December 28, 2018

Living on a Budget: 4 Ways You Could be Saving Money But Probably Aren’t

Whether you already stick to a budget or you are dabbling in the idea of creating one, living on a budget can be both fun and challenging at the same time. After all, it forces you to think outside the box and save money, but it also forces you to make decisions that seem tough at the time. When living on a budget, it’s important for you to ensure you are saving money in all the right places. So no matter if you’re a newbie or you’ve been budgeting for a while, here are four places you could be saving money but maybe have overlooked.

  1. Clothing

Clothing is one of those things that you need but that could ruin your budget with one purchase. However, instead of always looking at the new and shiny items that are out there, why not find the best possible ways to save on clothing?

  • Buy in bulk: Find cheap wholesale hoodies for men or women when you shop in bulk through online retailers or wholesalers
  • Shop sales: Everything goes on sale at least once, so be sure you are only shopping items that are on sale
  • Garage sales: Finding clothing at garage sales or through neighborhood sales sites are a great way for you to spend money
  1. Food

Like clothing, you need food to survive, but that doesn’t mean you should have the biggest grocery bill every month. Instead, you’ll need to find the best ways to save on food, and that can be done in a variety of ways.

  • Shop sales: Instead of coming up with a meal plan for the week and buying everything, why not base your weekly meals on what’s on sale? This way, you can snag all the items you need at a sale price.
  • Use coupons: Coupons are a great way to get some extra savings on the items you use most, so be sure to check out online coupon sites or your local paper for savings.
  • Use apps: Apps like Ibotta are a great way for you to save on food because you can increase your savings by taking pictures of your receipts.
  1. Utilities

While you can stop eating out and only wear hand-me-downs, there are certain items that you need to spend money on, such as your utilities. However, like clothing and food, there are ways you can save money on your utilities so you can better live within your budget.

  • Cut the cord: Do you pay a high cable bill that you don’t need or pay for another utility service you don’t use? If so, consider cancelling these to save money.
  • Call your providers: While it may not seem like it, your providers are willing to work with you. Contact them and find out if there are certain promotions or other ways you can save on your current bill and then reap the benefits of the savings.
  • Use smart technology: If you notice that your energy or electric bill are high, consider investing in smart technologies that will allow you to control these items from anywhere. This way, you can reduce your bill by ensuring your home is always set up the right way.
  1. Miscellaneous Spending

Did you know there are probably things you’re paying for that you either don’t need or that you can save money on but didn’t know it? Miscellaneous spending can add up over time, and this is the easiest way for anyone to break their budget. Here are just a few ways to help.

  • Find out if you overpaid: There are tools out there such as Paribus that will search your spending and alert you if you overpaid for something.
  • See what you’re paying for: There are other apps like Truebill that will let you know if you have monthly subscriptions you’re paying for that you may not need.
  • Save on gas: The GasBuddy app will let you know where the cheapest gas is near you. In addition, they also have a card that links to your debit card and gives you money back every time you purchase gas.

You can live on a budget as long as you take the time to find out the best ways to save. By using these tips, you can save money on all the items you need and ensure you are living within your means. This is the best way for you to finally get the best control of your finances and save for a rainy day.