Ways To Save Money In 2023
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Ways To Save Money In 2023

Posted on Wednesday, January 11th, 2023 at 7:00 am
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Start the new year with a plan for saving money! America Saves provides many good ideas on how to save money. Here are just a few money saving ideas to consider:

Establish your budget: On the first day of a new month, get a receipt for everything you purchase throughout the month. Stack the receipts into categories like restaurants, groceries, and personal care. At the end of the month you will be able to see where your money is going. Additionally, your bank or credit union may have this as an online-bank feature.

Make an emergency fund: America Saves has a motto. “Start Small. Think Big.” They recommend you start your emergency fund savings goal of just $500.

Use the 24-Hour Rule: Avoid purchasing expensive or unnecessary items on impulse with a self-imposed 24-hour rule. For any non-essential item, wait 24 hours before purchasing. It’s perfect for online shopping where your items can simply be added to your cart to purchase later.

Unsubscribe: Avoid temptation by unsubscribing from marketing emails and texts from the stores where you spend the most money. By law, each marketing email is required to have an unsubscribe link, usually at the bottom of the email or you can reply to any text with STOP, and that should opt you out of their list.

Use only the ATM’s of your bank or credit union: Using the ATM of another financial institution once a week may seem like no big deal, but if it’s costing you $3 for each withdrawal, that’s more than $150 over the course of a year.

Take advantage of your library: Libraries are gold-mines of free entertainment. They offer several entertainment options, including classes, e-books, and audio-books. Some libraries even allow you to borrow things like tools and sewing machines!

Don’t buy cheap clothes for cheap’s sake: There are times when it makes the most sense to prioritize quality over price when purchasing clothes for the family. An inexpensive shirt or coat is a poor bargain for older family members if it wears out in less than a year, but could make sense for quickly growing children.

Brown bag your lunch: The reason you hear this tip so much is that it works! If buying lunch at work costs $5, but making lunch at home only costs $2.50, then in a year you could afford to create a $500 emergency fund and still have money left over.

Commit to eating our one fewer time each month: Save money without sacrificing your lifestyle. Take small steps to reduce your dining budget. Start of with reducing the amount you eat out by just once per month.

Don’t skimp on preventative health care: Routine dental checkups, for example, help prevent fillings, root canals, and dental crowns – all of which are expensive and no fun.

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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.