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This post is in partnership with Lexington Law, thank you for supporting brands who support TCM. As always, all thoughts, opinions, experience, and advice is my own.
Saving money is legit one of my favorite things. Does that make me a nerd? Possibly. Does it help my anxiety and stress levels? Yes and Definitely!! I'm such a fan of saving money and really want to break the stigma that it's “hard” or that you can only do it by making yourself miserable and only eating brown bag lunches! Today we are going to talk about some of my favorite ways to save money. These can help you reach your financial goals, including getting to where you want to be on your credit repair journey!
Okay, this is probably the most boring and common tip on the list. But it's the most important in my opinion! If you're looking to make headway on your credit repair journey, nothing will derail it like an unexpected expense! Seriously, think about it like reaching a health goal.
Have you ever had a particular health goal in mind, then skipped a work out one day… then skipped them the entire week? Or had a donut that someone brought into the office one morning, then binged the rest of the day because it was already a “lost” day? That slippery slope happens with our financial goals too. Avoid backsliding on your spending because you feel derailed from a flat tire by building up your emergency fund. IMO, it's one of the best ways to stay on track with your savings and financial goals.
Out of sight, out of mind is the motto here! You can usually set up either a percentage or fixed dollar amount of each paycheck to automatically divert to your savings account, while the rest direct deposits to your checking account. This is one of the easiest ways to save, even if it's only $5 a month.
That's right, it's time to clean out the closets, cupboards, and anywhere else you've been hoarding various items. I'm a bit of a collector, I love little trinkets and knick knacks… until I don't even realize what I have anymore. Go through your items and see which ones you feel ready to part with and start selling! I've done this with old handbags from the early 00's and formal gowns I no longer have any use for and have made thousands of dollars!
Think LED and CFL light bulbs or a programmable thermostat. These small switches can lead to big savings. Sometimes your power and light company will even come out to do a free energy audit of your home and give you suggestions for savings, so look into that as well!
Check your community's website or Facebook page (or newspaper if you still get one of those), and see what events are happening in your area. Many of these are free or cost very little. You'd be surprised by how many things like museums and galleries offer a free day once a month or more.
Install an ad blocker on your browser to protect your digital experience and find out how to get off the physical mailing list for stores and the like who keep sending you ads. Again, out of sight, out of mind becomes the motto! If you can't see it, you can't be tempted by it. This makes it a lot easier to avoid impulse purchases.
Whether it's for your daily coffee run (some even offer you a cup discount for bringing your own!) or just to have with you around the office to stop the trips to the vending machine, carrying a reusable cup can be a great way to save money. You're also more likely to drink more water if you carry a reusable water bottle but by drinking more water you may stay fuller longer and not eat as much meaning more money in your pocket.
Leftovers are like one of my favorite things in the world!! Whether I buy items in bulk and make a massive amount for later in the week or to freeze for a later time, or “over order” at a restaurant which allows me to turn stretch my money into more meals. For example on that last one: when we order greek, I always order an extra pita. That night, I eat the salad and half of the meal, and then the next day I use the extra pita, my leftovers, and combine them with some spinach on hand to create a second meal.
I'm a champ at this! We have a local grocery store chain that rotates sales on the same items every 4 or 6 weeks depending on the item. I knew exactly how much to stock up on the items to get me through the sales cycle. This will take a little upfront energy and effort on your end. You'll want to make a note of what items went on sale when, and when it happens again. I bet before you know it, you'll see a pattern emerge! Another option would be to ask the grocery manager if he knows the sales cycle, they may or may not share that information with you though.
I forget the exact statistic I read a couple of years ago, but essentially people who shop with a shopping list, and stick with it, tend to save way more money. They don't end up with impulse purchases and are less likely to purchase items that never get used simply because it seemed like a good idea in the store in that moment. Trust me, I'm guilty of the last one and my pantry is a standing testament.
The world of credit can be very overwhelming. If you're looking to repair your credit it can be really helpful to enlist professional help like Lexington Law. Their professionals assist in getting inaccurate items, including liens, removed. Get your free consultation with Lexington Law here.
Whether you love books, CDs, or movies, the library has a wide array of options. Fun fact: If a library doesn't have the book you want, you can request they get it. They'll either put in a transfer request from another local library or will actually buy it. They have to get you the book! At least that's the way it is in my area, you just have to specifically ask them to get it for you, rather than just saying “oh well you don't have it.” Aside from borrowing books and movies, the library also hosts free community events too.
Many libraries now have coffee shops, a nice seating area, and rooms you can reserve which make it a great spot to meet with friends or colleagues and will probably save you more than a restaurant or coffee shop. Lastly, another reason I love libraries, is they usually have tons of free newspaper – which is great if you read the newspaper; but even better if you have a move coming up!
You can get all the old newspapers and use them as packing supplies to save you money! Or just take the newspapers if you aren't moving and use them to clean your windows – not only do they work better than paper towels, they also don't cost you anything! Okay, end rant about my love of libraries!
If you can leave all of your credit cards at home to avoid temptation, that's awesome! Especially if you're still at the point of paying off high balances in your credit repair journey. However, if you're at the place where you're consistently paying off your credit card each month and are not accruing more debt, then bring one credit card out with you. This way you aren't tempted to max out various cards and can avoid the temptation. If you're unsure about when to start using credit cards again or how best to use them in your credit repair journey, chat with the professionals at Lexington Law here. They've worked exclusively in credit repair since 2004 and in 2017 alone saw 10 million negative items removed from their clients credit reports.
For shopping online, there are actually browser extensions you can install that will crawl the interwebs and let you know if the item is offered cheaper elsewhere. When it comes to making larger purchases, you may want to compare prices at several retailers and then look into what coupons those retailers are offering.
If you really want to kick it up a notch, you can look into gift card discount websites and save even more. For instance, I like a really expensive legging that never goes on sale, so I'll go on a discount card site to buy a gift card which basically allows me to get the item “on sale” indirectly.
Since you're working on building your credit, you should be checking your statements at least monthly, if not more frequently. Reviewing each transaction carefully will give you a chance see everything you're spending money on. If you notice any subscriptions or memberships that you aren't really using anymore, cancel them!
Be brutally honest with yourself here too… if you're paying for an expensive gym membership but only go once a month, does it make more sense to find another gym or pay by the class instead? Maybe in summer you decide to cancel your membership all together since it's nicer to workout outside.
This has worked for me SO many times over! I never opt to save my credit card when checking out with an online purchase. This means, that anytime I want to buy something online I need to physically go find my credit card or log into my bank account to see the credit card number. By doing this it really tests how much I actually want the item. Most items end up being impulse buys that I abandon halfway through the process either because I'm lazy or get distracted.
Seriously, we had so much clutter in our house that we didn't even know what we had until we moved! All of the sudden I realized I had three of the same cleaner I kept purchasing thinking we were out. By decluttering and positioning things in a way you can see everything, you're likely to save loads of money.
I learned this one from Dave Ramsey, where a lot of people using the debt snowball method create a visual chart of their debt and mark their progress along the way. Most hung it on their fridge so they could see it everyday as a reminder of what they're working towards. Even though it may not feel like it at times, it's great to see you're making progress.
Whether you decide to repair old clothes, make your own cleaning supplies, or try to fix a few things around your home instead of hiring a handy man, you're bound to save some money when you flex your DIY muscles!
You only get what you ask for sometimes! One of the easiest and best ways to save is to simply ask for what you want. Ask for fees to be waived with your credit card company. Ask for a discount at the gym. Ask where people bought things. Seriously, the more inquisitive you can become, the more you're bound to save. For instance, we have an expensive baby items from a particular retailer. I had several people ask me where I got it – even though only one retailer sells it – well it's a good thing they asked! Because I actually bought it used on Facebook Marketplace. Ask and you may find yourself down a money saving path!
If you're looking to get ahead financially or in your credit repair journey, finding ways to save can massively help. Don't look at saving as depriving yourself though. View it as simple lifestyle changes you can make that will lead to a bigger long lasting impact.
How To Repay Debt [2 Strategies To Change The Game]
What To Do With Your Tax Refund This Year
How To Do A No-Spend Challenge [+ Why You Need One ASAP]
Stack your emergency fund
Divert a portion of your paycheck to saving right away
Stop hoarding, start selling
Block ads
Use a shopping list
Look for free events
Work with a credit repair professional
Carry a reusable cup
Let the library become your new BFF
Opt for energy savers around the house
Leave your credit cards at home
Meal plan using your grocery stores sales
Shop the sales & comparison shop
Audit your subscriptions and memberships
Don't save your credit card number online
Declutter!
Create a visual chart of your debt
Leftovers are your friend
Flex your DIY muscles
Ask for what you want
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