Work and Money
5 Money Hacks to Stash More Into Savings
Saving money can seem challenging when you’re forced to spend most of what you earn on the cost of living, debt, and other responsibilities. According to a 2019 survey, 38% of women say they struggle to save money because they are living paycheck to paycheck.
One of the easiest ways to combat living paycheck to paycheck is to live below your means and save the difference. The key is to focus on factors that you can control regarding your situation.
As a working mom, I’m always trying to find ways to preserve my time and energy. This includes time managing my money and looking for savings. I’d rather not spend a ton of time clipping coupons or nickel-and-diming my way through life when there are more efficient ways to save money.
Here are my favorite modern-hacks to help you stash more into savings:
1Eliminate Food Waste
Throwing away food is just like throwing away money. To decrease food waste, start planning out meals for the week and choose “leftover days” to help clear out the fridge and pantry. Use EatByDate.com to learn more about your foods' shelf life so they can be used before going bad.
2Save Money on Regular Household Goods
Are you getting the best deal on household items that you need each month? Consider using Amazon Subscribe and Save, a free service that allows you to set up recurring shipments of your favorite products and save 5%. Subscribe to receive the item every month, two months, or three months. When you subscribe to five or more items, you receive 15% off each purchase. Plus, your items get shipped to your doorstep automatically.
3Cut Out/Reduce Recurring Monthly Costs
Monthly recurring costs that are unnecessary can quickly eat into your budget. For the past five years, we rented a modem from our internet company for around $15/month ($180 per year. Ouch). We looked at the cost and decided to buy our own modem for $100. That was an easy way to recover some money.
4Lower Car Insurance
Consider shopping around for car insurance every one to two years because rates are always fluctuating. Use sites like QuoteLab.com or TheZebra.com to compare insurance quotes for free from multiple companies instead of requesting individual quotes.
5Get Coupons Automatically Applied to Your Online Orders
If you do the bulk of your shopping online, Rakuten provides an easy way to apply coupons to your online purchases and get cash back. Rakuten will send the money you earned via check or direct deposit each quarter.
If you’re looking to get rebates on grocery shopping trips, Ibotta is a free app I like to use for easy savings.
While it’s true that apps and comparison websites can help save money, it is essential to have a balanced budget that allows you to manage your spending. Over time, you can develop healthy savings habits, and these simple hacks will get you off to a great start.
Photo Credit: WAYHOME studio/Shutterstock
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