Dave Ramsey’s Co-Host: 10 Ways To Start Saving Money Immediately
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In an age of lingering inflation and rising costs of pretty much all aspects of living, saving money is increasingly important. Jade Warshaw, co-host of “The Ramsey Show,” shared on Ramsey Solutions the best ways to save immediately.
Tackle Debt (You’ll Save a Ton on Interest)
Warshaw shared that she and her husband paid off $460,000 in debt. The first step they took to meet this goal was to stop borrowing money.
“I mean, look at how much money debt is taking from the average American each month,” Warsaw wrote.
She cited numbers from the Federal Reserve and credit reporting companies:
- Average student loan payment: $393
- Average credit card payment (based on a 2% minimum payment): $116.10
- Average new car payment: $726
She added, “Imagine throwing $1,235.10 toward your savings goals instead of toward your past. Every month.”
Purchase Generic Brands
Yes, those brand names like Cheerios are famous and thus most tempting. But they’re also more expensive. Like many budgeting experts, Warshaw recommended buying generic alternatives if available.
Change Your Cellphone Plan
Warshaw posed an important question: “When was the last time you shopped around for better cellphone deals?”
If it has been years or even months since you investigated what other providers offer, now’s the time to get on it.
“Then take what you learn to your provider and see if they’ll give you a deal to stick with them,” Warshaw wrote. “If not, and you aren’t in a contract with a time frame, go ahead and make that switch.”
Change the Way You Use Energy at Home
The cost of energy is steep, and likely increasing, but there a few ways you can trim costs.
“Start with some simple things like taking shorter showers (notice I didn’t say fewer showers), fixing that toilet that runs continuously, washing your clothes in cold water and turning the lights off when you leave a room,” Warshaw wrote. “You’ll be shocked at how these small changes can really add up.”
Start Carpooling
“Okay, I know the idea of carpooling might make your skin crawl, but if you’ve got some trustworthy coworkers who live close to you, you can save a lot of gas money — and wear and tear on your car — by taking turns driving each other to work,” Warshaw said.
Alter Tax Withholdings
Those hefty tax refunds sure are exciting, but it’s actually poor financial form to get them. You’re wasting money.
“Listen, if you’re getting huge tax refunds each year, that means you’ve been loaning the government money every month without interest,” Warshaw wrote. “It’s time to adjust your tax withholdings. Put that money back into your monthly budget.”
Cancel Some Subscriptions and Memberships
“If that subscription or membership isn’t changing your life and you’d rather have that money in your bank account, cancel it,” Warshaw wrote. “Remember, most of these cuts are just temporary while you get that cash stacked.”
Rest assured, you don’t have to cancel all your precious subscriptions and memberships, but you can surely cut out a few if you have a ton.
Get a Library Card
Rather than buy a new book, you could just borrow books from the library.
Warshaw also suggested, “And if you’re more into audiobooks or e-books, download an app like Libby that connects to your library so you can check out those versions on your phone or tablet.”
Take Advantage of Cash-Back Apps and Coupons
This one is a no-brainer and doesn’t involve a single sacrifice: Use coupons and cash-back apps.
“You can clip [coupons] from actual paper or click them in an app, but this is money just waiting to be saved,” Warshaw said. “Then go one step further and check out cash-back apps to save even more on stuff you’re already going to buy.”
Say No — or at Least Say, ‘Maybe Later’
Plenty of us are prone to impulse buys, especially since many are so convenient. Warshaw emphasized the importance of learning the power of no. And if that’s too extreme, at least resist buying for the time being.
“We live in a world of instant gratification,” Warshaw wrote. “We’re just a couple clicks away from nearly instantly satisfying our desires for anything. But if you delay some of that gratification by using the magic of no — or, in some cases, not now — you’ll save so much money, build better spending habits and feel more contentment overall.”
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