Saving money is more important than ever. It is important to have a rainy day fund that will be able to support you and your family for at least three months if needed. This might sound outrageous, but there are some things you can do to make this a reality. Learning how to be financially savvy can be hard for some, especially if you have no knowledge of finances or where to start. However, with these tips, you can be put in your desired financial position. Here are 10 must-know money-saving tips that will boost your savings.
This post is about money-saving tips
Clever Ways to Save Money
1. Have a Budget
In order to start planing to save for the future or an unexpected emergency, you must first create a budget. Make a list of all your expenses for the month. Doing this will allow you to see where your money is going. It is very important to keep up with how you are spending your money and how much. This will also let you see if you have a deficit or surplus of cash at the end of each month.
2. Make Saving a Priority
Just like you pay your bills every month, you should also make contributions to your savings account. It might be difficult to start doing this but this is where discipline is key. Have a designated savings account that you do not withdraw from. Come up with a reasonable amount that you will put into savings. This amount should not have a negative effect on your budget but should also help your savings account grow steadily.
3. Use Coupons
Using coupons is a great way to save money so you can put it into your savings. There are several ways to get coupons such as from sites, applications, and newspapers. Although the coupons might be for change or a few dollars, anything will help you toward your goal of saving.
4. Buy In Bulk
Buying in bulk will help you save money. When you buy in bulk you won’t have to constantly replace items in your inventory. Also items you buy in bulk tend to be cheaper and you get more for your buck. Having a membership with Sam’s Club or Costco offer other perks such as discounts on gas and early bird notice on sales.
5. Buy Generic
Everyone has their favorite brands that they can’t live without. However with the soaring of prices, you might want to try the generic version of your favorite brands. Name brand items cost more than generic brands. Most of the time you can not tell the difference between the two. Start trying out different generic brands. You might not want to go back to major brands you swore by.
6.If You Don’t Need it, Don’t Buy it
It is very easy to over spend. That’s why it is important to have discipline when handling your check book. If you know that you will be tempted to buy something you do not need, leave your money at home and only bring enough for what you actual need. If you have bought something and realize that you don’t need it, try returning it.
7. Cancel Subscriptions
Having several subscriptions can add up pretty quickly. Try to limit the number of subscriptions that you sign up for. Whether it is games or streaming services, try setting a budget for your subscriptions. Sometimes you might sign up for something and only want the free trial but forget to cancel it. Look through your bank statement and make sure you are not paying for a subscription that you are not using or don’t want.
8. Eat In
Although you might think going to the grocery store is expensive, takeout is actual more financially draining. Depending on the size of your family, you might spend close to $100 to feed everyone for one setting. With that type of money, you can buy meals for a few days. You need assistance purchasing food, apply for food stamps or SNAP in your state.
9. If You Don’t Need it, Sell it
If you have items such as clothes or furniture and you don’t need them, sell it. There is no point in holding on to items that are not being used and is taking up space. There are several ways to sale unwanted items such as Facebook Marketplace, Poshmark, or having a yard sale.
10.Pay Off Your Debt
Paying off your debt is a great way to save money. Although you will have to spend money, the quicker you pay off your debt, the quicker you can put that money in your savings. Avoid opening up lines of credit that you do not need. Pay off your credit cards and close them. You should only have one to two credit cards for emergencies only. Always pay in full for items and don’t use credit. Practicing these money saving tips will ensure that you do not go into debt or dig yourself deeper.
Teaching Kids About Money
It is never too early to teach your children the value of money. Here are some tips on how to teach kids about money:
- Set them up a savings account
- Reward them when they save
- Designate a contribution from their allowance to go into savings
- Monitor their spending
- If they want an nonessential item, make them earn the money for it