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7 Easy Ways to Save Money in 2016

6793826885_d3b6befb99_zAs we start a New Year, it is a good time to take a look at your finances and think about what you could do better in 2016. Even if you already watch your money closely, there are certainly areas that could be tightened up in order to make your bottom line look even better.

The list below contains seven easy ways you can save money in 2016.

1. Cut Back on Cable

Do you really watch all of those channels that you pay for each month? Probably not. While you might not want to get rid of cable altogether (depending on what you like to watch), you could likely cut back on your service while still enjoying most of your favorite shows.

If you don’t watch sports, you might not need cable at all – look at other services, like streaming companies, which offer subscriptions for a fraction of the price of cable. You can also try something like the Amazon Fire Stick that will allow you to get access to several dozen channels for a one-time $39 fee.

2. Reduce Your Phone Plan

Just like cable, you might be paying more than is necessary for your cell phone plan. Most people can’t get by without a phone these days, but there are many ways to save money on your cell phone bill. Of course, it would be best to get a no-contract phone plan, so you could drop the service quickly if you needed to save money. The lowest monthly cell phone plan is through Republic Wireless – you can get a plan as low as $5 per month.

3. Ditch the Gym

This is only good advice if you don’t actually use your membership – which is the case for the majority of gym members. If you do use your membership regularly, you are probably getting a good return on your investment in the way of improved fitness.

However, if you simply send money each month without actually getting off your couch, it might be time to drop the membership and look for other ways to start exercising.

4. Reduce Your Number of Meals at Restaurants

It is dramatically more expensive to eat at a restaurant than it is to eat at home, even if you are frugal about it. If you can cut back even one or two meals out per month, you could stand to save a thousands dollars or more over the course of a year. Beyond the financial benefits, eating at home is typically better for your health.

5. Take One Vacation

Everyone loves going on vacation, but taking two or more trips within a year can start to put a real strain on your budget. Try to limit yourself to one great vacation in 2016. If you plan ahead, you should be able to organize a great trip that you will remember for years to come.

6. Be Smart with Your Utilities

Your utility bills can quickly add up if you get in bad habits such as leaving lights on, overwatering your yard, etc. Take care to limit your use of utilities and you will save yourself money and you will save resources as well.

7. Carpool

Do you have a long drive to work each day? Try to find a carpool partner or two that you can ride with in order to limit costs. This arrangement will lower the amount of money you spend on gas each month, and you will also have to perform maintenance on your vehicle less frequently.

 

Do you plan to save more money in 2016? What will your strategy be to save money? Will you use any of these ideas?

 

Photo courtesy of: 401kcalculator

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

3 comments

  1. I currently do 5 of the 7 you mentioned and it helped me get out of debt and save a lot of money. Not having cable is really not a big deal. I have Netflix and rabbit ears and I’m good. Watch all the football games (except the ones on ESPN, but I don’t need to watch ALL of the games) and anything that’s on the local channels. There are some shows that I can’t watch the day it airs, but I don’t mind. When they get to netflix, that’s the day it airs – for me.

    • We canceled (finally) our cable a little over a month ago and have been pleasantly surprised how it’s not really a big deal at all – plus we’re saving $90/month to boot.

  2. I ditched the gym part, John, because I feel like I don’t get what I paid for as I rarely hit the gym. So, what I just do is I watch exercise video at home and exercise stuff such as mat, dumbbells, and kettleball. I find it more effective because I have to keep up with the video.

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