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Financial Literacy
Course: Financial Literacy > Unit 11
Lesson 2: Saving and budgetingEasy tips to save money every day
Saving starts with just a few simple changes to your spending. Learn how to save money on your everyday expenses, like groceries, transportation and entertainment.
The material provided on this website is for informational use only and is not intended for financial or investment advice. Khan Academy assumes no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.
Khan Academy doesn’t provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
The material provided on this website is for informational use only and is not intended for financial or investment advice. Khan Academy assumes no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.
Khan Academy doesn’t provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Want to join the conversation?
- Does anyone have any tips to save money?
I love how this video explains that you can still find ways for entertainment with Apps, Open source and the internet in general it helps in many ways for me here are some tips I go by.
1. Amazon Kindle offers free ebooks this allows you to read new and differen't stories at no cost for example there are children books, young adult novels, Hobbie books, self improvement and educational books as well this saves me lots and allows me to explore and have fun reading.
2. Software used to be costly before making a big purchase for a software that you need whether a student project, personal or bussiness either google it or check your app store as sometimes free apps can provide enough power to do what you need unless its for longterm use in this case download a trial software before a big purchase.
3. Be mindful of subscriptions for music streaming etc. they may seem low cost but if you were to put together a entire list of the yearly subscriptions you purchase it would add up to allot ask yourself do I really need it ? Also if your lower income you can create a playlist of Music from Artists vevo channels saving the need to purchase streaming services with fancy playlist software.(12 votes)- You should check out Libby and Kanopy! They're free e-book and streaming services that you can access by connecting your library card. I use Libby all the time to listen to audiobooks, and they keep up to date with new releases as well. Kanopy isn't the next Netflix or anything but it does have a wide, sophisticated selection of popular movies as well as a huge section dedicated to video lessons :) It's a great free alternative to paying for subscription services!(7 votes)
- how to save money more easy(7 votes)
- Have the money automatically taken out every week, 2 weeks or month. I use Capital One to do this. Each month Capital One pulls $$ out of my regular checking account for things like car insurance, vacation funds, Christmas, and the like. Plus Capital One pays about 1% interest.(2 votes)
- I know the question isn't that related, but at, that made me think: 1:43
Would making your own food be cheaper than purchasing the frozen options?(2 votes)- There are tradeoffs. Cooking your own from scratch (not just heating up frozen stuff) will save you money, but take more time. The initial investment in cooking equipment may be higher (but you can deal with that by purchasing at thrift stores and the like), but, eventually, you'll be saving money, eating better, and come to enjoy the process of creating things rather than just taking what is shoveled at you by food processing companies.(4 votes)
- is this a real example? 2:25
Because that is a revelation.
Could that possibly be true in some places, and you could save hundreds, thousands, of dollars just by doing housework during the morning and night?(2 votes)- Yes. it's real. My electric power provider has 3 different rates on any day. I never plug in my car (an electric one) before 6 pm. If I would wait until after 10PM, it would be even cheaper.(4 votes)
- I feel like using leftovers in plastic containers could help you save money as well because you are not using as much.(3 votes)
- Software used to be costly before making a big purchase for a software that you need whether a student project, personal or bussiness either google it or check your app store as sometimes free apps can provide enough power to do what you need unless its for longterm use in this case download a trial software before a big purchase.(2 votes)
- Libre software is often even superior to all their respective proprietary alternatives.(2 votes)
- should we wash during the day Evan tho we know washing at night is cheaper? what id we really need to wash?(2 votes)
- You should wash the clothes when you need to. The luxury of washing them only at hours when the power is cheaper is a good idea, but it's not a rule by which to live. Do what's needed when it's needed, just don't be needlessly wasteful.(1 vote)
- How can you make money if you don't have a job?(2 votes)
- Take whatever opportunities come to you. I often help my grandma, who lives next door, with chores around the house.(1 vote)
- 3. Be mindful of subscriptions for music streaming etc. they may seem low cost but if you were to put together a entire list of the yearly subscriptions you purchase it would add up to allot ask yourself do I really need it ? Also if your lower income you can create a playlist of Music from Artists vevo channels saving the need to purchase streaming services with fancy playlist software.(2 votes)
- Sometimes churches will have these types of shops, sometimes there are Goodwill, or other local-only shops with limited hours but worth finding for the money they'll save you(2 votes)
Video transcript
You probably already know
some of the basics – like how making your own coffee or bringing your lunch to work can help you save
hundreds of dollars a year. If you are doing that,
definitely keep it up! But let’s look at a few other ways
you can save on everyday expenses, and how some simple decisions
that you make every day can help you save money. The supermarket
is a great place to start because there are
a lot of easy ways to cut down
on your shopping bill. You may already
be doing things like: making a list to cut back
on impulse buying, clipping coupons
or using apps to find deals, and even looking
at the price-per-unit to help you get
the most for your money. But there are even
more ways you can save. For example,
when you see a sale or discount, be strategic. Sales and discounts
can be great opportunities to save on things you need but stores often
offer incentives for items that a lot of people
wouldn’t normally get. So, it can pay to be selective when considering any discounts
you might be offered. And while you’re considering priorities– spend on what’s important,
save on what’s not: For example, for some people,
things like organic foods or your favorite brands
might be important to you, for others what’s important
may be different. The point is that
it might be worthwhile to spend a bit more
on the items you care about. But look for ways
to save on the things that are less important to you
to keep you on budget. Making simple trade-offs like these can help you save money
without giving up what’s important. Finally, before you even
make a shopping list, consider your actual eating
and cooking habits. A good idea is to plan
your meals ahead of time or challenge yourself to eat
at least one more meal at home each week. This may help prevent you from
tossing out spoiled groceries that you didn’t eat or ordering take-out because
you didn’t buy enough food for the week. This can save you
hundreds of dollars each year. Keeping with household
expenses and bills. You probably already turn off
the lights when you leave a room and unplug gadgets
when you aren’t using them, right? But there are some other
small changes you can make that can help you save
even more around the house. For example, did you know
that most utility companies charge more for electricity
during different parts of the day? Peak hours,
like the middle of the day when more people
are using electricity, often have substantially
higher rates compared to early mornings
or late at night. Doing your laundry or running
your dishwasher off-peak can likely help you save
on your utility bill. You can check out
your utility company’s website to see if they list
their peak hours or contact them directly. Let’s move on to transportation. Gas prices can be unpredictable, but technology could be
a way to help you save. There are plenty
of websites and apps that can help you locate
which gas station in your area might be offering
the cheapest prices. And depending
on how often you drive and where you live, you may consider
ditching your car altogether. Public transportation
might be one option and there are a number
of car-sharing programs that allow you to affordably
rent vehicles short-term. And for the truly dedicated, how about biking? It’s certainly a cost-effective
and healthy alternative to both driving
and public transportation. It can be easy to follow
others into overspending. But try getting creative and occasionally plan activities with your friends
and family ahead of time that can help you
avoid temptations like a spontaneous meal out. Saving money doesn’t have
to mean sacrificing fun. It pays to take
some time to figure out where you’re spending and what
you’re willing to cut back on. You don’t necessarily
have to do the math on every single
decision you make, but being mindful
of where your money is going and how simple trade-offs
here or there can add up over the long run can help you get creative
and find your own ways