6 Tips To Save Money Whether You’re Wealthy or Scraping By

No matter what your financial situation is, no one likes to end up broke — or, worse, indebted — at the end of each month. That’s why savings are crucial for people of all income levels.

“Imagine this: a world where saving money is the great equalizer, a goal that brings together the wealthy and those barely scraping by,” said Ant Tumi, personal finance expert and founder of Loan For Success . “As a personal finance expert, I’ve discovered that the secret to successful saving lies in finding methods that align with your unique financial landscape.”

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Below are some expert-backed tips to help you save money, regardless of how much you make .

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Embrace the Power of Budgeting

First and foremost, embrace the power of budgeting. “It’s like having a trusty compass guiding you through the twists and turns of your money journey,” Tumi said.

By keeping a vigilant eye on your cash flow, he said you can pinpoint those sneaky areas where your hard-earned dollars seem to mysteriously vanish.

“Armed with this knowledge, you can redirect those wayward funds straight into your savings account,” he said.

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Make Saving a Nonnegotiable Habit

But here’s the real game-changer, according to Tumi: Make saving a nonnegotiable habit. “Treat it like a monthly bill that you simply can’t ignore,” he said.

Even if you can squirrel away only a little bit each month, the power of consistency will work its magic over time.

Saving doesn’t have to be complicated, either. “And if you want to make it even easier, let technology be your ally,” Tumi said. You can set up a direct deposit or recurring transfer and watch as your savings grow on autopilot.

Focus On the Essentials First

Now, for those facing financial struggles, it’s all about prioritizing. “Focus on the essentials first — a roof over your head, food on the table and your health taken care of,” Tumi said.

Tumi’s biggest tip is to get creative and find ways to trim expenses in these areas. “Downsize to a cozier abode, channel your inner chef and cook meals at home, and you’ll be amazed at how much extra cash you can liberate for your savings,” he said.

David L. Blain, CFA, CEO of BlueSky Wealth Advisors , agreed. “Eating at home is one of the biggest opportunities for savings,” he said. Cooking more and dining out less, whether at high-end restaurants or fast food, provides substantial savings.

In fact, according to JourneyFoods , the savings can be substantial. The average cost per serving eating at home is $4.31, compared with an average of $20.37 for eating out.

“For lower-income households, bulk cooking and meal prepping can trim hundreds each month from the food bill,” Blain explained. But wealthier individuals can also benefit from doing this. “A few extra home-cooked meals each week in place of expensive dinners out adds up significantly over a year,” he said. This leads to more disposable income to spend, save or invest.

Scrutinize Recurring Bills

When income is limited, scrutinizing recurring bills closely yields big benefits. According to Blain, things like insurance premiums, cellphone plans, cable packages and more often have room for cost cutting.

“Asking companies for a better rate, changing or dropping unnecessary coverage, bundling services or switching providers altogether are all effective ways to lower bills in a major way, no matter your financial situation,” Blain explained.

He also noted that higher-income households frequently miss these chances to save as well, leaving hundreds or even thousands of dollars per year on the table that could be better used elsewhere.

Abid Salahi, finance expert and co-founder of FinlyWealth , advised the same. “I always emphasize the importance of regularly reviewing and negotiating bills,” he explained, saying this applies to everyone — from those struggling to pay utilities to wealthy individuals with multiple properties.

“Many people need to pay more attention to this simple yet effective strategy,” he said. “I tell my clients: ‘Regularly reviewing your recurring expenses and negotiating better rates can lead to significant savings over time.'”

Whether it’s your phone plan, insurance premiums or streaming subscriptions, there’s often room for negotiation or finding better deals. “I’ve had clients save anywhere from $50 to $500 per month just by dedicating an hour or two to this task,” Salahi explained. “The beauty of this strategy is that it works for everyone — we all have bills, and we can all benefit from paying less for the services we use.”

Get Insurance Coverage

“Insurance, my friends, is the unsung hero of financial protection,” Tumi said. No matter the size of your bank account, having the right coverage for your health, wheels and humble abode can be a lifesaver when unexpected expenses come knocking, he explained.

“And if you’ve got a little extra cushion, investing in life and disability insurance can provide a safety net that will give you and your loved ones some much-needed peace of mind,” he said.

Never Underestimate the Cumulative Power of Small Changes

No matter how small the changes may seem, all of them are positive steps on your way to saving more money. “Bid farewell to unnecessary subscriptions, haggle your way to better rates on your bills and take advantage of the wealth of free entertainment options right in your own backyard,” Tumi highlighted.

These little adjustments may seem insignificant, but over time, they’ll join forces to create a savings powerhouse. “The key, my fellow financial adventurers, is to stay the course. Embrace the journey, be open to change and watch as your savings grow beyond your wildest dreams,” he said.

This article originally appeared on GOBankingRates.com : 6 Tips To Save Money Whether You’re Wealthy or Scraping By