Can't Save? Try These Tricks

Feeling stressed about money? Tax day is approaching as I write this and my husband is just finishing up our taxes. We're blessed that the amount we must pay is small.  We were fortunate to save the right amount to cover our son's college without any student loans.  I have been working to put more money into one of my retirement funds.

There are actionable money-saving hacks that can change your financial life. These strategies can radically reduce expenses. They also boost wealth-building and improve your financial well-being. Ready to take control? Let's dive in!

Budgeting doesn't have to be a drag

Smart budgeting and spending habits help you identify areas where you can save cash. Knowing where your money goes is the first step to financial freedom.

Tracking every penny might seem annoying, but it's enlightening. Thankfully, I can review expenses through my banking app and my credit card statements.  Knowing where your money goes each month is important. You'll be surprised where you can cut back. You might be spending way too much on coffee, takeout or Amazon.  Seeing these trends helps you make smarter choices.

Needs are essentials: rent, food, transportation. Wants are extras: new clothes, fancy gadgets, eating out. It's easy to confuse the two. Learning to tell them apart is key. Ask yourself: Do I really need this, or do I just want it? Prioritize needs. Then, spend carefully on wants.  I used my previous cell phone and my previous laptop for over 10 years. Both had to be replaced as they were no longer supported and did not run well.

Embrace Minimalism: Less Stuff, Less Spending

Minimalism is about owning less. Declutter your home. Get rid of things you don't need. The less you own, the less you need to buy. This helps you spend less on unnecessary items. Plus, a clutter-free home is calming. It creates a relaxed living space.  I've been decluttering my clothing; getting rid of items that don't fit, aren't worn, or just simply no longer serve me.  Rather than buying cheap clothes, I am investing in new clothing items through Stitch Fix. I didn't think I'd like someone else picking out my clothes but I've been happy with the two "fixes" so far. 

Food costs can sneak up on you. Smart planning and shopping can lead to big savings.

Grocery shopping and other food savings.

Coupons are your friends. We shop Kroger and we can clip coupons that go on our Kroger card.  Don't be afraid of store brands. They're often just as good as name brands. But, they cost less. We buy store brands often but, depending on the sale, my husband has occasionally found it cheaper to buy a name brand instead of store brand.

Eating out is a budget killer. Cooking at home is way cheaper. My husband and I are so busy that it has been months since we've gone out to dinner together.  I go out once a month with my girl friends in Lewis Center. If you do enjoy eating out, look for coupons either through mailers like ValPak or in an app if your favorite restaurant has one.

Set Up Automatic Transfers to Savings Accounts

Set up automatic transfers from your checking account to your savings account. Even small amounts add up over time. Treat it like a bill you have to pay. Set it and forget it. You'll be surprised how quickly your savings grow.  I've been diverting a small percentage of my monthly paycheck to my savings account.  Huntington offers "Money Scout" and this has resulted in more savings.  I have a scheduled transfer setup to send money to Edward Jones for one of my retirement funds.

Wrap-Up

We explored many money-saving hacks today. From optimizing your budget to slashing housing costs. Conquering food expenses to automating your savings. Cutting down on transportation to embracing minimalism. Implementing these hacks can change your financial life. You can radically reduce expenses. You can also accelerate wealth building. You'll also improve your overall financial well-being. Start implementing these hacks today. Commit to a financially healthier future!