It's not just you — it costs more just to live the same way that you've lived before.
What's kind of scary is that the U.S. could be on the front end of a spike in consumer goods. In just the last three years, the cost of living has jumped 14 percent. The same analysis finds that it's mid-size cities, not the urban metropolises, that are seeing the most significant cost spikes.
In this light, saving becomes more than a good practice; it's essential to look for savings everywhere.
So, let's run through some everyday money-saving tips.
Budget Is Life for Money Saving Tips
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This is how you take control of your finances — knowing how much money you have and where it's going to go.
Here's the basic rundown of good budget basics:
- Gather all bills and known expense and list out what they will cost;
- Study your spending habits to understand how much essentials like food and gas/transportation cost. This is best done looking at credit card or debit card transactions;
- If you don't have a credit card, start saving receipts for a pay cycle and then study costs;
- List out all expenses.
- Look at current account balances and factor in expected money coming in;
- Plan out how and when the planned payments will be made;
- Stick to the budget for other non-bill expenses!
Remember: planning gives you control. Stick to the plan. Stay in control.
Limit Eating Out
On average, ordering delivery costs five-times what it would cost to make a meal from scratch. That number falls a bit to three-times as much for meal prep kit. So, delete the GrubHub app (at least move it off the main screen of your phone) and learn some basic recipes to help cut food costs. This is one of the few money-saving tips that will also help you with your fitness goals.
Make Your Own Cup ‘O Joe
A purchased cup of coffee can range from about a $1 to $6 and up. Do a little math to come up with what that costs over a month and year.
Here's a simple equation assuming the cost of a drink from a coffee shop is $3.94: 30 days a month x $3.94 = $118.20. It can cost as little as 27 cents to brew coffee at home. Here's the same math: 30 days a month x $0.27 = $8.10.
That's a $110.10 savings.
Switch to Vaping
A pack of cigarettes is likely going to cost about $5 as a very low average in most American states. A lot of states with strong sin taxes like Hawaii, Illinois, and New York see prices that are closer to $10.
Using the very generously low estimate of $5 for pack-a-day smokers, that's going to run an annual cost of $1,825. For half-a-pack a day, it's still $914.50 to smoke cigarettes.
The best advice here? Quit smoking. If you can't, or you want a replacement for the habit, start vaping. There are two big upsides of vaping: reduced costs and the benefits of combusting a wide array of substances.
So Many More Ideas
These are just a few money-saving tips that you can do today. The best part of this is that these are things anyone can do. Subscribe to our newsletter or connect with us on your favorite social media platform to get our latest money ideas.