Seems as though inflation cannot be avoided these days. Everything is costing more and it’s noticeable. Not only are things costing more but wages are not increasing at the same rate so if you were struggling to pay for everything, you are struggling even more now.
It is all too common for income not to keep up with the rate of inflation. But with a few money saving tricks, you can end the month with extra cash in your pocket.
As a horse owner or rider, you know the high cost of this activity/addiction. The cost of lessons, feed, board and everything else associated with horses is definitely going up. If the cost of everything is increasing you’ll have to pick and choose between getting a riding lesson and filling up your car with gas.
There are quite a few things you can do to save money each month and we’ll go through my 9 favorite ways. If you can learn to save a few hundred extra dollars each month, there are quite a few things you could use these extra savings for, such as:
- Pay your bills without missing a payment or stressing each month
- Put money into a retirement or investment account
- Go to a horse show
- Buy your horse something new (blanket, bridle, saddle pad – you name it)
These are some simple money saving hacks you can do each month, which will keep extra cash in your pocket.
1. Evaluate your Housing Costs
The cost of housing is typically the largest monthly expense for most Americans. The cost of housing usually refers to your rent or mortgage.
If you own your house and have a mortgage, there are a couple ways to save. First, you could get a roommate to reduce your monthly expenses. This can come with it’s own positives and negatives. Second, you can refinance your mortgage for a lower monthly payment or a lower interest rate. This was more relevant about a year ago, since interest rates have gone up significantly over the last year. However, if you have not refinanced in several years, you may have a higher interest rate than the national average.
If you rent, there are also ways to save on your monthly expenses. You can also get a roommate if you rent. Consider downsizing to save on your monthly rent costs. There is usually a lot of money to be saved by getting a slightly less nice or a little smaller apartment or house. The hassle of moving could save you hundreds of dollars per month!
2. become a meal planner and shop store sales
One of the larger monthly expenses for the average person is food and groceries. While you can save a lot of money by not eating out, let’s talk about ways to save on the groceries you get at the store.
I save so much money every month by meal planning. You can meal plan for whatever duration you want to go to the grocery store (and that your produce will still be good). I usually meal plan for 2 weeks so we only go to the grocery store twice a month. I pick meals I want to eat and then put the ingredients on a shopping list. Going to the store with a plan and knowing what meals you want to eat will keep you from buying extra stuff and needing to go to the store for things you forget.
Another great way to save money on food is to shop the sales at different grocery stores. Once you know what you need to buy, look around at the different ads to find the best prices at different stores. Then shop accordingly.
3. Reduce your electricity bill
Many electric companies are raising their rates amongst inflation, but you can battle this rising cost. First, unplug any unused appliances big and small. Even when you aren’t using something, it can still pull electricity. Next, shut off your lights when you aren’t in a room. Why waste those pennies if you aren’t even in a room? Lastly, be mindful of your electric company’s “time of use” charges. Many electric companies raise the rate of electricity within a certain time period of the day. If you aren’t sure when this is – call your electric company to find out. Try to run your biggest appliances before and after this time period, it can save you a surprising amount of money .
4. quit or reduce bad habits that aren’t healthy for you
What do I mean? Bad habits or consumption of things that aren’t good for you could be harming your health, all while costing you a ton of money. I’m not saying all consumption of these is bad for you but if you are spending hundreds of dollars a month on any of these, consider revising or quitting your consumption of these items:
- Soda/Pop
- Alcohol
- Cigarettes
- Junk food
These unhealthy habits could be harming your body as well as your wallet!
5. Shop for a new/different Cell phone plan
If you like your current cell phone carrier, you can still plan to stick with them, but it is always worth shopping for a cheaper plan.
There could be discounts or contracts that would result in up to $100 of savings. If you are not tied to your current carrier, consider switching to a lower cost carrier such as Mint, Tello or Visible. If you are paying hundreds of dollars a month, these carriers could offer a similar plan for $10-$50 a month. Make sure you find a plan with enough data or you could negate any savings with overage charges.
6. RESIST THE URGE TO IMPULSE BUY
It’s easy to get swept up in the moment and buy something when it is in front of you. If it isn’t a NEED, wait 1 week and see if you still want or think you need it. You’ll often find that you didn’t need to buy whatever it was that you almost got on an impulse buy. This goes for the grocery store, tack store, clothing – any type of purchase. Go to the store with a list and a plan and don’t buy something extra just because it catches your eye.
7. declutter your life and make some extra cash
Having stuff everywhere not only makes you feel uneasy, it costs you money to rent/own a space large enough to store it.
Those extra items you have lying around could be worth some money. If you aren’t using something and have no need for it in the future, consider selling these items. You can sell unwanted items on eBay, Amazon, Craiglist, and/or Facebook Marketplace.
8. Check your insurance coverage
Did you know that most people save hundreds of dollars when they shop for insurance coverage? I like to check my current coverages and see if the company can offer discount on my current rates. If they are unable, then shop around for a new insurance company.
You can do this for homeowner’s insurance, renter’s insurance and your car insurance. You can Lower premiums are available by changing coverage (such as the deductible or the amount of coverage), or updating your policy to reflect more current coverage of your home or car. Just make sure you keep enough insurance coverage to cover the things you own. IE make sure your homeowner’s insurance will cover the cost of replacing your house and belongings should something happen to it.
9. utilize cash back apps
There are several great cash back apps that you can use when shopping online and in the store.
Online: Rakuten – this app is available on your phone or from a website on your computer. Just sign up, search for the store you are shopping and get cash back. It isn’t a ton of money, but several dollars back on each purchase you make really does add up!
Apps: Ibotta and Fetch Rewards are my favorite cash back apps. Ibotta gives you cash back for purchasing certain items (but there are almost always offers for “any item” and other common produce items. Fetch rewards offers cash back on everyday purchases. Both these apps will require receipts, so don’t throw those away!
Using some of all of these ideas will help you save a few hundred dollars a month, and who doesn’t want that?
Now that you’ve read my favorite ways to save, what are some of yours?
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