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Everything seems expensive, inflation isn’t helping, and wages are stagnant. It is tough out here. And you just want some simple ways to save money. Don’t lose hope, there are realistic ways to save money and get ahead of your finances. These tips can help you afford the life you and your family deserve.
The first step to gaining control and confidence in your finances is to start small, simple, and easy. If you want to finally stop having more months than money, check out these 5 best ways to save money each month.
1. Create and Review a Budget
There is a chance that your family dynamic growing up was to never talk about money. You may have been told it was rude to ask about one’s finances or your parents didn’t think that was a child’s place to know. Or maybe your family just didn’t have the financial education to teach themselves; let alone teach their children.
If there is any one most important step towards having a handle on your money; creating a budget is really the first essential step to begin saving money. A budget tells you where money is going and you can then begin to tell your money where to go. It’s a good thing to have financial goals.
- Figure out your monthly income: Any and every dollar you get per month, whether that is commission, bonuses, 9-5 income, side hustle income, etc.
- Figure out ALL your monthly expenses: Subscriptions, groceries, Target and Starbucks runs, your rent or mortgage, etc. Doesn’t matter. Where is your money going? This will allow you to get familiar with your spending habits. Skim through your bank statements and get into a habit of tracking every purchase you make AS you make them. (Banks make mistakes too, so you can compare your statements to their statements).
- Make SAVINGS a part of your EXPENSES and make automatic transfers: Think of putting money away as another bill that must be paid. It’ll make saving money automatic and a way to have better money management. Extra dollars that aren’t going toward any kind of debt should be saved and put away. Think about it: money for emergencies, money for an all-cash paid for vacation, funding your God-given dreams, or even being able to be charitable without guilt. Automation will significantly decrease your impulse purchases because you have long-term goals.
2. Look at cutting, reducing, or DIY-ing expenses.
When my husband and I created our budget after I racked up some consumer debt, we found that most of our dollars were going to debt, gas, daycare, and eating out. We knew that we had to change our habits and mindset towards money in order to change our lives.
Cutting the fat
In order to gain control of your money instead of money controlling you, you have to get a little creative and a little uncomfortable. You’ll have to figure out how to live below your means.
Take a look at your non-essential bills, for example: Netflix, HBO, Disney+, Amazon Prime, and other subscription or streaming services may have to go until you can afford them again.
You can find most things on YouTube for free. You will find yourself bored for the first few weeks but then you’ll find comfort in less technology and find other fun ways to occupy your family’s time.
Another way to cut the fat? Can you or your partner step down from a job or manage a way to work from home to cut or reduce childcare? Childcare is one of the biggest expenses for many families.
Don’t beat yourselves up if you simply cannot or don’t even want to. This is just another great option that has saved my family thousands in gas costs and daycare costs. Once we cut out other non-essential bills, we saw that I could stay at home with my daughter and expectant daughter.
Negotiate
Another smart way to save money is to negotiate your phone bills, cable or internet bills, and car insurance for lower prices. Every year or so, call them up and see if you can reduce the monthly payments.
They may say that they cannot get you a lower rate any further than what it is; you’ll thank them for your time and tell them you will start shopping elsewhere. They may change their tune to try and keep you as a customer.
If this tip still doesn’t work, then actually shop around and see who has the better deal without sacrificing good service and a reputable product.
Do-It-Yourself
Finally, you can DIY a lot of different things in your life and could be one of the fun ways to save money. (Do the research on what you want to DIY, sometimes it’s cheaper in time and money to purchase it) There are many DIY-ers who have seen EXPENSIVE furniture they loved and found creative ways to make them.
Instead of spending $2,000 on a trendy piece, you could spend a day and $300 dollars on supplies and have a very similar look. Plus, you may have leftover supplies for any future projects. Thus, bringing the cost further down on something you made and is being used.
Cutting expenses doesn’t mean going without forever but what could you do with the extra dollars toward your goals as a family?
3. Ibotta (or any grocery rebate app)
If you are unfamiliar with Ibotta, to put it simply you shop through them at some of your favorite stores and receive cash back on everyday essentials. You can then convert your earnings into REAL cash or even gift cards for simply shopping through them on select items.
I love grocery shopping through them, seeing “You Got Cash.” for simply shopping through their link is a great feeling! I’ve gotten cash back on laundry detergent, body wash, hair products, and various food items
(Not a sponsored post and my lifetime earning is almost $100) I have been able to redeem my earnings for multiple gift cards and real cash deposits here and there.
For more information, see down below!
Psst: Shop sales and use coupons as well, you can virtually get items for free or even get paid to buy food or products if you stack the coupons right.
4. Buy used using Mercari (eBay, Facebook Marketplace, etc.)
I mentioned previously that I am an expecting second-time mama. I am also a mama that got rid of most of her baby items from the first kid. However, Mercari has saved me money on buying quality used baby products while not paying full retail prices.
It was one of the simple ways to save money on products that my child would outgrow quickly. We aren’t rich and don’t have much money so I wanted to make sure we were getting the best deals and have high quality baby items.
(Again, not sponsored) If you find yourself either expecting or just looking for items for your growing baby/toddler, this is another smart way to save money. You can get not only baby items but everyday items.
Clothes, shoes, accessories, and virtually anything people are no longer using and want to sell. Please factor in the cost of shipping when comparing it to retail prices.
There are some items that are not worth the shipping costs and may be better to buy from the retailer’s website instead.
BONUS: You can also sell your used and unwanted items for extra cash as well. Earning money while saving money is the ultimate goal. That money can go towards savings, debt, or a fun reward to help stay motivated.
5. Cooking at Home
YES! Cooking at home is still one of the smart ways to save your bank account even with groceries rising due to inflation. Having a monthly food budget will allow you to stay on top of food waste, force you to become creative with your meals, and is one of the ways to save money on groceries.
Grocery & Consumable Budget
- Create a monthly grocery and consumable budget: Adhere to it as if your life depended on it. (You could budget $100-$125 per person for the month. For example: In a four-person household that would be $400-$500 per month. You’ll have to play around with these numbers to make it work for your family’s needs and budget.) This would include diapers, cleaning products, paper towels, toilet paper, etc. Anything that you could get at a grocery store would factor into this amount.
- Create an inventory list: Using the pantry, freezer, and refrigerator items you already have.
- Create a meal plan: Then create a shopping list based on the items inventoried.
- Shop the sales: Make any changes to the menu if need be and buy generic as much as possible.
- Stock up: Begin to build up a stockpile of your favorite on sale foods and consumables. This will help avoid buying toothpaste or roast at full price later.
- Place your order through Ibotta or your favorite rebate app: Use the delivery or pickup function. (This tip alone has saved me money and time. I cannot shop for additional items that weren’t on my list because I can’t see them. Plus the added bonus of getting cash back on select items.)
In a constant state of rising prices and daily financial decisions to make, these tips are some of the best and easiest ways to save money. We have to become more mindful of where our dollars go to help combat inflation.
So you can live the life that you and your family deserve to live. These tips can help you save money and see more of your money working for you. The small change you make today will vastly improve your personal finances.
