Basic Strategies for lowering your budget: Save without Overworking Yourself

Sometimes adding more money to our budget can be less challenging than we think. Sometimes it just takes knowing where in our budget we can cut cost, to help us keep more money. These strategies and tools are small things you may be able to utilize in your budget in order to save more.

• Make Home Cooked Meals and Eat Out Less:

  Studies show that the average meal for eating out is at least 200% more than cooking at home. So that $10 spaghetti meal that you are cooking at home which offers at least four servings can cost anywhere between $20 and 40 bucks for just one or two servings at your nearest Italian restaurant. Americans save on average $12 per meal eating at home verses eating out. I personally save $40 a week cooking at home verses eating out. Try eating more home cooked meals and see how this can help you keep more money in your pockets and in your savings.

• Generic Branding and Substitutions:

  While cooking at home can be more affordable than eating out, what can make cooking at home even more affordable is purchasing generic brands or other substitutions. Sometimes for my meat I may use ground turkey as pose to ground beef and would save nearly $2 per pound. Household products like tissue, paper towels, cleaning supplies, body wash, prescription drugs, etc. can add more to your savings by choosing substitutes or using a generic brand. The next time you shop think about how you can possibly save by substituting.

• Make Changes in Transportation:

  If you live in an urban community taking public transportation until you are able to save up for a vehicle can be more cost efficient. I personally would have saved at least $400 a month if I would have taken advantage of public transportation in my area instead of financing a vehicle. Not to mention you need car insurance and the repairs on a vehicle can be so costly and make the vehicle potentially not worth the buy. Taking public transportation or even carpooling with co-workers or a friend can save you money.

• Reward programs:

  Using rewards programs to help you save on gas, groceries, and household goods are helpful for keeping money in your savings. Fetch Rewards, Upside, Ibotta, myWalgreens Rewards, are some programs that can help you save for the holiday season and keep more cash in your pocket. 

• Downsizing your home:

  While downsizing is not ideal for everyone, it can be a good idea for some. You can save a minimum of $100 monthly just by downsizing your home depending on the location. Temporally downsizing and cutting back on rent or a mortgage while it may be a bit uncomfortable for some households, once you're able to see the affect it can have on your savings, can make it well worth it in the long run

Take it easy:

While picking up extra income is the most common way to keep more money in your pockets, it is not the only way. Using these money saving tools and finding ways to cut cost in your budget can also help you save money without overworking yourself.

How do you save money in your budget without over working yourself? feel free to share your thoughts in the comments.

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