Creative Ways to Stretch Your Budget

Saving money should be simple, right? Spend less than you earn, and save what’s left. If only it felt that easy. Whether you’ve lost wages during the pandemic, or saving money is a new goal, here are some out-of-the box ideas to help.

Smart ways to save on gas

Use a gas app like GasBuddy or Waze to find the best fuel prices in your area. Properly inflate tires, change the air filter and go easy on the gas and brakes. Obeying speed limits conserves fuel and could save you a costly ticket. Remove bike and luggage racks when not in use, and don’t carry sporting equipment or other heavy loads unless necessary — the added weight increases fuel consumption. Join a warehouse club or gas rewards program. My grocery store bases fuel rewards on my purchases and I get a discount almost every time I fill up.

Become a savvy trader

Are you good at baking and decorating birthday cakes? Maybe you know someone who takes professional quality photos. Trade services with a friend and save.

Get needed items free by organizing a swap party online or in your home. Decide on a theme. Be clear about how to rate the condition of items and how many items each guest contributes. Send a listing of items and agree on ways to make trades if the swap party is virtual.

Find missing money

You could be missing money and not even know it.  For example, if you moved and a utility company owes you a deposit and couldn’t contact you, the money went into an unclaimed property fund. To learn more, visit usa.gov/unclaimed-money. To search your name for missing money, go to missingmoney.com or unclaimed.org.

Become a sales cherry picker

Try some Buy One Get One free items (BOGOs). I do this at my neighborhood grocery where, on average, the rest of the items in the store cost more. When cherry picking, buy the sales items, but save other shopping for less expensive stores.

Get the kids to join in on finding creative ways to save on groceries.

Use grocery pick-up

Grocery pick-up saves time, stops impulse buys, and keeps a running total during online shopping. If you go over your budget, uncheck unnecessary items before finalizing your order. Most groceries have waived pick-up fees during the pandemic, but if not and you use paper or online coupons, those coupons can make up for the pick-up fee.

Make restaurant-quality food at home

Dining out is a budget blower. Invest in a virtual cooking class, check out online cooking tutorials, or ask a friend who is a good cook for recipes.

Unplug standby power hogs

Standby power, or phantom power, is energy that household items use when they are off, but plugged in. Items with digital displays and computers with monitors and printers can be standby power hogs. Unplug everything at night for a month. Monitor the electric bill for a difference. For more information, visit https://standby.lbl.gov/.

Look into water-saving appliances

The bathroom is where the largest percentage of water is used in most American homes. The average toilet guzzles up to five gallons of water compared to the 1.3 gallons used by high-efficiency tanks. Also, opt for low-flow shower heads and faucets. For more information on water consumption, go to EPA.gov and look for the WaterSense logo. To figure your household’s water consumption, go to CSGNetwork.com and then type in “Water consumption Calculator.”

Round up your savings

Trick yourself into saving money. Round up to the next dollar when you record a check. At the end of the month, you’ll have a surplus. Your banking institution may offer this feature, or there are round up apps.

Start a “kick it” jar

Unhealthy habits and shopping addictions like smoking or buying dozens of expensive shoes are costly.  Start a “kick it” jar. When the urge to splurge strikes, put that money in the jar. As you see the money grow, so will your resolve to kick the habit. When you consider purchasing a non-essential item, calculate how many hours you have to work to pay for it. Is your time worth the purchase?

Keep the change

Collect loose change in a jar at the end of the day. A mere 50 cents a day savings adds up to almost $200 annually. As a family, save to pay off a debt or make a fun purchase.

Check out YouTube tutorials for simple DIY projects

Leaky toilet? Car repair that’s going to set you back hundreds of dollars? Look on YouTube for some DIY, fix-it tutorials. Even if you can’t fix it in the end, you’ll gain knowledge that will help you make the thriftiest choices when hiring help.

Cut the cable

Calculate the price of streaming services that offer what you watch and compare this to a basic cable package. It’s likely you’ll save by canceling the cable.

Review your contracts and subscriptions

Once every six months, take a look at the contracts you have with your phone company, cable or Internet provider, and any streaming services. Can you get better deals elsewhere, and are there special promotions or offers you can take advantage of? If you have monthly subscriptions for magazines, or online purchases that automatically renew, take a closer look and decide which ones can be reduced or eliminated.

Embrace a giving spirit

This sounds counterintuitive to saving. But even when your bankroll is at its lowest, giving to someone whose needs are greater than yours helps grow an appreciation for what you have. Giving to others is also a motivator to save more so you can help others more.

Saving money can be challenging and adopting a few money-saving strategies can help make you feel more in charge of your budget and less anxious.