How to Save Money in 5 Easy Steps
Whether you are trying to save for an emergency, pay off debt, or just getting your budget under control, saving money and cutting expenses should be the first step. There are lots of ways to save money and here are 5 ways to save money today.
No Spend Challenge
One way to save money is to do a “no spend challenge”. This would consist of using up everything you already have and not buying anything, including groceries. This will take some planning obviously but the goal is to clear out the pantry and freezer and use up all that you already have. There may be a few things that you may forget and need to grab at the store but it shouldn’t be much.
Make a List & Meal Plan
One way to save on groceries is to make a meal plan and a list. A list is good when going to the store for anything really but it is essential when going to the grocery store. I was able to save $600 a month by meal planning and making lists. I only buy what is on the list and use a calculator while I shop. This has helped me cut my budget in half. My budget includes household supplies and dog food and I am still under budget most months.
Buying used is a great way to save money on cars, clothes, toys, furniture, and numerous other things. Most people buy things and don’t use it or don’t use it very long and you can get a great deal if you take the time to look. We were able to save hundreds and technically thousands buying a used playhouse bunk bed on Craigslist. I found one for sale on Facebook Marketplace then looked on Craigslist and found the exact one $400 cheaper. We saved over $2500 buying it on Craigslist compared to buying it new.
Studies have shown that when people use credit cards they spend on average 12%-18% more than using cash. Cash is harder to give up than swiping a card. Not to mention that you save money by not paying interest if you carry a balance on your credit card.
Another way to save money to avoid the temptation of spending money. A couple of ways to do this is to unsubscribe from emails, avoid going to stores, and avoiding impulse buying. It’s a lot easier to not be tempted if you aren’t getting the “save 50%” emails and coupon codes several times a day.
There are numerous other ways to save money, what are some ways that you save money?