Follow these simple tips and creative ideas to save money
If one of your goals is to improve your finances, you’ve come to the right place! Forget the usual food diet and go on a ‘money diet’ to save money and get your budget back on track.
DO: Envelope budgeting: Set apart to save money
The envelope budget is a simple way to save money to pay bills and keep a personal budget. Take one envelope for one spending category and write the name and how much you will spend for that month. For example, in an envelope write “Groceries” and write $150, and that’s how much you will be able to spend for that month. Do that with every category you need to spend on and don’t spend over that amount. Your bills will be fully paid, and you won’t have to be cut short of your budget.
DON’T: Keep paying a subscription service you can go without
Did you sign up for a cable & phone “bundle” but hardly use the phone or watch TV? You might want to reevaluate your needs when it comes to such services – over time it all adds up! You can even call your cable company to find out if they will lower your rate, or you can drop cable and just use a lower-cost streaming service.
DO: Tap into your creative skills and DIY
Save money by looking for new ways to entertain yourself and create fresh, fun or functional new items! Search online for DIY tutorials, such as WooHome’s 34 insanely cool and easy DIY project tutorials!
DON’T: Go overboard with gifts or celebrations
You don’t need to spend a lot to have a fun get-together. If you want to decorate, paper cards, party hats or paper globes will make a big, low-cost impact. You only need a marker and tape to play a round of home-made Heads Up that the whole family can enjoy. Lottery is another low-cost option that will guarantee a lot of laughs. Parties only really need one thing: fun guests!
Determination and creativity are key in cutting expenses and establishing healthy spending habits. And don’t forget, it’s important to reward yourself for meeting your goals!
The information in this site, including any third-party content and opinions, is for educational purposes only and should not be relied on as legal, tax, or financial advice or to indicate the availability or suitability of any Oportun product or service to your unique circumstances. Contact your independent financial advisor for advice on your personal situation.