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Today, fellow YBCer and financial analyst Felice is back with another useful finance post on ways to save extra money. If you have any tips of your own that you’d like to share, let us know in the comments below! XO Candace
I am so happy to be back with another finance post! My last one was about budgeting, and I thought this time around we could talk about saving - specifically small ways you can save more. Saving, like budgeting, is a skill and so I put together 5 ways to help you save extra money for whatever your financial goals are this year:
1. Only Use Cash
After you’ve set your budget, you know how much money you can spend per week. One way to know exactly what you’re spending, and to keep a cap on it, is to take out a certain, set amount of cash each week, and only use that. I find that if I am only using cash then I am less tempted to buy something extravagant or non-essential. When I am trying to save for something big, this is the trick I usually do because it’s an easy way to discipline yourself.
2. Meal prep
Meal prepping is a great way to save money as well as stay on top of your health and wellness goals. One reason why meal prepping is so important for saving is that more often than not, if I don’t have a lunch or dinner prepared, or even in the fridge to be made, I am most likely going to spend money on ordering something. Not only is this unhealthy in terms of my health and wellness goals, it’s also not saver friendly. Furthermore, if you feel like you can’t socialize because you’re meal prepping, have a game night and invite your friends over. Make it a pot luck and enjoy the food!
3. Cash in On Deals
Many of us have cash back deals from credit cards and if you do, make sure you’re using them. I know so many people that either don’t know if they have them or don’t use them to their advantage! For me, I can use my cash back deals against my balance, or have them sent to me as a check or gift card. Now, this does not mean that you should spend more to get your cash back...that’s counterproductive. But if you have these, make sure they’re not going to waste.
If you are in need of finding a new credit card, shop around and see which one gives you the rewards that you can actually use and help you towards your financial goals.
4. Pay in full
This is something that might not sound like you’re saving at all. Often times I pay for things on a monthly basis, but that’s not always the best for your wallet. Sometimes companies will give you a slight discount if you pay in full rather than monthly. For example, I save about $25 dollars by paying for my website in full rather than month to month. Since I am still going to use it for the year, I might as well save the extra money!
5. Coupons and Sales
This is something I need to work on more in my brick and mortar shopping, but always use coupons and try to buy clearance/on sale items. I used to work in retail and when we would put items on clearance, they were just slightly past the season. There was never anything wrong with the items and they were still in style. Coupons are easy for me to use online shopping, but bring them to the stores as well and use them. Many of us have smartphones and a quick google search can get you savings instantly.
I hope you find these quick tips helpful in your money saving journey. It takes time and effort and a little bit of preparation, but in the end, you’ll definitely get ahead financially. Small changes implemented over time can make a huge difference! If you have any specific questions about budgeting, saving or finance, please email me directly, or comment below!