After paying down $43,000 of debt in just under 2 years, I have found that my passion is to help people get out of debt and save money so they can be generous like never before. Recently, many have found themselves in a difficult place financially, so if you’re looking for ways to save money, you’ve come to the right place!
1. Save Money On Auto Insurance
Considering what COVID-19 has done to today’s workforce, many people are finding themselves working at home. But did you know that your auto insurance has a lot to do with how much you drive? If you are someone who is spending more time working from home, make sure you reach out to your current auto insurance provider to see what kind of discount or rebate they can provide. Many companies are already taking the initiative to offer discounted premiums so make sure you save money in this part of your budget.
2. Adjust Your Thermostat
With temperatures expected to cool down as we enter the holiday season, make sure you go easy on your thermostat. I know Summer temperatures really caused us to become dependant on A/C but did you know running your heater actually drains more energy on your electric bill? As temperatures get colder, maybe consider grabbing a blanket or a jacket as opposed to turning on the thermostat. It will save you a TON of money on your electric bill.
3. Buy Generic & Get Your Groceries Online
This is one of my favorite ways to save money because, on a lot of products, we honestly can’t tell the difference between name brand and generic store brands. You may think that it won’t save a lot of money but if you do this for months and even years, you’ll notice real quickly how much further your dollar goes on those grocery trips. Not to mention that grocery shopping online is great because it not only keeps us safer, it also makes sure that we grab everything we need while not spending over our budget.
4. Change Your Lightbulbs
I honestly had no idea how huge a difference this one would make but it is MASSIVE! Switching your lightbulbs to LEDs can not only help reduce your utility costs but it also drastically alters how often you have to maintain lighting in your home. According to energy efficiency experts, LED lightbulbs use 75% less energy than traditional incandescent bulbs and last 25 times longer!
5. Turn Off Your Lights
Similar to your thermostat, keeping the lights on in your home uses a lot of energy! That’s probably not a shocker to you, but it really is something to consider as many of us have a tendency to leave lights on in rooms were no longer using. If you’re at home hanging out, try letting in some of that natural light into your home especially if your home/apartment has big windows. This too will save more than you can imagine.
6. Look At Your Monthly Subscriptions To See What To Cut
While I love monthly subscription services, they often drain a lot of people’s budgets unknowingly as many users find themselves in a position where they sign up and forget about the monthly fee. That’s why it’s so crucial that we track our income and know exactly where our money is going each and every month. During these unprecedented times, it’s never been more important to save money and if you find yourself strapped for cash, make a list of all your monthly subscriptions and separate them by priority and how much you actually use them. This will help determine what can stay and what needs to go. A lot of these services will even allow you to pause if that makes you feel better.
7. Cook In Bulk
The amount of food we waste in this country is staggering as some reports say we waste more than 40% of the food that we cook because we don’t end up eating it. So why am I suggesting cooking in bulk? Well for starters, getting things in bulk can save you so much money from places like COSTCO or Sam’s Club, but make sure it’s budgeted! These stores can drain your wallet real quickly if you’re not careful. But cooking in bulk actually causes you to think ahead and long term so you not only utilize and eat more of the food you cook, you end up eating out less and actually save money in the process! How cool is that? If you don’t know where to start, there are plenty of great resources online to help you get started as they share recipes and tips on how to maximize the food you have.
8. Grow Your Own Food
This is probably the one I’m most scared of because frankly, I don’t have a green thumb at all. It obviously will take some planning but if you’re somebody that is capable of doing this, it can really be a source of great savings for you. Not only do you have access to fresh vegetables whenever you want, but you also don’t have to go to the store and pay for them! Once again, if this part scares you, there are plenty of things online to help you become a great gardener as you learn to harvest your own food in your own garden. Talk about living off the land!
BONUS TIP: – Get A Side Gig!
For some, the option to cut expenses still won’t provide the money they need to cover their bills. That’s why I love the idea of side gigs because there is no limit to how much money you can make taking on side jobs. We live in a crazy time in our world where we can literally go out and get paid! Whether it’s grocery delivery, ridesharing, or fixing things around other people’s homes, these services can provide another source of income for you and your family which will help tremendously.
Click here to see a full list of different side gigs that you can get paid to do!
Also, if you’re wanting a more comprehensive guide to getting on track with your finances during this pandemic and you have no idea where to start, my friend Art Rainer wrote an e-book for Lifeway called “Managing Your Money During & After A Pandemic” and it’s a great resource for anyone that wants to read it. If you’d like to download it, click here!