Save Money on the Short-, Medium-, and Long-Term


Bronze Wordsmith
May 17, 2018
Saving money doesn’t just follow an undefined timetable. There are different ways to save for different periods of time. The saving methods for saving on your day-to-day up to your year-to-year are all different. These are great ways to save money on a tight budget, as well.

Know the difference between these methods is essential to having a long-lasting and sustainable savings plan. To help you get on your way, I’ve listed different savings method for day-to-day, month-to-month, and year-to-year.

No matter what part you are in your savings journey, I’m pretty sure you’ll find some useful tips here – and they’re also guaranteed to save money fast! So go on and save that money!

How to Save Money Daily

Open an auto-savings account

One of the best ways to instill discipline, ironically, is to not have to rely on being disciplined. Take saving money, for example. It takes a lot of willpower to put your extra money in the bank instead of saving it. Unfortunately, willpower isn’t full-proof. How many times have you succumbed to temptation? I know I’ve spent savings money on a lot of junk I did not need.

Some banks have accounts that automatically deduct a pre-set amount from your payroll account. This is a huge boon if you have difficulty managing your money. It takes saving out of your hands. Whether you like it or not, you will be saving money!

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Make shopping lists a habit

“Winging it” during shopping is a recipe for disaster. When you don’t have any plan, it’s easy to make all sorts of impulse purchases when you’re surrounded by nice, shiny new things. I would suggest making a list of things to buy before you go out shopping. And that doesn’t just apply to how to save money on groceries. I mean that for all shopping trips.

When you make a shopping list at home, you’re not surrounded by temptation. So it’s easier to make level-headed decisions. And when you do go out to the grocery or mall, that list can serve as a visual reminder to keep you disciplined.

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Share streaming accounts

Streaming services are already pretty affordable, but you can save even more money by sharing an account with the people in your home. My wife and I share the same Netflix and Spotify accounts. Most of these services either allow access in multiple screens or have family plans. The family plan will cost more than the regular premium plan, but it’ll still be cheaper than getting single accounts for everyone in the household.

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Use a debit card instead of a credit card

With credit cards, it’s really easy to overspend. And that’s because it doesn’t feel like your spending real money. That money is abstract. All you need to do is swipe your card to make a purchase! Who cares if you’ll still have to pay for it eventually, with interest slapped on top? That’s a pretty dangerous scenario.

But since a credit card is necessary for modern life, I recommend using a debit card instead. A debit card has most of the features of a credit card… except for the credit. A debit card needs actually cash in it, like an ATM, before you can spend with it. This forces you to only buy stuff with money you actually have.

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Harness your inner artist

When the holidays come around, it’s also easy to overspend on gifts. I get it – showering our loved ones is a time-honored way of showing we love them. But it also means you could go into debt. If you have an artistic streak, I recommend you make gifts instead. This could be a hand-painted card, a poem, a framed photo, or a sketch of the recipient. DIY gifts are usually cheaper, but they’re also more personal. And that’s what makes a gift more valuable, in my opinion.

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How to Save Money Monthly

Get internet and landline bundles

I used to have separate landline and internet providers. That wasn’t the smartest move, especially since most internet providers have internet and landline bundles. I think everyone should go for those instead of ala carte plans. When my contracts expired, I got a bundle, and the savings were pretty big. Depending on your plan and carrier, you’re looking at about $20 to $40 a month in savings!

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Get a cheaper cell phone plan

When it comes to phones, most of us want the new shiniest thing. We often get those phones through costly mobile contracts. While the monthly dues help offset the cost of the phone, we’re also paying for minutes and data that we don’t really need.

I once had a plan that was pretty costly, and I only had it because I wanted that new iPhone. I eventually ditched the New Gadget Syndrome, and I’m glad I did!

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Minimize your power consumption

This is a bit of a no-brainer. But it’s a common piece of advice for a simple reason – it’s a darn good piece of advice. Being more mindful of my electricity consumption has been one of my best money-saving techniques in the medium-term.

I upgraded all our bulbs to LEDs, and when it was time to get a new air conditioner and fridge, we got the low-power consumption versions. I also implemented a strict “if no one’s in the room, turn off the light!” rule in my household.

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How to save money in the long-term

Foster smart money habits

I think long-term success is achieved by repeatedly making the correct decisions during our day to day. It’s a bit ironic, I know. But it works. The trick is to foster the right habits, including the methods I’ve listed above, and keep doing them. That way, you build on your small successes and get long-term success.

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Set year-end goals

All this saving and hustling needs to be done for a purpose. Without a purpose, saving money can be pretty tedious. I’ve sometimes asked what the purpose of saving even was. I made all the right calls, and kept putting money into my savings account – then what? To combat that boredom, I decided to have set goals for my money. Those goals included stuff like getting a new health card, renovating my man cave, getting my daughter braces. With those goals in mind, I felt like I was actually working towards something. And this made it easier for me to save.

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Refinance your mortgage

You can refinance your home to avail of lower interest rates. This is a great way to ease the financial burden of your existing mortgage. But take note that you will need to have a great credit score, and not be behind on payments before you can think about refinancing your mortgage.

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Whew. I listed down a whole lot of savings method. Here’s a quick summary of methods to keep in mind:

– Use a debit card and spend only “real” money
– Always have a plan when shopping
– Consolidate your streaming accounts, internet and landline providers, and all other accounts
– Have a goal

That’s it. Keep these tips in mind and you should be saving like a total pro. Good luck on your savings journey!
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