment might feel impossible until you break it down into smaller monthly goals. If you pushed yourself to save $1,700 each month for 24 months, you’d hit that $40,000 goal.
Saving for a house is hard work (and might take a bit more time than you want it to), but you can do it! And we’ll show you how.
Let’s start with the money you’re already bringing in every month. That’s right—let’s flex your budgeting muscles!
See how much house you can afford with our free mortgage calculator!
You’ll be amazed at how much money you find when you pay attention to your spending. Here are some ideas to help you tighten your spending temporarily while you work on saving for a house:
These tips could save you $630 every month! That adds up to more than $15,000 over the course of 24 months. Now, get creative and think up even more ways to trim your spending.
If you’re already saving for retirement, this might feel really weird. After all, at Ramsey, we teach you to start investing 15% of your household income for retirement after you’re out of debt and have your full emergency fund in place.
But if you’re planning to buy a house in the near future, it’s okay to hold off on your retirement savings and put that money toward your down payment. Remember: You’re in charge of how gazelle intense you want to be. If that’s what you decide to do, that’s okay! It’s only temporary. Once you’re sipping coffee in your new breakfast nook, you can get right back to putting 15% toward your retirement goal. Just make sure this is only a quick detour (like a year or two)—not a five-year pause.
Think of it like this: If you’re currently investing $500 a month into 401(k)s and IRAs but you put that money toward your down payment savings instead, you could save around $12,000 in two years. That’s a big boost for your down payment!
Pro tip: Don’t borrow from or cash out your retirement accounts to speed up your down payment savings. Not only will you get hit with taxes and early withdrawal penalties, but you’ll also tank the long-term growth of your retirement savings—costing you hundreds of thousands of dollars at retirement. Yikes.
If you’re looking for another way to turbocharge your income, there’s nothing like picking up a side gig or a second job. Your side hustle doesn’t have to be torture either. When you’re thinking up ideas, start with the stuff you love doing already. Check out these ideas:
Now, you’re probably wondering: Is it worth it? (That’s like asking us if Dave Ramsey hates credit cards.) Yes—it’s absolutely worth it!
Let’s say you start a side hustle and put in 10 hours a week making $15 an hour. That’s an extra $120 per week—after taxes! Keep that up and you’ll have more than $12,480 for your down payment savings in just 24 months.
It’s time to get tough and cut out some extra spending. Ouch. It might hurt, but keep your mind on your why—home sweet home. Here are a few ideas to get you started:
If you do all four of those, you could save $4,000 or more! Worth it? Absolutely.
How to Save a $40,000 Down Payment in Two Years
Cut your expenses
$15,000
Pause retirement contributions
$12,000
Earn extra income from side hustle
$12,400
Sell stuff/skip splurges
$4,000
Total Savings
$43,400
For more tips on how to save for a house, check out our Saving for a Down Payment guide. It’ll help you map out a plan, give you even more practical tips, and keep you on track to reaching your goal. That white picket fence doesn’t seem like such a faraway dream after all, does it?
Brace yourself. A down payment isn’t the only expense you need to save for before buying a house. But don’t worry, the other housing-related costs are smaller and won’t take much longer to save for:
Keep in mind: The seller might actually cover your closing costs. But don’t bank on it. That usually only happens if the seller is in a hurry to move or if it’s an alternative to repairing something that comes up during the home inspection.
If you have any debt, hands down the smartest thing you can do is pay it off before saving for a down payment. Why? Because the biggest expenses that get in the way of people saving for a home purchase are all debt-related: student loans, credit card debt and car loans.3 The absolute best way to free up your income for savings is to pay off debt as fast as possible.
Then, go one step further and stash away 3–6 months of living expenses as a full emergency fund. Imagine coughing up the funds to cover an HVAC meltdown or roof leak on top of losing a job and still trying to pay your mortgage—no thanks! An emergency fund turns that crisis into an inconvenience you can handle.
Sure, it might feel like a bummer to hit pause on the excitement of saving for a home while you clean up debt and build up an emergency fund. But trust us, doing this will help you save for a house faster—and protect you from a lifetime of stress.
For professional advice on how your home down payment will impact your mortgage, talk to a home loan specialist. A good mortgage provider will help you understand your options and show you how to get an affordable mortgage you can pay off fast. Need help finding one of these experts? Check out our friends at Churchill Mortgage. They’ve earned the right to be called RamseyTrusted for sharing our high standards for excellent service.
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When you’ve worked so hard to save up a big down payment, the last thing you want to do is make a bad financial investment. That’s why working with an experienced real estate agent—one who has your best interests at heart—is key.
To find an agent who’s RamseyTrusted, try our Endorsed Local Providers (ELP) program. We only recommend the best in the business, and we’ll match you up for free. Don’t take a chance on your aunt’s neighbor’s cousin who barely got his license.
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