Can we all agree that 2020 has kept us on our toes? Some days feel like time is going so slow and other times it is flying by! Before we know it, the holidays will be here.
Red Crown wants to help you find ways to save during these crazy times. Below are a few examples of ways to help you save money:
Spend a Little Less on Yourself
According to CNBC, online shopping has gone up 31.8% since the pandemic. Along with online shopping, companies have started to re-open and we are getting back to normal, which means even more shopping.
One great way to save money is to cut back on things you want and do not need. Cutting back on small items can add up dramatically. We all know the Starbucks analog; if you spend $4.43 per drink at Starbucks and you indulge every workday, you will have spent $22.15 in one week on coffee. Cut your trips in half and you will save $11.07 each week. That is $44.30 in just a month!
Look at how much you are spending on random online shopping, going out to eat, Door Dash, and more. You may be shocked. Say no to the some of those “wants” and watch your savings grow.
Stick to Your Shopping List
How many times have you veered off your grocery list or just went from memory? People who do not stick to their grocery list or shop from memory tend to spend more money. Grabbing random items can add up quickly. People who make a list and stick to it end up spending less.
Go back to when you were a kid and had no debit card or credit card. Do not use any plastic while shopping. Using cash will force you to spend only what you have in your wallet.
Finance apps can help you make a budget that works for your lifestyle. Within these apps, you can create categories for your paycheck distributions. The program will advise you on what percentage of your check should go into each category. These apps help you to take control on how you budget your money each month.
Using one of these apps can be very useful in knowing how to save, when to save, and how much to save.
Look for Deals
Deals happen all year around. You can find deals when purchasing food, gifts, clothes, and more. Look for sales, coupons, and plan ahead.
These five tips may seem easy, but breaking habits can be a hard thing to do. You do not have to try all of them at once. Using one from this list is a great way to start. When you get comfortable with one, add another. Just start.
*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to save money. Individual results may vary.