Do you hate the idea of bringing your own lunch to work while everyone else goes out? Are you afraid to park your old Camry in a parking lot full of BMWs? Do you hope no one sees you at the grocery store using coupons? If so, don't feel bad.
Howard Dvorkin, a CPA and the head of Debt.com, says, "The way people think about us is a very big problem in this country." He doesn't think anyone should feel bad about saving money, but he knows that there is pressure to fit in.
14 Ways to Save Money Without Looking Poor
Get rid of monthly payments
You need to make room in your budget before you can buy all the things you think will impress your friends and neighbors. The easiest way to do this is to stop paying for subscriptions every month.
"Subscriptions are often set to auto-pay, which is convenient so you don't miss payments, but if you forget about it, it will cost you more," says Rebecca Gramuglia, a consumer expert at TopCashback.com, a website that gives cash back.
Apps like Truebill and Trim can find and cancel subscriptions for you, but you can also do it yourself by looking for recurring charges on your bank and credit card statements. Gramuglia says to look over your finances every few months to make sure you aren't paying for services you don't use or need.
As you look over your monthly subscriptions, think about how often you use each one and if it's the same as another one. Instead of paying for multiple streaming services, news websites, or beauty subscription boxes, choose the one you use the most and cancel the rest.
Cut the cost of prescriptions
The cost of prescriptions can add up for people who have serious or long-term health problems. You can save money without putting your health at risk by looking for generic drugs and taking advantage of discounts.
"Work with your doctor to find generic drug options when you can," says Ramzi Yacoub, chief pharmacy officer for SingleCare, a service that helps people save money on prescriptions. "They work just as well as name-brand medicines and cost a lot less."
Yacoub says that filling prescriptions for 90 days instead of 30 can save money and make it more likely that people will take their medicines as directed. This can keep people healthier and bring down the overall cost of health care.
When you use a discount service like SingleCare, you can save up to 80% off the cash price of a drug. Some companies also have programs to help patients and coupons that can be used to cut costs.
Buying Used Things
Buying used designer clothes or luxury cars can save you a lot of money without sacrificing quality.
If you're looking to buy a car, keep in mind that new cars lose a lot of value in the first year. If you're willing to buy something used, you can get a good deal. Most models don't change much from year to year, so it's not always easy to tell how old a car is.
Dvorkin says, "I don't know who said you have to get a new car every three to four years." "Get a nicer car and keep driving it longer."
Brand-name electronics, jewelry, and furniture that have hardly been used can be found in pawn shops and Facebook sales groups. But if you're buying something from a private seller, watch out for fakes and make the deal in a public place.
Don't buy, rent.
Sometimes, all you need to do to make a good impression is use something briefly. If so, you might want to think about renting instead of buying.
Rent the Runway lets you borrow designer clothes, and Mine for Nine is a good place to find stylish clothes for pregnant women. There are also companies that rent out baby equipment, jewelry, and handbags. You can borrow certain things from these websites for a set price for a set number of days.
At the Right Time to Buy
If you do want something, find out when the best time to buy it is. There are sales cycles that let people guess when prices might go down, and some types of goods always follow the same pricing patterns.
For example, fitness products are often cheaper in January, the summer is when home prices are at their highest, and the weeks before Black Friday in November are usually the best time to buy electronics.
Adams says, "Shop during your state's sales tax holiday to save money on many things." States may have certain dates when they don't charge sales tax on things like back-to-school supplies, clothes, generators, and emergency supplies.
Buy Goods of Good Quality
Besides buying at the right time, you should also be careful about how you spend your money.
Buying a pricey item that you'll use a lot could end up costing less than buying a bunch of cheaper items that you won't use as much. Plus, you're more likely to use something that works well or wear clothes that fit you well.
Enlist Your Friends
There's a good chance that you are not the only person in your group of friends who wants to save money.
Trae Bodge, a smart shopping expert at TrueTrae.com, suggests making changes to group traditions, like setting a spending limit for holiday gift exchanges. "Everyone will be glad they no longer have to spend a lot of money on each person."
Friends might also be willing to trade lawn care, babysitting, meals, rides, or photos for other services or goods. It is best to trade with someone you know and trust, but websites like BarterQuest can help you find people to trade with all over the world. Scams can be avoided by reading reviews from other users and staying away from new bartering websites with few users, which could be a front for scammers.
Pick cheap things to do.
You don't need to spend a lot of money to have fun Instagram-worthy moments. Going to the park for a picnic with your significant other can be just as fun as spending a lot of money at a restaurant for lunch or dinner. Also, the great outdoors can be a great place to take photos that are great for sharing on social media.
There are also cheap museums and other attractions in many big cities. Like other Smithsonian museums, the National Portrait Gallery in Washington, D.C., is free to visit. Outside of the nation's capital, many museums, parks, and zoos give free or discounted admission to locals.
Travel when it's not high season
When you're ready for a vacation, traveling during the off season can help you save money and avoid crowds. That means going to Hawaii in the late spring or fall or to Europe in the winter.
A good idea is to plan trips for the shoulder seasons, when the weather is still nice but the prices are lower. A site called VRBO that lists vacation rentals says that prices for rentals at beaches and lakes drop by up to 30% after Labor Day.
Use customer loyalty programs.
Check out the latest store loyalty programs if you're worried that using coupons will make you look like a cheapskate. Grocery stores like Kroger and Target have apps that let you digitally clip coupons and then save money at checkout by entering your phone number or scanning a device.
Walgreens, on the other hand, has a loyalty card that lets customers earn points that can be turned into discounts. There are also loyalty programs at Starbucks, Panera Bread, and a lot of other chains that give customers discounts and free food for coming back.
You can also save money online by adding an extension to your browser from a deal site like CouponCabin.com, Honey, or Rakuten. "You can do this when you do your regular online shopping, and you can also do it when you order takeout for a group," says Bodge. "Offer to place the order on your computer using a service like Grubhub or UberEats, and you'll see offers for discounts and cash back."
Make the most of travel rewards
Use loyalty reward programs to earn points toward free flights, free hotel stays, and free upgrades. This will help you stick to your budget. Travel credit cards can give you extra perks and points, but you need to make sure you can meet the minimum spending requirement to get the most out of them.
Bodge says that some credit cards have exclusive deals with retailers and travel companies. "You might be able to save money on your flight, hotel, or rental car without anyone finding out."
As with any credit card, you should only charge what you can easily pay off each month. If you don't, you might pay more in interest than you save on travel.
DIY projects are great.
To look good, you don't have to spend a lot of money. No one will know if you wash your car yourself or go to the expensive carwash in town. In the same way, you can look fit and healthy without paying for a pricey gym membership if you work out at home. Dress shirts can be pressed instead of being sent to a cleaner, and most homeowners can do basic yard work for little money.
Plan your presentation well.
People can sometimes save money while giving the impression of being wealthy. Couples can buy a small, professionally decorated cake to put on display at their wedding, but they can also serve their guests a sheet cake, which is less expensive and still tastes good. In the same way, they might spend a lot on a bouquet for the bride that stands out and use cheaper flowers for the bridesmaids and centerpieces. Birthday parties, graduation parties, and other events can all use similar plans.
Don't spend more money to get ahead.
Some things that used to be very important no longer are. As less people wear traditional watches, the days when a Rolex was a sign of wealth are quickly coming to an end. Expensive pens and cuff links are two other things that used to be status symbols but are now mostly ignored by most people.
Spend your money on things that are important to your friends if you want to impress them. Or, even better, don't worry about what they want and instead buy what you want.
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