As the effects of inflation continue to eat into every American’s wallet, 64% of Americans are reportedly living paycheck to paycheck.
Living on a tight budget can be challenging, but it doesn’t necessarily mean you have to sacrifice your financial goals. There are ways to save money and still live comfortably.
Here are eight practical tips that can help you save money and stretch your budget further.
- Create a budget and stick to it. This will help you manage your money better, avoid overspending and reduce financial stress.
- Cut unnecessary expenses. After you’ve created a budget, it will be a lot easier to identify areas where you can cut back your spending. Examples include dining out or subscription services you don’t use.
- Plan your meals and grocery shopping. By creating a shopping list and/or making a weekly meal plan, you’ll not only save money, but also avoid waste.
- Look for deals and discounts when shopping for groceries, clothes and other necessities. Utilize deal-finding websites and apps, search for promo codes or coupons, or shop during holiday sales or clearance events.
- Consider buying used or refurbished items instead of new ones. When the need arises for a specific item, check online marketplaces such as Facebook Marketplace, eBay, Amazon Renewed, or Craigslist. You can also visit local thrift or consignment shops.
- Avoid overspending by using cash instead of credit cards. Cash provides a physical limit on the amount of money you have available to spend, whereas it’s a lot easier to go over budget when paying with a credit card.
- Save energy. Turn off lights and electronics in your home when they are not in use.
- Take advantage of free activities and events in your community. Visit local parks or trails, check out local museums on free admission days, attend public lectures or workshops, or participate in volunteer activities.
Related: 6 Money-Saving Tips to Fight Inflation
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