Okay Team... I need to trim $50 from my weekly budget (which would mean $200/month, or $2400/year... yay math!). What's a great frugal life hack you've stumbled upon in trying to save money?
I don't eat out a ton... I don't buy Starbucks... etc. So I think I've taken care of most of the low hanging fruit. But what can I do that would make me chuckle to myself when I dive into my Uncle Scrooge pile of saved cash at the end of the year?
(thanks in advance for any tip that's worked well for you!)
Great challenge! I think one of the best ways to cut down on spending is throwing away the plastic. Paying cash for everything will greatly reduce your monthly spending. According to a study by Dunn and Bradstreet, you can spend up to 12-18% less when only using cash. It really comes down to the idea that swiping plastic doesn't have the same impact as paying with your hard-earned cash. Give it a try!
Great question! Every little thing adds up...here are some thoughts:
1. Uber/Lyft pool instead of riding solo
2. Pick up a Rover dog walking shift here and there (or cat sitting!)
3. Stop paying high interest on any existing credit card or loan balances by consolidating with better terms
4. Do a scrubbing of all the subscription services you are currently enrolled in, and ask yourself: do these bring me joy? (netflix, dollar shave club, trunk club, hulu, etc., etc.)
Okay... these are great (thank you)!
- Cancel Cable (we use Roku for streaming; Sling TV for cheap channel lineups): I cut the cord!... but I've got Netflix, HBO (shared account), Prime (but for other stuff... thanks Bezos for throwing the content in!), and Hulu (shared account)
- Unplug any electronics that you are not using: Love this. Can think of a couple of I'm gonna unplug this week
- Cancel newspaper/magazine subs: I'm down to bare essentials!
Admittedly, the thing that jumps out is the darn car. Shedding that would bring lots of cash back to the house... but it just doesn't seem feasible at the moment. A part of me thinks I should just Uber one day a week to make $50 extra bucks, which would be effectively optimizing this cash drain (the car) while solving for my cash flow needs.
Anyways, keep 'em coming!
Try the 52 Week Challenge to save at least $1378 per year. You can save by moving money from sight. I do this by moving funds to a savings account:
Save $1 at the end of the first week and then increase that amount by $1 each week. At the end of the second week, you put $2 into savings. Then $3 after week three and so on until week 52, when you save $52. If you stick with it for the full year, you'll have saved $1,378 at the end of the challenge.
I also move odd amounts from my paycheck direct deposit over to my savings account, i.e., if deposit is $492.37 I may move $17.37 to savings leaving $475.00 in my checking.
Using cash only is a great trick and look in your garbage can to see what you waste each day. Live within your means - doubt carry debt. Also, have/can you consider moving to another town, or even better, to another country. My wife and I left the US ten years ago, worked in the same profession, obtained higher level positions, were able to save much more money through Expat benefits & tax breaks, lower costs of living (healthier too), lower healthcare costs (if any), cheaper rents and utilities, more paid time off - all while improving our personal lives & our lifestyle. We recently joined the FIRE (Financially Independent, Retired Early) movement at age 48 - we work only if it brings US gratification.