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Are you fed up with constantly feeling the financial strain from today’s prices?
Do you feel like no matter how hard you work or what you try, your money doesn’t go as far as it used to?
With rising costs of everything and wages not keeping up with inflation, it’s easy to feel like you’re swimming upstream while trying to save money.
But there’s no need to worry because you’re not alone in this struggle.
Most people face the same challenges as you, and there are solutions to help with the problem
We have compiled 24 ideas that will help you beat inflation and save more money than ever before!
Before giving up on saving, why not try these tips and see the difference they can make in your finances?
1. Shop at Dollar Stores
The first tip is to check out your local dollar store for items you use every day, such as cleaners, paper products, canned goods, and snacks.
Dollar stores often offer most items at a much lower price than your local grocery store or larger stores like Target or Walmart.
2. Carpool
With gas prices increasing recently and constantly rising and falling, fuel saving is a top priority.
You can set up a carpool with friends or coworkers to save money on gas for trips to work or for taking your kids to school or activities. If you enjoy your alone time, you can carpool a day or two a week instead of every day.
3. Shop Discount Grocery Stores
Have you shopped at discount grocery stores like Aldi or a discount clearance grocery store?
The savings are a great way to stretch your budget from fresh fruits and vegetables to baking supplies, snacks, and everyday household essentials. Many even have organic groceries if you are interested in those products.
4. Shop Weekly Ads
Most grocery stores have weekly sales, and they advertise them with an ad and lots of coupons that they mail out or put in the local paper.
You can use these sales and stock up on items when they offer a buy one get one free sale or a discount on items you buy often.
Better yet, pay attention to the sales for a few weeks. You will quickly see when a sale is good and when to wait for lower prices.
5. Quit the Gym
If you have a gym membership, you can save money by quitting and finding other ways to stay active and healthy.
Walking, jogging, running, or biking around your neighborhood in your neighborhood, or free workout videos online will save you a monthly fee and still provide the benefits of exercise. There are hundreds of free videos on YouTube, from bodyweight exercises to yoga.
6. Make Your Own Coffee
If you stop by your local coffee shop on the way to work, you have a quick and easy way to spend some money.
Instead, make your coffee at home to save at least $300 a year if you drink a small cup of black coffee. Think of the savings for a Latte or a Frappuccino!
7. Pack a Lunch
If you eat out for lunch every day, it’s time to start packing your lunch to save money.
It may take more effort and time each morning, but it will be worth seeing how much money you’ve saved at the end of the month. Here is a way to speed up the process: When you make dinner, make a little extra and then pack leftovers for lunch. You only need to put the food in a microwavable dish and heat it at work.
8. Ride a Bike
If you live in a bike-friendly neighborhood, use your bike as your primary way to get to work or run errands.
If riding your bike to work is not feasible, at least use it to save money on gas and parking fees.
9. Set a Shower Timer
Small changes can make a big difference when it comes to saving money.
Consider setting a timer while you shower to reduce the amount of water and energy used, and turning the temperature down can yield even greater savings.
10. Switch Phone Companies
You may be overpaying for your phone plan without even realizing it
Switching providers could save you lots of money, so research, compare prices, and see if you can find a cheaper plan. Many offer unlimited calls, text, and data for around $20 per line. If you are paying more than this, it is time to look into carriers such as Cricket, Visible, and others.
11. Turn Off The Lights
Walk through your home and see how many rooms have lights left on, even when no one is using the room.
Make it a habit to turn off lights when you leave a room to save on your electricity bill, and switch to energy-efficient light bulbs to save even more money.
12. Downsize
If you live in a large home and your rent or mortgage payments are a struggle to pay each month, consider downsizing to a smaller house.
You’ll save money on rent or mortgage, reduce your utility bills, and lower homeowners insurance costs. If that is too extreme, consider getting a roommate or renting a spare room on Airbnb.
13. Eat Out For Less
If your family eats dinner out, look for cheaper dining options, such as “kids eat free” nights, or use coupon discounts.
You can also cook at home and eat out less often, saving hundreds of dollars each month.
14. Buy in Bulk
Buy in bulk to save money on groceries and household items, especially if you have a large family.
By buying in bulk, you’ll save money in the long run, reduce the number of trips to the store, and save on gas.
But what if you don’t have a large family? Recruit friends or neighbors. Buy the bananas and split the cost and the bunch in half. Most cereal boxes have two bags, making it easy to split.
15. Eat Meatless Meals
Meat can be expensive, so preparing meatless meals several times a week can add up to significant savings.
Try experimenting with different proteins, such as beans, lentils, and tofu, which you can buy in bulk to save even more money.
16. Drop Your Hobbies
Consider dropping some of your expensive hobbies and finding cheaper entertainment options.
You could also find free events and activities in your community to enjoy or start a hobby that you can make money at, like gardening or crafting.
Alternatively, see if you can find lower-cost alternatives. If you love golf, can you find a cheaper golf course? Hit the driving range instead of a full round now and then?
17. Rotate Streaming Services
If you subscribe to several streaming services, consider rotating them out every few months.
You can still enjoy your favorite shows and movies without paying for multiple services at once while saving money.
You could also keep a running list of shows you want to watch on a service, sign up, binge-watch all the shows, and then cancel again.
18. Stop Drinking
You might be surprised at how much you spend on beverages, whether beer, soda, or alcoholic drinks.
To save money, try reducing your drinking habits and drinking water instead.
19. Carry a Water Bottle
If you constantly purchase bottled water or other drinks, you can save money by carrying a reusable water bottle.
Find an affordable water bottle that keeps your drink cold and filtered. They even make them spill-proof if that is a concern.
20. Shop Thrift Stores
New clothes can break your budget, especially if you have expensive taste.
To save money on clothes, consider shopping at thrift stores where you can find affordable and stylish clothing options at a fraction of the cost.
21. Buy Fruit and Veggies In Season
Did you know that fruits and vegetables are often cheaper when they are in season? Not only that, but they tend to taste better, too!
Plan your meals based on what fruits and veggies are in season, and freeze some for later if you’ve got freezer space.
22. Go to Garage Sale
Garage sales are one of the best ways to find affordable items, from furniture to clothing and home decor.
This is especially a great tip if you have kids outgrowing their clothes, as you can often find gently used clothes for a fraction of the cost of new ones. Depending on what you are shopping for, consider waiting until Sunday afternoon to shop. The sellers might be more desperate to sell and give you better deals or even offer free items.
23. Push Mow Your Lawn
Hiring someone to mow your lawn can be costly over the whole summer, but if you invest in a push mower and mow it yourself, you can save that money.
Not only will you save on fuel and service fees, but you’ll also be getting some exercise in the process, so you won’t have to spend money on a gym membership.
24. Enjoy Free Entertainment
Entertainment is a significant expense for many people, but there are plenty of free options if you know where to look.
You can go to the park for picnics and hikes and to museums when they have free admission days or check out any free neighborhood events like festivals and concerts.
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I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.