Drastic times call for drastic measures. Are you feeling the crunch from the current economic situation we’re facing, or do you just want or need to save more money?
If so, we’re here to help. Here are some great money-saving hacks that will help you save money in every area of life.
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How to Save Money Like a Rockstar
These surprising and unconventional ways to save money might sound new to you–and some of them won’t. But they’ll all help you keep more money in your pocket.
1. Save Money by Starting Off Right
When I first got an itching to learn how to save money in 2013, I had no idea where to start.
My (now ex) husband and I had tens of thousands of dollars in credit card debt. We had to get our financial crap together.
After several failed attempts, I finally found success with money. But I learned that in order to make saving money a streamlined process, you’ve got to start off right.
That means doing TWO things.
First. MAKE. A. BUDGET.
You absolutely need to know how much money you’ve got coming in each month (net dollars).
And you absolutely need to know what your monthly expenses are. I understand that at first, you’ll probably need to estimate your grocery costs and other fluid expenses, but it’s fine to start there.
You’ll figure out concrete numbers in this area soon enough.
Second. Track your spending. Yes, write down every dime you spend, every time you spend it.
This might seem tedious and silly. However, I will tell you that tracking spending changed my financial life much more than any other step.
Why?
Because it helped me see in real-time where my money was going. And I could see immediately if I was spending more than I wanted to (or could afford to) in a particular area.
My big spending fail back in the day was eating out. I was (and still am) a busy homeschooling mom. I had four kids under the age of 6 and I felt I had to eat take-out and restaurant meals frequently just to keep my sanity.
However, I was spending more on restaurant meals than we could afford. Once I started tracking my spending, I could see real fast if I was getting close to reaching my budgeted limit for eating out.
And my money situation began to change.
SO, do those two things before you do anything, and establish a firm foundation for yourself and your money.
Then start implementing these money saving hacks.
Save Money on Groceries
I feed my family of five on less than $500 a month. AND we eat a largely organic diet. Here are some of our tips and tricks.
1. Make a Weekly Menu
My mom did this when we were kids and struggling for money. Every week, she’d write down seven dinner ideas. On a separate list, she’d write down everything we needed to buy to make those dinners.
Then she’d add other stuff to the list, such as milk, bread, cereal, etc. Doing this ensured we always had a meal to make and could avoid the “nothing to eat” runs to restaurants.
2. Get to Know and Memorize Prices
Know the prices of things you buy regularly. That way you’ll be able to easily spot a deal from a rip-off.
3. Shop at the Cheapest Stores
What are the cheapest stores near you? We do the majority of our shopping at Aldi and Walmart.
4. Shop the Sales
When you’re doing your menu plan and grocery list for the week, always use the sales as a guide.
If chicken is on sale, plan several chicken meals for the week and stock up if you can afford it and have a deep freezer.
When you find regular use items such as shampoo on sale, stock up a bit if there’s room in your budget. Even buying one extra will save you money.
Bonus tip: Hit the bakery clearance rack at your grocery store to get bread and other necessities on sale. Then store them in the freezer if you don’t need them right away.
5. Don’t Waste Food
So much of our money waste comes from food waste. Studies estimate that Americans waste as much as 20% of the food they buy.
If you’ve got a $1,000 grocery budget, that’s $200 a month you’re throwing away.
Only make what you’re sure you’ll eat. And have leftover nights as a dinner menu option to be sure you’re wasting less food.
6. Cook From Scratch
We make almost everything from scratch, from lasagna to baked goods. Not only does this save money, it’s usually the healthier choice too.
This includes staying away from prepared foods like grated cheese too. It’s often cheaper to grate your own.
7. Use Money Saving Apps
Apps like Ibotta can save you huge money on groceries–IF you are only buying what you’d normally buy.
If you’re buying extravagances you wouldn’t normally buy, you’re liking spending more on your groceries than you would normally.
8. Double Dip
Here’s another money-saving tip. Use your leftovers to make another meal. We call this double-dipping.
For instance, let’s say you bake a whole chicken for dinner, and serve it with potatoes and carrots. For the next night’s dinner, boil the chicken carcass for a half-hour, take it out and remove the meat, adding it back into the pot.
Add some celery and onion and boil for another half hour. Add the carrots from the night before, add some salt and pepper and add some boiled noodles.
There’s your dinner for the following night. You can do this with just about any basic meat meal. Leftover taco meat can be used for taco salad or a Mexican hot dish.
Leftover pot roast can be used for beef stew or beef stroganoff.
9. Try Generic Brands
We always experiment with generic brands to see if we can save money. If the taste is bearable, we keep them.
If it’s not, we go back to the brand name stuff.
10. Grow Your Own
Plant a garden and only plant the types of fruits and veggies you buy most often. Plant your favorite spices and keep them on your kitchen window for easy use.
Save Money on Utilities
Here are some ways you can save money on utilities you use at home.
11. Be Your Parents
Remember when you were a kid and mom or dad always yelled at you to turn a light off when you left a room?
Be that guy.
12. Keep a Close Eye on Water Consumption
It’s so easy to just let the water run. After all, we don’t have to walk 10 miles to get it and carry it back in a bucket on our head like many people do.
Try this: pretend you’re on a huge water shortage. Make it a game and try seeing how very little you can use to get through the day.
Also, keep track of the tier limits on your city water supply, and try and keep your water consumption in the lowest tier amount.
13. Keep an Eye on Peak and Non-Peak Hours
Many electric companies have peak and non-peak electricity rates. Do high-consumption electricity usage tasks like laundry and showering during non-peak hours only.
14. Wash All Your Clothes in Cold Water
I promise they’ll still be clean. 🙂 And you can make an exception if you’ve got a really dirty load that needs extra help.
15. Get a Smaller Trash Bin
See if your garbage company offers a smaller, cheaper trash bin. Then find ways to reduce waste in your house.
Ways to Save Money on Other Stuff
16. Cancel Your Subscriptions
Gym memberships, cable subscriptions, magazine subscriptions: they can all go. Get rid of them.
Go hiking at local parks or walk in your neighborhood. Do weight training at home using body resistance exercises.
17. Stop Eating Out
Instead, make your favorite restaurant meals at home. This Better Than Olive Garden Alfredo sauce is one of our very favorites.
18. Go on a New Clothing Ban
Make yourself a promise that you won’t buy any new clothing for a period of time, such as six months.
(new underwear and socks don’t count if they’re really needed)
If you really need new clothes, check out your local thrift store.
19. Give Services or Time Instead of Physical Gifts
Do you have a birthday or other gift you have to get? Give the gift of time or service. Spend time doing a cheap or free activity together.
Or do an act of service for the loved one such as painting a room in their house.
20. Specialize in At-Home Entertainment
If you’re looking for something to do, find some things to do at home.
- have a baking day
- hold a game night
- have a movie night
- draw, paint or color
- rearrange a room
- read books together
- play outside
- build a fort out of furniture and blankets
- play tag or hide and seek (yes, adults too)
- play card games
- reminisce over old photos and videos
21. Sell Your Stuff
Just because you’re going frugal, it doesn’t mean everyone else is. Go through your closets and sell your stuff on Craigslist or eBay.
22. Get Rid of Your Debt
Use the money you save with these tips to pay off your debt. Paying off your debt means no more monthly payments and no paying interest to banks.
23. Cut Down on Transportation Costs
Stay home. Walk to where you need to go. Or take the bus. Carpool. Perform regular maintenance on your car like oil changes and ensuring tires are inflated.
Practice hypermiling to keep gasoline costs down. Shop around for insurance. We use GEICO.
24. Switch to a Cheaper Cell Phone Plan
I’m always amazed at how much people pay for cell phone service. We’ve been with Republic Wireless for four years now, and I pay $125 per month for 5 phones with 1GB of data each (except mine which has 2BG of data).
That price includes taxes and everything. Check around for cell phone service in your area and try and find cheaper rates.
25. Go to the Library
Don’t buy books: instead, go to the library or check online for ebooks you can download.
26. Repair, DIY or Buy Used Instead of Buying New
You can save SO much money by repairing on your own or buying used when you need to replace something. Even hiring a repair person can be cheaper than buying new.
Don’t know how to repair on your own? Find a YouTube video and learn. I helped my son fix his speech impediments with a YouTube video by a speech pathologist. Cost? $0.
27. Save Money at Work
Do you spend money at work? When I was working outside of the home, my main expenses were snacks and lunches at restaurants and stores.
If you spend money on eating out at work, try bringing leftovers or packing a lunch from home. Bring your homebaked muffins or other snacks for breakfast and snack time.
Save money on work transportation by carpooling or taking public transportation.
28. Ask for Discounts
Whenever you buy anything substantial, ask if there’s any way you can get a discount.
For instance, I bought a small chest freezer this week. There was only one left in the size I wanted, and it was a floor model.
“Would you give me a discount since it’s a floor model?” I asked. “Well, we just put it out on the floor yesterday,” he said.
I waited before I responded, but he responded first. “I suppose I could give you $20 off, would that do?”
I said “yes” to the 11% discount and walked out a richer woman than I would have had I paid full price. It never hurts to ask for a discount. The worst they can say is “no”.
29. Cool it on the Extras
Alcohol, cigarettes, your nightly bowl of ice cream: they’re all extras you can do without–for your health and for your pocketbook.
If you aren’t willing to quit, at least cut down dramatically.
30. Go on a Spending Freeze
Here’s another fun game you can play on your own or with your family. Decide on a certain amount of time when you won’t spend one dime you don’t absolutely have to spend.
Pretend you’re living through the Great Depression. Or that you literally don’t have any money.
Find creative ways to get what you want or need. Check the free section on Craigslist. Ask family and friends if they have what you need and want to give it away or trade for something else.
The goal is to spend as little as humanly possible to live.
Summary
These are just some of the ways you can save money and have more cash on hand, especially during tough times.
Try them and see how much you can save.
What are your tips on saving money? Share in the comments section.