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Finance

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Kelly Community FCU Mobile

Finance

Free - On the App Store

Here’s how to do more with less money, so you can save up, get out of debt and accomplish your financial goals!

Knowing how to do more with less is an important part of financial success.

 

The term “less is more” is something almost all of us have heard since we were kids. As my mom used to tell me, “less is more” applies to daily life from the ranch dressing you put on your salad all the way up to your finances. Opportunities to save are all over the place, from turning off a light in your home to using a coupon to purchase shampoo.

 

Here are a few ways to save on your monthly budget. And the good news? They are easier than you think!

 

1. Stop borrowing

 

Ask yourself – do I really need this? Can I pay for it in cash, or will I need to use a loan for it?

 

2. Leave your cards at home

 

If you are going to a place like Canton First Monday – have a budget, make a list of what you are wanting and needing, and only bring enough cash to cover what you really need. This will help prevent unplanned purchases at places that thrive on unplanned purchases.

 

3. Buy a “size-up” for your kids when it’s on sale or clearance

 

Kids’ clothes are expensive! They have a strong possibility of getting ruined (or being outgrown) within months. When you see a good sale – buy a size up! No, your kids do not have to wear clothes and shoes that are way too big on them, but you will be prepared for their next growth spurt!

 

4. Welcome hand-me-downs or used items

 

Have you ever been to a thrift shop and found a brand new item with tags marked to $1? I embrace finding great deals from different sources – whether it be garage sales, thrift shops, online marketplaces or from friends and family who no longer use something that I need.

 

5. Cut back on eating out or ordering-in

 

How many times have you thrown leftovers in the trash after it sat in your fridge for a week or two? How many times that week did you eat out at a restaurant or eat fast food? Utilize leftovers for lunches or a quick dinner instead of eating from outside the home or ordering a delivery service that brings those restaurant meals to you. With these, you pay more for the meal itself AND should be tipping your driver.

 

6. Be mindful of “hidden” costs at home

 

Look for ways to save by powering off all electronics not being used, turning off lights each time you leave a room, doing full loads of laundry instead of smaller loads and turning your thermostats down 2 degrees. There are so many ways to save from inside the home.

 

7. Use coupons

 

I get a coupon mailer weekly. It has ads for grocers and coupons for items and brands that I use daily. Saving $0.50 now might not seem like much to you, but if you save $0.50 or more on hundreds of items you purchase every year, that money sure will add up.

 

8. Purchase generic instead of name brand

 

Some people are loyal to a name brand because it tastes different or it is a different formula. While that is okay in some cases, in many cases the generic brand of an item has the same ingredients, same formula and same taste. This is true for food, household items and prescription medication.

 

Now that you know more about how to do more with less, you can see there are a million ways to save on your budget. Pennies turn into dollars eventually and it is up to you to decide how you want to spend those pennies. Find small ways to cut your monthly expenses, and eventually you will learn how to save big.

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