Reaching your financial goals can seem challenging, especially without the right resources. In order to reach your goals, you’ll need to have a complete savings account to back them up.
With the right hacks for your wallet, saving money can be possible with any budget! Some of them can be hacks you might have not even thought about before but will help build your savings to better reach your goals.
1. Cut Your Utility Bills: While it may be assumed that your utility bills are set in stone, there is more room to bargain than you might think. Controlling your utility costs can be easy through a few simple hacks:
- Install low flowing shower heads
- Set your thermostat lower in the winter, and higher in the summer
- Seal the cracks around the windows and doors in your home
2. Learn to Do Repairs and Maintenance on Your Own: While taking care of your own car and home maintenance needs can seem challenging, it just takes some practice! The internet has many helpful resources when it comes to things like changing your oil or painting your shutters. Take some time to watch a few videos about your home DIY instead of paying someone to get it done for you.
3. Enroll in Auto Pay for your Bills: It may not seem like a big deal, but auto pay can make a huge difference to your finances. Missing or late payments can affect your credit, as well as cost you late fees. For example, setting up an automatic payment for your online title loan can help save you from any additional late fees, as well as help save you the cost of interest in the long run.
4. Learn to Buy Things Used: If this isn’t a habit you are accustomed to, it’s a great hack to save money throughout the year! Whether you are buying a used vehicle, or buy your clothes and furniture used, it can save a ton of money to use sites like eBay and Craigslist. While this is a helpful hack to save extra cash, it is best to be wise about what you purchase. Buying a used vehicle can save you money, but if it is not in good condition, it can cost you in the long run. Be sure to research the vehicle ahead of time and make sure it’s a worthy buy.
5. Cut Your Cable: Many overpay for their cable bill without even realizing it! With many streaming services available, it can be a better option to switch to options like:
- YouTube TV
Instead of paying for cable every month, a streaming service can eliminate the need for it altogether! If there are specific shows you’d rather watch, there can be shows you pick out a bundle instead of an entire cable plan that will cost you hundreds.
6. Be Smart About Your Food: Groceries can be an unexpected area to cut down costs and save money. Many people will end up relying on take out because of poor planning during grocery trips, which will cost more money than cooking at home! Creating a meal plan and planning your grocery trips around that can be an efficient way to save money. Before a weekly or bi-weekly grocery trip, plan your meals ahead of time.
7. Shop at the Right Places: When it comes down to it, not every product you eat should be brand name. If you aren’t already, try shopping at local and family-owned stores to save money! While you might want brand names for certain items, many generic items are identical to the brand names, and can save you at least $20 a grocery trip.
8. Cut Back on Your Spending Habits: It might be difficult at first, but your spending habits are the easiest way to cut back throughout the month. One helpful hack is to start bringing your coffee and lunch to work every day. This may seem like a little habit to change, but it has a big impact on your finances! Coffee and lunch can cost an upwards of $20 a day. That’s about $400 a month that could be spending going towards your savings for your goal.
9. Stop Paying Interest: With some of these hacks, hopefully you’ll be able to save a little extra throughout the month. This extra saved money can go to helping cut down your credit cards every month to avoid paying only the minimum payment. This helps you avoid high interest and keeps your debt down!
10. Create a Cash Budget: If you find you are overspending throughout the month, one of the options you have is to create a cash budget. This means you delegate a certain amount of cash for your expenses that are not bills, and it can help control how much you spend! Having the money in your hand might make it harder to overspend than your credit card.