Money Saving March: 5 Ways to Save This Month
Is your bank account looking a little sad after all the holiday spending? Maybe the economy is slowing your self-employed business, or it just happens to be the traditional slow season on Taskrabbit and other gig apps. And the numbers don’t lie; Americans all across the country are using up their savings while also incurring more debt on credit cards.
So don’t worry since you’re not alone. January and February can traditionally be tough months financially, but there’s always hope for a fresh start in March and April. So we created the “Money Saving March” challenge to help us cut back on our spending. To help get the ball rolling in the right direction, here are five creative ideas to get you started.
5 Money Saving Tips
1. Make a budget and stick to it.
The first step to saving money is knowing where your money is going. Track your spending for a few weeks to understand where to cut back. Once you have a good understanding of your spending patterns, create a budget and commit to sticking to it. You may be surprised at how much money you can save by simply being more mindful of your spending.
2. Start cooking at home more often.
Eating out can be expensive, so cook at home more often to save some money. Meal planning can help you stay organized and on budget. Make a grocery list before you go shopping, so you know exactly what you need and don’t end up buying things you don’t need. And when cooking at home, make enough for leftovers to have lunch or dinner ready for the next day. Not only will you save money, but you’ll also be eating healthier.
3. Get rid of unwanted subscriptions and memberships.
We all have them—those monthly subscriptions and memberships that we never use but keep paying for because we forget they exist (or we’re just too lazy to cancel them). If you’re serious about saving money, take the time to go through your bank statements and cancel any unwanted subscriptions or memberships. You’ll be surprised at how much money you can save each month by eliminating these unnecessary expenses. We have the perfect app down below to help with this!
4. Shop smarter.
One of the easiest ways to save money is to simply be more thoughtful about your shopping habits. When making a purchase, ask yourself if you really need it or if there’s a cheaper alternative that would suffice. When shopping for clothes, wait for items to go on sale before buying them. And when grocery shopping, buy in bulk when possible and take advantage of store loyalty programs for additional savings.
5. Save automatically with apps and websites.
There are now numerous apps and websites that help make saving money easier than ever before—some even do it automatically for you! Acorns is one popular app that rounds up your credit/debit card purchases to the nearest dollar and invests the difference into a portfolio of ETFs (exchange-traded funds). Another great option is Rocket Money, which helps you reduce spending by managing bills, seeing all your subscriptions, allowing you to cancel recurring charges easily, and much more. If you’re looking for an easy way to save without thinking about it too much, definitely check out one of these helpful apps or websites.
Start Saving Money Today
Saving money doesn’t have to be complicated—there are plenty of simple ways to do it if you’re willing to put in a little effort. By following these tips, you’ll be well on your way to having a healthy bank account. But don’t stop here, be sure to check back on March 1st as we kick off the “Money Saving March” challenge! In the meantime, visit our blog for more tips and tricks to help you make, manage, and grow your money.