10 Ways to Stop Wasting Money This Year
Hip2Save may earn a small commission via affiliate links in this post. Read our full disclosure policy here.
It doesn’t matter the reason or the season, saving money will never go out of style. That’s why Hip2Save is dedicated to bringing you deals, steals, and the best ways to save all year round. We’ve compiled a list of tried and true methods to stop the money suck and help you stop wasting your hard-earned money this year.
1. Meal prep your lunch and dinner.
It’s no secret that wasted food equals wasted money, and with the US throwing away over $160 billion worth of food each year, we all could afford to save! One simple way is to preplan meals for lunch and dinner, which helps make shopping and cooking a touch easier as well. At Hip2Save, our team members Michelle, Amber, Lina, and our other Michelle have posted about their meal planning rituals if you’re looking for tips to get started!
2. Be smarter with travel plans.
Whether you’re planning a trip to Disney, or any vacation in general, there are always ways to cut costs. We’ve even outlined some ways to save when searching for airfare, traveling around a new city, booking an AirBnB, or when to book your vacation for the best deals. Either pocket that extra money saved or splurge on other parts of your vacay!
3. Cut ties with cable.
Cut that cord — literally! Cable bills have continued to rise, but luckily so have the number of cable alternatives. Get yourself a streaming device and check out some services like VUDU, Sling TV, or watch shows and movies for free if you have an Amazon Prime membership. A little apprehensive still? Read how Lina ditched DirecTV and tuned into streaming instead, saving herself $100 a month!
4. Skip your morning coffee.
Consider this: if you drink a moderately priced coffee twice a week, that’s about $2 x 2 times a week x 52 weeks a year equaling $208 spent on your caffeine fix. And if you splurge for a higher-priced cup of joe from a cafe like Starbucks, you’re looking at around $6 a week or $312 a year. Um… that’s the price of an Apple Watch or Roomba vacuum! And both of those products are probably way more valuable to you than a beverage you can make at home.
5. Ditch your gym membership.
Yes, actually making a trip to the gym can keep you a bit more honest about your workout rather than heading down to the treadmill in the basement. But think of it this way: If you got rid of your $20 per month membership to your local fitness studio (and you may be paying even more then that!), you’re saving $240 a year, not to mention the time spent driving to and from the gym. With that money, you can buy yourself a set of weights, a new outfit, and a reasonably-priced cardio machine – and save even more years to come. You may also want to check out services that offer free workouts, like this trial to Beachbody on Demand!
Hip Tip: Our 30-day 100 Squat Challenge is Here (It’s FREE & Requires NO Equipment!)
6. Try a new budgeting technique.
It’s always a good time to check in with your financial health. If you’re looking to switch up your budgeting style, check out some financial management books or free budgeting apps to help you get on track. We’re huge fans of the envelope budgeting method and the management tools created by Dave Ramsey!
7. Reconsider your insurance provider.
Just 15 minutes could save you 15% or more… you know how that goes. But it’s not a bad idea to call around to see if you could be saving on your insurance coverage or check the average insurance cost in your area. Just be sure that the lower cost provider is keeping your policy at the same coverage; otherwise, you could be stuck with unexpected expenses should you ever need to make a claim.
8. Cancel subscriptions.
Yes, we all love kicking back and turning on Netflix, but if you’re not using it frequently, it’s a potential waste of $15 per month! Over the course of a year, that could end up costing you the same price as a new LED TV! If you can’t part ways with the streaming service, ask around to friends and family to see if anyone would want to go in on a subscription together. You don’t even have to worry about your Netflix queue changing since each account allows for up to 5 watchers, keeping your favorites organized.
9. Turn off and unplug.
Leaving the lights on or your charging plugs in the wall can suck energy you don’t need to pay for. On average, the typical American household spends $100 per year to power devices that aren’t even turned on! Be mindful when leaving the house or when going to bed of what lights can be turned off, as well as any electronics that don’t need to stay plugged in. In the short term, it may not seem like a huge saver, but over time your wallet will surely take notice.
10. Never pay full price.
You probably know by now that we rarely pay full price for ANYTHING at Hip2Save. In addition to our frequent deal posts, you can also check out our store shopping guides to make sure you get the best price whenever you shop your favorite stores. We also have ways to save at the grocery store on fresh produce or meat. Find yourself overspending at Target? We’ve even got a few tricks to combat the spending hole at Target.