When times grow hard, wallets get tighter. Financial insecurity can lead to increased stress, anxiety, and even depression. As you search for ways to retain your lifestyle, you might be discouraged by the cutbacks you’ll have to make. While this situation might be inevitable, the degree to which you have to let these times affect your life can be addressed. Using these 10 tried and true tips, you can save your money for the parts of your future that matter most.
1| Upkeep your car maintenance.
On average, it’s estimated that the average household could be spending $5,000 on gas. Among gas, there are many problems that could lead to additional high-cost maintenance. Staying up to date on routine car maintenance, such as regular oil changes, tire rotations, air filter replacements, tire pressure, and others can not only save you money at the pump but in the long run as well.
2| Have a food plan.
Groceries and general food purchases, such as eating out, can be the primary way in which we spend our money. Having a plan for your meals helps you to strategize what you need versus what you might be wanting at the moment. Instead of picking up the food you won’t use or don’t need, leading to spoilage and waste, you should only be buying what you plan to use. This will reduce overspending at the store, as well as relying on the premium of restaurants and fast food.
3| Reduce high-interest debt.
High-interest debt is likely your least favorite expenditure. Things like credit card debt can spiral over time, eliminating your disposable income and the joys that come with it. If you’re someone in this situation, shop around for alternative options to help you eliminate this monthly bill. Some banks will offer lower-rate personal loans, or potentially even offers with a grace period which you can use to eliminate your debt and the fee that comes with it.
4| Be selective with your entertainment
Entertainment can be a great way to blow off stress and make memories. However, it can also be an easy way to spend away your savings. Audit how you’re spending your money. Are you juggling multiple streaming services? Eating out too much? Going to high-priced events, when you could be opting for free local alternatives? Making small changes in this department will salvage your money and help you to focus it on the experiences that truly matter to you.
5| Consider a cash budget.
As convenient as debit and credit cards are, they can also be an easy way to spend more than you have budgeted. Without being able to physically see the amount of cash you’re spending, it’s hard to honestly assess individual financial decisions. Switching to a cash budget might give you a better understanding of where your money is going, and where you can save it.
6| Avoid impulse buying.
Impulse buying can throw an entire strategy to the wind in a single moment of desire. When you find yourself in situations like these, learn to step away. Some people opt to wait a day, others a week, ultimately you can determine the length of time that best fits the situation.
7| Be smart with your utilities.
Gas, electric, and water bills are our most common monthly utilities. While these tend to be relatively steady, there are many ways you can hack these costs if you’re willing to be a bit more strategic about how you use them. Investing in smart devices can be a great way of automating your home to keep A/C or electricity costs down. Other examples include wearing more layers in the winter to avoid heat costs, taking shorter showers to reduce water usage, upgrading to LED lightbulbs, and even further insulating your windows and doors in the cold seasons.
8| Find a side-hustle.
Picking up a side hustle that you enjoy, can be exciting waiting to generate additional income and savings. With the entire online marketplace at the tip of your fingers, there are many ways that you could put your hobbies and money to good use. Find what works for you and give it a shot!
9| Eat a healthy diet and stay active.
Keeping a healthy diet while you stay active, will keep your physical, mental, and even emotional health in its optimal state. When we don’t prioritize our health, we create far more opportunities in the future for health problems which could lead to preventable medical bills. The healthier you keep your body, the easier it will be to save and enjoy the money you earn.
10| Utilize your benefits.
Whether through employer-sponsored benefits, corporate memberships, family members with connections, or any other subscription you might have, you likely have some benefits available to you. These benefits could save you money at the store, lower your phone plan payment, discount your insurance, and even reduce travel expenses. Many people simply forget about the perks available to them. Learn what benefits you have, and make a habit of utilizing them when you can.
