What would you do with an extra $100? One of the main barriers to saving money is the misconception that in order to save, you must increase your income. However, when you look at your spending, you may find ways to save. Bank of Blue Valley has put together this short list of things you may be spending too much on. The list also includes ways to go without spending, which could save you $100 or more this month. Give them a try! How you approach your money
- Try to go cash only- it’s easy to swipe a debit card, but a lot harder to continuously hand over $20 bills. By using only cash and physically handing over money, you force yourself to make sound financial decisions.
- Keep the change- we’re not simply quoting “Home Alone.” If you decide to go the cash only route or use cash a lot anyway, be sure to keep the change. Let it pile up for a month, then take it to a coin counting machine. You may be surprised at how much cash those little pieces of metal add up to.
- Try a fiscal fast- how many days can you go without spending money? This doesn’t mean you overspend before to stock up on necessities before your fast. A fiscal fast is all about making the most of what you have within your normal budget.
- Check around town for free or low-cost events- there are tons of things to do in and around Kansas City that don’t cost anything or have minimal cost. Get creative! You may find yourself outside of your comfort zone or doing something help others.
- Break out the board games- board games were meant to be played, not collect dust in a cupboard. Have a couples game night or a low-key night with the family playing games.
- Drop or downgrade your cable package- you only watch maybe a dozen channels, so why do you need 400 of them? See if you can downgrade your cable package, or even get rid of it altogether. Streaming services such as Netflix, Hulu Plus and Amazon Instant have tons of great shows and movies readily available for a fraction of the cost as cable.
- Have a no-spend weekend- the weekends are when we tend to spend the most money, so challenge yourself and your family to a no-spend weekend.
Groceries There are many ways to save on your grocery bill. First, don’t buy everything name brand if you don’t have to. The only difference between Brand A tomato soup and Brand B tomato soup is B costs half of A. If you can save $10 a week on your grocery bill, that’s $40 for the month. You can also compare prices online. One grocery store may have cheaper produce, but more expensive meat. It is possible to shop at more than one grocery store. Meal planning and cooking in bulk are two other ways you can reduce your grocery bill. Both of these techniques force you to stick to a set list, reducing the chances you’ll randomly grab items off the shelves. What other ways can you save this month? Get creative with your savings solutions! Just be sure to put that money in your Bank of Blue Valley savings account. We look forward to seeing you soon! Bank of Blue Valley, member FDIC