20 Genius ways to save money, according to experts

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A dollar saved is a dollar earned.

And while there are no quick fixes to managing money, financial expert Kimberley Uzzell suggests following some simple steps can make a huge difference.

“It’s never too late to change your mindset, your spending habits or your financial future,” The Money Movement founder told Newsweek.

“Savings doesn’t have to be difficult, or boring. Sometimes all you need is to think outside the box a little, and with the positive encouragement and ideas from those around you, the possibilities are endless!”

Jon Ostler, CEO at the personal comparison site Finder.com, agrees and suggests the COVID-19 crisis could be an opportunity to reassess your finances.

He said: “In the wake of a post-pandemic world, some people’s disposable income has started to pile up on the sidelines.

“This has caused many to examine their finances a little more closely, thinking more about spending habits, savings, and future financial goals.”

Read on to discover experts’ ideas for saving money the easy way by savvy shopping and slashing costs.

1. Set a Time Limit When Shopping

Set a Time Limit When Shopping
Becca Powers suggests getting “creative” can cut costs when shopping
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Becca Powers, an executive at Fortune 500 tech companies, suggests getting “creative” can cut costs when shopping.

She said: “There are Target shopping memes for a reason. Saying things like, ‘I went to Target for a loaf of bread and ended up redesigning my guest room.’

“People go to the store for a couple of items and end up staying and shopping until their cart is full.

“Did you know stores are designed to keep you shopping? Especially, stores that are both grocery and retail. Set a time limit on yourself to prevent you from over-shopping.”

2. Eliminate Shopping As a Hobby

Brianna Firestone, founder of money management site The School of Betty, suggests this “emotional-based ” shopping hack.

She said: “Boredom can be a big catalyst for shopping. We live in a fast-paced world and having moments of stillness can feel uncomfortable.

“So much so that many individuals love to create lists of errands they need to run just to stay busy.

“Simply asking yourself if you actually need the items or if you are bored will do wonders to redirect your attention and energy.

“You will be surprised by how much free time you discover and how different your bank account will look.”

3. Shop Secondhand

Eirik Rime, co-founder and CEO of sustainable Norwegian buying/reselling platform and social marketplace Tise, suggest how secondhand fashion can “save both money and the environment.”

He said: “Tons of ‘secondhand’ items being resold are brand new, less expensive than retail prices, and come with the added bonus of price negotiation, making shopping secondhand an affordable option for most everyone.

“Using online secondhand platforms, frequenting your local thrift stores, and following sellers on social platforms, are great ways to make thrifting exciting and accessible.

“With organic fabrics, measurements (for the perfect fit) and popular brands all regularly available, you’ll find yourself ditching firsthand shopping in no time.”

4. Harness Budgeting Apps

Harness budgeting apps
Finder.com’s Jon Ostler believes you can use the spending insights and analytics on budgeting apps to quickly review past statements and spot any bad spending habits and pointless subscriptions
Ridofranz/Getty Images

Finder.com’s Jon Ostler believes you can use the spending insights and analytics on budgeting apps to quickly review past statements and spot any bad spending habits and pointless subscriptions.

He said: “Once you’ve cut those out, see if you can pick up the phone to negotiate better deals from your current providers or check what deals competitors are offering.

“You can save literally $100s over the course of the year if you do this for your cellphone, broadband, energy and insurance providers.”

5. Go Freelance

Steve Taklalsingh, UK MD at business banking app, Amaiz, believes there are plenty of opportunities to save money when working freelance.

He said: “Firstly: consolidate your accounting and payment software. There are brilliant apps out there that charge a minimal fee each month which lets you automate your invoicing and receipt management.

“One of the biggest problems that freelancers face is chasing clients for money, and making sure they invoice on time. Get your finances in order.

“Choose a business banking app that lets you invoice straight away and tells you when you’ve been paid so you are always aware of the money you have or haven’t been paid. You’ll also save valuable time spent on boring admin with the automatic categorisation of your expenses and the space to instantly store digital copies of receipts.

“Secondly: Pay attention to your social media presence. Make the most of free marketing tools such as Instagram, Facebook, and TikTok to build up your profile, as well as website builder platforms.

“Build a page and update it regularly. Start a blog to help establish yourself as an industry expert. There is so much free advice online as to how to do this so do your research.

“However, it is worth calling on an expert once your business is up and running as you’ll have lots of other things to focus on.

“Thirdly, try reciprocal partnerships with other experts in their field; can you offer your skill in exchange for theirs, therefore saving you (and them!) money?

“Freelancers in the same boat might be only too happy to offer their services.”

6. Use a Cash-Back Shopping Portal

Use a cash-back shopping portal
Lifelaidout founder Roger Ma believes there are significant savings to be made with this simple online shopping hack
Ridofranz/Getty Images

Investment adviser and lifelaidout founder Roger Ma believes there are significant savings to be made with this simple online shopping hack.

He said: “Use a cash-back shopping portal, like Rakuten or Mr. Rebates, which will allow you to save 1 to 30 percent off nearly everything you buy online by simply adding one step to your shopping process.

“To take advantage of this strategy, sign up for one or more cash-back shopping portals.

“Then the next time you want to buy something online, go to your preferred cash-back shopping portal, click through to the store’s website through the portal, and then buy your item as you normally would—and that’s all you need to do to earn cash-back savings.”

7. Treat Your Savings Like a Non-Negotiable Bill

My Money Movement’s Kimberley Uzzell suggests setting up an automated regular payment to a savings or investment account can help people paying utility bills and taxes automatically each month.

She said: “You wouldn’t dream of forfeiting on your Electricity bill or Cellphone payment, so consider your savings in the same way – non-negotiable and not to be cancelled!”

8. Switch Cell Phone Carriers

Switch cell phone carriers
Ramsey Personality Rachel Cruze suggest this one switch could save you more than half of your monthly bill—but you have got to shop around
Chainarong Prasertthai/Getty Images

Best-selling author, financial expert and Ramsey Personality Rachel Cruze suggest this one switch could save you more than half of your monthly bill—but you have got to shop around.

She said: “There are carriers out there – some familiar names, some not.

“But they use the same networks as the bigger names. Companies like Mint Mobile, Tello, Red Pocket, Ultra Mobile, Airvoice, and Yahoo Mobile are anywhere from $10 to $40 a month.

“Remember, some of these plans are limited, but some include unlimited calls, texts, and even data so ask good questions while you shop around.”

9. The $1 Rule

Bernadette Joy, CEO of Crush Your Money Goals suggest this “simple” money-saving tip.

She said: “If an item comes out to one dollar or less per use, I give myself the green light to buy it. This rule works especially well when applied to my weak spots: clothing, accessories and home goods.

“For example, I recently purchased a pair of classic all-white sneakers on clearance for $18. Before buying them, I calculated that I would probably wear them once a week for a year, or at least 52 times.

“The rule was right: In the last two months, I’ve already worn them far more than 18 times, making them less than $1 per wear.

“But during the same shopping trip, I found a beautiful winter jacket for 75% off, marked down from $300 to $75. While I was lured in by the big discount and brand name, I stopped to do the math.

“I considered the number of cold days and other jackets I already had in rotation, and I couldn’t see myself wearing that jacket 75 times — or every single day for…

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