Inflation, recession, shaky stock markets, and soaring gas prices: It’s no wonder people are looking for more ways to save. How can people accommodate the rising costs of day to day living? There are several things you can do on a daily basis to help cut back on spending. And better yet – several of these cost savings scenarios are listed right here! Read on to learn how you can find hidden savings beyond what’s beneath your couch cushions.
Home Cooked:
Who knew the savings to be had in your own kitchen? Whipping up a few meals at home each day can help you sock away bundles. If you’re already cooking day and night, check out this article that reveals ways to save at the grocery store. According to the National Restaurant Association, “the average American consumer 4.2 commercially prepared meals per week”. The average meal in America costs $32.60. Considering the fact one could easily prepare a spaghetti with meat sauce meal for four people under $15, the cost savings are two-fold.
To break it down even further…
A breakfast of eggs and toast at home can easily cost less than two dollars – including fresh coffee. Breakfast on the fly can easily exceed the two dollar mark for just the java. Your own, homemade sandwich may cost you two dollars and some change while your deli or sandwich franchise will charge upwards of six bucks. Oh, we forgot to mention the cost of making your own lunch (about $2) includes a couple of sides and a soda. Even fast food – dollar menus and all – can run five to six dollars for a complete meal.
Suppertime! As mentioned above, spaghetti is a quick, relatively easy meal to whip up for multiple people and costs less than $20. Regardless of the dining establishment, dinner out will exceed the costs of cooking dinner at home. In addition, by cooking meals at home you’ll experience added health benefits by controlling your own ingredients.
Embrace Entertainment Savings:
We promise not to sap all fun, rather we ask you to consider cost saving alternatives. You might be thinking that you can’t go without the Friday night movie, ditch Monday Night football at the local pub. Entertainment costs have risen just like everything else. The average movie ticket runs upwards of $10, while snacks and soda aren’t far behind. The good news is there are plenty of entertainment options that don’t require half your paycheck.
As fun as it is, hanging out at a bar to watch a four hour football game with the guys can run up a tab filled with food and drinks. By the end of the game, you could have potentially spent about upwards of $40 on not even a complete meal. The alternative? Have friends over for the next game and ask them to bring the food and drinks.
Movies can be a costly night out with tickets and snacks for two requiring at least a $40 stipend. Next week, instead of a Friday night movie opt for a Sunday afternoon matinee, which cuts ticket costs in half. Check out your community newsletter for local activities, many of which are free!
The local newspaper, library and community center all provide sources of entertainment. You will be surprised about how many fun and interesting activities that you can find for little to no money. Think creatively and you’ll find new forms of entertainment that are not only fun, but thrifty as well.
Stop Shopping (or at least try):
It happens often. We shop with a specific item in mind when something catches our eye that we feel immediately compelled to buy. However, it is important to recognize and stifle this urge if you need to save money. Curbing shopping completely (this means staying away from big malls, mini-malls, and the like) for the time being can pay exponentially.
If you do shop…
Shop with a purpose. You should only purchase things that you need, not items that you think you want and need. This means that every purchase you make should take care of the necessities like food and transportation and not impulse purchase. One way to quell your consumer impulses to take 10 seconds and determine if the item is something you actually need.
Make it a habit to put the item you really can’t live without on hold, go home and sleep on it. The next morning, ask yourself if you really need to purchase it. It’s likely you won’t go back to get it (unless it’s toilet paper or something equally important). The purpose of this practice is to avoid spending money on frivolous items.
Save Money Where You Dwell:
There are several ways you can cut back spending at home. For starters, reduce the thermostat by two degrees. If you can deal with the lower temperature, leave it there. The cost savings will appear in your next energy bill.
Your residence likely includes an abundance of electrical outlets. How many of them are occupied? Unplug electronic devices not in use and save up to 2% of energy usage. Consider swapping old light bulbs to more energy efficient ones such as compact fluorescent bulbs and save up to $30 dollars or more a year on your electric bill.
There are many different things that you can do in and around your home that can add up the savings. Hidden savings can surface when you turn off lights and other electrical appliances and change install better quality insulation to your windows. The options are there; the challenge is finding them and making the most of the cost-saving opportunities.
Identifying frivolous spending habits is the first step to savings. The second step is restructuring those habits so you end up putting a lot of money back into your wallet. The prospects are there and now it’s up to you to find your golden savings.
A very good post and very useful considering our current economic times. These simple ideas are just the tip of the iceberg. The task of economizing your own spending habits and reviewing your spending can be quite fun. When you track where your money actually goes, you can tell your biggest sources of waste.
I’ve read through your blog and enjoyed your postings, keep it up.
Good tips for saving money and avoid having to borrow. Saving money for a rainy day is also the best pro-active way to stay out of debt. It’s always to good to have a budget and stick with it, but in case a person isn’t able to save money there is always the alternatives.