Wondering how to save money this year, when it feels like you’re already stretched to the max? We all know how tough it can be to stick to a budget, but there are a few simple things you can do to make a big impact on your savings. Here are five ways to get you started:
Budgeting Tips for Families
- Make a budget and stick to it. I know, I know, budgeting isn’t the most exciting thing in the world. But trust me, it’s worth it. By taking the time to sit down and figure out exactly where your money is going, you’ll have a much better idea of where you can cut back. And once you have a budget in place, try your best to stick to it. I know it’s not always easy, but it’s worth it in the long run.
- Cut unnecessary expenses. Take a good look at your budget and see if there are any expenses that you can do without. Maybe you don’t need that expensive cable package and can switch to a streaming service instead. Or maybe you’re eating out way too often and could save a ton of money by cooking at home more. Every little bit helps!
- Shop around for the best prices. Don’t just buy something because it’s convenient or because you think it’s the best deal. Take the time to shop around and compare prices to make sure you’re getting the most for your money. You’d be surprised at how much you can save just by doing this.
- Save on groceries. Groceries can be a major expense, but there are plenty of ways to save. For starters, try shopping with a list so you don’t impulse buy. You can also save by opting for generic brands and looking for sales and coupons.
- Look for ways to earn extra income. Whether it’s taking on a part-time job or finding ways to monetize a hobby or skill, earning extra income can go a long way towards helping you save more money. And who knows, you might even discover a new passion in the process.
If you’re looking for some extra help with budgeting and saving, there are a ton of great apps out there that can make the process a lot easier. Here are two of my top recommendations:
Apps to Save Money
- Mint: Mint is a super popular budgeting and finance app that’s totally free to use. It helps you track your spending, create a budget, and save more money. You can connect all of your bank accounts, credit cards, and bills to get a complete picture of your finances. Mint will even send you alerts if you’re overspending in a particular category or if a bill is due.
- Acorns: Acorns is an investment app that helps you save and invest your spare change. Whenever you make a purchase, the app rounds up the amount to the nearest dollar and invests the difference. It’s a really easy way to start saving and investing without even thinking about it. Plus, the app has a bunch of great resources to help you learn more about investing and growing your money.
Both of these apps are user-friendly and can help you get a better handle on your finances in the new year.
Cutting Expenses as a Family
One way my family has been able to cut expenses is by canceling extra memberships and services that we don’t use or need. After reviewing our monthly bank statements we found lots of things we pay for and forgot about. Gym memberships, music and streaming services, and all those sneaky memberships that renew automatically… they add up! We also shopped around for better deals on things like insurance and phone services, which ended up saving us quite a bit each month.
Another way we’ve cut back is by reducing our dining out and travel expenses. Instead of going out to eat all the time, we’ve been cooking at home more and packing lunches for work and school. And while we love to travel, we’ve been opting for cheaper options like camping or road trips instead of pricey flights and hotels. These small changes have added up and have really helped us save more money.
Ways to Save on Groceries
Eating less meat is a great way for families to save on groceries. Meat can be expensive, so switching to meatless meals a few times a week can really make a difference. Adding more bulk with pasta and rice is another way to stretch your food budget further. These staples are cheap and can be used in a variety of dishes to add more substance to your meals.
Switching to off-brand products is another way to save on groceries. While it might be tempting to always buy the name brand items, generic or store brand products can be just as good and are often a lot cheaper. Give them a try and see if you can taste the difference. By making these small changes to your grocery shopping habits, your family can save more money and still enjoy delicious meals.
Earning Extra Income as a Family
There are so many creative ways for families to earn extra income. One option is to start a small business or sell handmade crafts or goods online. You can also look for part-time or freelance work that allows you to work from home and set your own schedule. If you have a hobby or skill that you’re passionate about, you can try monetizing it by teaching classes or offering services.
Another option is to rent out a room on Airbnb or get involved in the sharing economy by renting out your car or other assets when you’re not using them. You can also look for ways to save money and then reinvest those savings into something that will earn you a passive income, such as a rental property or a dividend-paying stock. By getting creative and thinking outside the box, your family can find all sorts of ways to earn extra income and boost your savings.
How to Save Money in 2023
By implementing just a few of these simple ideas, you’ll be well on your way to saving more money in the new year. Good luck!