Saving money isn’t always easy or fun, but it can be a great way to boost your income and improve your financial well-being.
Start by setting up a budget. Then, comb through your spending to identify areas that you can cut back on or eliminate completely.
1. Start With Your Budget
Creating a budget is a great way to stay on top of your spending and save for goals like paying off debt or saving for a vacation.
To get started, track your expenses — regular monthly bills (rent or mortgage, utility bills and car payments) plus quarterly charges — and subtract your income to equal zero. That will give you a clear picture of where your money is going, says Tonya Rapley, millennial money expert and founder of the financial education blog My Fab Finance.
2. Don’t Pay Interest on Your Credit Card
Credit card interest is a huge burden on a person’s finances. It can also be the cause of bankruptcy if debts pile up.
But you can avoid interest on your credit card by paying off the full balance every billing cycle. This will save you money in the long run.
3. Reuse Your Garbage
Reusing your garbage is a great way to save money and help the environment at the same time. It not only reduces the amount of waste sent to landfills, but it also helps to minimize your carbon footprint on the planet.
Reusing your items can be as simple as taking an old jar from the grocery store and using it to hold leftovers, or putting a plastic water bottle in the freezer and using it for storing ice cream. These simple ideas are a great way to reuse your trash and cut down on the amount of garbage you send to landfills.
5. Skip Happy Hour
Many people love to go out and get a drink after work with coworkers. It’s a great way to meet new people and have some fun.
However, if you’re not a big drinker or don’t want to risk overdoing it, there are plenty of other ways to have a great time with friends without breaking the bank. You can even host a potluck party and invite your coworkers to bring a dish to share instead of drinks.
6. Look for Great Deals on Craigslist
Craigslist is a great place to find some truly incredible deals. Whether you’re looking for a new bed or a pool table, people post all sorts of bargains on the site.
But be careful when you’re browsing. It’s easy to get carried away and pay more than you should.
7. Go on a Free Date
Having a date night doesn’t have to cost a fortune. It can also be incredibly romantic!
One of my favorite free date ideas is going on a hike. It’s an active date that’s perfect for couples who love the outdoors and nature.
8. Stay Home
The coronavirus pandemic forced many people to spend more time at home, and it also prompted them to take a hard look at their finances.
Certified financial planner Jen Dawson suggests reviewing your spending patterns to find the money-saving tactics that are most important to you. You’ll likely be pleasantly surprised with how much you can save, and which money-saving strategies actually work.
9. Grow Your Own Garden
Growing your own garden can help you save money by cutting down on trips to the grocery store and ensuring that you have fresh, healthy food on your plate.
It can also teach you to eat in season when nutrients are at their peak. It can also be a great way to connect with the outdoors and enjoy some time in nature.
10. Drink Tap Water
Drinking tap water can save you a lot of money. It’s cheaper than bottled water, and it contains all the essential minerals your body needs.
It’s also better for the environment than single-serve plastic bottles. So, instead of grabbing a bottle of water on the go, fill up your reusable bottle at home!