If buying on a budget is the only strategy you use to save money, then you might be leaving some significant free cash on the table. Leveraging multiple life hacks at your disposal can enable you to ease the pressure on your wallet and cut thousands of dollars from your budget each year. Let’s explore some simple tips that will save you money.
Use Grocery Delivery Apps
The skyrocketing cost of fuel has led to costly daily travel. Those minor day-to-day trips to the market can really dig into your budget, reducing your savings. Fortunately, you can save money with grocery delivery apps.
These apps prevent you from being grossly affected by the current inflated fuel prices, as you get the driver to deliver items to your doorstep instead of driving or paying a bus ticket to the grocery store. You can use the app to develop a grocery list, which allows you to choose the items you need intentionally. It is also a perfect way to make bulk purchases, which is way cheaper.
Scan Your Receipts
There are free apps that provide money back by scanning your receipts. A smartphone app like Upside lets you save money on purchases, including gas and groceries. All you do is scan your receipt after shopping and upload it to the app. You can receive about $0.25 to $5 or more dollars per receipt in just a few minutes. The money acts as cashback for purchasing specific products.
Write It Down Before You Buy
If you have intentions of buying a high-ticket product, note it down. Here is now where the 30-day rule applies. Leave the product in writing for 30 days before taking the plunge. If you feel like you no longer need it after a month or forget about the item, you will have saved yourself from making a costly purchase. If you feel like you still need the item, you will at least know you will use it. Besides that, ensure you write a shopping list before going general shopping. This will help you avoid impulse purchases and stick to a predefined budget.
Cook At Home More
It all starts with the good intention of eating out at least once a week or occasionally. Before you know it, you may end up eating out every day, which can be costly and break your grocery budget. Cooking at home not only enables you to eat healthier meals but also uses the food you purchase from your grocery store, minimizing wastage.
Insulate Your House
While it is okay to heat and cool your home, the process doesn’t have to cost you so much money. If your home is not well-insulated, you could be losing so much energy, leading to high utility bills. Examine the caulking around the windows for drafts and insulate the entire house, including the attic and walls.
Switch Off Unused Devices
Some appliances consume electricity when connected to the power and not in use. For instance, your TV, computer, or a plugged phone charger can push your energy bill up when on standby mode. According to the US Department of Energy, about 5% to 10% of residential energy use results from standby power. This could cost an average American household up to $100 per year.
Another study by the Natural Resources Defense Council shows that lowering the load from standby devices can save consumers a collective amount of $8 billion yearly and prevent them from consuming about 64 billion kilowatt electricity hours annually.
Review Your Subscriptions
Sometimes, you may not realize it, but annual, quarterly, and monthly subscriptions can quickly add up your spending. You might even be paying for streaming services you barely use. Consider reviewing your subscriptions once after several months to weed out those you no longer use.
A few adjustments to your daily spending habits can make a visible difference and enable you to save more money. With these simple life hacks, you will be able to spend wisely without making huge sacrifices and increase your savings.