Financial worries are a fact of life for countless people. In fact, a whopping 7 out of 10 Americans struggle with at least one aspect of financial stability. And after the many challenges that came with COVID-19, that number is likely even higher today.
Luckily, making little changes in your spending now can add up to big savings later. Ready to start lining your bank account without giving up the things you love? Here are three ways to save big this year.
1. Get Rewarded for Your Spending
One great means in helping to save money — and to make the money you spend go even further — is to look for ways to get rewarded for your spending. From loyalty points to credit card rewards to shopping apps, there are plenty of options to pursue to redeem your spending with discounts, gift cards, or even cash-back. Besides using these perks when you shop, look for ways to get rewarded for necessary spending as well.
For instance, paying for your utilities with a credit card can mean receiving points. Just be sure to pay off your credit card bill each month to avoid having to pay interest. If you enjoy shopping online, apps like Honey and Acorns can help you instantly save at thousands of stores or earn money back for your spending.
In particular, Honey automatically searches for coupons and discounts while you shop online and helps earn you points that you can redeem for gift cards. Meantime, Acorns is an investment app that lets you get a certain percentage of your purchases back from some stores as an automatic investment.
2. Reduce Your Spending on Clothes
Each year, the average American household spends roughly $1,600 on clothing and apparel, according to LendingTree. Whether you fall above or below that average, looking for ways to save money in this department can go a long way toward helping you to achieve your financial goals. Now, this doesn’t have to mean wearing last year’s styles and trends. Instead, skip the designer stores and opt for more affordable and versatile options. With trends changing so quickly, shopping for affordable styles on sites like Yandy is the perfect way to look great every season without breaking the bank.
3. Better Maximize Your Spending
When you decide to splurge on a big purchase, opt for products and services that pack more bang for your buck. For instance, if you love a specialty coffee drink in the morning, investing in an espresso machine for your home may cost more upfront, but could save you big in the long run. In the same way, purchasing candles, face masks and other relaxation items will help you unwind night after night at home and will likely still cost less than an hour or two at a spa. That piece of clothing you’ve been eyeing for a while will put a smile on your face each time you wear it, while a fancy meal out will quickly become just a memory. By prioritizing your splurges and maximizing your spending, you can get more bang for your buck without feeling like you’re constantly depriving yourself of the things you want.
Saving Big Without Giving Up What You Love
Whether you love looking stylish or crave that morning cup of Joe, these tips are a great way to make small changes in your spending habits that can add up to big savings. Put them to work today to see how they can help set you up for a brighter financial future.
Photo by Micheile Henderson
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
