I don’t need to tell most of you that life has gotten more expensive lately. Seems like everything is on the rise. So I’ve put together these 10 ways to save money that hopefully may be of help to some of you looking to make your dollars go a little further. Of course some ways of saving money are easier than others, many times it takes some behavior modification which can be a challenge for many, but not impossible. However, with a little effort most people can find some simple ways to save. Here are a few practical things to think about.
1.) Cancel unused subscriptions.
You can keep money from leaving your bank account by canceling any unused subscriptions or memberships. It is so easy to accept free trials of goods/services and forget to cancel them later. These businesses make their money by relying on you forgetting. Also if you have a gym membership or other club that you don’t use much, it may be worth canceling. If you really liked going, you’d probably find a way to go. You could find something else you might like to do better, like hiking or biking.
2.) Plan your trips out.
If you live in a semi rural community like we do, then this needs no explanation. A little planning and prepping in about any area of life can save you time and money. With gas prices at an all time high, getting everything accomplished in one trip becomes even more important. Besides, we all know that disappointed feeling when we arrive home and realize that we forgot the one thing we went out for. Make lists and plan ahead, combine errands together according to location and convenience.
3.) Consider growing your own food.
I’ve heard it said before that growing food is like growing money. Growing your own food has numerous advantages. You can live healthier, learn new skills, get in touch with the earth etc.. Granted this may not be one of the quickest ways to save money, but is definitely one of the most rewarding. Check out our blog: 5 Tips for Starting a Garden.
4.) Shop around for deals.
Doing a little research before making a purchase can really make a difference in our spending. This is more of a habit that one needs to form, and it can help in many areas of life. Many people settle for high insurance plans, phone plans, etc… and never do their research to compare costs between competetors. Don’t be in that group of people, inform yourself and save. This is easier than ever with resources on the internet. Just don’t forget to compare quality, not just prices. You’ll find that getting more for less is not always impossible.
5.) Buy at the right time.
In most cases, prices go up and prices go down. This is typically true whether we are talking about gas prices, real estate, furniture, etc.. The worst time to buy something is when we have to have it now. Try to predict your future needs as much as possible and look for deals. A patient buyer has a great advantage in the market, they will not be subject to having to settle for high prices. When it comes to weekly expenditures, studies show that the least expensive days of the week to fill your gas tank are Mondays and Fridays (before 5pm). The best day to buy groceries is on a Wednesday, here’s a good article by “Taste of Home” about grocery shopping that I found: https://www.tasteofhome.com/article/best-day-to-save-on-groceries/.
6.) Pay cash for purchases.
Studies have shown that people who use cash to pay for their purchases generally spend less. Using cash makes us more aware of how much we are spending. There’s something about physically watching the dollar bills leave our hands that helps us make better choices. This also helps you have a real visual of how much you have left. Using debit cards is definitely a convenient way to purchase items, especially online. However, merely clicking a button can sometimes detach our thoughts from our bank account if we’re not careful.
7.) Eat out less.
We all by now have noticed the prices in the grocery stores going up, but the same is true for menu items at our favorite restaurants. Restaurant owners are also having to pay more for both food and shipping and of course that increase in price is passed to the customer. Taking your lunch to work can be a great way to save money and eat healthier. Learning how to make some of your favorite drinks at home can also save us some cash. My husband makes the best cafe mochas for me and I have yet to have better elsewhere.
8.) Save on energy bills by adjusting your thermostat and unplugging unused items.
Natural gas prices have went way up recently and there is no better time to save than now. I’m not saying you have to be super uncomfortable, but being mindful of your thermostat settings when you’re home or when you’re away can make a significant difference in your monthly bills. This, along with turning off and or unplugging items that are not in use can help bring down your utility bills. Long term, it’s not a bad idea to replace old appliances with newer energy saving ones.
9.) Pamper yourself at home.
I’m prepared for some backlash on this one, but hey, it’s just a suggestion. Doing your own nails and hair etc.. can save some people quite a bit of money. I don’t do this to save money, I actually do this because that’s the way I prefer it, saving money though, is definitely a bonus. I’m also the hairdresser for everyone in my home. I couldn’t imagine the time out I would spend at hair salons, with our family of 10 in tow.
10.) Make and keep a budget.
Nothing can really take the place of this. Being aware of money coming in and going out is of great importance. This isn’t just for times of saving, it’s for anytime. Being fiscally responsible is something that many people were not taught early on in life. No matter your former training or experience with money, it’s never to late to learn. Some of the best resources to help people better their financial state in my opinion come from financial expert Dave Ramsey. We have been personally blessed by many of his teachings and books, below are a few of our favorites.
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Recommended books by best selling author “Dave Ramsey”:
Find more resources at: ramseysolutions.com
What are some of your best money saving tips? Share and comment below!