Whether you’re looking for ways to save on vacation or trim your budget, you’ll find a wealth of information on Reddit. But how can you tell what’s legit and what’s a little less realistic?
If you’re on Reddit sifting through threads to try and find the best tips to save money, look no further. GOBankingRates has compiled the best budgeting hacks users have offered so you don’t have to go searching for what has the most upvotes.
Advice: “Use the public library for books, ebooks, movies, audiobooks, online courses. Everyone knows about it but it seems like more could use it.”
Submitted by: Subo23
Because of the internet, some of the advantages of libraries might have been forgotten — but they’re a free resource that offer so much. You don’t even have to go down to the library to benefit — just download an app like Libby to download ebooks directly to your phone or other reading device.
Many libraries also have subscriptions to publications so you can browse articles on their computers without don’t having to pay for them. Some libraries even offer technology like 3D printers for free that you would be costly to use elsewhere. And though you may associate libraries with the “shhhh!” sound, many offer classes and programs — from knitting to personal budgeting — that don’t require you to zip your lips upon arrival.
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Advice: “The 72 hour rule’ is pretty helpful. If you want something that is not a necessity, instead of buying it immediately, add it to a list or spreadsheet, then wait 72 hours. If after 72 hours, you still want it, then you can buy it. It seems that 80-90% of the time, after the 72 hours is up, I don’t end up buying the item I thought I wanted. The reason I like doing it with a spreadsheet is then I can at the end of the year how much money I DIDN’T impulsively spend.”
Submitted by: Icarus_Jones
This tip will help you stay safe from making purchases because of boredom or trendy ads on social media. Chances are, you won’t even remember some of the stuff you bookmarked 72 hours later, let alone want to buy it. Giving yourself some time before you hit “buy” ensures you’re purchasing things that really matter to you and are truly worth your money. Plus, if you choose to add items to your cart and then step away from it while online shopping and, some sites might give you a discount as an incentive to buy. So for the items you really want, you might get a good deal as well.
Advice: “Don’t buy something that you normally wouldn’t buy just because you have a coupon.”
Submitted by: Rwill113
Just because something is a good deal doesn’t mean you need to own it. Consider if you would have bought the item even if it was full price. If the answer is yes, then the coupon just makes it better. If the answer is no, put the coupon away and save money for stuff you really want.
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Advice: “Instead of using Instacart, see if your local stores have pickup service. You still get to avoid going in so you are less susceptible to impulse buys, but you save huge dollars by not using the third party delivery.”
Submitted by: nyrrocian
Delivery fees start at $3.99 for orders that are $35 or more for Instacart, and go up depending on how quickly you need your shopping delivered. That $3.99 might seem worth it for ease, but adds up over time, especially if you’re getting groceries delivered frequently. This hack allows you to avoid seeing something in the store and buying it simply because it looks good, and also eliminates the service fee of a delivery service.
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Advice: “Lots of jobs have the option of auto deductions to savings accounts from your paycheck. Send $X or X% of every check to a savings account at a separate bank from your checking. Then, don’t have a debit card for the savings account: force yourself to go to the bank in person to withdraw cash.”
Submitted by: harrison_wintergreen
With this tip, savings is built into your paycheck without you having to think about it. This way, you can use your entire paycheck to pay bills and spend on things you need without having to budget for savings on top of it. This also ensures that a certain amount will be put into savings every month without the temptation to spend it.
Advice: “My husband and I only pay for things in cash other than bills. It takes a higher level of consciousness to shell out $7-10 cash for fast food than just swiping a card.”
Submitted by: QueenAzaz
Whenever you get paid, consider withdrawing all of your spending money you’ve budgeted. Physically feeling and seeing the money suddenly gives it more value and most likely, you won’t make as many impulse purchases.
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Last updated: Oct. 15. 2021