About 65% of Americans aren’t saving any money at all. Those who are saving money aren’t putting enough away to save for retirement.
It’s more important now than ever to save money on everyday expenses. If you’re out of a job and stuck in quarantine, cutting costs can make a big difference. Thankfully, cutting expenses to the bone isn’t difficult.
Here are five amazing hacks that can teach you how to cut the cost of living expenses.
With these tips, you can save instead of spending! Start building your emergency fund with these tips.
1. Plan Meals
When cutting expenses to the bone, one of the easiest strategies is to plan meals ahead of time. Make a list of dishes you want to cook for the week. Try to find dishes that share overlapping ingredients.
Planning your meals ahead of time will help you save money. Since you already have food in the fridge, you’re less likely to eat out.
Shopping with a list in hand and a hard budget will help you avoid impulse buys at the store, too.
Meanwhile, you’re also cutting down on stress!
2. Use Coupons
The next time you head to the grocery store, make sure to have your coupons ready to go. Many stores have their own apps that include weekly deals, coupons, and more.
The next time you go shopping, time your trip based on what you need. Buy based on what’s available within that week or month’s coupons. Then, stock up.
Using coupons works for buying clothes, too!
3. Cut Paid Subscriptions
How many paid subscriptions are you balancing right now? The number keeps growing. For example, there’s Spotify, Netflix, Hulu, Amazon Prime, and box subscriptions like Purple Carrot and Birchbox.
You don’t need all of these prescriptions. Instead, cut out the nonessentials.
While you’re in quarantine, consider which subscriptions you aren’t using. For example, you can probably get rid of your gym membership for the time being.
When reducing the cost of living expenses, make sure to look at everywhere you’re spending money.
You might not even realize how many subscriptions you have!
4. Keep Track
Track all of your expenses for a month. Where is the bulk of your money going to? When cutting expenses to the bone, it helps to have a visual of where you’re spending your money.
Once you have a detailed list, give each category a budget. Common categories include transportation, rent, food, and entertainment.
Give each category a set budget and stick to it.
In the meantime, make sure to pay off your debts. Otherwise, you’ll never manage to save money. You can use tools like Debthunch to get started.
5. Buy Used
The next time you need clothing, books, or other items, consider buying used instead of new. Otherwise, try to restore what you have. That way, you can save and keep items you once loved.
Cutting Expenses to the Bone: 5 Tips for Saving Instead of Spending
Cutting expenses to the bone is easier than you might think! With these five tips, you can start reducing the cost of living expenses. Get saving with these tips!
Explore the Finance section of the blog today for more tips.