Saving money must always be a priority. And we all do it in big ways — for college, retirement, and that possible house project. But now it’s as important to do it in small ways because inflation is here and everything is more expensive. We feel if we eat out. It especially hits us when we pull up to the pump. Over the last year, a 14-gallon fill-up has jumped from $43 to $67.
You know the basics. Make a budget. Stick to the budget. Set goals and track spending. But whether big or small, saving money starts with having a clear reason, the more positive the better — the vacation, the basketball hoop — because “saving more” is too vague and won’t motivate you enough.
“The more concrete, the easier it is to call on that reserve of willpower,” says Dayana Yochim, senior writer and editor at Investor.com.
But nothing is easier with kids. They regularly need stuff but they also regularly ask for stuff they don’t need. It doesn’t help that kids don’t understand long-term planning. That’s where shoring up your resolve comes in and realizing that there’s a payoff for weathering the initial discomfort.
“You can fight today or give in and fight the battle tomorrow and the next day and the next,” says Robert Brokamp, senior adviser at The Motley Fool and certified financial planner. “If they get an 80-percent yes rate, they’ll keep asking. If they get 10 percent, it might be less often.”
That’s all great for the mindset, but it’s important to know those small places where you’re leaking money so you can plug them up. Here then, are 17 small ways to save money right now.
Focus on food. It’s a major family cost and 30 percent of it gets wasted. With an average household spending 12 percent, “Almost four percent of a household budget is going in the trash,” Brokamp says. One staple…
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