GreenSprout is one of the best financial blogs on the web right now. They have helped countless individuals boost their savings accounts and figure out how to manage and save their money during trying times like the ones we’re in at the moment.
With inflation at an all-time high and the threat of a recession looming over us, I thought it’d be a great idea to ask GreenSprout for a little advice. So, I contacted the financial experts over there and asked them how we could all save some money and boost our savings.
Let’s take a look at the great advice that GreenSprout was able to give.
Streaming services are way cheaper than cable, but if you have a lot of them, they quickly add up. Netflix has recently raised their prices and has gotten rid of a lot of handy features. It seems like other streaming services will follow suit very soon.
I’m not saying that you shouldn’t watch your favourite shows, but if you are in a pinch and need to save money, then something has to give, and streaming services are the first thing that should go. There are many free options out there for watching most shows if you are good at searching the web and doing research.
Stores like Walmart, Kroger, and Meijer all have generic options for popular food. Whether you’re buying chicken, ground beef, milk, soda, or cookies, you can find a cheap generic version.
The taste isn’t always as good as the name-brand stuff, but it’s good enough to justify the money you save. $2 may not seem like a lot when you’re looking at two different brands of cookies, but when you purchase food once a week, the savings quickly add up.
If you’re trying to increase the money in your savings account, you have to eat out way less. This is extra true if you order delivery a lot because that extra $10 – 15 you’re paying for delivery fees and tips are eating into your savings account.
There are many cheap meals like spaghetti, rice and beans, fried rice, and homemade ramen that are both delicious and extremely cheap. If you stick to meals like this, you can eat for $5 or even less per day, which will save you a huge amount of money on food.
GreenSprout highly recommends writing down your spending habits somewhere. It’s very easy to create an Excel or Google spreadsheet and just write down everything you spend. Write down your bills every month, and then every time you buy something, throw it on the spreadsheet.
This will help you see exactly where your money is going and where you can cut costs. This takes discipline, as it’s very easy to just not add a small purchase here or there if you happen to buy a candy bar while you’re out.
You have to add everything for this to be effective. Then you can see where you’re spending too much and nip it in the bud so you can build your savings.
Finally, not only should you track your spending, you should budget it. Once you know how much money you make every month and how much you spend on bills, you can decide how much you’ll spend on the fun stuff.
Everyone needs some fun, so it’s important to give yourself a weekly or monthly fun budget so you can enjoy yourself but not go overboard.