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With the economy today, individuals are always looking for ways to save money. Most individual incomes do not go as far as they did ten years ago, so now saving money means the difference between paying the bills and having things turned off. Below are some money-saving ideas for those on a budget, but geared toward our everyday expenses!
1. Insurance
Life insurance is something we all need, but often cannot afford. The price of insurance can be reasonable, but those few dollars will often be the difference between having a tank of gas to get to work or not. Quite simply, ;ife insurance is something every family should look into because the cost of a funeral is not cheap. By making comparisons online, individuals can find policies that will cover burial and any residual bills, but won’t break your budget. Compare term life versus whole life to see which works best for your budget.
2. Utilities
The price of electricity, phone, and water has gone almost out of the average individuals reach. Prices keep going up and our salaries stay the same. Even the most frugal among us can probably still save some money on utilities, if they only think about what they’re using. For instance, turn the heat down two to five degrees. Individuals can also save money by turning the television off when not watching. Unplugging appliances that you are not using will also save money. The cost of water can be less if people take shorter showers. This also cuts electricity cost because it uses less hot water, which doesn’t just magically appear. The hot water heater uses electricity to warm the water and is actually a pretty big energy-sucker.
3. Education
Education Learning how to manage a businesses or the income and accurately budget a month’s spending can be extremely difficult. Our Lady of the Lake University online offers classes offer financial courses that will help individuals learn how to save money in their business and personal life. Online courses also offer less expensive tuition rates compared to on-campus courses and advancement in education will often lead to a pay increase!
4. Cell Phones
Cell phones are cheaper when purchasing a month-to-month unlimited card, as opposed to a monthly two-year contract. The hidden cost (taxes and fees) add up, whereas the unlimited card will remain the same all the time. The same services are available with these cards, even if they sound sketchy!
5. Food
Individuals can save money on food costs by clipping coupons. If using coupons on the same products that are on sale, the savings are double. Eating out is one of the last pleasures that people on a fixed income can enjoy. Learning to eat at places with buffets or two-for-one deals can and will literally cut your bills (on eating out) in half. Fast food places have dollar menus that offer the same burgers, chili, biscuits, or other foods, but they only cost a dollar! It is very possible to feed a whole family for less than ten dollars off the dollar menu.
6. Gas
Carpooling when possible will help save gas. It also will save wear and tear on your vehicle if you are not driving it every week (saving money down the road). Gas treatments will help your car get good gas mileage (same thing). Make sure the tires are inflated to the level they should be and change the oil regularly to help save on gas (you know the drill).
7. Beauty & Hygiene
Beauty products are very costly if purchased in specialty salons. Take the label of your favorite salon shampoo or conditioner and compare it to those in the discount stores. Most shampoos will have a match or generic version for sale at department stores. Haircuts are cheaper if done by a barbershop as opposed to the salon. Men and women can both have their hair cut by the salon for much cheaper if they wash and style it themselves. If hair isn’t really a big deal to you, cut here and splurge elsewhere. If hair is a big deal to you, what’s not? Perhaps name-brand toiletries like facewash and toothpaste? Decide where your priorities are, and purchase the rest at dollar stores.
