Do you ever take the time to look back at your week to reflect on what you’ve done? Where you went, what you ate, how much you spent?
It’s easy to get wrapped up in our everyday life, you don’t want to reflect, you just want to enjoy your weekend right?
I get it, nobody wants to remember the bad (or not so good) choices we made the week before but if we don’t, how do we learn from them?
Although I encourage you to take the time to start reflecting on your week. It’s not necessary when it comes to learning ways to save extra money.
These 8 ways to save extra money are easy because they are realistic. You are probably spending money on them right now you just don’t know how much.
Your one takeaway is that these 8 ways to save extra money will save you A LOT of money. It can save you 20% sometimes even 50% of how much you already spend therefore saving you hundreds.
#1. restaurants and takeout
Wouldn’t it be nice to have dinner at a restaurant every night? Or to get takeout for lunch every day? Yes, it would be nice but most of us can’t afford to do that. Maybe you “can afford it” but can you afford to also not save as much? Going to restaurants and getting takeout gets expensive fast.
Dinner for one person can be anywhere from $20-$50. For one dinner! I can buy a week’s worth of groceries for $35. You can absolutely continue going to restaurants and getting takeout but you have to be mindful of how often you are going and how much it’s costing you.
I hear friends say all the time that they are spending too much money on takeout but what do they do? Nothing.
Make a conscious effort to eat at home. Tell yourself that you will only eat out 2-3 times a week. Eating out is one of the easiest and fastest ways to save extra money.
#2. National brand products
There are some benefits to national brand products. I’m not saying you shouldn’t buy them but what about the generic or cheaper alternatives? Instead of buying brands like; Tide, Colgate, Cheerios, Neutrogena, and Dove, check out how much the store’s generic version costs.
We simply get into the habit of just picking up products we typically buy that we don’t realize how much money we could be saving by simply picking up the store’s generic or cheaper alternative.
Next time you go to the store and pick up your usual items. Just see the price of products nearby. Do this for every product you buy on a weekly or monthly basis. Just take the time to reflect and be conscious of your surroundings.
How much money would you save buying the generic or cheaper alternative? Maybe $2, $3, or $5? Let’s say you save $2. What if that $2 saving was across 10 items that you purchase 3 times a month? How much would you save? Your savings would be, $720. That is almost $1,000! It’s that amazing? A “small” $2 saving can make a big difference.
Doesn’t that open your eyes to how much money you can really save? Finding ways to save extra money is easy when you take the time to reflect.
#3. Memberships and streaming services
I’ve made this mistake so many times. Buy a gym membership and then don’t show up….
Speaking of mistakes, I recently learned that you keep making the same mistake until you learn. Have you made the same mistake multiple times? It’s because you haven’t learned yet!
So, memberships and streaming services. Memberships include things like your gym and Amazon Prime membership. If you haven’t gone to the gym in the last month or only go once a week. Cancel your membership. If you don’t order from Amazon every single day. You don’t need a membership. I don’t have one and I’ve survived. You can too.
Streaming services include; Netflix, Hulu, Disney+, HBO, etc. If you have all of these streaming services. Choose one, MAX two. You don’t need so many services. The thing is, it’s easy to sign up and then forget about it. It may not seem that much but if you have multiple subscriptions, it adds up!
Remember the $2 savings example above?
#4. Starbucks runs
I’m not “anti Starbucks”. I still buy Starbucks but I treat it as my Friday or weekend “treat”. I usually buy something only twice a month.
Starbucks becomes a problem when you buy it every single day. First off, is the coffee really worth $5? No, it’s not. You’re mostly paying for the name and service. They don’t even use USDA organic milk!
I recently heard a great piece of advice from Suze Orman. Instead of buying a Starbucks Monday-Friday and spending $100 every month. Invest that $100 in an index fund at 20 years old and have $1 Million by the time you retire. That’s a lot of money right?
If you’re 20, do it right now! If you’re not, like me, don’t worry. It’s better late than never. At least now you understand how far $100 a month can go.
Want to learn more about index funds? Read, Index Funds For Beginners. It will be one of the best decisions you will make. Also, don’t worry about becoming an “expert” in index funds. There are professionals who can help you such as Certified Financial Planners and Registered Invest Advisors.
It’s simply about understanding the many benefits of index funds and investing in them ASAP.
#5. groceries
The average household spends $300-$500 a month on groceries. In a year that’s between $3,600 and $6,000.
We underestimate how much money we spend on groceries. How much did you spend on groceries last month? The last year? It’s so easy to spend too much money on groceries because we do it all the time.
But do we eat everything we buy? So much food is wasted every year because we throw it away. Throwing away spoiled produce or expired food is like throwing away cash. That’s the last thing you want to do.
Take the time to write down exactly how much money you’ve spent on groceries for the last 3 months. That number will surprise you.
I did this exercise myself and I realized that I was spending about $350 every month on food. Mind you, it’s just me and I also “never had anything to eat”. It was such a waste of money.
Just remember that most of the time, we can cut our grocery bill by 10-50% by simply shopping smarter. Groceries are another way to save extra money fast.
#6. clothes
Clothes are another category that we spend so much money on. Too much money. How many pieces of clothing do you have that you’ve never worn? That you keep in the back of your closet and forget about?
I have so many clothes that I haven’t worn at all or that I’ve only worn once or twice. I hate to get rid of it because I did buy it, I did spend my money so I just keep it sometimes.
Before you continue adding to your pile of clothes. And before your next shopping trip. Make a list and carry cash. Do not take your credit card. And don’t take $500 in cash 🙂
It’s so easy to spend money when you have it or to put it on your credit card that we simply forget about the obvious questions, will I wear it? how many times will I wear it?
Give yourself a clothes budget and stick to it. It becomes easier the more you do it and eventually, you realize that you don’t need to have 50 sweaters and 50 shirts. Trust me.
#7. trinkets
This is the Merriam-Webster definition of a trinket:
You know what sticks out to me from this definition? “a thing of little value”. I’ve accumulated so many trinkets (vacation souvenirs, journals, jewelry organizers, holiday decor, etc.) over the years that most of the time I either throw it away or save it in a box somewhere. Where is that box? I have no idea, somewhere in my parents’ garage.
The point is, it’s so easy to buy that souvenir during your vacation. It’s so easy to buy that cheap jewelry because we think it doesn’t make an impact but it does. Over the years, it adds up.
It also adds clutter to your home that you don’t need.
#8. Home decor
Do you need 10 vases? Do you need 20 frames? Probably not.
Sometimes, we see other people decorate their homes and we think we need to do the same but we don’t. Don’t get so caught up in decorating your home for every holiday that you forget how much money you are spending.
Even if it’s only $1 or $5. It’s still money you don’t need to spend.
And be careful about that Target “dollar section”. I see people get so excited about the holiday decor but most of it is junk. I’m sorry but it is. You don’t need to waste your money buying that stuff. If you really must, buy one thing.
Get creative and reuse what you already have. Buy items that can be used for multiple holidays.
Check out minimalist holiday decor ideas. Be inspired by a Scandinavian Christmas. They usually have very simple and meaningful decor.
ways to save money summary
These 8 ways to save extra money are easy. Why? Because they are realistic ways to save money.
These are ideas you can implement ASAP. You don’t have to wait because you are most likely spending money on them on a weekly basis.
Remember these categories next time you go shopping. When you pick up an item, how much is it costing you? How much is the cheaper alternative nearby? Follow this step for multiple products and you will see how much money you can really save.
If you’re looking for more help when it comes to saving money. Check out, Weekly Reminders That Will Help You Save Money. The idea is, set a spending schedule and follow it. When was the last time you had a “no spending day”? Not a bad idea right?
It’s a great way to remind us to save money.
Leave a Reply