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7 Money Saving Hacks to Try TODAY
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Feb 6, 2025
#money #investing #hacks Everybody wants to save more money but most of us struggle to do so. Try these 7 money savings hacks that will help you save hundreds and thousands of dollars every year. Subscribe to our channel so you don't miss any future videos! Add your email to our list to stay updated- BlackExcellence.com Check out the books we love and recommend in our Black Excellence Book Club: https://www.blackexcellence.com/store/ Some links are affiliate links, which means we earn a very tiny commission if you make a purchase. __________________________________________________________ Fueling your journey of excellence through wealth content. All content provided by Black Excellence Media, LLC is for entertainment purposes only. None of the information or advice provided is to replace professional advice. Website: https://blackexcellence.com
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saving money is a goal many aspire to
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achieve including myself yet it often
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seems extremely elusive fortunately
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there are numerous strategies and hacks
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that Financial experts recommend to help
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individuals build their savings
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effectively from simple lifestyle
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adjustments to savy financial Maneuvers
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these tips can make a significant
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difference in one's Financial well-being
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and number one create friction between
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you and spending here's the scenario you
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haven't laid your hands on your cash or
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debit and credit cards in months but
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somehow your money disappears out of
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your bank account does somebody else
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magically come in and have access to
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your accounts yes and that somebody else
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is the frictionless spender version of
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yourself online shopping and cardless
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checkout is so common that you might go
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months without laying your hands on any
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cash or even your debit or credit cards
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your card information is saved on all
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your favorite online shopping apps dare
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I say Amazon and you tap your phone to
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make payments everywhere else this makes
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life very convenient true but it also
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makes spending money super super easy if
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you have a spending problem one of the
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first things you should do is create
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friction between you and spending your
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money start by deleting those shopping
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apps and only keep the one or two that
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are absolutely necessary most of them
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are not necessary at all and even on
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those apps don't save your card
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information make yourself have to get up
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go get your card and then plug in the
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number every time you want to buy
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something can you imagine how annoying
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that is if you have to make several
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purchases on apps like Amazon every week
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trust me you need that annoyance to
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deter you from buying things mindlessly
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by just the click of a button it's the
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same thing as if you're struggling with
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eating well get rid of the freaking
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Oreos in your house when you have the
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friction of going out to buy one bag of
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chips or that one pint of ice cream
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every time you crave it I'll bet you end
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up eating way less junk food than if
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your pantry is filled with junk food
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friction is your friend in these cases
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at number two and this is something I'm
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going to personally struggle with try
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going generic are you a brand name
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fanatic even when it comes to things
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like grocery shopping you might be
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selling out hundreds and hundreds of
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dollars extra every month on everyday
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brand name items when the generic
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version of those items will work just
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fine why pay the extra money mostly for
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brand names when the generic products
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are made of similar ingredients
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especially on items you don't care about
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food items from peanut butters to pasta
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sauces to cereal you all have a generic
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or store brand the same goes for
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cleaning items and everyday beauty
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products just because you grew up on
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specific brand names doesn't mean you
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have to keep buying them especially in
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these tough times when grocery bills are
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rapidly skyrocketing maybe stick to the
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brand names on specific things you
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really care about but go ahead and grab
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those other generic products and save
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your money you won't notice the
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difference and number three no upgrading
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anything for a specific period of time
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tell me why you need a new phone every
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couple couple of years when the old one
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works just fine and has features you
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would have killed for just a few years
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ago do you really need to go into debt
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upgrading your TV from a 65 to a 75 in
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American consumerism is famous for a
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reason and that reason is Ridiculousness
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I gave up keeping up with the Joneses a
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long time ago and you should too make
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yourself a promise that you won't
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upgrade anything for a year 2 years 5
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years unless it's absolutely necessary I
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have a friend who still has a freaking
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iPhone 7 she's going on 8 years and it
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still works fine she's able to do
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everything I'm able to do on my newer
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phone except maybe I can take better
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pictures but she's not a photographer or
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a content creator so why does she need
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the latest technology in phone photo
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taking and number four and this is a fun
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one take up fun challenges with friends
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and family there's nothing I love more
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than a challenge and it's even made
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better when you involve family and
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friends and since most people are always
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looking for ways to save money I'm sure
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you'll find at least one person willing
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to do some fun challenges with you
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Center the challenges around the idea of
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saving money some challenge ideas can be
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no eating out for a month no spending
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any money for a week or no buying
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anything on Amazon for a month or even
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longer the no eating out challenge can
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be really fun as you can send each other
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new recipes to try at home and social
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media is filled with recipes you can
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become a better cook and save money at
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the same time if you're spending like 5
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to 7 $7 a day on coffee learn to make
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your favorite specialty coffee drinks at
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home you don't even need the fancy
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espresso machine just look up an
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alternative way to make these drinks
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without the expensive machines you know
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what I did I went and found me some
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Ethiopian friends it's like the gift
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that keeps on giving they know how to
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make coffee always good for good
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conversation know how to have a good
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time anyways the point is these money
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saving challenges can be fun and
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creative as well as very productive and
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number five automate savings another
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powerful money saving hack recommended
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by experts is automating your savings by
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setting up automatic transfers from your
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checking account to a savings or
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investment account you remove the
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temptation to spend money that could
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otherwise be saved take advantage of
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your employer's direct deposit option to
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allocate a portion of your paycheck
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directly into your savings account set
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up reoccurring transfers on your online
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banking platform to ensure consistent
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saving contributions every month
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automation makes saving effortless and
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frictionless and this is the right place
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to take friction away at number six we
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have rounding up here is another
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effortless way to save a little bit of
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money every time you make a purchase
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maybe you spend
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$545 at the coffee shop although I've
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already told you you should be making
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your own freaking coffee at home these
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days with these prices or you spend
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$655 at the grocery store it wouldn't
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make much of a difference for your
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expenses if you round it up to six or or
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$66 right some banks offer you to do
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exactly that and put the change into a
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different account for your savings
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saving up an extra 75 cents there or 45
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cents here might not seem like much but
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it can add up to hundreds of dollars
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every year and number seven we have
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utilized secondhand when you're looking
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to buy something that's expensive or you
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need it for minimal use the first thing
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you should think about is if you can get
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it secondhand think about it we get cars
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secondhand most of us buy houses other
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people have obviously lived in before so
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why can't you get some of your items
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secondhand too like a dining table a
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stroller a grill computers whatever the
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next item is you're looking to purchase
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apps like offer up or Facebook
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Marketplace have a ton of stuff your
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neighbors are looking to sell for 50 or
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even up to 90% off actually I just
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bought a camera that uh was worth $2,000
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and I got it for 900 bucks and it works
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perfect on the flip side you can also
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sell stuff you no longer need to instead
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of throwing it out or just letting
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collect dust declutter your space and
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make some money on the side another
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win-win saving money doesn't have to be
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daunting or restrictive by implementing
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these seven money saving hacks you can
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set yourself up to a path of financial
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success remember small changes can lead
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to significant results over time once
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you have saved up some money but don't
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know how or where to start investing
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watch our video on how to invest your
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first ,000 next see you next time with
7:26
more money talks
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