Are you a super money saver or someone that spends more freely? No matter your money mindset, you may be searching for ways to keep more hard-earned cash in your bank account.
If you have almost thought of every possible way to save, here are some more extreme savings tips for those looking to take their savings to the next level.
Don’t Waste Your Money on Expensive Cleaners
Are you using multiple products to clean counters, polish facets, and sanitize the bathroom? You might be letting money slip from your fingers. While one bottle of disinfectant may only cost $5, it all starts adding up with several products.
However, did you know that you can make your own cleaner using everyday household items like vinegar, baking soda, citrus fruits, and hydrogen peroxide for a fraction of the cost? This could help you save money by using products around your house instead of shopping for additional cleaners.
Plus, many of these products work just as well as the big-name brands and have fewer chemicals. If you still need convincing, just read some scientific studies about vinegar’s anti-bacterial properties.
Automate Your Finances
Do you think your finances run you? You can take control of your finances by automating your savings today!
Here’s how: treat your savings like a bill and set up a digital transfer so a certain amount of money goes straight into your account each month.
That way, it’s out of sight, out of mind, and you won’t even have to think about if you’ve saved enough. Plus, once you automate your savings, you won’t be tempted to use that money for something else.
Research Important Purchases
If you’re planning to spend money on a big-ticket item, don’t go for the first deal you see. Do your research, including the best value, and shop for the best price.
On some search engines, you can even track an item and get notified when the price goes down. If this is not an emergency purchase, you can wait and see if a sale will occur.
Just remember to take your time when looking for your next purchase and do lots of research!
Take Fewer Grocery Store Trips
While grocery shopping is necessary, it doesn’t need to be an ultimate budget buster. With inflation rising quickly, it is time to be more strategic about your next trip to the grocery store.
Instead of taking a trip every couple of days, buy in bulk and keep your pantry stocked with items you need monthly. Items like oatmeal, peanut butter, popcorn, and chia seeds are great options for buying in bulk, thanks to their long shelf-life.
Here’s another great tip: buy frozen fruits and vegetables or freeze the fruits and vegetables you already have at home. This will help you store these healthy items for longer.
When you go shopping, make a list of what you truly need and stick to your list!
Pack Your Lunch: A Simple Savings Tip
How much could you save if you packed your own lunch? Here is a rough estimate: let’s say an average lunch you buy costs $12, and you work five days a week. Over a year, you will have spent $2,880 on eating out.
If you prefer to keep a lot of that money in your pocket instead of throwing it away on food, pack your lunch to save. The average cost of lunch packed at home is $4. This adds up to $960 per year. Compared with lunch from a restaurant, you could save $1,920.
Need some inspiration for your packed lunch? Just click here!
Unplug Your Appliances!
While you may think it is silly to unplug your appliances, it can make a huge difference.
The Natural Resource Defense Council says those “standby” devices (such as – televisions, toasters, cell phone chargers, and coffee makers) are still consuming power and cost U.S. households $19 billion a year. That rounds out to an average of $165 per house!
If you’re looking for any way to save money, unplug all your devices when they are not in use. It may be annoying at first, but you’ll start creating a habit once you do it enough times.
Buy Clothes in the Off-Season
Do you need new shorts or a bathing suit but are waiting for the summer? Don’t; instead, shop for those spring and summer clothes now.
Many companies are trying to eliminate their old inventory to make room for new items for next year, so you can take advantage of great clearance deals.
Buy all the spring and summer clothing you need now, and then shop for your fall and winter clothing in the summer.
Grow Your Own Produce
Do you have a green thumb? According to a study from the National Gardening Association, an average vegetable plot could save you $530.
While you may have some upfront cost getting started (around $70), they usually pay for themselves when you dehydrate and freeze your vegetables to use later in the year. Plus, your upfront cost is usually only for the first year, and the tools you buy now will be used for years in your garden.
As a bonus, homegrown vegetables usually taste better than their store-bought counterparts.
If you don’t have a backyard, start with an indoor gardening kit to grow fresh herbs or put pots on a balcony or patio.
Get a Savings Account with a Higher APY!
If you’re looking for another savings tip, changing your savings account could help you earn more cash without even trying.
One good option for short-term savings is a certificate. This savings option allows you to store your cash for a limited term length and usually earns more APY.*
At FFCCU, you can earn up to 4.00% APY* on a 13-month certificate. But hurry, this rate is only available for a limited time!
Make sure to strategize your savings options to save additional cash. Even if a certificate is not for you, there are many other options like money market and club accounts. Find out more about savings options here.
Find the Savings Tip that Works for You!
If you want to save, there are always creative ways to help you reach your goals! Even if you don’t follow all these savings tips, you can find the ones that work best for you and use them. Don’t forget to earn a higher APY with savings accounts from FFCCU.
*APY = Annual Percentage Yield. Certificate rates remain fixed for the term of the certificate. Penalty imposed for withdrawals before maturity. $500 minimum balance required. The 13-month certificate will upon maturity, renew to a 12-month term. Available for a limited time only. Only available for new money being put on deposit only. Click here to view full rate disclosures and policies.