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An average American person has an average credit card debt of about $7,500. Saving money can be challenging when you’re also paying debt off. The usual methods don’t typically work; you have to think outside the box for novel ideas.
Here are ten unusual ways to save money monthly, even during inflation.
1. Prepare Daily Meals Together
10 Unusual Ways to Save Money Every Month
- 1. Prepare Daily Meals Together
- 2. Negotiate Terms
- 3. Substance over Style
- 4. A Little DIY Goes a Long Way
- 5. How about Used Products?
- 6. Be Energy Savvy
- 7. Fuel Savings Can be Big
- 8. How about a Kitchen Garden?
- 9. Apps with Cashback Offers
- 10. Do You Have Some Extra Space?
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Meal preps save both time and money. You can simultaneously make your office lunch for the whole week, reducing the energy bill. You also waste fewer ingredients while cooking, lowering the cost.
Be sure to exercise portion control and make enough lunch that you will eat. Many people waste food, which is a big no-no.
You obviously aren’t going to spend a lot on dining at a restaurant with lunch in the bag. Unless you were walking to the eatery, it would help you save on the gas bill, too.
2. Negotiate Terms
You can always negotiate on terms to get a better deal. Negotiating is especially possible after you have been using a service for a while. You can ask your cable operator to offer a better rate, comparing the service with their rivals. Similarly, you can also get your internet and even phone bills lowered.
If you maintain a good credit score, ask your card provider to lower your APR. You should be able to get a few percent dropped just by asking. Also, do not hesitate to transfer an existing balance to a different credit card if it offers significantly lower interest.
3. Substance over Style
Everyone must buy food, clothing, shoes, and many other things. Often, people choose to buy more expensive brands because of their appeal. However, a lesser-known or generic product can be equally suitable as a top brand. Choosing substance over style and buying cheaper brands can help save a lot.
Store brands are a great option for monthly savings since they are often manufactured by the top brands but cost considerably less. Choosing an expensive brand should be based on quality and longevity, not just on cosmetic appeal.
Related: Warren Buffett’s 10 Best Frugal Habits To Follow For Beating Inflation In 2023
4. A Little DIY Goes a Long Way
If you’re someone who likes to work with their hands, you can save a considerable amount of money now and again. A leaky faucet, damaged drainage, and fixing a damaged wall are pretty common issues in every household. If you call a handyman, they will probably be well over $100.
Instead, if you like fixing things, it will cost you a couple of dollars at a local home depot to collect any components needed. You can save even big on larger projects like laying the flooring. You can rent tools for most projects and save big on the eventual bill.
5. How about Used Products?
Many products are best-bought brand new. But how about the rest of them? Even a brand-new car loses several thousands of dollars of value when it hits the road, so used isn’t a bad option.
You can always get great deals on quality products from people looking to upscale their televisions, laptops, and even furniture. Places like eBay, Amazon, and Facebook Marketplace have unique products for smashing prices. You can easily save 20% to 30%, even more, on almost brand-new products. That’s quite a bargain and adds more money to the savings.
6. Be Energy Savvy
There are plenty of ways of keeping the energy bills to a minimum. Using energy-efficient LED lights, refrigerators, and other appliances is a start. You’re turning off appliances when not in use is also crucial. Programmable thermostats ensure you only turn up home heating and air conditioning.
Using weather-resistant tiles can help reduce the use of air conditioning as the homes remain relatively cool. If you live in a moderate climate, you can use fans to keep you feeling good and turn on the air conditioning when necessary. Save some money and the environment at the same time.
7. Fuel Savings Can be Big
Taking the intelligent route saves you tons of cash on fuel every month. For starters, try to cramp all the school drop-offs in a single trip. Carpooling to the office also helps. It’s a great option to benefit from a fuel-efficient vehicle. You can also take the bus or metro, which takes a lesser toll on the pocket.
Many people are also switching to electric vehicles, and though the initial prices are a bit sharp, they tend to be pretty cost-effective in the long run. You can also benefit from tax credit from the federal government when you purchase these EVs. For eligible vehicles, you can get up to $7,500 for one car.
8. How about a Kitchen Garden?
Kitchen gardens are a gun hobby that will occupy your mind with constructive work. However, if you are serious about it, you can save several hundred dollars every year without ease. Organic vegetables are all the rage, and for a good reason. However, if you buy them from the supermarket, they can cost a fortune.
With homegrown veggies, you can use kitchen waste as fertilizer and grow truly organic veggies. They taste much better than the store-bought ones, do not have unnecessary pesticides, and only take a few hours to reach the plate from the garden.
9. Apps with Cashback Offers
Several apps offer cashback on purchases, like Rakuten, Ibbotta, Upside, and Receipt Hogg. You must search for different options and choose the best ones for you. Some will pay you cash back after a while; others may have discounted prices.
Nonetheless, it is still better than paying the total price. Even if you do not want to use the apps, you can still find the good ol’ fashioned coupons. Retail plus store coupons can help you drive down the price of an item already on sale. Plan it well, and you can cut your monthly shopping bill considerably.
10. Do You Have Some Extra Space?
If you have extra space, like a room on the side of the house or a basement with an independent entrance, you can rent it out over Airbnb or a similar service. You’ll generally have minimal contact with the guest, and the daily rent is decent.
You can demand advance payments from the customers to ensure you get paid. Also, you can restrict properties for guests with excellent reviews only to ensure they do not damage the property. With some free space and one of the guest hosting apps, you can save a considerable amount of money every month.
Related: Beginners Guide: How to Start an Airbnb Business in 2023
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