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It’s no secret that we have a spending problem in the United States. In fact, nearly 80% of American workers are living paycheck to paycheck and it’s not because we don’t make enough money. Sure, we’d all appreciate higher wages, but that’s not the problem. The problem is that we tend to live at or above our means. Even if we made more money, we’d grow into it and be in the same predicament. The key is learning creative ways to save money and spend less. We want to give you some solutions. Keep reading for our best tips on how to save money.

1. Downsize

Let’s start off with a drastic, but effective change. Consider downsizing your home to a smaller house or apartment. You could save hundreds of dollars every month by living in a smaller or less luxurious home. 

Yes, it will be a sacrifice, but if saving money is your top priority, it’s a worthwhile idea. You should also consider downsizing your car, especially if you’re paying more than a couple hundred dollars per month on payments.

2. Bring Your Own Lunch to Work

Saving money also comes down to being practical. You can prepare your lunch at home and bring it to work rather than spending $5-15 dollars for lunch every day. This is also a fantastic way to clean up your diet and maybe lose a few unwanted pounds.


3. Consolidate Your Debt

One of the most creative ways to save money is by consolidating your high-interest debts into a more manageable loan with a lower interest rate. Consolidation loans can be used to absorb high-interest debts from credit cards and other loans.

This will lower your total monthly payments into a single payment and significantly reduce how much money you pay toward interest.

4. Cancel Unnecessary Subscriptions and Memberships

Other important money-saving tips include cancelling non-essential recurring services. For example, if you pay for a monthly gym membership but only seem to make it in a few times a month, you’re wasting your money. 

You also don’t need multiple TV and Movie streaming accounts. Narrow it down to your favorite one and cancel the others. You should also cancel subscription boxes and other things you don’t really need.


5. Refinance Loans

Finally, one of the best and most creative ways to save money is by refinancing your current loans. Bigger loans, like your mortgage and vehicle loan, can be refinanced to achieve lower interest rates. 

However, don’t allow yourself to be tempted to refinance the house for a larger loan so you can gain access to the positive equity. This will only put you further in debt. Instead, simply refinance the house for what you owe on it to get better rates. 

Looking for More Creative Ways to Save Money?

There are endless creative ways to save money. Similarly, there’s no reason you can’t find ways to make more money. You can start a side gig, sell unwanted items, rent out the extra bedroom in your house, and more. You don’t have to live under constant financial stress. Be sure to check out some of our other articles before you go for more advice on improving your finances, living luxuriously, and more.

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