Last Updated on September 13, 2024
The average adult in the U.S. has about $38,000 in debt, excluding mortgages. Paying off this debt is not easy. In fact, 20% of adults spend over half of their monthly income on debt payments.
If you’re in this situation, saving money may seem impossible. But there are many different ways you can save money month after month. Follow these tips:
Shop Smart at the Grocery Store
The average family spends about $647 on groceries per month. You can drastically reduce your monthly food expenses if you choose to shop smart at the grocery store.
Before shopping, make a meal plan for the week and write out the ingredients for every meal you plan on making. Then, see which ingredients you already have stored in your pantry and refrigerator.
Pay attention to items that are on the highest and lowest shelves. Retailers tend to put the priciest products at eye-level, so if you look up and down, you can find the same item at a lower price.
Finally, make sure you eat a small snack before you go shopping. Hunger often leads people to purchase way more than they expected, so never visit the grocery store on an empty stomach.
Set a 24-Hour Rule on Spending
Try to curb your spending habits by setting a 24-hour rule on purchases that are not absolutely necessary. Do you really need a new little black dress? Don’t buy it right away. Instead, wait 24 hours and see how you feel about it then.
By this time, the excitement of buying something new will have died down, so you can think clearly about whether or not you should make the purchase. Following this rule will help you cut back on impulsively buying things you don’t really need.
Reduce Your Energy Usage
The average household spends about $1,500 on electricity every year, so you can save hundreds of dollars by energy efficiency control.
Start by plugging devices and appliances into power strips. Why? Electronic devices and appliances that are plugged into the wall often consume electricity even when they’re not in use.
Plugging these devices into a power strip can help you prevent this waste of energy. Simply turn the power strip off when you’re not using the devices to cut off the devices’ source of electricity.
Switching to LED light bulbs can also save a significant amount of money every month. LED bulbs use 75% less energy and last 25 times longer than traditional bulbs, so you can drastically reduce your energy consumption by lighting up your home with these energy-efficient bulbs.
Cancel Subscription Services
The cost of subscription services such as Netflix, Apple Music, Hulu, and Amazon Prime can add up quickly. Plus, these subscription services usually automatically charge your account every month, so you may forget which ones you’re paying to use.
If you want to save money, review your accounts and cancel any subscription services that you aren’t using on a regular basis. If you can’t live without a certain service, consider splitting the cost with a friend or family member so you can enjoy it at a cheaper rate.
Have Fun—Frugally
Many people think that they can’t have fun if they’re on a budget, but that couldn’t be farther from the truth. Having fun is perfectly acceptable—as long as it’s frugal fun.
Go for a bike ride, enjoy a picnic at a local park, or take advantage of free admission days at local museums. None of these activities will cost you a dime, but they will keep you entertained on afternoons and weekends.
It doesn’t matter how much money you make—it matters how you save it. Implement some of these simple strategies so you can start saving hundreds of dollars per month!
