In 2021, roughly 1 in 5 people in America didn’t save any money at all. And those who did save didn’t do it nearly enough. About 50% of those surveyed by Bankrate saved less than $5,000.

Saving habits can often make or break you when you face a financial emergency. Emergencies such as an expensive trip to the hospital or a pressing car or home repair can make a major dent in your bank account — and your savings are unlikely to cover such bills. 

Tips For Saving Money You Can Count On

You can change that — quickly and easily. Here are just a few of our tips for saving money that can get you started on the right path today. 

Budget, Budget, Budget

Perhaps one of the easiest tips is to cut back on your spending.

To do that, you need to make a budget where you can take a hard look at your monthly income and then divide your expenses into needs (rent/mortgage, food, clothing, utilities) and wants (all those lifestyle extras like dining out, magazine subscriptions, and entertainment).

Look first at your wants, make some smart cuts, and figure out the amount you can now contribute to your savings every month.  

Eliminate Automatic Memberships or Subscriptions

Everyone has them: TV streaming services, warehouse memberships, subscription boxes, gym memberships, and music subscriptions. Chances are you may not use all of them enough to warrant some of their costs. These are all high monthly costs that can otherwise go toward your savings.

And while you’re at it, make sure you are tracking subscriptions that auto-renew. Sometimes when you set a subscription, you’ll forget it — and pay increased rates without even knowing it. 

Automate Your Savings

Sure, a traditional savings account is a must, but to save money easily consider setting up a specific amount from your biweekly or monthly paycheck that can be deposited directly into your savings.

Another option: automatically transferring a set amount each month from your checking account into your savings account as well. It's one of the easiest tips for saving money to integrate into your daily life. 

Tackle Your Debt

The more debt you have, the harder it is to save significant amounts of money. One of the top tips to save money is to look at your debt sources when creating your budget and creating a strategy to begin paying down your accumulated debt.

Many subscribe to the snowball method of paying off debt, starting with the smallest debt amounts and then moving on to the largest. It will take time, but it’s an approach that can help even those with large amounts of debt start to beef up their savings.

Check Your Insurance 

It literally pays to check on your insurance rates periodically. Whether you have your rates checked and compared by an Endorsed Local Provider or you compare your current rates to ones offered by competitors yourself, you may be surprised by the amount you can save on going with a different home or car insurance company. 

Experiment with a Spending Freeze

Many money-saving tips center on reducing spending, but how does cutting out spending sound? It may be easier than you think. Try not to spend any money for a week on items that are not essential. Then try two weeks. Then a month. If it’s not a basic need, just say no.

Reduce Car Costs

Your car likely accounts for a big chunk of your spending; everything from gas and maintenance to insurance. In addition to looking around for better car insurance rates, you may save a good amount of money by refinancing your vehicle loan if lower interest rates are available.

Know Your Options for Dealing with a Financial Emergency

One of the top tips for saving money is taking advantage of the many available options for assistance, including an installment loan online. 

Specially designed to help you overcome a financial emergency quickly and easily, an installment loan online is a short-term loan offering a small amount of cash to be paid off over time in installments.

At Delaware Title Loans, Inc. it may take as little as 30 minutes to qualify for an installment loan of up to $1,250. 

Just fill out the short installment loan form on our website and a loan representative will give you a quick call to discuss the required items and walk you through the next steps.

The process is easy: Just bring the required items to a location near you where they will be verified. After filling out some easy paperwork and you are approved, you get the cash you need either the same day or the next business day. 

Get Started Today

With our tips for saving money, you can get back on the right financial track quickly and easily. And if you’re currently coping with a financial emergency, an installment loan may also help. Just start online, give us a call, or visit one of our locations near you today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.