According to a study conducted by MagnifyMoney, nearly 30% of all Americans have less than $1,000 in savings. If you are part of this statistic, you are probably wondering how you can cut back on your everyday expenses to grow your savings this year. The good news is that it won’t require you to master the use of a tax calculator (although helpful), or live like a peasant, but you will have to make a few changes.
While it can seem impossible with the cost of living climbing 14 percent for the last three years, there are some changes you can make to help you put some money away for a rainy day. Here are five everyday budgeting tips you can follow:
Save Your Loose Change
If you tend to carry cash with you and spend every last cent, it is time to revive the piggy bank! While saving up your coins may seem like it’ll get you nowhere fast, if you start to get into the habit of putting away every dime or quarter each time you go shopping, it will soon add up over time. If you don’t have a piggy bank, you can simply use a jar or even purchase a tin from a dollar store that can only be opened with a can opener! This way, you won’t be likely to delve into it from time to time.
Look for Discounts and Rewards When Shopping
A lot of stores these days will ask you to sign up for their rewards scheme, and they are usually worth taking advantage of. If you regularly shop in one particular food store, why not see if you would be better off shopping somewhere else that offers vouchers after you have spent so much? Whatever you earn in vouchers will shave a little off your next grocery bill, and you can put this saved amount into your savings account.
You can also look for veteran discounts and all sorts of other programs that you might qualify for.
As well as loyalty programs, you can look for reviews and discount codes for stores that sell custom clothing, skincare products, pet supplies, diapers, and anything else you might need. Such an approach ought to help you cut costs on your everyday items and beyond.
Round Down Your Bank Account
How many times do you log into your online bank account to check your funds? If you make it a habit to transfer money each time you log in, think how much you can save! This doesn’t mean you have to leave yourself short each month, but if you can round down your balance and transfer the odd amount, you probably won’t even notice the difference. For example, if you have $472.91, simply transfer the $2.91 to leave you with $470. Even if the odd amount is as little as 20 cents, you are also making yourself keep better a check on your money.
Allocate Days for No Spending
This could be once a week or once a fortnight, and you can make it even more regular once you get used to it, but the idea is to have a day where you aren’t allowed to spend anything. If you choose to make it a no spend day on your day off, try to come up with creative ways to keep busy without spending any money. Look for free activities you can do in your local area, or perhaps finally get around to tackling that to-do list you made at the beginning of the year. The idea is to not spend anything unless it is absolutely necessary e.g. transport to work, bills, etc.
Sign Up to a Cashback Site
If you are an avid online shopper, did you know that there are websites and apps that exist which give you cashback for using the exact same sites that you usually shop at? Have a quick Google to see whether your favourite sites are part of a cashback scheme. All you need to do is visit the cashback site first and click on the relevant link to the store you intend to shop at. You will receive a percentage back on any purchases you make.
As you can see, there are plenty of ways to get saving!
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