Money Saving Tips for 2018
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Money Saving Tips for 2018

Posted on Monday, January 22nd, 2018 at 7:00 am
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Piggy BankThere are two New Year’s Resolutions that remain very popular year after year. One is to lose weight. The other is to save money. Neither one of these goals are possible to start and finish in a day, or a week, or a month. You can, however, use some money saving tips for 2018 to make progress on your savings goal.

Limit Credit Card Use
Credit cards might feel like “free money” to some people. You pay with a plastic card instead of using money from your bank account or paying cash. The reality is that each purchase made with a credit card comes with an interest fee. The result is you can actually end up spending more money on a specific purchase made with a credit card than if you bought it with cash.

The easiest way to avoid racking up large credit card fees is to greatly limit your credit card use. Use your credit cards for emergency situations. This prevents you from increasing your debt. Work on chipping away at your credit card debt by paying more than the minimum payment each month. The less debt you have – the more opportunity you have to save money.

Stop Dining Out
You can save quite a bit of money by eating at home instead of going to a restaurant or fast food place. Part of why this tip works is that because meals cost more when you dine out than if you made the exact same thing at home. Cook your own meals, and you won’t have to pay extra for labor, tips, or delivery.

Another good reason to stop dining out is that it forces you to use up your groceries. Make and eat your breakfast at home before you go to work. Bring a tumbler of coffee with you. Pack a lunch. You will end up with few, if any, groceries that go bad before you ate them.

Use Alternative Transportation
If possible, try and walk or ride your bike to work. Doing so costs absolutely nothing, and gives you the opportunity to get some exercise.

Or, you could take the bus or train to and from work. The cost of a train ticket might be less expensive the the amount of money you spend on gas for your vehicle and the price of parking it while you are at work. Bus passes tend to be very inexpensive. Some cities offer a discount bus pass to workers in an effort to entice them to take the bus and leave limited parking spaces for shoppers.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.