Unique Ways to Save During Economic Hardship
This week, we're talking more ways to save and swaps to make when you're trying to reduce your budget. Sit down, grab a notebook, and let's discuss ways you can save even more each month.
Read the terms of your bank account and see if there are monthly fees or charges for the upkeep of your accounts. These fees are easy to miss and add up over the course of a year, especially if there are fees for each account you keep.
Research banks and especially credit unions for accounts with no maintenance fees, and especially be on the lookout for high-yield savings accounts. If your savings account offers less than .40% APY, seek out banks that offer higher-yield accounts.
Get a Library Card
This seems outdated, but your library is always 100% free and some even offer movies and games for check out. If you're trying to cut back on your streaming bills, your local library can replace one or two of those services. The best part is that most libraries now offer digital book options for you to sign up for and utilize after getting your card. This means you'll still get the ease of digital, virtual entertainment from home, but it's free!
Sell Your Gently Used Items
To make a few extra dollars on the side, instead of tossing or donating your gently used items, put them up on sites like Mercari, Facebook Marketplace, or OfferUp. This is the time of year where many of us do some ‘Spring cleaning' and purge items we don't need anymore. If you plan on doing that, sell these items. It's now easier than ever to sell and ship your gently used stuff, so if you're looking for easy extra cash, check out these options.
Avoid Big Purchases and Credit Card Spending
Now is not the time to make larger purchases, so unless it's an emergency expenditure, sit tight on expensive items and services. Beyond that, if you're serious about combating inflation, really commit to only making cash purchases, no credit cards. This forces you to really keep track of every dollar you spend and will encourage you to spend more frugally.
Right now, the key is to live a little below your means. Don't spend the extra cash, even if it's only a few dollars, because small purchases add up fast. Keep it simple and frugal for the time being.
Go for Generic or Gently Used
When you do need to make purchases, purchase store brand or generic to save a few extra dollars. If you need to purchase odd incidental items, such as home appliances, essential furniture, and more, consider purchasing used items.
You can easily purchase gently used items from the websites mentioned above, which will definitely save you a good chunk on the cost. It may take some effort to find what you're looking for, but when trying to save, secondhand shopping is always a good option.