You’ve probably been there. The struggle to save money when your budget is tighter than a hipster’s jeans is real. But don’t worry, we’re not here to suggest you sell your grandma’s antique brooch or start a side hustle as a circus performer. Instead, these are unexpected, yet effective, tips to help you save money on a tight budget.
The Power-Saver’s Guide to Electricity
Did you know your electric company might be your secret ally in saving money? Many offer free tools for assessing your home energy use and suggest ways to lower your consumption or bill. Switching to a time-of-use plan or changing when you use energy-intensive appliances could lower your bill. It’s like finding money in your pocket you didn’t know you had!
Also, the federal Low Income Home Energy Assistance Program works with states to help people stay warm in winter and cool in summer. Some programs even replace a broken furnace or boiler or help weatherize your home to reduce energy bills. Now, that’s what we call a hot deal!
The DIY Daredevil
Some tasks are too dangerous to DIY. But some tasks we might hire people to do are surprisingly cheap and easy to handle ourselves after we’ve watched someone else do them. From changing your car’s air filter to replacing your oven’s heating element, the next time you have a problem you’d normally pay a professional to fix, do some video research first. You might just surprise yourself and save a few bucks in the process.
The Cellphone Provider Shuffle
Most of us think about the big three—T-Mobile, Verizon, and AT&T—when we think about cellphone providers. But their recurring monthly plans are expensive and may provide more data, faster speeds, and newer phone technology than you need. If you switch to one of their prepaid plans, you may be able to cut your monthly bill in half. Moving to a smaller provider such as Republic Wireless, Ting, or Mint Mobile can also lower your bill. So can paying up front for at least three months of service. Plans get super cheap if you ditch cellular data altogether and stick to talking, texting, and WiFi.
The Subscription Slayer
Out of all your subscriptions, which one do you use most? Allow yourself that indulgence, and cut the rest. Many have free alternatives. Also, you don’t have to pick one subscription and stick with it all year. For anything that’s month to month, you can switch it up: Hulu this month, Netflix next month, Spotify the month after that. It’s like having a buffet of entertainment at your fingertips, without the hefty price tag.
The Bidet Bandwagon
If the pandemic-induced toilet paper shortage didn’t already convince you to try a bidet in 2020, now’s the time to think about one. Entry-level models that attach to the side of your toilet seat cost just $30 to $40 on Amazon and will quickly pay for themselves in toilet paper and wet-wipe savings. Bidets are efficient, so they won’t run up your water bill. The low-end models don’t use electricity. And cutting back on your use of disposable products is good for the environment. It’s a win-win-win situation!
The No-Spend Ninja
Try a no-spend challenge. Whether you try it for a day, a week, or a month, a no-spend challenge can kick your account balance up a notch. You might find yourself reevaluating those purchases you postponed. And you might find a free way to hang out with a friend. It’s like a financial detox, and your bank account will thank you for it.
The Generosity Grabber
There’s so much wealth and generosity in the United States that we should all feel comfortable accepting help when we need it. We’re talking food banks, pet pantries, free farmers markets, community gardens, school-supply giveaways, healthcare clinics, sliding-scale mental health services, Medicaid, hospital charity programs, and more. When your circumstances improve, you can always return the generosity of the organizations that served you by donating your time or money.
The Insurance Investigator
It’s tempting to raise your deductible or decrease your coverage to lower your insurance premiums. But remember why insurance is there. If your car gets totaled, a pipe bursts in the upstairs apartment and floods you out, or a windstorm pulls off the roof of your house, good insurance coverage will get your life back to normal much faster without messing up your finances. And if you’re a pet parent, spend the $20 to $50 a month on pet insurance for your furry best friend. When they need emergency surgery, you’ll thank yourself.
The Fun Money Fanatic
It’s miserable putting every penny of your income toward necessities and saving. Instead, make a conscious choice at the beginning of every week, month, or pay period about how much money you’ll allow yourself to spend on fun things—within your overall budget, of course. Then, enjoy those treats guilt-free. And if you want to save up for something bigger, roll over your allowance from one period to the next. A cash envelope or dedicated savings account can help you manage your fun money and keep it separate from your essential spending.
The Long-Term Looker
Some expenses are almost impossible to eliminate. But that doesn’t mean you can’t reduce them. Lowering your recurring expenses can be a big help because it will give you savings every month, not just one time. Also, don’t forget that saving money is a long-term goal. Don’t make short-sighted decisions like slashing or forgoing insurance coverage that might cost you big in the long run and undo all the progress you’ve made. At the same time, many small savings choices can pay off big in the long run.
In conclusion, saving money on a tight budget isn’t about making huge sacrifices. It’s about making smarter choices, being resourceful, and having a bit of fun along the way. Remember, every penny counts. So, go ahead, give these tips a try and watch your savings grow. And remember, if all else fails, there’s always the option of becoming a circus performer!
