Plan Out Your Meals
Set aside time each week to plan your meals for the upcoming week. This includes lunches and dinners. Not only will this make your grocery shopping trip easier, you'll also avoid buying more than you need, which will reduce the amount of food waste at the end of the week. Plan to bring leftovers to work for your lunches and simply buy a little extra for your dinner meals. The urge to eat out at restaurants or fast food places will be greatly reduced when you have a plan in place and good food waiting for you at home.
Commute a Different Way
How do you get to work in the morning? How do your kids get to school? Do you live close to any co-workers you'd be willing to carpool with? Creating a carpool schedule so that each person takes an even (or close to even) number of turns driving to work, or dropping the kids off at school, every day can help you save on gas and can reduce wear and tear on your vehicle. If you live along a school bus route, have your kids take the bus if possible so that you don't have to make multiple stops each morning. It may be a small change in your daily routine, but every little bit helps when you're trying to save money.
Take Advantage of Deals
Coupons, discounts, and packages can serve as a great way to save some money when you're out in town or taking a vacation. Stay up to date on special dining deals at your favourite restaurants, use coupons on shopping trips whenever possible, and be on the lookout for hotel/travel packages when booking your vacations.
Stash Away Extra Funds
Congrats on that bonus you've worked so hard for. What are you going to do with it? If you're really serious about your savings goals, then you'd be wise to deposit it into your savings account and forget that it even exists. Or, if you're trying to climb your way out of debt, use it to pay off some extra on your student loans, mortgage, or credit card bills. Also, when you get your income tax refund in the spring, apply it to that debt or stash it away. Out of sight, out of mind, and there for a rainy day if need be!
Start an Emergency Funds Account
We hope that it never happens, but sometimes a rainy day comes along and you need to dig into your savings to cover the cost of an unfortunate situation. Whether it's unexpected medical bills, replacing your hot water heater when it breaks, or getting your car repaired after you hit a deer, having emergency funds set aside for these types of situations is important for every household. It has been said that you should have at least three months of living expenses in your emergency fund, but that can sometimes be difficult for those just starting out. No matter how much you have saved for a rainy day, it will come in handy if the occasion ever arises that you need to dip into it.
Refinance Your Loans
When was the last time you compared rates for your home, vehicle, or student loans? Refinancing might be a great option that could save you tons of money down the road. Consider refinancing to a lower interest rate so that you pay less on your loan balance or consolidate high-interest-rate debts into lower-interest-rate debts. It's always important to communicate with your lenders and also see what other programs are out there that can assist with getting things paid off sooner. The shorter the term of your loan, the less money you will ultimately pay in interest over time.
Create Alternative Sources of Income
Whether it's getting a part-time job, starting a business, or having a garage sale to get rid of unused items, there are numerous ways you can create alternative sources of income.
Start thinking creatively and you could easily increase your monthly contribution toward savings.
We hope these tips helps you get started with your saving journey and keeps you on track with little to no difficulty.
❤️,
Made for More.