It is now more important than ever to explore ways to save money. Grocery bills? Yikes. Read on to learn 5 easy tips to start saving your hard earned money today.
After I had my second child in 2018, I went back to work full-time…briefly. I made it to the end of the school year and decided it was too much! Working mamas, you have my respect.
We decided that working part-time would be the sweet spot for me. We couldn’t afford to completely lose my income, but there was SOME wiggle room. Sacrifices had to be made, but we were confident we could pull it off. This worked great for us for 4 years, until it didn’t. More on that later.
Cutting an income nearly in half is no small feat for the average family. You will spend A LOT of time debating needs and wants. This was a real wake up call for us. I never considered myself to be frivolous with my money, but I had acquired some taste for expensive things I did not need.
Getting started is simple enough. I printed off 3 months worth of bank statements, and tallied up our new estimated monthly income. There were the basics that needed to be taken into consideration. Mortgage, insurance, fuel, utilities, groceries, etc.. From there, it gets a little more hairy. Do we NEED two gym memberships? Do we NEED to go out for dinner once a week? Subscription services, satellite services, hair appointments. The list goes on, and it looks different for everyone. For us, we had to do some compromising. Truthfully, most of the “wants” had to go, but we left some wiggle room for those occasional “wants,” because sanity.
Top 5 Money Saving Tips
Shop At Aldi= Big Savings
This has been a HUGE money saver for us. I think people who enter into the idea that no changes need to be made when making this switch are the folks who end up disappointed. You will find some name brand items here at a great price. They also have many store brand alternatives, that my kids have now been raised on. They don’t know the difference. You won’t be able to find everything here that a bigger store may have, meaning adjustments will need to be made. Honestly, we cut our grocery budget in HALF using Aldi, and any sacrifices we have had to make have been well worth it.
Bonus Tip: The only GOOD thing that came from being down when Covid, was that I was forced to order groceries. Enter Instacart, my new best friend. There is a bit of an upcharge on items, but I’m able to stick to my budget a whole lot easier without being tempted by impulse buys in the store.
Eliminate Subscriptions
I know. These are so tempting! And seem like money savers upfront. But do you really NEED makeup samples every month? New clothes every month? How about the streaming service you use twice a year? If you aren’t using them, get rid of them. If you’re using them and you’re honest with yourself that your priorities may lie elsewhere, get rid of them.
Use it Up, Wear it Out
I feel guilty for not doing a better job of this when money was less tight. I’ve found myself opting to fix things that I would have simply thrown away and replaced before because it was easier. Not having this luxury any longer, I am getting my money’s worth out of everything. Every last bit of toothpaste, every last mile out of my shoes.
Spend the Money to Buy Better Quality
This may seem counterproductive to the overall mission here. But consider this- If you buy something, and it breaks, can you afford to replace it? Sometimes spending a few extra dollars will go a long way in the long run.
Buy Used
This can also go along with my 4th tip. You can often buy better quality items for great prices when you purchase them used. For example, cars depreciate by 20% when you drive them new off the lot. Personally, I’d prefer to buy a car that is 2 to 3 years old and let someone else eat that drive off cost. Feel free to tell me if you find this logic faulty. Clothing falls in this category as well for me. I am by no means stylish, but I do like high quality clothing that will last me a while (I still have clothes from middle school). I can often find very gently used clothing at consignment/second hand stores. Sometimes they will even still have the tags on them, for a fraction of the original price.
Implementing these 5 money saving tips have been crucial to keeping us above water, and hopefully they will be helpful to you! What other tips do you think should be added to this list? I am always looking for better ideas.