15 Ways You Can Save More Money This Week
As a mom who’s also the main budget planner for our family, I’ve picked up plenty of tricks to keep our finances in check. It’s not always easy to manage money when you’re looking after a family, especially with thes inflated prices, but I’ve found some reliable ways to save that don’t feel like a sacrifice. In fact, I’d even say it’s been easy!
From smart shopping to simple daily changes, these tips have really helped us stretch our budget. If you’re feeling behind on your savings goals, here are 15 tried-and-true strategies I recommend to get back on track this week.
Plan Meals Around Sales
Looking to trim your food budget? Try basing your weekly meal plans on what’s on sale at the grocery store. Flip through the sales flyers or check online deals to find the best prices, and then choose recipes that use those ingredients. This method not only saves money but also spices up your meal routine with some new dishes. It’s a smart way to eat well and save cash at the same time!
Wait Before You Click
Are you tempted by online shopping deals? Put a 24-hour hold on purchases over a set dollar amount. This waiting period helps control impulse buying. A lot of times, if you wait a day (or a few days), the impulse to buy fades, and you might decide you don’t need the item after all.
Take Advantage of Those Company Perks
Did you know your workplace could be a goldmine for savings? Dive into your company’s employee benefits. There might be hidden deals on things like travel, movie tickets, or even car maintenance. Plus, make sure you’re not missing out on major savings like a 401(k) match or reduced rates for gyms and daycare.
Hide Your Credit Cards
Trying to save more? Keep your credit cards out of sight. It’s way too easy to swipe a credit card because it doesn’t pinch your wallet right away. By using cash or a debit card, you feel the impact immediately, which can help curb those impulse buys. Stashing your credit cards might just save you from a mountain of debt later.
Weatherproof Your Home
Want a simple way to save on your energy bills? Start by sealing up any cracks, holes, or gaps in your home where air might be escaping. Don’t overlook the little spaces under exterior doors—adding weather stripping or adjusting the threshold can make a big difference.
This is a weekend project that pays off by keeping your home warmer in the winter and cooler in the summer, reducing your heating and cooling costs.
Cancel Unused Subscriptions
How many subscriptions are you paying for that you barely use? It’s easy to sign up for services and forget about them. Take a moment to review your subscriptions and memberships. If you’re not actively using them, cancel them. You might be surprised how much you can save. I found nearly $100 a month in savings by cutting out services I no longer needed. It’s like giving yourself a raise without any extra work!
Stop With the FOMO and YOLO Spending
It’s fun to live in the moment and try new things, but if you’re using “FOMO” (fear of missing out) or “YOLO” (you only live once) to justify every purchase, your wallet might need a break. Try to balance living for today with planning for tomorrow.
Before you spend, ask yourself if it’s really worth it or if you’re just caught up in the moment. Sometimes, saying no can be just as fulfilling as saying yes, especially when you see your savings grow.
Boost Your Savings with Higher Interest
Interest rates are on the rise, and it’s a great time to make them work for you. Think about opening a high-yield savings account this week to take advantage of these higher rates.
For example, with Betterment’s Cash Reserve, new customers can enjoy up to 5.50% variable APY for three months, with a base rate of 5.00% afterward. That’s a huge contrast to the national average of just 0.46% APY. By switching, you could turn what’s sitting in your traditional savings into much more over time.
Set Up Automatic Savings
Make saving effortless by automating it. Once you’ve got a high-interest account, arrange for a part of your paycheck to go directly into savings. Whether it’s weekly or monthly, setting up automatic transfers through your bank’s app or website means you’re constantly building your savings without even thinking about it. It’s like putting your savings on autopilot.
Tweak Your Budget
Need to boost your savings? Start by reevaluating your budget. Look for things you might not need, like seldom-used subscriptions or that extra coffee run. One big saver? Cooking at home instead of eating out. By spending less on these extras, you can live more modestly and shift more money into savings.
Switch to Aldi for Groceries
Want to cut down your grocery bill? Try shopping at Aldi. Many folks stick with Walmart, but I found that switching to Aldi shaved about $300 off our monthly grocery spending. Aldi isn’t just affordable; they also have a good selection of organic and grass-fed options if you’re into quality.
Every time I’ve tried going back to other stores, I ended up spending more. So if you’re looking to save, Aldi might just be your best bet.
Find Ways to Earn More
Boosting your savings isn’t just about cutting expenses—earning extra can make a big difference, too. Consider investments with steady returns to build wealth over time, or open an online brokerage account to get started.
Not into investing? Look into part-time jobs or side hustles. Whether it’s driving for Uber, selling products, or using your professional skills as a consultant, there are plenty of ways to use your free time to earn more. It takes extra effort, sure, but it’s a solid move if you’re serious about growing your savings.
Stash Extra Cash into Savings
Whenever you come across unexpected money, make a beeline for your savings account. This might be from a paid-off loan, a bonus at work, or even a rebate. Instead of spending this extra dough, save it. This practice is a powerful way to fast-track your savings goals, turning every financial gain into an opportunity to push your savings further.
Boost Your Retirement Savings
Got a 401(k) or an IRA? Think about upping your contributions. In 2024, you can put up to $23,000 in a 401(k) if you’re under 50, with an extra $7,500 allowed if you’re over 50. For IRAs, it’s $7,000 under 50, and $8,000 over. These contributions lower your taxable income and let your savings grow without the tax hit until retirement.
Can’t max out? Try to at least match your employer’s contribution. It’s like getting free money! This way, you’re ensuring the most growth for your retirement fund while you manage other savings.
Pack a Lunch
If you’re spending $10 every day on lunch, switching to packing a lunch could save you big—about $1,820 a year! That’s a hefty sum that could jumpstart an emergency fund or beef up your retirement or college savings. Plus, bringing your own lunch lets you control what you eat and save money—double win!
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