Matt and I did an Instagram Live a few weeks ago (you can see the live HERE). I had people send in questions for us to answer on the live video ahead of time. A lot of the questions had to do with budgeting and saving money. After the live, I got more budgeting questions, so I thought I would write this post sharing some of the quick budgeting tips we have used that have saved us a lot of money. I am always looking for new ways to save money and budgeting tips that have worked for other people, so if you have other tips you are willing to share, I would love for you to add them to the comments below this post.
Quick Budgeting Tips #1: Balance Your Checkbook To The Next Whole Dollar
I have to credit my dad for teaching me this tip when I got my first bank account as a teenager. I have been doing it ever since and can’t believe how much money it has saved me. Whenever I write a check or use my debit card, I track it in my checkbook as the amount I used, but subtract the next whole dollar when I balance it. Does that make sense? So, if I go to the grocery store and spend $51.18, I will write it in my checkbook as $51.18, but when I go to subtract it from the balance, I will subtract $52.00.
This is a great way to save money without even thinking about it. I never miss that extra $.82 and over time, it really adds up in my account. (You always have records of the actual amount that is in there because you are writing down the actual number. You are just subtracting the next whole number to save more). I remember when I closed a bank account years and years ago, I went in thinking I would be taking a certain amount out, but had much more money in that account accumulated from doing balancing it this way.
Just think how much money you would save every day just by balancing your account this way. Once our kids get their own checking accounts, I will be teaching them this same tip.
Quick Budgeting Tips #2: Check Junk Mail For Coupon & Freebies
I have saved a lot of money just by going through the junk mail and flyers that come every week. I am someone who likes to deal with the mail as soon as I get it; filing, paying bills and recycling what I can right away, and I ALWAYS flip through the junk mail because I have been pleasantly surprised at times with what was inside. I have found coupons for totally FREE products… expensive products too!
Usually they are new products companies are releasing and they want people to try them. I have also scored amazing coupons for local restaurants in the junk mail. BOGO or even FREE meals have been inside the flyers. There is always coupons for chain restaurants as well. If you frequent those places, put the coupons in your car so you have them when you stop there to eat. You would be amazed at what you can find inside your junk mail. It is worth taking a few minutes to thumb through it to see what’s inside each week.
Quick Budgeting Tips #3: Live Off One Income
This one has saved us a lot of money, but I know it is not doable for everyone. The cost of living is different everywhere and income is different for every person. If you can’t live off one income, I challenge you to try to live off as little as you can. Just because you bring in a certain amount, doesn’t mean you need to spend that amount. A great way to see where you are and if you can make this happen is to sit down and write out every bill you have per month and what you have spent otherwise in the last month.
Not only is this good for knowing what you can live on, but it is also a good “wake up” call to show you where your money is actually going and what things you can cut out or don’t need. When I wanted to live off of one income, I knew I was going to have to get creative if I still wanted to enjoy some of the things I love. So, I found the best way to recreate my favorite Starbucks drink at home and came up with a Chai Tea Latte that only costs 50¢ and has less than 100 calories. #winning.
I have also figured out how to DIY our way through decorating our home exactly how we want it without spending a lot of money to do it. If you really want to save more money and gain more freedom, you will find ways to do it and find that you don’t even miss your old spending ways.
Quick Budgeting Tips #4: Coupon Websites
Coupon websites are so helpful in showing you where and how to use coupons. A lot of them will even have shopping lists each week that show you exactly what is on sale at different stores and which coupons to pair with those sales to save the most money. I have used sites like this for years I love that they do all the work and I just have to print of the list and the coupons and head to the store. Some of my favorite coupon sites are: Hip2Save, Krazy Coupon Lady, and Coupon Pro. There are many, many more.
Google “coupon blog” and you will see so many sites show up. I have found that I have to like the way the blog is set up, the writing, etc. If I like a certain site, I usually stick with it. Everyone does things differently, so if you find a coupon blog that you love, stick with them. It will make the entire process easier because you will know what to expect, what to look for and how they share their information.
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Quick Budgeting Tips #5: Coupons, Coupons, Coupons
It still floors me when I run into people who don’t use coupons. I don’t understand it. If you don’t want to cut out coupons and carry a binder into the grocery store, I get that, but there are so many other ways you can use coupons in stores. Target makes it so easy. Their Cartwheel app has coupons and extra deals on it all the time! You don’t have to cut any coupons that way. Using coupons does not have anything to do with what you can and can’t afford.
It has everything to do with valuing your hard-earned money and wanting to save it for other things that are more important to you (retiring, getting out of debt, a new car, a new house, paying off loans, vacations, etc.). If you look through the coupon sites like I mentioned below, they take all the guesswork out of the work and they make using coupons a lot easier.
Quick Budgeting Tips #6: Sign Up For Emails & Reward Cards
If you shop at a place often, you should sign up for their emails and any reward cards they offer. We have saved a lot of money this way. If you go to the movies a lot, see if the theater has a reward card that may offer FREE popcorn or discounted tickets from time to time. I love the Sweater Weather candles from Bath & Body Works and if you sign up for their emails, they send out email exclusives to their email recipients.
I will not buy the candles for full price. so the deals they email out is the only way I buy them. Our local grocery store has a reward card that gives us money off of gas through different promotions and sales. All we have to do is scan our card and checkout. Then, we use that same card at the gas station to receive money off each gallon of gas. I love it because the rewards usually coincide with sales, so I am saving money on my groceries and my gas at the same time.
If you order online at all, you need a Rakuten account. Click HERE to get started. I have been telling people to get a Rakuten account since it was called EBates. It is the easiest way to save money on things you are already buying online. You get a check each month for the money you earned. This is another budgeting tip that saves you money without you even knowing about it. We all buy things online and the percentage that Rakuten gives you for going through their page, adds up.
I get a check in the mail that I am never expecting and I always feel like I am saving more money when I am buying things online because of that extra percentage Rakuten gives me.
All you have to do is start in your account and from there, go to the site you are wanting to buy from online. That’s it. Then, you shop that site like you normally would, but since you started on Rakuten, you are earning a percentage from them as well. It’s a win-win.
Quick Budgeting Tips #7: Meat Free Meals
Meat can be so expensive so adding some meatless meals into your weekly menu is a great way to save money. We do breakfast for dinner sometimes too. Eggs are a great source of protein and so much cheaper than meat. I have some yummy recipes on the blog that you can easily make without the meat. Find all the recipes on this page.
Quick Budgeting Tips #8: BOGO Isn’t Always Better
Recently, I was in Famous Footwear buying a pair of shoes. They had their infamous sale going on: Buy One Get One 50% off. That sale is great when you need to buy more than one pair of shoes, but this time, I just needed one. I started looking around for another pair of shoes to buy because it would have been 50% off. But, I stopped myself because I didn’t need another pair of shoes.
I was looking because another pair would have been half off. I just bought the pair I went in to get. That saved me the money that another pair would have cost (even if it was half off) and I lessened the amount of shoes in my closet. BOGO isn’t always better. Just because something is half off, doesn’t mean you need it. You still have to pay for that half-priced item. Save that money and only get what you need.
Quick Budgeting Tip #9: Don’t Set Up A Pin Number For Your Debit Card
Sometimes, when you have cash, you are more apt to spend it. Matt is the spender in our relationship. He always has been. I am the one who likes to save, but he is a little more “free-willed” in the spending department (I made that sound very pleasant, but let’s be honest, the man likes to shop and likes to spend money). When Matt has cash in his pocket, he finds himself making excuses to head to the local gas station or convenient store to buy a cookie and a pop (his favorite afternoon “pick-me-up”) or he will go out to lunch and not pack a lunch when he has cash in his pocket. He has always said that if there is cash in his pocket, he will find a reason to spend it.
When we started getting serious about financial goals and saving money, Matt got a new debit card and never set it up with a pin number. Still, to this day, he does not have a pin number on his debit card. Now, to be honest, these days, you don’t need cash. You can usually use your debit card. But, Matt says he doesn’t feel the urge to spend as much when he has to use his debit card. He doesn’t have the pull like he does when he has cash. If you have a hard time managing cash and find yourself spending it more willingly on things you don’t need, make it harder to get cash.
Call your bank and remove the option to take cash out or put a lower limit on the amount you can take out or better yet, don’t even set up a pin number with your card.
Quick Budgeting Tip #10: Share Meals When You Go Out To Eat
Matt and I share a lot of meals when we go out. If you go to restaurants during happy hour, you can save a lot of money on appetizers, drinks and sometimes meals. A lot of times, Matt and I will go during happy hour to share discounted appetizers. If we don’t make it during happy hour, most times, we share a meal. Not only does this save a lot of money, but portion sizes are usually HUGE these days, so sharing a meal can save your waistline as well. Another win-win. I know this can be hard if you don’t like the same food, but if you can find something you both enjoy, it is worth trying the next time you go out.
Quick Budgeting Tip #11: Sell Things Your Aren’t Using
Selling the things you aren’t using anymore is a great way to make extra money. Host a yard sale. I share all my tips for organizing a profitable yard sale to make it worth your time. If you have a lot of name brand clothes that are in good condition, take them to a consignment store. Open an Ebay page and sell things you aren’t using on there. Get a Poshmark account to sell your clothes. Sell items on Craigslist.
You can also sell things on Facebook Marketplace. There are many options out there for selling things you aren’t using anymore. Getting your home organized, purging the things you aren’t using and selling them is a great way to get more money in your budget. If getting organized is something you have wanted to do, but don’t know where to start, I have created a guide that makes it super easy. You can find that guide HERE.
I hope this post has given you some actionable steps you can take to save you a lot of money and gain more financial freedom.
Like I said earlier, if you have other budgeting tips that have worked for you, I would love for you to share it in the comments.
Happy Saving!
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#3 is my favorite tip. We weren’t able to do it 100% until a few years before I retired. It helped me prove to myself that we could afford for me to retire and live on one income.
Yes!!!!