Dear Jill: My daughter is in her mid-20s and simply cannot save money. I don’t know why she hasn’t embraced the savings habits of her parents, but what tips could you share to help her? I have already convinced her to brew her morning coffee at home instead of picking it up at a popular coffee place on her way to work each day. — Katrina H.
The current economy is difficult for most people. However, it’s even harder for young people who haven’t yet reached their fullest earning potential career-wise. Inflation seems out of control, and it’s affecting everything from grocery prices to rent to energy — and more. I read this week that auto insurance rates have increased more than 40% in the last two years alone.
Every little bit we can save adds up, and everyone has to get in the small-savings mindset. For example, skipping a $5 coffee each morning can save $150 in one month alone. I’m always thinking of little ways to save, and while they may be small things, they do add up.
I like to use green onions in my omelets almost every morning, and buying a bunch of them at the grocery store costs a dollar or two. If I bought them every week, I’d spend a few dollars a month on them. However, instead of buying a new bunch, I buy one and plant the onions in a small flowerpot that sits in my kitchen window. The green onions take only a couple of days to take root and then grow for two to three months. I cut a little off their tops daily, and they continue growing until the plant is finally exhausted. Now, I only have to purchase a new bunch a few times a year.
Here are some other small ways to save that will add up, month after month, to larger savings:
Create a budget: Outlining your monthly expenses on paper or on a spreadsheet truly helps identify the total dollar amount spent each month. Once you know this number, look at ways to cut it down.
Meal planning and preparation: Avoid expensive takeout or dining out by planning meals in advance and packing a lunch to take to work. This is one of the simplest things to do, yet many times, we fall into the “what’s for lunch or dinner” trap and simply grab prepared food out of convenience.
Cancel unused subscriptions: I’ve discussed this one at length in previous columns, but it’s very easy to fall into the trap of paying for a plethora of phone apps or streaming television channels that we don’t always use. One might think, “Well, it’s only $5 or $10 a month,” but that quickly adds up if you have half a dozen or more subscriptions. Take a close look at which ones you’re actually using and drop the rest.
Free entertainment: There are numerous ways to enjoy television and movies at little to no cost. Our television antenna picks up more than 90 digital channels in my area, completely free. Our library offers a free movie streaming service called Hoopla, which many libraries around the country are also part of. Additionally, our library provides plug-and-play streaming television devices that you can check out and use for a week – perfect for binge-watching shows or catching up on movies you’ve missed.
DIY beauty and personal care: Depending on one’s beauty routine, try at-home manicures, hair color, facials, and spa treatments instead of going out. If you have friends in your circle who share similar interests, you can even plan a day to work on these together.
Once you’ve identified some areas to save, consider setting up an automatic transfer from your primary bank account to a savings account. It’s much easier to funnel that money to another account automatically, so the temptation to spend the savings is lowered.
Jill Cataldo, a coupon workshop instructor, writer and mother of three, never passes up a good deal. Learn more about Super-Couponing at her website, jillcataldo.com. Email your own couponing victories and questions to [email protected].
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