Inflation is rising to unprecedented levels and most everyone is scrambling to save money. Now, more than ever before, is a great time to implement strategies that will allow you to save money, set goals, and prepare for a brighter future. Some tips include creating your own ‘staycation’ getaway to save on travel. Save on bills by reviewing your monthly expenditures to see what you can get cheaper, for example, like cheap car insurance. Did you know the best way to lower your auto insurance is to switch carriers? Keep closer track of your spending so you know exactly what funds are coming and going out. Here are some other great suggestions:
- Take a Pass on the Credit Cards. Yes, using your credit card is often the simplest, easiest way to pay for something. However, if you are truly committed to making changes to save money, put the cards away (out of your wallet) and out of your computer. Use only your debit or bank drawn cards to pay for items. Depending on how long you take to pay your bill down to zero, you could pay upwards of 25-50% more for an item than the actual price tag.
- Track Your Spending Habits. There are plenty of apps to help you track exactly where your money is going. This will allow you to notice your habits (expensive gourmet coffees, hobby items you don’t really need, fast food, hand bags, etc.) Once you are aware of your spending habits you can make the effort to modify them.
- Know the Difference between Wants & Needs. Needs are the things we simply can’t live without – paying the mortgage, utilities, food, fuel, etc. Wants are those items that tickle your fancy at the mall or online that either fill a void to make you momentarily happy or are designed to make you feel like you can’t live without them. Take a step back to objectively determine the difference and ask yourself… “Do I really need this in my life?”
- Review all of Your Insurance Policies. Home and car insurance fall in the “need” category but that doesn’t mean you can’t shop around for the one that suits you best both policy-wise and financially. Insurance policies are easy to forget about and ignore so every so often it’s in your best interest to review them and compare quotes from other companies.
- Save Consistently. Sure, it might feel like all of the funds that are streaming out are specifically spoken for but that is hardly ever the case. Have a percentage or dollar amount direct deposited into a savings account from your paycheck, and make a habit of tucking away dollar bills ($5, $10 bills) to deposit into your savings, too.
- Lower Your Energy Bill. Energy-efficient products are all the rage and for a good reason. They are not only good for the environment they are also good for your pocket book. If you aren’t able to switch appliances and light bulbs for high efficient ones, make a point to turn off or even unplug appliances when they aren’t in use. Get your body used to lower temperature settings in the winter and warmer temps in the summer.
- Order Take Out Less Often. It’s so simple and tempting. You’ve come home from a long day at work and all you want to do is relax. You order a pizza, have it delivered. Boom, dinner is done. A commitment to saving money also means working outside of your comfort zone on occasion. Consider scheduling and prepping your weekly meals. Use the crock pot on days you know will be long and make dinners super easy to assemble. It will save you loads of money in the long run and you’ll eat healthier, too!
- Get Rid of Cable. With a variety of streaming services available at all price points, paying an arm and a leg for cable doesn’t make a lot of sense if you are trying to lower your monthly bills. By piece-mealing only the services that you want and need, you’ll have a more entertaining selection and you’ll be saving money every month.
- Consider a Staycation. There’s nothing like a change of scenery, but in the spirit of saving money, stay at home. Explore the parks and entertainment in your location that you’ve never visited before and spend a little of the vacation money on creating a restful, peaceful space where you can read and relax.
- Visit the Thrift Shops. Whether you’re looking for a dress or a television, remember that you don’t always have to buy them new. Thrift stores and consignment shops are perfect opportunities to purchase gently used items and therefore continue recycling efforts, and they also save you substantial money.
Making a commitment toward saving money will allow you to work toward a variety of future goals including education, travel, wedding or simply a more comfortable savings cushion for the occasional rainy day.
