There seems to be some debate among U.S. economists and policy makers about what to call our current economic situation. While the experts mince words, inflation continues to spike and our hard-earned dollars buy less today than they did a year ago. That reality is putting the squeeze on most of our budgets.
The answer? There are really only two options: make more or spend less (okay, three options - you can do both).
We will address the "make more" side of the equation next month. For now, let's talk about how you might get some breathing room in your family's budget by spending less.
If you Google "Ways to Save Money" you will find more videos and blog posts than you can possibly take in. The posts we're familiar with all have some common, cost saving methods that are summarized below. One of our favorite "money" sites is NerdWallet; here is what they have to say about saving money:
How to Save Money: 22 Proven Ways - NerdWallet
Save money by using an automated tool or app, getting discounts on entertainment, lowering your cell phone bill and more.
And here is our "top ten" list of money saving tips, gleaned from several websites:
Shop for a cheaper cell phone plan. They're out there and the cheaper plans are utilizing the same networks as the expensive ones.
Re-evaluate and shop your monthly subscriptions - TV, Internet, Netflix, Disney +, Amazon Prime, Gym/Health Clubs, etc. List your monthly costs and total them - you may be shocked! Cancel the ones you don't utilize and find cheaper versions of what you do utilize.
Plan your meals a week at a time - eat at home more and eat out less. Planning meals reduces your number of "Ah, let's just go out . . ." impulses.
Plan trips to the grocery store and stick to your list. Again, limit your impulse purchases. And don't forget the coupons!
Limit out of home entertainment options - movies and that wonderful popcorn add up.
Delay major purchases for 30 days.
Drive less and walk more.
Automate deposits into your savings accounts so you never "see" that money.
Restrict and track your online purchases. It's WAY too easy to spend money online - one click and "POOF" - money gone!
Last but not least, get rid of your high interest credit card debt as soon as possible.
Nothing on this list is easy. Cutting costs takes effort, but you'll find it worth your time and energy.
One more thing -
You may have noticed that you're not receiving a monthly summary of your investment performance from BlueLeaf any longer. EMoney, a financial planning software we're making available to our clients, provides investment summaries and much more.
If you're interested in a weekly summary of your finances, please reach out to us and we'll help you access this valuable tool at no extra cost.
As always, let us know if you have any questions or if there's anything we can do to help.
Joel & Troy