With the economy still in recovery and a continuously difficult job market, most American households are struggling to get by. Furthermore, to add to the difficulty, the cost of basic necessities and living costs are only rising. However, as bleak as it all may sound, there are ways to combat this problem. Read on for tips on how to save money to bring more back to your wallet so you don’t need to suffer during that financial pinch.
Eat at Home
According to recent research, Americans spend nearly 5% of their paycheck on eating out. This adds up to a large total at the end of the year. The best way to cut this cost is to begin a more wallet-friendly option, which is to eat at home. Some of your favorite recipes can be made at home for much cheaper than buying them out.
It’s fine to treat yourself to a coffee and pastry out once in a while. But this habit can really add up. Americans on average drink over $1000 of coffee every year. To combat this problem, simply make your coffee at home. There are numerous recipes that can be found online that teach you how to make your favorite everyday drink in seconds in your own kitchen.
Credit Card Payments
The average value of credit card debt for every American is around $7,000. While statements indicate that all you need to do is pay the minimum, this often keeps your paid interest because it prevents you from paying off the debt faster and avoiding interest. Therefore, pay above the minimum and rid yourself of the debt today.
Another excellent method to saving money is to reduce the amount of money that you spend on household items or even clothes. Oftentimes, you can find great deals online, at garage sales and even by word-of-mouth. You can also buy second hand furniture and fix it up instead of paying the full price.
If the above changes don’t pad your wallet like you need, there is also the other option, which is to supplement your money. Companies like Cash 2 Go can offer you a Smyrna title loan taken against your vehicle as soon as you need it. Utilizing this option can help you face a financial emergency until the above cut backs truly make their mark.
Using these tips will help your family during your next financial pinch. Avoid eating out, pay more than the minimum on your cards and consider buying second-hand goods.