If you’re like most Americans, you may have financial debt looming over your head. Whether it’s from medical expenses, an auto loan, or mortgage, debt can make it hard to enjoy your hard earned money and even worse, can put a tough spot if a financial crisis occurred.
However, with these these money saving tips you’ll be able to combat your debt and create a healthy nest egg to protect your future in no time at all!
Establish a budget.
First and foremost, if you really want to focus on saving money at home, it’s important that you establish a budget. It’s great to have a goal to save more money, but if you don’t have budget in place, it can be much easier to make impulsive spending decisions.
A good budget can help you track and analyze your spending, prepare for the future, and meet certain financial goals. To get started, try implementing the 50/30/20 rule, where 50 percent of your income is spent on your “needs” like food, housing, insurance, and utilities, 30 percent is spent on your “wants” such as eating out, shopping, memberships, or hobbies, and finally the last 20 percent of your income goes to savings or any type of debts you currently owe. Of course, everyone’s budget and financial needs will vary, but the 50/30/20 rule can help you build a stepping stone to financial freedom.
Eat at home.
Eating out can be convenient when you have a busy schedule, but it’s an expensive habit to have when you’re focused on saving money at home. In fact, opting to eat at home versus a restaurant can save you around $36 per week, and that money could be used to help build a healthy savings account or go towards eliminating debt.
Now you certainly don’t have to avoid eating out for the rest of your life, but if it’s become a part of your normal routine, you may want to consider scaling back. If you really can’t find time during the week to make food at home, plan your meals ahead of time and use the meal prep method. This method is great for people with limited time and those looking to save money at home. So, skip spending money on take out, and invest it into food that you can consume during the week!
Ditch the coffee, too.
You don’t necessarily have to stop drinking your morning cup o’ joe, but if you have a habit of making a Dunkin’ or Starbucks run every morning, it may be time to rethink how you get your caffeine fix. On average, adults spend about $11 per week on coffee, and while $11 may not sound like much, it certainly adds up over time and can make saving money at home an even bigger challenge.
Instead of stopping for your morning coffee, invest in a coffee maker and make it yourself at home. A basic coffee maker doesn’t have to be expensive and it will quickly pay for itself.
Review your insurance policies.
Taking the time to review your insurance policies on an annual basis gives you the opportunity to make sure that your still receiving the best coverage at the best possible price. At Paradiso Insurance, we work with multiple insurance carriers to find our customers discounts and other savings that may not have been available otherwise. While we’re reviewing your policies, we’ll also be able to see if you have any gaps in coverage that are leaving you vulnerable.
To see if you can save on your commercial or personal insurance premium, don’t be afraid to give us a call! Our licensed insurance agents will be more than happy to help you.
Couponing is one of the easiest ways to start saving money at home. Whether you need to purchase groceries, clothing, or home goods, coupons can help you save money on necessities for the whole family. Coupons can be found online, in mailings, and even the newspaper, so before you shop make sure to do a bit of research.
As a forewarning, you shouldn’t spend money just to use the coupon, only purchase what you actually need. Sales and coupons are great, but you have to be careful you aren’t spending more than you need to, to get a discount.
Cancel subscriptions that you don’t use or need.
Paying for a monthly subscription has become quite commonplace in the digital age, and while the cost seem inexpensive per month, it certainly adds up. In fact, Americans spend about $2.1 billion dollars per month on streaming services, and that doesn’t include any other memberships they may have.
Therefore, it’s important to take a look at what you’re paying for, what you use, and what you actually need.
For example, if you aren’t taking full advantage of your gym membership, cancel it. If you only use Netflix during special occasions, ditch the streaming service. If you own a smartphone and a home phone, you probably don’t need both. If you rarely purchase items on Amazon, then it’s wise to avoid getting a Prime Membership. Make a list of all your monthly memberships and figure out which ones you’re not taking full advantage of.
Utilize community resources.
Speaking of cutting what you don’t need, your local community resources can provide an easy way to save money at home. Public libraries offer free access to the internet, inexpensive printing services, and allow media such as books, magazines, DVDs, CDs, games, and more to be loaned for free for a certain period of time. Many libraries even offer free or discounted passes to museums, zoos, and other family-friendly activities, which can be a big help for parents who are trying to save money at home.
Additionally, Makerspaces have been actively popping up in communities across America and are community run spaces that provide a way for anyone to learn new tools such as, sewing, yarning, 3D printing, woodworking and even circuitry for free. This can come in handy around the home when something breaks and needs to be fixed.
Check out your local thrift store.
Thrift stores are a great option when you’re focused on saving money at home! Remember, just because the items are used doesn’t make them any less valuable. In fact, many thrift stores such as Goodwill and Savers offer a variety of home goods, furniture, and clothing for your entire family at very discounted prices. You might even be able to find some of your favorite brands in like-new condition – some with the tags still attached!
So, if you’re looking to have a bit more in your savings account, keep these tips to save money at home in mind, and for more money saving tips, click the button below.