Making Cents: 4 Budget Tips for the Savvy Saver

Would you like to have more money in savings, either for travel, retirement, or a major purchase like a house or remodeling your house? Sure, we all would! But being able to save is easier said than done. Between necessary monthly expenses, revolving credit card debt, and unforeseen events, it can be hard to hang onto that little extra you were going to use as your nest egg. Here are some helpful hints for becoming a better budgeter so you can start maximizing your savings each year!

           

Tip #1-Write down what you spend

This one seems like a no-brainer, but in the age of credit card swipes and one-click online purchasing, we just aren’t keeping track of our expenses like we used to back in the old checkbook register days. Five dollars here for a coffee, ten dollars there for parking- it adds up fast, leaving you wondering where the money went at the end of the month. Try keeping your receipts in your pocket or purse throughout the day and then reconciling them to the balance information on your bank’s website or mobile app when you get home. For those of you who are tech-savvy, check out free spending tracker apps such as Mint or LevelMoney to keep your spending in check.

Tip #2-Set a goal

If you have a specific thing you are saving up for, you are more likely to actually save, according to the experts. Having a set goal in mind may be all you need to turn over a new leaf as a super saver. For example, if you and your friends want to have a Cancun getaway by the end of the summer, and you know your share is going to equal $750, now you know what you need to save and when you need to save it by. It’s as simple as that! Common goals for savings include purchase of a home or car, travel, a major appliance or electronic, or retirement. Pick your goal and stick with it!

Tip #3- Create a budget

This can be a tricky one, as we tend to think of our major bills only when mapping out a monthly budget. While rent, car payments and the electric bill are easy to remember when coming up with your budget plan, you also need to look at everything else you spend money on each month. How much do you spend on groceries? What about gas? How many times do you eat out per month? Do you get your hair and nails done at a salon? Be sure to write down literally everything you use money for in a given month so you can determine what, if anything, you can eliminate in able to work towards your savings goal.

Tip #4-Treat Yourself...Occasionally

So you’ve hashed out this comprehensive budget plan to help you reach your savings goal. Good for you! The only downside is that now you feel like you can’t do anything fun ever again. Just like dieting, saving money works best when you don’t feel as though you are depriving yourself. To turn saving into a good habit that lasts you for the rest of your life, it’s important that you don’t make yourself feel miserable over it. At the end of every week, do something nice for yourself- treat yourself to lunch or a latte, or make a (very small) purchase on a luxury item. This will not only boost your morale to get you to your ultimate savings goal, but will also prevent you from “bingeing” on a crazy-expensive purchase when you’ve reached your savings saturation point!

Do you have any handy money-saving tips that work for you? Please share in the comments section.

Save Money With 3 Bulk-Buying Tips!

Over the past decade, bulk buying has significantly increased in popularity, with more and more consumers purchasing large quantities of their favorite household items and groceries from stores such as Costco and Sam’s Club. More recently, Amazon has gotten in on the action with services like Prime Pantry and Amazon Fresh, adding convenient, affordable bulk grocery shopping services to its already impressive list of Amazon Prime features. It has never been easier or more convenient to buy large amounts of what you need most in an effort to save money. But before you run to the nearest big-box bulk shopping center and plunk down your paycheck on a stockpile of goodies, it’s important to know that not all bulk purchases are created equal. Here are 3 tips to make sure you are getting the most out of that membership and receiving maximum bulk-buying benefits with minimum damage to your wallet. 

Keep it Dry

Since the purpose of buying in bulk is to lower the overall cost per unit, you want to make sure you’re only investing in mass quantities of things you’ll actually use. If you are a family of three, for example, the odds are good that you won’t actually get through that entire 8-pound box of strawberries before they start to spoil (unless, of course, you freeze them- more on that later). For this reason, it’s best to stick to the non-perishable grocery items, or dry goods, that can be stored for years at a time. Any household or laundry items, such as detergent, dryer sheets, paper towels or toilet paper, as well as any non-perishable foods like cans of beans, uncooked pasta, and protein bars, fall into this category. Be warned, though- many non-perishable food items still have expiration dates, so it’s best to calculate how many items you actually use in a year before shelling out for a bulk package.

Freeze!

Prior to embarking on your bulk-shopping journey, make sure you have ample freezer space waiting for you at home. This could either mean investing in a deep freezer cabinet, or simply cleaning out your freezer to make space for new items. Either way, when it comes to bulk grocery shopping, your freezer is your best friend. Meats, fruits, veggies and more can easily be frozen and stored for up to a year, giving you the edge on savings. 

Pro tip: Package and freeze your bulk groceries in small amounts; this way if you only want to thaw a small amount at a time, you don’t have to sacrifice the remainder of the frozen food.

Space Out

Much like the aforementioned freezer space you’ll need after a bulk-buying mission, it’s important to have enough storage space in your home to accommodate large boxes and packs of household goods. If you live in a small apartment with little or no cabinet space, or if you don’t have access to a pantry, utility room, garage or basement, you might want to think twice about taking the bulk-buying plunge, unless you don’t mind having a living room with boxes of  tissues stacked up to the ceiling!

Got any more great tips for buying in bulk? Share them in the comments section below.