Money seems to come and go, and more than ever it seems harder for a great majority of us to get by. Between house payments and school supplies for the kids, it can really add up. Plus, if something unexpected happens (like a medical emergency) you might be in a pitfall of debt that’s hard to get out of.
Therefore, it’s important to make sure you have a safety net in case of an emergency or unexpected situation. In fact, it’s recommended that 20% of your income should go into savings. This may seem like a lot to some, especially those with difficult circumstances, but these money saving tips can help you stay within your budget.
Coupon.
Why pay full price for an item if a retailer is offering a sale on certain goods? Couponing is a great way to save money, especially with the price of food on the rise. You can typically find them in mailings and newspapers, however, if you don’t have these services many libraries offer free coupons for patrons to take.
Speaking of libraries…
This is one of our favorite money saving tips! Many libraries offer services such as, printing, scanning, copying, and internet use. If you don’t have access to a computer or printer at the moment, this can be a great way to save money. Plus, some larger libraries even offer makerspaces. Makerspaces are spaces for anyone willing to learn new tools such as, sewing, yarning, 3D printing, and even circuitry for free. This can come in handy around the home when something breaks.
Cut what you don’t need.
Take a look at your current monthly bills – especially any subscription based services, like your cell phone, Netflix, etc. Do you really need a mobile phone and a home phone? Do you really need the highest packaged cable plan? Probably not, and cutting services that aren’t necessities can save you hundreds of dollars that could be put back into your savings or other important bills like water and heating.
Cook at home.
It’s understandable that eating out can be convenient, especially when you have a busy schedule. However, it really does add up, even if you eat out once a week. Plus, it’s much healthier to make your own meals! Save your money and plan your meals ahead of time for the week.
Coffee counts, too.
If you need your morning fix, stop spending money on a cup out everyday and home brew it instead. The money used to buy that coffee at Dunkin adds up and if you’re spending $3 dollars every 5 five days, that’s $15 dollars a week that could be saved. Instead invest in a home coffee machine and make a cup at home.
DIY it.
With the power of the internet, and video platforms like YouTube, there is an endless resource of free knowledge at your disposal. From learning how to change the brakes on your car to re-purposing an old broken desk, it’s good to be resourceful. Plus, it’ll save you a lot of money in the long run.
Check out some DIY blogs or “life hacks” on Pinterest, as well. Pinterest provides many projects you can involve the whole family in.
Of course, there are certain things you should leave to an expert such as electrical work and heavy construction. However, smaller projects should be okay to handle, just remember to wear safety gear if need be.
Re-shop your insurance policy.
Does your current carrier offer a re-shopping option? If not, the agents here at Paradiso Insurance can help you find a cheaper alternative to a policy you already have.
Of course, if you’re a current customer of our insurance agency, you still can ask to have your policies re-shopped as well. What is re-shopping exactly? Well, because our insurance agency works with a variety of carriers, our agents can find you the most affordable option for your budget. So, the next time you’d like to save some extra money, don’t be afraid to give us a call!
Get thrifty.
Don’t assume that because something is used it’s of poorer value or dirty. In fact, many thrift stores such as, Goodwill and Savers, offer a variety of home goods, furniture, and clothes for the family at very discounted prices. You might be able to even find some expensive brand name goods for a very affordable price. Clothing, such as dress pants and slacks, are normally very expensive otherwise, so see where you can save some money for your family.
Create a budget tracker.
Whether it be one on pen and paper or a mobile app for your smartphone, make sure you keep track of your budget and expenses each month to meet your goals and physically see where else you can save money. Additionally, budget apps for your phone will even alert you when you’ve overspent or met your budget.
These are just a few of our favorite money saving tips. Do you have any strategies you use to save money? What are some things you can do to improve your savings? Let us know in the comments below!