Estimated reading time: 7 minutes
Saving money does not have to be hard. Discover these practical ways to save money when times are tough. Lowering your spending.
Practical Ways to Save Money When Times Are Tough
It’s no secret that right now, many families are struggling with their finances and making ends meet each month.
The price of everything from food and gas to rent and clothing, and energy prices have skyrocketed while wages have largely remained stagnant. If you are efficient and wise with your money, you can probably save thousands each year.
Not to worry though, here you will find some practical ways to save money even when times are tough.
But first, you must create a budget. If you don’t have one, here is how to get started. Remember, having a budget is a great start, but if you’re not tracking your expenses you won’t know if you’re actually sticking to the budget.
Reduce Trips – A Clever Way to Save
With the cost of gas and car maintenance being as high as it is right now, consolidating your trips whenever possible is a money-saving move.
Try not to run just one errand, instead, save them up and make one big trip instead of multiple smaller ones.
Carpool – Also a practical way to save energy
If carpooling is an option either for yourself or your spouse for work or as a way to get your kids back and forth from school and activities you should definitely look into it.
You are likely not the only family looking for ways to save money, so talk with your co-workers, neighbors, and parents at your children’s school and see if this is something that they would be interested in starting up.
Turn Off the Cable
If you haven’t cut the cable cord already, now might be a really good time to do so. If you have a large cable subscription that no one is watching, drop it down to a lower one.
You might also consider getting your tv service from a streaming service provider. Hulu, SlingTv, Amazon, and others offer plenty of channel selection for much less than what cable typically costs.
Worried you won’t be able to get your favorite premium channels like Showtime or HBO?
You can get all of those without a cable provider now, simply add it to your TV streaming service plan, and you will still be paying less than what you were for cable.
Eat at Home
One way that we all spend money without thinking about it as much as we should is on food and drinks when we are away from home.
Maybe it’s a weekly (or daily) run to the coffee shop, maybe it’s a busy weeknight where all the kids have after-school activities and you just hit the drive-thru on the way home. Takeout is always going to cost you more than preparing a meal at home, even if it is convenient.
Meal planning, your slow cooker, and freezer meals are all ways that you can have a hot meal on the table for dinner without having to swing through the drive-thru. There are lots of resources for all of these things right here on this site to help you get started.
Reduce Subscription Packages/ Membership Programs
Have you ever signed up for a monthly membership to something, used it for a month or two, and then forgotten about it?
Most of us probably have, but that monthly cost may still be coming out of your checking account without you noticing.
Go through your bank statements and find any of these subscriptions or memberships that you aren’t using anymore and cancel them. It might not save you much, but every little bit counts right?
Repurpose Items You Have
Before you head out to buy something that you think you need, consider whether or not something you already have can be repurposed to suit your needs.
Like reorganizing your jewelry with these clever hacks or finding creative ways to store your kids’ toys.
Not only will you save money by not buying a new item, but you are also reducing waste and clutter. Plus, it gives you the chance to be creative and think outside of the box.
Shop Around for Home and Auto Insurance
If it has been a while since you have compared home and auto insurance prices with multiple companies then now is a good time to do so.
You can often save hundreds of dollars every year simply by changing companies. Set aside an hour or so to compare prices and see if you can save.
Shop Second Hand
Unfortunately, sometimes we still have to make purchases even when funds are tight. If you find yourself in that situation, consider buying second-hand items instead of brand-new ones.
These days there are plenty of second-hand shopping options from thrift stores to garage sales, to local social media buy, sell, and trade pages. You can save a lot of money by purchasing clothes, shoes, electronics, and even appliances second-hand instead of buying brand new items.
These are just a few ways that you can cut your expenses a little further when times are tough, and if you use them all you may end up saving quite a bit. Do you have any other practical tips for saving money to share with others?
Other Great Money Saving Ideas
What Are Loss Leaders And How Can They Save You Money
5 Creative Ways to Save Your Electric Bill
Super Cool Eco-Friendly Products That Work & Help Save Money
Leave a Reply