Think saving money is just for penny-pinchers and extreme couponers? Think again! No matter how high or low your income is right now, you can take back your power with simple steps to fatten your wallet.
Struggling to financially survive, let alone thrive? Fatten your wallet by adopting the 50/20/30 spending rule, shopping and planning meals around weekly ads, comparing prices, and knowing when to buy in bulk. Here’s how to turn things around and improve your position for less money-related stress.
Learn How to Fatten Your Wallet With These Easy Budget Hacks.
Adopt the 50/20/30 Rule
Before you decide how to spend your money, take a look at how much you have to work with. You can estimate your monthly budget with the 50/20/30 rule. Begin by setting aside half your paycheck for necessities such as rent, phone, and groceries. Twenty percent of your income should go toward savings – or, if you have debt, repaying what you owe. Use the last 30 percent on whatever will make you happy.
Shop Around the Ads
Before you make your shopping list, look up your local supermarket’s mailer to see what’s on sale. Stock up on items you’ll use the most while they’re at their cheapest, and plan your meals around food that’ll give you the most value for the week. Websites like BeFrugal.com compile mailers for you, so you can look at multiple mailers before you shop.
For non-sale items, check for the best value on the shelves. Generic items cost less than their name-brand equivalents, but they’re often of comparable quality. According to Consumer Reports, 72 percent of people surveyed had recently bought generic foods, and nearly three-quarters of them were happy with their choices.
You can compare brand prices, or prices between different sizes of the same product, by looking at unit prices. Look carefully at product price tags to find out how much they cost by the ounce or pound. Choose the best value for the sizes you’re willing to buy, and stretch your dollars further.
Know When to Buy in Bulk
For foods you regularly use, consider buying in bulk. Many supermarkets have bulk foods sections, where you can buy a variety of dry goods for cheaper than their packaged counterparts. Some products may also be cheaper if you buy them in larger amounts, but make sure you have the room to store them. Also, be careful not to buy large amounts of items that could go to waste.
You don’t have to be a super-savvy shopper to save big. You can cover your expenses, plan for the future, and fatten your wallet without sacrificing your wants and needs. Try these budget hacks for yourself, and see how much you can save.
~Here’s to Your Success