Get Creative To Reach Your Savings Goals

Saving money should be simple, right? Spend less than you earn, and save what’s left. If only it were this easy. Saving money requires the endurance of running a financial marathon, when most of us like to sprint. 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.

Trade services & swap stuff

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.

Organize a swap party online or in your home to get rid of items you don’t need and find those you want for free. Decide on a theme, set a date or dates and be clear about how to rate the condition of items and how many items each guest contributes. When it’s time for the party, send out a listing of items to guests and agree on ways to make exchanges.

Search for missing money

Money from unclaimed utility deposits, paychecks and other sources often winds up in each state’s unclaimed property division. To search for any money you can claim, go to usa.gov/unclaimed-money, missingmoney.com or unclaimed.org.

Be selective about sales

Stores often offer great deals on BOGO items (Buy One Get One free) to lure shoppers into doing a full-scale shopping trip. Be selective and just pick up the items on special (if you really need them). Save your big shopping trips for less expensive places.

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 they take coupons, those coupons can balance out the pick-up fee.

Make restaurant-quality food at home.

Dining out is a great treat and a great budget-buster. Invest in a virtual cooking class, check out online cooking tutorials, or ask a friend who is a good cook for recipes. Then plan a special night at home, with pretty place settings, candles and a delicious meal.

Pull those plugs

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

Round up

Many banks and credit unions offer a “round up” option, rounding up purchases to the nearest dollar and depositing the difference in a saving account. You can go old-school on this yourself, rounding up when you record a check. At the end of the month, you’ll have extra money that can go right into savings.

Start a “kick it” jar

Unhealthy habits and shopping addictions like smoking or buying dozens of expensive shoes are costly. When the urge to splurge strikes, put money in the kick it jar. As you see the money grow, so will resolve to kick the habit. Lots of families adapt this strategy with “swear jars” or, on the positive side, with “attaboy and attagirl jars” to accumulate money for jobs well done.

Collect the change

Collect loose change in a jar at the end of each day. Just 50 cents a day savings will add up to almost $200 every year. As a family, save to pay off a debt or make a fun purchase.

YouTube DIY

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.

Embrace a giving spirit

At first look, this seems counterintuitive; but when a 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. It gets easier with a few money-saving tips. Before you know it, that money marathon will start to feel more like a sprint — or at least a mini marathon!