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Money-Saving Tips to Try

Saving money can be a challenge for people of all ages, especially for young adults entering the “real world” or for anyone who lives in an expensive city. Fortunately, there are a number of small steps with big impact that you can take to budget smarter. And because saving money can start at any stage in your life, and evolves over time, there’s an opportunity for everyone regardless of their current financial situation.

best money saving tips

Saving money can be a challenge for people of all ages, especially for young adults entering the “real world” or for anyone who lives in an expensive city. Fortunately, there are a number of small steps with big impact that you can take to budget smarter. And because saving money can start at any stage in your life, and evolves over time, there’s an opportunity for everyone regardless of their current financial situation.

Step 1: Set and maintain a budget

Some people create monthly budgets, while others set limits on their weekly purchases. Since individual spending habits and expenses differ from person to person, set up a budget that makes the most sense for your lifestyle. Trying to save up for a new car? Put aside 50 percent of the cost before splurging. Planning for a baby? Consider cutting your entertainment budget in half to prepare for the new expenses. Want to create an emergency fund? Set up an automatic monthly transfer – $100 a month can quickly add up.

Creating a sensible budget and following it will open up your eyes to any wasteful spending habits that can add up over time – hint: your daily Seamless lunch orders accumulate. If you beat your budget, put the extra money into your emergency fund or treat yourself to something you’ve been wanting for ages (within reason, of course).

Step 2: Find the best deal

From clothing and groceries to plane tickets and insurance, there are always opportunities to save on a purchase. When shopping for a particular item, price comparison apps and tools, such as PriceGrabber, will ensure you’re getting the lowest price on the market. The same goes for travel – price comparison search engines such as Hipmunk and momondo make it easier than ever to save money by comparing costs of airfare and hotel bookings.

Looking beyond price comparison, when you were younger, did you ever wonder why your parents always had a grocery list? That’s because they are terrific money and timesaving tools. One of the easiest ways to save money when shopping is by knowing exactly what you need, and sticking to the list. It’s also helpful to write down which days you’ll be eating out for meals. This keeps you from wasting money on food you may not have time to cook or consume.

Step 3: Avoid impulse buys and aimless spending

More times than not, last-minute impulse buys are your saving account’s worst enemy. When it comes to day-to-day spending, here are a few do’s and don’ts to practice in order to make saving come more naturally:

  • Don’t window shop: Window-shopping, whether online or in stores, is the easiest way to get sucked into impulse buys. Before checking out, think to yourself “do I actually need this?” or “will I use this regularly?” Focusing on the essentials (i.e. a winter coat) instead of items that we may want (i.e. seasonal purse purchases) is key.
  • Use cash to limit spending: Unlike credit cards, taking out cash limits us to spending a smaller, specific amount. Practice using cash for more routine purchases like groceries, morning coffee runs or weekly happy hours with friends – all activities where overspending shouldn’t be an option.
  • Set larger goals: Holiday sales are huge traps for splurging on typically unnecessary items for yourself. Hey, we’ve all fallen victim to Cyber Monday deals. To avoid the temptation, think about larger and more satisfying purchase goals. Saving up for a house or new car will be much more rewarding than a getting another new pair of shoes.

When it comes to cutting everyday costs, a few simple changes can go a long way. We love hearing stories about former big spenders becoming thrifty – everyone has to start somewhere. Share yours via Twitter: @HavenLifeInsure #thriftytips

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About Brittney Burgett

Brittney Burgett is the marketing and communications director at Haven Life, a customer-centric life insurance agency backed and wholly owned by MassMutual. She joined the startup more than five years ago as one of the first ten employees and oversees external communications, content, SEO and various other growth marketing initiatives. Brittney is a passionate leader who believes that managing your financial life doesn't need to be intimidating or complicated and brings that philosophy to all the editorial and brand work at Haven Life. Prior to her role at Haven Life, Brittney worked in public relations, her client list included brands in the tech, food and nutrition spaces.

Read more by Brittney Burgett

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

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