4 Simple, Overlooked Ways To Cut Everyday Spending
Many American families look to save as much money as they can, but it's even more vital during economically turbulent times when the stock market is fluctuating widely and living costs are rising faster than wages.
The best way to save your money is to spend less of it. You probably already know many the tried and true ways of frugal living, but there are a few ideas you may not have heard about or thought of yet. In a video posted to her YouTube channel, personal finance influencer Kate Kaden discussed four lesser-known ways to spend less money. Best of all, they're super easy and could even be thought of as fun challenges.
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1. Buy One Less Thing
Maybe you get coffee on your way to work a couple times a week. Maybe you get takeout food on weekends. Maybe you go out to lunch on Fridays. It can be any number of things that cost money. Kate Kaden put forth the challenge of buying (or doing) one less thing in order to save money. You can apply this to your month, too -- buy one less thing than you normally do.
"We're going to want to treat ourselves sometimes -- fine," Kaden said. "But just reduce it by one and see how you feel."
2. 'Save for Later' When Online Shopping
In an increasingly digitally connected age, where online shopping rivals in-person shopping in popularity, we can all relate to the temptation of "adding to cart" stuff that we don't necessarily need. Ideally, we'd eliminate this impulsive behavior altogether, but there's another way to get around it.
Hold the trigger on buying what you've added to your online shopping cart. Kaden recommended leaving items that are not urgent purchases in your cart for a minimum of 24 hours. By the time you revisit your cart, you'll likely find that urge to buy has passed.
3. Swap Night Out for Night In
Planning a few movie nights out this summer? The kind where you'll be buying not only movie tickets, but also popcorn, drinks and candy? If you need to save money, swap one of those nights out for a night in. Kaden pointed out that you're likely already paying for a Netflix subscription. Take advantage of it.
You don't have to never go to the movies again, just open your mind to swapping out the experience for an in-home one now and then. You can use this "swap" method for a number of experiences. For example, instead of going to an expensive brunch with friends, have them over for a potluck brunch instead.
4. Shop Your Pantry
We're heard about "shopping your closet" when you've got an event to get dressed up for and are tempted to spend on something new; but what about shopping your pantry? This is essentially what Kaden is recommending when she said "make a boring meal from your pantry." The idea is to get creative, in the culinary sense, with what you have. You may look in your fridge and think, "There's nothing!" But your pantry probably has a lot, and maybe you'll surprise Kaden and come up with something (ChatGPT can help with recipe advice here) that isn't boring at all.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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