Living frugally doesn’t mean you have to sacrifice delicious meals. With a little creativity and smart planning, you can enjoy tasty, nutritious food while saving money.
This post will share the best food frugal living ideas to help you cut costs without compromising on flavor. From meal planning and bulk buying to using leftovers wisely, these tips will make your grocery budget stretch further and help you build a more frugal, sustainable lifestyle.
Grocery Shop Less Often
Shopping less often helps you save money. Instead of frequent trips, plan your meals and buy only what you need. This reduces impulse buys and helps you stick to your budget.
To learn more: 20 Simple Ways on How to Save Money on Groceries
Meal Plan Based on Cheap Ingredients
Save money by planning meals with affordable ingredients. Check your pantry and fridge, then create a plan using what’s already there. This makes budgeting easier and reduces food waste.
To learn more: Meal Planning 101 (plus save money each week)
Always Use a Shopping List
A shopping list helps you stick to your budget. Write down what you need before going to the store, and avoid impulse buys. This simple habit can save you a lot of money.
Avoid Convenience Foods
Convenience foods may be easy, but they often lack nutrients and can be pricey. Save money and eat healthier by cooking at home. You’ll avoid added sugars and unnecessary costs.
Learn More: 10 Simple Tips on How to be Frugal with Food
Eat at Home
Eating at home is cheaper than dining out. Cook your meals to save money and have control over your ingredients. It’s a simple way to manage your budget.
Learn More: Become a Pro at How to Meal Plan for a Month
Make Your Own Coffee
Make your own coffee at home to save money. Use an electric French press or a reusable cone to brew delicious coffee without spending much.
Make as Many of Your Dinners as Possible at Home
Cooking dinner at home saves you money and time. It eliminates the need for takeout trips and helps you manage your budget better.
To learn more: 100+ Frugal Meals for When You’re Broke or on a Budget
Maybe Use a Meal Delivery Service
Meal delivery services can help you eat fresh and organic food without the hassle of shopping. They make healthy eating more accessible and can sometimes be cost-effective.
Learn More: Are Meal Plan Subscriptions Worth the Cost?
Buy Produce from Large Supermarkets
Large supermarkets often have better prices on produce than stand-alone farmer’s markets. This can help you save money on fresh fruits and vegetables.
Eat Out Smart
Choose affordable local restaurants and look for specials or happy hours. Eating out smartly helps you enjoy meals without overspending. Find happy hour specials or kids eat free nights!
Use Your Own Coffee Mug
Bring your own coffee mug to cafes to get discounts on hot drinks. This simple habit saves money and reduces waste.
Learn More: How to Be Frugal Green: 91+ Tips to Save Money and Environment
Pack Lunch for Work or School
Packing lunch saves money compared to buying it. Prepare meals at home and bring them with you to cut down on daily expenses.
Shop Grocery Ads
Check weekly grocery ads to plan your shopping. Look for sales and loss leaders to save money on your grocery bill.
Slashing Grocery Bills
Save on groceries by shopping at discount stores, buying in bulk, and choosing generic brands. These strategies help you slash your grocery bills significantly.
Figure Out Food Habits
Identify where you spend the most on food and cut back on processed items. Focus on buying healthier, more affordable options to reduce your grocery costs.
To learn more: What is the Best Cheap Food to Buy When Broke?
Cutting Coupons
Use coupons to save money on groceries. It might take some effort, but the savings from cutting coupons can add up quickly.
Buy Store Brands
Store brands are often cheaper than name brands. Stores like Costco, Wal-Mart, and Kroger offer quality products at lower prices.
Don’t Shop Hungry
Shopping while hungry leads to impulse buys. Eat before you shop to avoid unnecessary purchases and stick to your budget.
In-Store Grocery Apps
Use in-store grocery apps to find the best prices and discover new recipes. These apps make it easier to save money and plan meals.
Learn More: Best Cash Back Apps: How to Earn Money and Save Money
Eat Meatless Meals
Try eating more vegetarian meals to save money. Meatless meals are often cheaper and can be healthier, providing more fiber and protein.
Don’t Eat Out
Eating out costs more than cooking at home. Save money by preparing your meals at home instead of dining out.
Use Cash Back Apps
Cash back apps offer rewards for purchases. They provide discounts and coupons that help you save money on groceries and other items.
Learn More: Best Cash Back Apps: How to Earn Money and Save Money
Use Ibotta Every Time You Shop
Ibotta rewards you with cash for shopping. Scan barcodes and complete tasks to earn money back on your purchases.
Stop Buying K-Cups
K-Cups are expensive and wasteful. Switch to a reusable alternative for a cost-effective and eco-friendly way to enjoy your coffee.
Now, Make Sure You Check out these Frugal Home Must Haves
Incorporating frugal home must-haves into your daily life can lead to significant savings and a more efficient household. These tips and items are designed to help you stretch your budget further while maintaining a comfortable and functional home. Start implementing these strategies today and watch how small changes can make a big difference in your finances.
To learn more: 25 Frugal Home Must Haves To Save Money for Clean and Organized Home
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
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Have you ever thought about how it would feel to live cheap?
I didn’t think about it before, but now I know.
When you live a cheap life, you have more money for what you actually want to spend it on, and you can put more money towards your future.
You can do so many things in life, but you should make sure you’re doing them on your own terms. If you want to live cheap, but still have a high quality of life, you’ll need to get out of your comfort zone and be willing to try new things.
A cheap life can also help you save money on your biggest expenses.
Plus you can learn how to live cheap but good and no one will know anything different. Except for you because you are watching your accounts grow with your money saving style.
It is way easier to learn how to live cheaply! The hardest part is saying no to all the temptations.
Living cheap does not mean you deprive yourself or never have fun. In fact, it is quite the opposite!
Let’s dig in and you can enjoy the benefits of how to live cheap and save money.
Why Live Cheap?
In the past, living cheaply meant sacrificing a lot of things in life. However, that’s not always true anymore. There are many ways to live cheaply and still have a great quality of life without compromising your happiness or finances.
One main reason to live cheaply is that it will save you money.
Another reason for living cheap is because of the environmental impact of having a large carbon footprint, which can cost a lot more in the long run.
You might be interested in living cheap if:
– You want to save money on expenses
– You’re struggling to make ends meet
– Your family is spending more than they earn
– You want to have a positive impact on the world
Living cheap is oftentimes associated with simple living. While simple living has a better flair and acceptance, both mean you are willing to live on less and spend less money.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
How to Live Cheap
It’s possible to live cheaply, but the effort involved is significant especially when you are trying to change spending habits and ways of living.
There are big life changes you can make or tiny money saving habits you can do.
What are some ways to live cheap?
There are many ways to live cheaply! Some tips include not eating out, cooking at home, choosing entertainment wisely, and finding free activities. You just have to decide what works for you.
Learn about the frugal home must haves.
The most important step is, to be honest, and creative about what you can do and what you can’t do.
Here are the big things you can do to live cheap:
#1 – Spend Way Less
Many of us can’t afford how society wants us to live. Or maybe you can, but you have no desire to be materialistic.
You prefer the simplest way to create a new life that still allows us to work and care for our family.
Living cheap is not about living poorly. It is about spending way less than your income. Thus, you are saving the difference.
You have a heightened awareness of what your expenses are and you know where your money is spent. Now, you are mastering how to spend money wisely.
You know that living below your means is the path of how to live cheaply.
Budgeting is a way of life in order to keep your expenses at a minimum.
The thought of splurging every single day is gone and when you spend money, you invest in something that will last.
#2 – Focus Long Term
Focusing long term is the process of thinking about the consequences of your actions for a period of time before you take any action. This can be hard to do, especially when it involves emotionally charged topics.
Everyone knows that money is an emotional topic.
For example, debt is expensive. It is not just the money you borrow and repay, but also the interest fees and penalties that accumulate over time. If you want to live cheap, one of the best ways to do it is by paying off your debt as quickly as possible so that no more monthly payments go out the door.
Instead, start with a savings account where you deposit all of your extra cash each month (and ideally add some every week). This will be used for emergency purposes like car repairs, doctor visits, and so on.
Always stay focused on your current money goal as well as your long term financial vision.
#3 – Housing Expenses
Given that housing accounts for 25-35% of your income, this is the biggest place to start.
This is a great way to huge amounts of money each month.
1. Rent a room
Rent a room is an act of renting an apartment or other living space from another person. Renting rooms for a living can be seen as a service that enables people to live close to their work. Renting a room usually involves sharing living space with one or more other people.
2. Live in an RV or Van
Living in an RV or van is a question that many people have been asking themselves, and the answer to this question varies from person to person.
The most common response would be that it depends on the person. Some people love camping and would love to live in an RV for a few months before going back to their house. Other people enjoy living in a van as they are able to go to work and school without having to worry about commuting.
3. Own a Duplex
In a duplex, there is one unit of living space that shares a wall with another unit.
The concept is house hacking by living in one unit of a duplex and renting out the other units and getting money from one side of the building. Thus, making your mortgage nothing or even making money.
4. Buy a Fixer-Upper
A fixer-upper is a house with major problems, which the buyer fixes up and then sells. You can also live in the property while doing the renovations and lowering your housing expenses.
When it comes to buying a fixer-upper, there are always risks and rewards. There is always the possibility that you could end up with an expensive disaster on your hands or find yourself living in paradise for less than the market rate.
5. Rent an Efficiency Apartment
The monthly rent for an efficient apartment is usually lower than a studio.
Efficiency apartments are like studios in that they have only one room and the bathroom is separate from living quarters, but unlike studios which contain two to three rooms, efficiency apartments do not feature any additional space.
By renting an efficient apartment, it offers limited space and utilities, but at a low price.
What are free housing options?
Free housing options are available to people who are homeless, low-income, or living in shelters. These types of housing options include government-funded apartments that are given to the homeless and single-room occupancy hotels.
Other options for free housing include living in a friend or family member’s home. You are living without paying rent.
Also, you can net yourself a free room by doing a little work as well.
Where can you find the cheapest housing?
Finding the best place to live is a difficult task, but it can be made easier with some knowledge of where to find the cheapest housing.
There are many factors that go into finding affordable housing, such as the cost of living, quality of schools, and commute time.
The best place to find the cheapest housing is by looking for listings in your area. There are many websites that offer up-to-date listings of homes for sale or apartments.
70 Ways to Live Cheap
In today’s economy, it is hard to live on a budget. However, there are ways to make your life easier by living cheaply.
Whether we’re saving money or just living debt free, we all struggle with these life decisions. Most of the time it’s better to be frugal than indulge all of our wants and needs.
Frugal living can be difficult, but it’s better for you in the long run.
Here are many tips to live cheaper yet fuller lives.
Money Spending Habits:
Budget your money: Budgeting your money is a process of making decisions on how you will spend your income so that you can have enough for necessities and not exceed your budget. This is a great way to reach a goal.
Cancel bills you can’t pay: The best way to cancel bills you can’t pay is to contact your creditors and ask for a cancellation. If that doesn’t work, you’ll have to explain why the bill was not paid. If you have a lot of bills, consider filing for bankruptcy.
Switch Banks: You should not pay for banking. Period. If you do, it is time to switch. Credit unions are great options.
Insurance bundles: Insurance bundles are a type of insurance that is usually offered by an insurer and includes a number of different types of coverage. Bundles typically include home, auto, life and disability insurance as well as rider policies for loss of income and medical expenses.
Switch banks to one with high APY: If you do not invest in an account with high interest, then you are losing money by not investing. A bank’s APY is the annual percentage yield it pays on deposits. Here is a great online banking option.
Increase income: Increasing one’s income is a way to increase the amount of money one can earn. This can be done in a variety of ways, such as by finding a new job or starting their own business.
Cut your bills: The average person spends around $150 a month on various bills, such as electricity and gas. By cutting your bills where you can, you’ll be able to save a lot of money each month.
Earn cash back on purchases: Earn cash back on purchases is the opportunity to earn money for items you already buy. It can be done through a credit card, debit card, or other means.
Make money on things you own: Sell items you no longer need on eBay, craigslist, and other classified sites instead of throwing them away
Avoid unnecessary spending: When you’re out and about, do your best to avoid places that sell items you don’t need.
Don’t buy things on credit: If you don’t have the money, don’t buy it! That way you won’t be stuck paying more than what an item is worth.
Save your spare change: If you take your spare change and divide it into jars, you’ll be surprised how much money can accumulate.
Automate your budget: Knowing what you have to spend will help keep your shopping in check and prevent impulse buying.
Avoid fees from simple transactions: Credit cards, debit cards, and electronic check transactions have fees associated with them that users need to be aware of in order to avoid being charged for a transaction that they did not intend to pay.
Shopping Habits
Stay out of stores: Don’t go the mall. Changing this simple habit can be a huge savings on a budget and improve quality of life. Find thrifty alternatives to cramming your whole life into a big container, from food to avoiding the mall.
Have a no-spend weekend: A no-spend weekend is a time when people often give up spending and try to save money. Many people use this as a way to get back on track financially by trying to cut back on their spending. Get your no spend printables.
Write down what you want to buy: When you’re tempted by a purchase, take five minutes and write down what you want from the item. Do this for at least three days until your desire is gone.
Buy only used items: Buying used items is a great way to lower the cost of your purchase. The downside, however, is that you might not be able to find exactly what you are looking for.
Skip paying the full price: Many people do not want to pay the full price for a product or service. However, as most companies now provide discounts and promotions, consumers are finding themselves paying less for their services.
Be wary of subscriptions: There are a lot of different types of subscriptions that can be found online. Many people today subscribe to the idea that they need some type of subscription in order to access content on any given website. There are many subscription services that make it seem like you’re not actually paying for content, but rather making a one-time payment to receive all the benefits. Review your subscriptions to make sure you benefit from them.
Trim unused subscriptions: Unused subscriptions are subscriptions that have been set to expire in the next 30 days. They can be canceled by clicking on “cancel subscription” and then deleting the unwanted subscriptions from your account.
Get cashback on everyday products: Online shopping is a great way to get cashback on everyday products. You can search for the best deals by using comparison websites, which will help you find the cheapest price. Personally, I use this one.
Free Stuff: Take advantage of free events and activities in your area. Here is a list of 101+ things to do with no money.
Use the Library: For things like magazines or books, look at the library instead of buying them new.
Buy clothes during the off season: Buying clothes during the off season is a time when deals can be found everywhere. If you want to know what’s inside the trend, now is not the time to buy those clothes. Department stores also offer discounts on winter clothing. Shop at stores with racks, not shelves.
Shop thrift stores: Visit thrift stores and garage sales to find items you want or maybe even flip for a profit. Want to learn more about flea market flipping?
Try to reduce waste: Consider what can be done to reduce waste when purchasing items you need in your house.
Around the House
Adjust the temperature: Turning down the temperature is a key part of many different energy saving strategies. Reducing air conditioning or heating can help people save money, but it also has health benefits. Turn down the heat or air conditioning in your home at night and turn it back up during the day.
Cut back cell phone plan: The best wireless provider for you may be to cut back your cell phone plan. Cutting down on the number of minutes or texts could save you money, but this decision should be made with careful consideration.
Make clothes last longer: The best way to make clothes last longer is to not wear them too often. Washing garments made from natural fibers will help preserve them, while colors can be faded or bleached out with the addition of vinegar. This is a great powder detergent to have your clothes last.
Shop for clothing on clearance: Shopping for a style that best fits within a budget is possible. You can save lots of money by shopping off season.
Eliminate cable or satellite television: People can find shows on the internet instead of overpriced services, so the only monthly payment is something to get broadband internet.
Switch cell phones: It’s important to keep in mind that switching cell phone providers are a big decision. While there are many cheaper alternatives, they may not have the cell service where you need it.
Look into your energy usage: By adjusting your thermostat a few degrees, you could save hundreds and then invest in a comfy sweatshirt.
Limit trips to the Salon: Cut your own hair at home, or get it trimmed. You can also grow out your natural hair color.
Turn off unused lights: Of course, turning off lighting when leaving a room always happens.
Buy in Bulk: Buy things like toilet paper, toothpaste, cleaning supplies for yourself rather than in bulk.
Save money on laundry: All you have to do is wash your clothes at night and hang them up, so it’s ready in the morning when you go to school or work for a whole week! Find more tips on how to save money on laundry.
Transportation
Sell any cars you own: Benefits of selling your own car include not having to worry about finding parking, saving on gas or maintenance, and not having to worry about getting a ride to work.
Use a bike: Biking is a great way to get in shape, exercise, and save money. The best bike for you depends on how much time you have to practice and what kind of riding experience you want.
Carpool: Car pooling is a way for people to share the responsibility of driving each day, or from one destination to another. This can be done by carpooling with others who live near you, or by finding drivers for ridesharing. Plus you save money on gas and maintenance.
Public transportation: Public transport modes include buses, trolleys, trains (rail), metro (subway), trams, ferries, and others. This is cost-effective option.
Food / Grocery Ideas
Grocery Shop Less Often: In order to save on spending, grocery shop less often. Most people rely on big grocery stores with extended selections for their meals, but it’s easy to find out what you need or make what you need.
Meal plan based on cheap ingredients: Being on a budget is never easy, but it can be manageable. In order to make the best use of your time and money, create a meal plan based on cheap ingredients that you have in your pantry and fridge.
Always use a shopping list: To create a shopping list, start by making a list of the items you need. Online grocery shopping has made this process simpler.
Avoid convenience foods: Convenience foods are typically less expensive and easier to make, but they lack nutrients and often have a high amount of sugar. They can cause weight gain, cravings for more food, and even mood swings. Save your money and your health.
Eat at home: Eating at home is cheaper than eating out. Period.
Make your own coffee: Make your own coffee, saving money on your morning fix. Set yourself up with a nifty electric French press or better yet use a reusable cone to brew grounds that won’t ever taste gross.
Make as many of your dinners as possible at home: Eating at home also eliminates the need for two trips out, one to buy food and one to clean up. On average, most people who cook for themselves do so twenty minutes each day.
Maybe use a meal delivery service: Most of the time, the factor that makes eating healthy impossible for some people is the overwhelm in the kitchen. Fortunately, there are many online food delivery services to get fed with fresh produce on your plate. Studies show that people are eating fresh, organic items more often now with the help of these wonderful services. Check out the best meal delivery services.
Buy produce from large supermarkets, not from stand-alone farmers markets.
Eat Out Smart: Find more affordable locally owned restaurants, but be aware of the cost. Look for weekly specials or happy hours.
Use your own coffee mug: Then, you can get a discount on hot drinks at places like Starbucks or Peet’s Coffee & Tea.
Pack lunch for work or school: Instead of buying lunch on-the-go, pack a lunch and save lots of money.
Shop Grocery Ads: Plan ahead for what you need to buy by checking the weekly ads before shopping. Look for the loss leaders to bring you into the stores.
Slashing grocery bills: Slashing grocery bills is a term used to describe the process of reducing food costs by shopping at discount stores. The most common ways to slash grocery bills are buying in bulk, switching from expensive “brand-name” items to generic brands, and buying food on sale.
Figure out Food Habits: You must first determine where you are spending the most money on food. Many people spend a majority of their money on unhealthy processed foods, such as boxed cereal or frozen pizzas. To slash your grocery bill, you must cut back on these items and buy more healthy food.
Cutting coupons: Coupons are an important tool for saving money. Cutting coupons can be tough, but it is possible to save the most money by cutting out ads and extra fees that come with regular purchases.
Buy Store Brands: A store brand is a product that is produced and sold under the same name as a popular brand, but by a different company. Stores that offer their own brands of products include Costco, Wal-Mart, and Kroger.
Don’t Shop Hungry: Shopping while hungry can be a recipe for disaster. That’s why it’s important to remember that you should never shop hungry. Remember not to buy anything that is going to last more than a few hours.
In-Store Grocery Apps: In-store grocery apps are digital tools that help people to find the best prices, buy groceries at their local store, and discover new recipes. In-store grocery apps can be used on smartphones, tablets, and computers.
Eat Meatless Meals: If you want to take a break from meat, try eating more vegetarian meals. Meatless meals are often higher in fiber and protein than their meat-containing counterparts. You’ll also save money and help the environment.
Don’t eat out: It’s hardly surprising to hear that eating out is going to cost a ton more than if you simply made your meals at home.
Use cash back apps: Cash back apps are an easy way to earn cash for purchases. They often offer coupons, discounts, and other promotional codes that can be redeemed on selected products or services. Check out these five best cash back apps.
Use Ibotta every time you shop: Ibotta is a mobile app that rewards users with cash for shopping. Users earn money by scanning barcodes and completing tasks such as taking surveys, watching videos, or answering trivia questions.
Stop buying K-Cups: In recent years, K-Cups have been a popular way to brew coffee for many people. However, the problem with these pods is that they are actually quite expensive and environmentally unfriendly. The cost of a K-Cup is roughly three to five cents, whereas the average coffee shop brews a cup for two or three dollars. Additionally, many people are concerned about the waste that comes with K-Cups. Coffee pods are typically made of plastic, which cannot be recycled and is often littered on the ground for people to pick up. As a result, here is a reusable alternative that is cost effective and environmentally friendly way to drink coffee.
How to Live Simply and Cheaply
A budget can help you live a simple and cheap life. It allows for the spending of money on what is necessary to keep your quality of life up at all times.
It’s important not to spend too much time thinking about how you’re going to pay for things because that will only lead to stress, which leads to bad financial habits like overspending or taking out loans when they don’t need them.
The best way to live cheaply is by not spending on luxuries or buying too many things.
Instead, focus on big purchases. For example, buying a car can be expensive but it will make your life easier as you won’t have to rely on public transportation or worry about traffic jams.
Most people, do not want to go to the extreme of how to live super cheap.
But, that is completely up to you and what you want to do with your life.
You can choose your lifestyle.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Inside: Learn how to save money quickly, even on a tight budget. Get practical tips for how to save money fast on a low income. Simple savings ideas to implement today.
Saving money on a tight budget can feel like a high mountain to conquer, especially when you’re trying to do it fast.
Many people earn just enough to cover their essential costs, leaving little room for savings. However, with the right strategies, saving money fast on a low income doesn’t have to be a pipe dream.
This is something I started when we decided to pay off debt. Then, we choose to continue saving that money and investing it.
By understanding the flow of your money – where it’s coming from and where it’s going – you can make informed decisions that maximize your savings potential.
By prioritizing your spending and forecasting future expenses, budgeting can reduce the stress of financial uncertainty and introduce a sense of control and confidence in your money management skills. Thus, leading to you starting to save.
What is the best way to save money on a low income?
On a low income, the best way to save money is to thoroughly understand your expenses and prioritize your needs over wants.
In addition, by planning and tracking your finances meticulously, you can identify where each penny is going. Thus, allowing you to analyze your expenses. Once you have a clear picture of these, start looking for areas to trim down.
Remember, saving money is about being proactive and consistent. These small but steady steps can build up over time to help you save money fast, even on a low income.
How to Save Money on A Fast Income
1. Start with Clear Priorities
Before you can decide where to cut costs or how to allocate your funds, you need to know what’s most important to you.
What is your why for doing what you need to do? Is it building an emergency fund, saving for a down payment on a home, or maybe preparing for retirement?
Whatever your goals, outline them clearly. This is how you will save money.
2. Budgeting effectively to manage finances
To budget effectively on a low income, it all starts with a cold, hard look at your numbers.
Begin by listing all sources of income – that’s your foundation.
From each paycheck or income stream, subtract your non-negotiable expenses such as rent, utilities, transportation, and debt payments. What you have left is your discretionary income.
Then, it’s time to categorize and prioritize. Group your expenses into necessities and nice-to-haves. If your essentials consume most of your income, you’ll need to scrutinize the nice-to-haves list.
Every dollar saved from unnecessary splurges is a dollar that can be put towards your savings.
Use budgeting apps or tools to keep a real-time record of your spending. These can help you stay disciplined and provide a visual reminder of your progress.
3. Track and Slash Unnecessary Expenses
Now, you must meticulously and ruthlessly cut out the non-essentials.
Identify patterns and spot the recurrent, unnecessary expenses that are draining your funds.
Do you subscribe to multiple streaming platforms?
Are you forking out cash for a gym membership you barely use?
Are those daily specialty coffee drinks adding up?
It’s time to slash these expenditures.
Cutting these expenses is like giving yourself a raise.
4. Lower Housing Expenses Without Compromising Comfort
Living in smaller, more affordable housing to decrease rent or mortgage might be exactly what you need.
Opting for a smaller, more affordable space is a practical approach to significantly lower your rent or mortgage payments. When you choose to live in a compact setting, not only do you reduce the square footage costs, but often, utility and maintenance expenses decrease as well due to the reduced size of the living area.
If you are renting, try to negotiate your rent or lease terms with your landlord – they might be willing to offer a discount to keep a reliable tenant, or you may be able to agree on lower rent for a longer lease commitment.
If you’re a homeowner, explore the possibility of refinancing your mortgage to take advantage of lower interest rates. Alternatively, consider renting out a room or a portion of your living space, as the additional income can offset your mortgage or maintenance costs.
5. Save Money on Utilities with Simple Home Adjustments
Saving money on utilities might sound challenging, but you can often achieve substantial savings with a few strategic home adjustments. Let’s explore some cost-effective strategies and modifications you can make to your living space that could help reduce your bills.
Energy Efficient Appliances: Swapping out older appliances for Energy Star-rated ones leads to significant reductions in electricity use and water consumption.
Smart Thermostats: Installing a smart thermostat allows you to programmatically control your heating and cooling based on your schedule and preferences, potentially saving you a bundle on your energy bills.
LED Lighting: Switch to LED bulbs, which are more energy-efficient than traditional incandescent ones and have a longer lifespan, saving you on replacement costs as well as your electric bill.
Insulation Upgrades: Proper insulation keeps your home warm in the winter and cool in the summer, reducing the need for excessive heating or air conditioning.
Water-Saving Fixtures: Low-flow showerheads and faucet aerators reduce water usage, preserving this precious resource and lowering your water bill.
Not only do these simple home adjustments lead to savings on your utility bills, but they also contribute to a more environmentally friendly lifestyle.
6. Cooking at home instead of eating out
Cooking at home instead of dining out is an excellent way to save money, especially on a low income. When you eat at a restaurant, you’re not just paying for the food; you’re also covering the cost of service, ambiance, and the establishment’s overhead.
Plan a balance between meal prepped home-cooked meals and the occasional dinner out to keep your budget in check while still enjoying life’s little pleasures. Here are some frugal meals to get you started.
Remember, you don’t have to eliminate eating out entirely.
7. Canceling unused subscriptions and memberships
Stop draining money on services you don’t actively use. It’s surprisingly easy to forget about these auto-renewing expenses, so taking the time to audit your subscriptions can reveal opportunities for savings.
Recently, we tracked over $100 a month in my mother-in-law’s unused subscriptions and membership!
As such, it’s important to periodically evaluate your subscriptions and memberships to ensure they are still serving your interests and goals. If not, give yourself permission to cancel and save that money for something that offers tangible benefits in return.
8. Buying quality items that last longer
Investing in quality items that last longer is a strategic way to save money over time. While the initial cost may be higher, durable products can prevent the cycle of frequent replacements, ultimately contributing to long-term savings and less waste.
Remember, not every purchase necessitates the highest quality option. Examine which items you frequently use and can benefit from in the long run. For instance, driving a Toyota or buying higher quality shoes.
Once you’ve identified these, invest in quality for those and enjoy the satisfaction of a purchase that lasts.
9. Optimize Grocery Shopping
To optimize grocery shopping and manage your food budget effectively, start by thoroughly checking your current pantry supplies and making a precise shopping list to deter impulse purchases.
Utilize coupons and enroll in local store loyalty programs for exclusive discounts.
Embrace meal planning to avoid unnecessary spending.
Consider incorporating meatless meals, as this can contribute to consistent savings over time due to the typically higher cost of meat compared to vegetables and other plant-based options.
Plan meals around these cheap foods when you are broke.
By shopping smartly, you have the power to drastically lower your monthly food bill. Just remember, the key is preparation and discipline.
10. Repairing items instead of replacing them
Repairing items instead of replacing them can be a significant money-saving tactic, especially when budgets are tight. It’s often more cost-effective to fix a piece of furniture, mend a garment, or troubleshoot an appliance than it is to buy new one.
Consider the condition and value of each item before deciding to repair it. If the cost of repair approaches the price of a new item, or if it’s beyond your skill set, researching community resources or seeking professional help may be a wise choice.
11. Practicing the 30-day rule for non-essential purchases
Putting the brakes on impulsive buying can significantly boost your savings, and practicing the 30-day rule is a tried-and-true method to control those urges.
Before you make any non-essential purchase, wait 30 days.
If after a month you still feel the purchase is necessary or meaningful, then consider buying it.
Remember that the goal isn’t to deny yourself enjoyment but to ensure that each purchase is considered and valued. This conscious approach can lead to more satisfaction with the items you do choose to buy and a healthier bank balance.
12. Skip the Car Loan
Opting out of a car loan and finding alternative modes of transportation, such as cycling, walking, or using public transportation, can lead to significant financial savings.
Without a car payment, individuals can redirect the funds that would have gone towards monthly installments, insurance, and maintenance into their savings account.
This strategy can be particularly impactful for those with a goal in mind or working with a low income, as every dollar saved moves them closer to financial stability. Furthermore, the elimination of auto loan interest charges and potential debt can provide a more secure financial footing and peace of mind.
13. Using public transportation or carpooling to reduce fuel costs
Utilizing public transportation or carpooling can be significant in reducing fuel costs, particularly when you’re committed to saving money on a low income. These alternatives to solo driving not only save on fuel but also on parking fees, and wear and tear on your vehicle.
Another option is embracing car-sharing services, especially if you find that you don’t require a car on a daily basis. Services like Turo and Getaround offer the flexibility of having a car when you need one without the constant financial responsibility associated with ownership.
Remember, it’s all about what suits your lifestyle and frequency of need. By assessing how often you need a vehicle and comparing it with the total costs of ownership, car-sharing could be an excellent way to save money.
14. Selling unused or unwanted items for extra cash
Selling unused or unwanted items is a fantastic way to declutter your space and earn extra cash. You might be surprised how much money you can make by letting go of things you no longer use or need. From clothes you’ve outgrown to homeware that’s gathering dust, each item sold can inch you closer to your savings goal.
Take advantage of this opportunity; a thorough home audit could reveal a treasure trove of sellable items right under your nose. Not only does this increase your income, but it also helps you consider future purchases more carefully.
15. Taking advantage of free entertainment and community events
Leveraging free entertainment and community events is a delightfully frugal way to enjoy yourself without breaking the bank. From concerts and exhibitions to workshops and meet-ups, there’s often a wealth of activities that won’t cost you a penny.
In fact, here at Money Bliss, I have the most popular list of things to do with no money.
With a little creativity and resourcefulness, you can uncover a variety of enjoyable and inexpensive things to do.
16. Automating savings to ensure consistent contributions
Automating your savings is a hassle-free way to ensure you consistently contribute to your financial goals.
By setting up an automatic transfer from your checking account to a savings account, you’re essentially paying your future self first.
This ‘set and forget’ approach helps grow your wealth with minimal effort.
17. Negotiating bills and asking for better rates
Many service providers are open to negotiating prices if it means retaining a customer. Whether it’s your cable package, insurance, or even a credit card interest rate, it’s worth having the conversation.
Remember, the worst they can say is no. But often, companies will offer helpful options when they realize you are considering alternatives due to cost concerns.
One phone call could save you $1000 a year – just like when I decreased my cable bill!
18. Evaluating insurance policies for potential savings
When evaluating insurance policies, it’s critical to regularly assess your coverage needs and shop around for the best rates. Comparing policies from different providers annually can reveal opportunities for lowering premiums or finding more suitable coverage.
Utilize online tools and independent insurance agents to ensure a comprehensive review of available options.
Remember to inquire about bundling policies, as this can often lead to significant savings while consolidating your insurance needs effectively.
19. Meal Planning and Prep: Strategies to Reduce Food Waste
By allocating some time each week to plan your meals, you can ensure that you only buy what you need, thereby minimizing waste and cost.
Learning to meal plan starts with looking at a calendar and a local sales flyer to find the low cost deals.
By creating a weekly plan and incorporating budget-friendly recipes, you can not only eat healthier but also avoid the costlier option of dining out.
20. Forgo single use items
By choosing reusable items over single-use ones, you cut down on waste and habitual spending on disposables. This is also known as frugal green.
For instance, investing in a reusable water bottle, rather than buying single use water bottles.
By integrating sustainable products into your life, you also promote a culture of conservation and mindfulness, inspiring others to make eco-friendly choices.
21. Shopping for groceries with a list to avoid impulse buys
This is key! Especially when shopping with kids or a significant other!
Shopping for groceries with a list is a golden rule to avoid impulse buys, which can quickly derail your budget. By planning your purchases beforehand, you stick to the essentials and resist the temptation of sale items that aren’t on your list or don’t fit your meal plan.
Bonus Tip: Remember to always shop on a full stomach – hitting the grocery store hungry is a surefire way to end up with impulse purchases that aren’t on your list!
22. Buying generic brands instead of name brands
Opting for generic brands rather than name brands is a straightforward and effective way to save money on everything from groceries to over-the-counter medications. These products are often of similar quality and effectiveness but come at a significantly lower cost.
By making the switch to generics, especially for regularly used items, the aggregate savings can be substantial over time.
23. Making bulk purchases for commonly used items to save on cost-per-unit
When you buy in larger quantities, the cost per unit typically decreases, leading to savings that add up over time. Bulk buying works best for non-perishable goods or products you use consistently.
Make a point of buying non-perishable items or products with a long shelf life in bulk to avoid waste and ensure that you truly save money with each bulk purchase.
Just make sure you are going to use it!
24. Cutting costs on personal care by DIY methods
DIY methods for personal care are not just a trend – they’re a practical and often healthier alternative to store-bought products. By creating your own beauty and personal care items, you can significantly trim costs and take control of what goes on and into your body.
Even if you’re not the crafty type, consider starting small with something like a DIY sugar scrub or homemade toothpaste. This is something I did over ten years ago. You might discover a new hobby that enhances both your well-being and your budget.
25. Regular maintenance of vehicles and appliances to prevent costly repairs
Keeping on top of maintenance schedules helps prevent major breakdowns that can lead to expensive repairs down the line.
By making regular maintenance a non-negotiable part of your routine, you protect your investments and save yourself from future financial headaches.
I keep a list in my digital to do list, so I never lose track.
26. Shopping at thrift stores, garage sales, or second-hand websites
Shopping at thrift stores, garage sales, or second-hand websites is an excellent way to acquire items at a fraction of the retail cost. Not only are you being financially savvy, but you’re also participating in the circular economy, reducing waste, and often supporting charitable causes.
Shopping second-hand first is not just about saving money—it’s a lifestyle choice. With patience and persistence, it’s amazing what quality items you can find without impacting your wallet heavily.
27. Learning basic sewing to repair clothes
Mastering the basics of sewing to mend your clothes is a skill that pays off in multiple ways. You save money by extending the life of your garments, reducing waste, and developing a practical capability that can come in handy in various situations.
Honestly, sewing a piece of clothes is a very simple thing. Something that must be learned by the younger generations.
Consider setting aside some time to learn sewing basics via online tutorials, community classes, or even from a friend or family member—it’s a practical step toward financial savings and sustainable living.
28. Utilizing coupons and discounts for shopping
Using coupons and discounts strategically can lead to significant savings on your shopping bills. With a little planning and some savvy shopping techniques, you can ensure you never pay full price for essentials and other purchases.
Remember to only use coupons for items you were already planning to purchase; otherwise, you’re not saving money, you’re just spending less on something extra.
29. Consolidating debt to reduce interest rates
Debt consolidation can be a strategic financial move to lower your overall interest rates and simplify your monthly payments. By combining your debts into one loan with a lower interest rate, you can streamline your bills and potentially save significant amounts of money over time.
Make sure to shop around for the best debt consolidation options and read the fine print. The goal is to find a consolidation plan that truly puts you on a faster track to being debt-free without any hidden costs.
30. Tackle High-Interest Debts First to Free Up More Cash
Addressing high-interest debts is paramount in optimizing your financial strategy. Such debts, often from credit cards or payday loans, can spiral out of control if not managed promptly due to their compound interest rates, which can quickly exceed the original amounts borrowed.
This is known as the debt avalanche.
By zeroing in on high-cost debts, you ensure your income is spent more effectively and not wasted on steep interest fees, accelerating your path to financial freedom.
31. Choose the Right High-Yield Savings Account for Your Emergency Fund
Selecting the right high-yield savings account for your emergency fund is an essential move for growing your savings. High-yield accounts offer interest rates significantly higher than standard accounts, ensuring your emergency fund doesn’t stagnate and keeps pace with inflation as much as possible.
This is one of the bank accounts you need.
32. Implement The Envelope System
The Envelope System is a budgeting method that involves physically dividing your cash into envelopes for different spending categories.
Utilizing the cash envelope system promotes disciplined spending by providing a tangible limit on various expense categories, ensuring you stay within your pre-determined budget and facilitating more intentional money management.
This method also offers immediate visual feedback on spending patterns, which can lead to better financial habits and incremental savings as any leftover cash from each envelope can be added directly to a savings fund, making the act of saving more rewarding and motivating.
33. Using cash -back envelopes to track spending
The use of cash-back envelopes takes the traditional envelope budgeting system a step further by rewarding yourself with savings.
Whenever you spend less than the allocated amount in a budget category, you place the cash difference into a “cash-back” envelope, which can be used for saving or investing.
Adopting the cash-back envelope strategy can provide a rewarding twist to budgeting, making it a fun challenge to spend less and save more.
Boost Your Income: Creative Side Hustles and Opportunities
Boosting your income can provide substantial financial relief, particularly when you’ve maximized your ability to cut costs and still find your expenses stretching your budget thin.
Generating extra income, be it through a side hustle or achieving a raise enhances your ability to save and invest.
With additional streams of revenue, you gain more financial flexibility to achieve goals like paying off debt faster, saving for a significant purchase, or building an emergency fund.
Finding a side hustle or part-time job for additional income
Exploring a side hustle or part-time job is a proven way to supplement your income. In today’s gig economy, there are numerous opportunities for flexible work that can be customized to fit your skills and schedule.
A side hustle can not only pad your wallet but also provide an outlet for creativity and passion, possibly even offering a new career trajectory down the line.
Explore Gig Work and Passive Income Streams
Exploring gig work and passive income streams can accelerate your savings efforts, especially when your regular income isn’t enough to reach your financial goals. These alternative income ideas often provide the flexibility to work on your terms and build up earnings over time.
These revenue channels provide a proactive approach to increasing your disposable income. Researching and choosing the best options for your skills and financial situation can help you build a sound extra income strategy.
Take Advantage of Bank Bonuses and Credit Card Bonuses
Banks often offer attractive incentives to new customers, and high-interest savings accounts can grow your deposits at a faster rate than traditional accounts. The same is true for credit card issuers offering big bonuses.
Taking time to research the best offers and account terms can net you a nice bonus and put your money to work earning more money.
Learn How to Invest Your Money
Learning how to invest your money is paramount to building wealth over time. While it can seem intimidating at first, understanding the basics of investing can enable you to take advantage of compounding interest and market growth to increase your savings exponentially.
Start small, stay disciplined, and continually educate yourself as you grow your investment portfolio. Over time, your investments can become a significant source of wealth and financial security.
Learn how to invest in stocks for beginners.
FAQs: Navigating the Path to Low-Income Savings Success
Saving money when your income barely covers your fixed expenses requires a strategic approach. Begin by scrutinizing your budget to cut any non-essential costs.
Look for ways to reduce your fixed monthly expenses, like negotiating bills or refinancing loans.
Every small change can contribute to your savings, so focus on making incremental adjustments that together can enhance your financial situation.
Even when funds are tight, saving money is possible by making small but impactful changes.
Prioritize reviewing your expenses and identifying areas to cut back, such as non-essential subscriptions or eating out.
Round up loose change or small amounts from your daily transactions into savings.
Seek free entertainment options and consider generating additional income through side hustles or selling items you no longer need.
Each penny saved is a step towards your financial cushion.
Setting Realistic Savings Goals and Celebrating Milestones
Setting realistic savings goals is a key to financial success, particularly when managing a low income.
Determine what you can feasibly save without overstretching your budget. Whether it’s $5 or $50 per week, every bit helps.
Celebrating your achievements, no matter how small, can inspire continued discipline and dedication towards your financial objectives.
Being realistic and flexible with your budget will help you manage your finances more efficiently, ensuring that you set aside money for future growth, even when funds are tight.
This is a great step towards habits of financially stable people!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Inside: Looking for delicious, budget-friendly meals? Look no further! This guide has 100+ delicious and frugal recipes that will help you stick to your food budget.
When it comes to keeping your grocery budget in check, meal planning is a powerful tool. It can simplify your life, save you precious time, and stretch your dollars further.
You don’t always need pricey ingredients to whip up something delicious. Creating frugal meals doesn’t mean you have to compromise on flavor.
Sometimes, a frugal meal could mean something cheaper but equally, if not more, delicious than takeout! The key to this art is using simple, inexpensive ingredients, being creative in their application, and not shying away from condiments, herbs, and spices that can elevate your dish.
Remember, eating frugally is not just cost-effective but also simple and stress-free, utilizing common kitchen staples, and easy-to-locate items.
Join me on my mission to make frugal meals that are adored by my family and my thrifty self appreciates.
Frugal Breakfast Ideas:
A frugal breakfast should not equate to boring. Here are a few ways to start your day off right without stressing your wallet:
Waffles/Pancakes: These could be made with basic ingredients like flour, eggs, and baking powder. Top with peanut butter or dust of cinnamon sugar for extra flavor!
Eggs: Cooked to your preference, be it fried, boiled, or scrambled, they are not only easy on the pocket but also a rich source of protein.
Oatmeal: Buy oats in bulk and pair them with over-ripe bananas, pumpkin butter, or a sprinkle of brown sugar. It’s a hearty and filling for just about anyone.
Muffins: Basic muffin ingredients include flour, eggs, and baking powder. For an element of surprise, add in nuts, blueberries, or mashed bananas.
French Toast: With eggs, cinnamon, and loaves of French bread, you can whip up a scrumptious breakfast.
Homemade Bread/Toast: If you’re up to the task, making your own bread could be a money-saving option. This is something I do with sourdough bread. Pair the fresh bread with either sweet or savory toppings.
Omelets: Eggs are a cheap source of protein. Whip up an omelet and serve it with your choice of inexpensive veggies.
Homemade Biscuits: Biscuits are a great addition to any frugal breakfast, with just “milk” and flour ingredients. Pair them with a little meat or enjoy them in butter. Just like my great Aunt Marie made at the ranch.
Choose Spice for Breakfast: This recipe for Mexican baked eggs uses budget friendly canned beans and eggs as a protein source. It’s super simple to make in less than 30 minutes, with eggs baked in a smoky, spicy tomato sauce with black beans, poblanos, and corn. Serve with plenty of corn tortillas for a super satisfying meal.
Frugal Lunch Ideas:
Lunch should be something to look forward to, even if you’re on a tight budget. Here are frugal lunch ideas that keep your tummy and your wallet happy.
Salad: A salad is an excellent choice for a frugal lunch, it’s both cost-effective and healthy. Based on what’s available in your fridge, you can combine different vegetables, proteins, and dressings to create a filling and tasty meal every day.
Sandwiches: The humble sandwich can be as frugal or as lavish as you like. Tuna, grilled cheese, peanut butter, and jelly, ham… you name it, sandwiches offer a great variety.
Homemade Soup: Consider creamy potato soup, creamy vegetable soup, or even curried cauliflower soup. They can be light yet fulfilling, and the ingredients are reasonably priced.
Toast Pizza: Save money by using toast as your pizza base, add what you have in the fridge, top it off with cheese, and cook it under the grill or in the oven.
Baked Potatoes: A toasty baked potato with butter is a delightful, inexpensive lunch. Top it up with fillings such as cheese or broccoli.
Remember, lunch doesn’t have to be expensive to be delicious! Use what you have at home for a more sustainable, economical, and satisfying meal.
Frugal Dinner Ideas:
Dinner is the time when families come together, share their day, and unite over food. There’s a common misconception that frugal foods are bland and monotonous. However, you don’t have to spend a fortune to make dinner delicious and satisfying.
Spaghetti: Who knew that the ultimate comfort food could be so cheap? Combine spaghetti with homemade tomato sauce or cheese, add your favorite seasonings, and voila! You have a delicious meal.
Baked potatoes: Fully customizable and super simple to be a dinner game-changer. Top them with cheese, sour cream, or any other leftovers like chili!
Stir Fry: This is a perfect way to use up any veggies you have. Throw in some meat if you have it, cook with rice and tasty sauce, and your stir fry is ready!
Tacos: Pick up tortillas, get ground beef, or use dried beans, lettuce, and salsa, and there you have your Taco night. You can also swap out the beef for beans, and it’ll still taste delightful.
Breakfast for Dinner: Who said breakfast foods are only for mornings? Whip up scrambled eggs, toast, or pancakes, and enjoy a breakfast-style dinner!
Creating a delicious, nutritious, and frugal dinner can be easier than you might think. It’s all about making the most out of the resources you have, every day.
Recipe Breakdown : Variety Of Frugal Meals
Satisfying Soup & Salad Recipes on a Shoestring
When it comes to frugality, nothing beats the soup and salad combination. These meals are not only hearty and satisfying but also easy on your wallet. With just a few ingredients, these recipes will bring variety and nutrition to your kitchen without putting a strain on your wallet.
Here are a few of our favorite frugal soup and salad recipes:
The Best Chicken Soup Recipe: Simplicity meets flavor without breaking the bank. Utilizing affordable ingredients and leftover chicken, this soup is a testament to how economical choices can still yield rich, comforting results.
Cauliflower and Bacon Soup:
Instant Pot Three Sisters Soup: A blend of corn, beans, and squash.
Root Vegetable Soup: Healthy, comforting, and made with only a few simple and inexpensive ingredients! It’s prepared with veggies like carrots, parsnips, rutabaga, and potatoes simmered in a savory broth.
Healthy Roast Pumpkin and Sweet Potato Soup: Winter favorite loaded with nutrients.
Instant Pot Cabbage Roll Soup: Comfort food at its best.
Smoky Black Bean Soup: Protein packed, tasty, and hearty.
Hearty Lentil Soup: Healthy and will keep you warm during the winter! It’s made with only a few ingredients and requires no special equipment. This soup is made with lentils, veggies, and spices simmered in a savory tomato broth.
Vegan Coconut Curry Lentil Soup: Exotic, aromatic, and down-right delicious.
Instant Pot Split Pea Soup Recipe: Classic soup, ready in no time.
Vegetable Barley Soup: With protein-rich chickpeas, cabbage, potatoes, and the twist of curry spices, this soup is easy, comforting, and delicious!
The Very Best Ham And Potato Soup With Peas: Savory, delicious and economical.
Cheap and Easy Hamburger Soup: Mouthwatering and super easy to prepare.
Creamy Vegetarian Potato Soup: Originally named 45-Cent Potato Soup because that was how much it cost per serving over a decade ago! The cost has increased a bit but this hearty potato soup is still a keeper. Creamy potato soup with veggies and milk – thick, velvety, and hearty. It’s on constant rotation at our house!
Moreover, when it comes to salads, using seasonal produce, beans, or leftover veggies can be an affordable way to create nutritious meals. Add chicken, tuna, or boiled eggs for protein, or keep it simple with fresh greens and a homemade dressing.
Remember, a frugal lifestyle does not mean you have to compromise on taste or variety. It’s about being creative with what you have!
Cut Costs with these Cheap ‘n Cheerful Chicken Recipes
Dinner necessity is the mother of so many amazing chicken dinners! Plus it is an excellent protein option that can be inexpensive, especially if you seize sales or buy in bulk.
Maple Chicken & Potato Supper: This recipe turns an affordable cut of chicken and two types of potatoes into a family favorite.
One-Pot Chicken and Potatoes: Chicken thighs are cheap, add in potatoes, onions, and carrots for a hearty comfort meal.
Leftover Chicken Curry and Vegetables: Lots of recipes use leftover chicken or turkey. But this “All the Leftovers” Chicken Curry also uses your leftover vegetables. Clean out your refrigerator today!
Instant Pot Chicken Tortilla Soup: A quick, deliciously rich, and slightly spicy meal made up of chicken, black beans, and stewed tomatoes.
Crockpot Chicken Tacos: With just 3 ingredients and 5 minutes of prep, this is a lifesaver for busy nights.
Chicken Curry and Quinoa: Simple, tasty, and feels like a treat without the expense.
One Pan Baked Chicken Thigh Recipe with Green Beans and Red Potatoes: This recipe is easy and inexpensive when you grab the chicken thighs on sale! It is easy to prepare, a healthier option and a family favorite!
Cheesy Chicken Quesadillas: A perfect, weeknight meal.
Slow Cooker Chicken Thighs with Potatoes and Carrots: A value for money meal with chicken thighs – one of the cheapest chicken cuts.
One-Pan Chicken Legs with Chickpeas and Quinoa: A wholesome, naturally sweet dish with a few spices.
Easy Cheesy Chicken Taco Spaghetti: Made with pantry staples, this comforting dinner recipe is frugal and filling. Full of pasta, creamy sauce, and canned chicken, your family will be asking for seconds!
Chicken Fried Rice: Uses leftovers efficiently, add veggies, and you have a meal.
Easy Pizza Chicken Recipe: A low carb and high protein meal, especially when you use ordinary cheddar.
Remember, maximizing flavor in cheap chicken recipes often relies on using good quality, inexpensive ingredients, and cooking techniques like slow cooking or sautéing. Happy cooking!
Beautiful Beef Dishes that Benefit Your Wallet
When trying to maintain a frugal lifestyle, using affordable cuts of beef like ground beef, shin, or skirt steak can yield mouth-watering meals that don’t bust the budget. Here are a few beef recipes that are both economical and satisfying:
Ground Beef Stroganoff: A classic comfort food that is simple, quick, and incredibly hearty.
Poor Man’s Stew: An excellent choice for a filling, cheap, and tasty meal for a whole family.
Simple Hamburger Hotdish: This simple hamburger hotdish (casserole) makes delicious use of affordable and easy-to-find ingredients like ground beef, pasta, and tomato sauce. This is a great meal idea to feed a family.
Beef Skillet Nachos: Layer chips, ground beef, and cheese in a skillet for an easy, cost-effective meal.
Homemade Beef and Noodles: An economical-friendly classic that can serve a good number of people.
Tortellini Bake: This 4 ingredient Tortellini Bake uses common ingredients like ground beef and marinara sauce to make a satisfying and hearty meal for families!
Cheesy Ground Beef and Rice Casserole: Across the realms of deliciousness and frugality, this casserole rings the bell.
Beef and Tomato Macaroni Soup: Combining the wholesome elements of beef, macaroni, and tomatoes provides a satiating meal at an affordable cost.
Beef and Vegetable Stir Fry: Brimming with colorful vegetables and protein-rich beef, this dish is a delight to both the stomach and the wallet.
Taco Skillet: It’s the taste of tacos in a convenient and cost-friendly rice skillet.
Classic Stuffed Peppers: Filled with a mixture of ground beef, rice, and a zesty sauce, it’s a comfort meal that’s easy on the pocket.
Sesame-Ginger Beef: This dinner calls for an inexpensive cut of meat.
By creatively utilizing budget cuts and leftovers, you can create economical, hearty, and tasty beef dishes for yourself and your family, fostering a love for cooking while sticking to a money plan.
Money-saving Meatless Meal Marvels
When it comes to cost-saving, meatless or vegetarian dishes are a winner. Not only are they usually cost-effective, but they’re also often packed with nutrients. Here are meatless recipes that are sure to delight your taste buds, without denting your wallet:
Quinoa Edamame Salad with Peanut Sauce: Use cabbage and edamame to make a balanced lunch. The peanut sauce is flavor-packed and uses pantry staples, and the quinoa is easy to swap with rice or pasta.
Vegan Lentil Curry: Packed with nutrition, this dish makes an inexpensive, protein-rich meal.
Jamaican Rice and Peas: Economical rice and beans doesn’t need to be boring. Jamaican rice and peas are easy to make in the slow cooker. This flavorful, easy recipe brings delicious Caribbean flavor to any meal as a side dish or a complete meal on its own.
Spinach Lasagna Roll-Ups: Proof that vegetarian dinners can be delightfully hearty, this twist on classic lasagna is a crowd-pleaser.
Bean, Tomato, and Spinach Stew: A hearty and richly flavored dish that is low cost and satisfying.
Vegan Texas Tamale Pie: Great down-home, budget-friendly meal is perfect to whip up when you need something hearty, healthy, and filling to serve to your hungry family or friends in under an hour. Prepared with basic canned ingredients you might keep in your cupboard, this simple recipe can be easily adjusted to suit your tastes with the groceries you have on hand.
Stuffed Bell Peppers: Fill peppers with a delicious mixture of quinoa, black beans, tomatoes, and spices.
Eggplant Parmesan: Classic Italian dish, easy to make, and delicious to eat.
Pasta e Fagioli aka Pasta and Beans: Feed your family for pennies a bowl with pasta e fagioli. Cucina povera Italian food is the food of peasants, but it is so delicious! Only three inexpensive ingredients are needed to make this quick and easy, nutritious, one pot weeknight meal.
Potato & Zucchini Frittata: Use up your leftover veggies and whip up a quick frittata for dinner.
Tomato Basil Soup with Grilled Cheese: A classic that’s both inexpensive and palate-pleasing.
Vegetarian Stir-Fry: A colorful medley of veggies stir-fried in a savory sauce served over rice.
Spaghetti aglio e olio: This spaghetti aglio olio (with garlic and olive oil) is probably one of the most popular classic Italian pasta recipes and yet it’s so simple, budget friendly and super easy to make!
Butternut Squash Risotto: This dish, while sounding fancy, is frugal and straightforward to make.
Vegan Spaghetti Bolognese: This is a rich, hearty, and flavorful dish that’s lighter on the wallet than traditional bolognese.
Crispy Pan Fried Gnocchi: A simple and quick & inexpensive recipe to make in only 20 minutes for an easy weeknight meal. Crispy gnocchi coated in a light sauce made with garlic, herbs, butter and parmesan.
Implementing meatless meals can significantly cut down on grocery bills, with the added bonus of being healthier and environmentally friendly.
So why not give these recipes a try for your next frugal feast?
Luscious Low-Budget Lunch Ideas
The midday meal can often be overlooked when planning budget-friendly meals. Don’t let lunch blow your allowance! Here are a few low-cost, lip-smacking lunch ideas:
Bean Burritos: Beans and cheese wrapped in a tortilla can be quite satisfying and light on the pocket too.
Tuna Salad Sandwiches: A classic frugal lunch option that’s rich in protein.
Egg Salad Wraps: Egg salad in a wrap is a fulfilling lunch that’s economical.
Homemade Hummus and Veggies: Prepare hummus at home and pair it with fresh veggies for a light and inexpensive lunch.
Mixed Bean Salad: Beans are a powerhouse of nutrition and offer a low-cost lunch option. Mix different beans and dress them up with herbs and spices for a flavorful lunch.
Veggie and Cheese Stuffed Potatoes: A cheesy baked potato with veggies is filling and affordable.
PB&J: Peanut butter and jelly never go out of style and are a great low-cost lunch option.
Tuna Tomato Pasta: Tuna tomato pasta is a delicious healthy and easy recipe that only takes 20 minutes to make. With just a few basic ingredients it’s budget friendly too!
Falafel Wraps: Homemade falafel is quite reasonable and can be wrapped up with pita and fresh veggies for a satisfying meal.
Pasta Salad: Cold pasta salad with veggies is a cheap and filling lunch idea.
Vegetable Fried Rice: Leftover rice, mixed with whatever veggies you have on hand, makes for a delectable and affordable lunch.
When your lunch is as tasty as it is affordable, you’re winning at the game of frugality. Enjoy these luscious lunch ideas without breaking the bank!
Delightful Dinner Recipes That Don’t Dig A Hole In Your Pocket
Dinner is the meal you eagerly look forward to after a long day. Unfortunately, it can also be the priciest meal of the day. But it doesn’t have to be! Here are delightful, cost-effective dinner recipes:
Sloppy Joe Pasta: A homemade mix of pantry staples for a mouth-wateringly filling, budget-friendly twist on the classic Sloppy Joe.
Easy Chilaquiles: Fresh made tortilla chips smothered in homemade salsa, chilaquiles are the best way to make a flavor-packed meal on a budget!
Cottage Pie: Make a delicious cottage pie in the instant pot pressure cooker from scratch. Ideal for using up leftovers and easy to make!
Chicken Pot Pie: Homemade and padded out with cheap, seasonal veggies, it’s a classic favorite, perfect for a weeknight dinner.
Mince & Potato Stew: Heartwarming, flavorful dish that’s easy to make and easier on the pocket.
Linguine with Clam Sauce: Using canned or jarred clams, this linguine dish is made from simple pantry ingredients that won’t break the bank. Dive into a dinner of delicious choice for yumminess.
One Pot Sausage, White Beans, and Kale: It combines flavorful sausage, rich canned tomatoes, white beans, fresh kale, and a few herbs and spices – a cupboard-friendly, inexpensive dinner option.
Tacos: They’re versatile, they’re delicious, and most importantly, they’re cheap.
Potato and Salmon Fish Cakes: Canned salmon and potatoes create a delicious, inexpensive dinner the family will love. They are super easy to make and you can freeze them, too. Even those who dislike salmon enjoy these fish cakes!
Asian-Style Chicken Noodles: This recipe uses leftover chicken and packs a lot of flavors without a lot of cost.
Pasta Arrabbiata: This inexpensive pasta dish is full of garlic, tomatoes, and spicy red pepper flakes. Simple, yet incredibly delicious.
Garlicky Spinach and White Bean Pasta: This recipe is packed with flavor thanks to a surprise, budget-friendly ingredient – tinned anchovies! Simply toss cooked pasta with spinach, white beans, and a garlicky anchovy sauce. It’s easy to throw together for a satisfying weeknight dinner.
Egg Fried Rice: It’s a quick, healthy meal that anyone can cook.
Leftover Pasta Bake: Don’t waste food! Turn your leftovers into a treat with our leftover pasta bake!
Vegetable Stir Fry with Noodles: A quick, healthy dinner full of veggies and flavor.
Low-cost does not mean low taste. These dinner recipes prove just that. So get cooking and start saving!
Put it in Pot and Forget It – Cheap and Easy Crockpot Creations
Using a crockpot or slow cooker can be a real lifesaver for busy individuals or families. Not only does it save time but it’s also a great way to save money by making inexpensive cuts of meat tender and flavorful.
Slow Cooker Sausage and Peppers: Slowly simmered in marinara sauce for a frugal dinner that’s hard to beat! Just serve over pasta or polenta for an easy dinner. Plus, the leftovers are just as delicious for lunches.
Crockpot Beef and Broccoli: The economical version of your favorite takeout dish.
Slow Cooker Black Bean Soup: Inexpensive, full of flavor, and so hearty!
Creamy Crockpot Chicken: Warm shredded chicken and gravy in your slow cooker for the win.
Crockpot Baked Beans: Cheaper and healthier than store-bought!
Crockpot BBQ Chicken: Sweet, tangy, and made with a handful of pantry staples.
Crockpot Lentil Soup: Super hearty, packed with nutrients, and so easy to whip up!
Slow Cooker Pot Roast: The easiest one pot meal and is an instant win for family dinner! Plus, it’s budget-friendly! Easy to prepare for weeknight meals or special occasions alike, this easy pot roast recipe is always a crowd-pleaser!
Slow Cooker Salsa Chicken: Just two ingredients are required for this super versatile recipe.
Crockpot Vegetable Beef Soup: Healthy, hearty, and incredibly easy to make.
Chicken Paprikas Recipe: Use chicken thighs and cauliflower which make it a super frugal meal. If you prefer you can serve it over rice instead of the cauliflower but even her kids agree that the cauliflower version is delicious.
Slow Cooker Mac and Cheese: Yes, even mac and cheese can be done in a crockpot! Even better try this Broccoli Mac Kielbasa Casserole.
Crockpot Ham and Bean Soup: This recipe uses inexpensive and filling beans and veggies, perfect for when you’ve leftover ham.
Slow Cooker Vegan Chili: A vegan twist on this classic comfort food for those chilly days ahead makes for a healthy dinner packed with nutrients brimming with flavor!
Each of these meals will serve you without making a significant dent in your grocery budget. Enjoy the convenience and frugality that slow cooking brings!
Make It Snappy With Instant Pot Recipes
The Instant Pot is a versatile kitchen appliance that’s excellent for fast, delicious meals when you’re on a budget.
Instant Pot Ground Beef Enchilada Pasta: This easy dish combines a few affordable ingredients into a hearty meal that your family will love.
BBQ Beans Instant Pot Recipe: A frugal recipe that’s great as a main dish or a filler for burritos.
Easy Pizza Potatoes in the Instant Pot: A simple pairing of pizza flavors and potatoes for a wallet-friendly dish.
Air Fryer Pita Bread Pizza: Only 5 minutes and a handful of low-cost ingredients to a delicious DIY pizza.
Sweet Potato, Lentil and Chickpea Curry: This vegan instant pot recipe is full of flavor, super hearty and delicious, and extremely reasonable to make.
Mushroom Masala- Mushroom Curry: An exotic and easy-to-prepare mushroom curry that satisfies without stretching the dollars.
Chicken and Sausage Paella in the Instant Pot: Cut down cost by using sausage and chicken thighs for this easy, savory dish.
Instant Pot Tuna Casserole: Comfort on the cheap, using pantry staples.
Fast and Easy Instant Pot Chicken and Rice: Made using basic pantry staples and suitable for both adult and kid taste buds.
These Instant Pot ideas are not only quick and easy to prepare but also budget-friendly. They’re proof that frugal doesn’t mean boring!
Handy Kitchen Tools for Budget-Savvy Cooking
When it comes to frugal cooking, your kitchen gadgets can be your best companions. These tools can save you both time and produce restaurant-quality dishes at home for a fraction of the cost.
Many are the same as frugal home must haves!
Only rely on tools that you use regularly in order to maximize their cost. So, equip your kitchen with these practical, cost-effective tools, and enjoy a more manageable culinary journey.
FAQs: Navigate Your Approach to Cost-Efficient Eats
Eating lunch at work doesn’t have to mean spending a fortune, following these tricks can save you a lot of money:
Meal prep: Plan your meals ahead of time. Invest in a few hours during the weekend or your day off to cook large amounts and portion them out for the week ahead.
Leftovers Are Your Best Friend: Make a bit extra while cooking dinner, and voila, you’ve got lunch for the next day. A yummy, cheap, no-fuss, and no-waste solution!
Pack Your Own Snacks: Trade small shop-bought packs of snacks for a large bag or bulk-buy from a wholesale store. Divide them into small reusable containers for your daily hunger itch.
Invest in a Flask: A good quality thermos flask can keep your homemade soup or stew warm until lunchtime and it’s a lot cheaper than buying soup from a cafe.
Remember, the key is not to take complicated dinners which takes a lot of time. Rather, simple sandwiches, yogurt with fruits, homemade soup even boiled eggs can make great inexpensive lunch options. Planning ahead is key when you’re trying to eat on a budget.
There are several cheap meals you can whip up using budget-friendly ingredients. The absolute cheapest would depend on what you already have on hand in your pantry or the cost of ingredients in your locality.
Rice & Beans: This is a universally cheap and filling meal that can be flavored with some stock, onions, and spices.
Pasta with Tomato Sauce: This is a popular choice when it comes to cheap ideas. All it takes is a rigatoni of your choice, a basic tomato sauce made from canned tomatoes, garlic, and herbs.
Cereal & Milk: A bowl of generic brand cereal and milk is an incredibly cheap meal. It lacks in terms of proteins and fats, but it can be a good quick fix.
Eggs on Toast: Eggs and bread are both cheap elements. Whip up scrambled eggs or make a simple boiled egg sandwich.
Potato Soup: One of the cheapest vegetables around, and they make a filling, simple potato soup.
Homemade Pizza: Using basic homemade dough and simple tomato sauce, you can add anything you have on hand to make a delicious pizza.
Remember, the cheapest dinners typically use basic pantry staples. By having a well-stocked pantry, you’ll be able to whip up a variety of low-cost dinner ideas.
A frugal meal doesn’t equate to scanty or tasteless. Here’s what defines a frugal meal:
Inexpensive Ingredients: Frugal meals predominantly use cheaper ingredients. Find plenty of cheap foods when broke (and you don’t need to be broke).
Fewer Ingredients: Meals with minimal ingredients are typically more economical. They aren’t stuffed with fancy extras, but they make up for it in hearty flavor.
Uses Pantry Staples: Rely on pantry staples like rice, dried pasta, canned goods, and dry baking ingredients.
Repurposes Leftovers: Instead of wasting ingredients incorporate leftovers in innovative ways.
Meal Prep and Batch Cooking: Cooking in bulk and freezing dinners for later can be a massive money saver, reducing waste and reducing the number of ingredients needed overall.
Limited Meat or Vegetarian: As meat is typically one of the more expensive ingredients, frugal cooking is often vegetarian or uses meat sparingly.
While frugal meals won’t always hit all these factors, if they contain a few of these aspects, you can be assured they will provide a cost-effective dining experience. A frugal meal strives to offer nutritional balance, satisfying taste, and minimal impact on your wallet.
Perfecting the Art of Frugal Cooking
Preparing budget-friendly cooking not only saves money but also reduces food waste and can create a warm, comfortable home. This is how to be frugal with food. Here are some expert tips to get you rolling:
Plan Your Meal Calendar: Plan out your menu for the week, keeping in mind what ingredients you already have.
Shop Smart: Shop for groceries with a list in hand so you don’t end up buying unnecessary items. Look out for sales, and discounts, and try to shop in bulk.
Utilize Leftovers: Don’t throw away leftovers. Repurpose them into a new meal or use them as an ingredient in another dish.
Use More Vegetables and Grains: Vegetables and grains are generally cheaper than meat and can be used to bulk out dinners.
Freeze Extras: If you cook in bulk, freeze the extra portions for a later date. This can act as a lifesaver during busy periods.
Use Cheap Cuts of Meat: Cheap cuts, such as chicken thighs, can be just as delicious as expensive ones, especially when slow-cooked.
Cook from Scratch: Convenience foods often cost a lot more than the sum of their parts.
Grow Your Own: If you have a garden, consider growing your own vegetables and herbs.
Reduce Waste: Get creative in the kitchen and use parts of food that you’d otherwise throw away.
Remember, with a bit of planning and creativity, you can prepare delicious, healthful meals without breaking the bank! It’s all about making smart choices.
Which Filling Cheap Meals are You Going to Try?
Embarking on these frugal meals can help stretch the budget while still enjoying a variety of flavorful and satisfying dishes.
Whether you are budgeting on a low income or just want to stretch your dollar further with going teens, we have given you plenty of options to eat well and healthy.
Many on this list are my personal favorites. This is how we stay on our grocery budget.
The biggest step is learning how to meal plan and stick to the menu! Now, off to move frugal living tips to save money!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
When my husband and I got married nine years ago, we had an audacious dream of paying cash for our first home. At that time, it was very much a far-off dream — we were just trying to survive the rigors and expenses of law school without going in debt. That alone was a seemingly gigantic feat.
But after three years of law school, my husband did graduate without debt, passed the bar, and we started planning for the future. Since we’d been renting for almost four years, my husband had a good job, and our second baby was on the way, pretty much everyone expected that buying a house would be in our immediate future.
I mean, after all, isn’t buying a house the responsible thing for a young couple to do? Well, maybe — or maybe not. We didn’t have much money in savings, and we weren’t sure how long we would be living in the town we were in, so we chose to go against conventional wisdom and continued renting.
Setting a Goal
Within the next six months, my husband lost his job, we relocated to another city so he could find work, I had some significant health problems in my pregnancy which resulted in numerous hospital and doctor’s bills, and we had our second baby. Needless to say, we were incredibly thankful that we hadn’t taken out a mortgage and then had to deal with the headache of trying to sell a house at the last minute — especially since the housing market was poor in our area.
It was around this time that we were first introduced to Dave Ramsey. While we didn’t have any debt and had always lived on a strict budget, going through his Financial Peace University Class fired us up to set big financial goals and work hard to accomplish them.
One of the big goals we decided to aim for was paying cash for our first home. We crunched a bunch of numbers and realized that, if we continued to live simply and frugally and worked hard to bring in extra money through side jobs, we could save enough over the course of five years to pay cash for a starter home.
It felt like a mammoth goal and we weren’t sure if we could do it, but we decided to go for it anyway. We figured that, even if we didn’t make our goal in five years, we’d at least be a lot closer to it than if we didn’t try at all! Plus, from our calculations, we’d be in a lot better position to wait to buy — even if it took seven years to save up enough for a house — than if we were to go ahead and get 15-year mortgage and pay it off early.
We knew that we could buy a decent starter home in the area where we were planning to move for around $100,000 to $110,000, so we divided $100,000 by 60 (since there are sixty months in five years) and set a goal to save $1700 every month. Because we didn’t have any debt or school loans, and because we lived simply and frugally, we were able to live on significantly less than we were making, thus freeing up a good chunk of money to put towards our house savings each month.
Gazelle-Like Intensity
Once we set this goal and I blogged about it publicly, we were incredibly motivated to work as hard as we could and delay every purchase we could in order to put as much as possible into our house savings fund. We used coupons, ate a lot of meatless meals, shopped at thrift stores, cooked from scratch, brown bagged it, continued to use our old and worn-down furniture, didn’t replace anything that wasn’t an absolute necessity, limited our going out to eat, only had one car, stayed home a lot, used gift cards from Swagbucks to buy any non-necessities, bought eye glasses from Zenni optical, learned to be content with what we had, and continued to live on a strict written budget.
Meanwhile, we also looked for ways to increase our income. I blogged, wrote ebooks, and took on freelance writing jobs. My husband did contract work, started his own law firm, and helped me running the blogging business.
That first year, we didn’t always make our monthly savings goals. We had some unexpected medical bills and car problems that ate up a portion of our savings. But we kept plugging away, throwing whatever extra we could squeeze out of our income toward savings.
The few years of long hours and hard work we’d put into blogging started to really pay big dividends and by the second year, we were meeting and exceeding our monthly savings goals every single month. As our house savings fund increased, we began to get so excited that we kind of went overboard and worked long, long hours in order to meet our savings goal even faster. I wouldn’t recommend putting in such long hours, missing so many social events, or sleeping so little, but the effort paid off because, at the end of two and a half years, we paid 100% down on our first home!
Even though I wish we had given ourselves a little more breathing room and margin while saving, it was thrilling, fulfilling, and exciting to achieve this goal — in half the time we had initially planned. And we are thankful we chose to take a counter-cultural route and pay cash for our house. Not having a mortgage payment has freed us to continue to save aggressively toward other goals, increase our spending in areas that really matter to us, and give generously to needs in our community and around the world.
You don’t have to be an environmental scientist to want to help preserve our planet. With a few small changes, you can start making more eco-friendly decisions with your money.
Here are 12 ways to go green with your finances today.
What’s Ahead:
1. Invest in green stocks and funds
Green investing is a popular way to make your money work for the environment. It often includes building a portfolio made up of companies with strong environmental, social, and governance (ESG) values.
You can also invest in green funds or green ETFs, which are portfolios of companies that have a positive environmental impact.
For example, Empower is one of the best robo-advisors for green investing. It has low fees and plenty of socially responsible investing (SRI) portfolios to match your goals and values.
(Personal Capital is now Empower)
Read more:
2. Use a green bank or credit union
Supporting eco-friendly initiatives doesn’t stop at where you invest your money. You can also support the environment by using a bank or credit union that has sustainable practices.
Look for a financial institution that uses paperless banking, funds renewable energy projects, avoids fossil fuels, or has other green policies in place.
And if you want to really up the ante, you can make sure the institution is a Certified B Corporation (which means they’re legally required to follow certain sustainability and diversity requirements).
Some of my favorite green banks are:
Aspiration Bank: Has spending and saving accounts, as well as investment accounts with fossil fuel-free portfolios.
Ando Money: On a mission to fight climate change. Accounts come with unlimited 1.5% cash back on purchases, free overdraft protection, and early paydays.
BankPurely: Plants a tree every time someone opens a SavingPurely account.
Read more:
3. Get an eco-friendly credit card
With a green credit card, you can help the planet while also earning rewards for yourself.
There are now a few different companies that offer eco-friendly credit cards. Most reward you for shopping with green businesses or help offset your carbon footprint.
One of the best green credit cards is the Aspiration Zero Credit Card. It earns 1% cash back and plants a tree every time you make a purchase to help neutralize your carbon footprint.
4. Make your home more energy-efficient
Source: giphy.com
Another way to turn your money green is to make your home more energy-efficient. There are tons of simple ways to do this:
Install LED light bulbs.
Weatherstrip your doors and windows.
Unplug electronics when you’re not using them.
Turn the faucet off when you’re not using it.
Install low-flow fixtures in your home to save even more water.
Always run your dishwasher and washing machine when it’s full.
Air dry your clothes instead of using the dryer.
Install solar panels.
You can even get a tax credit for making certain energy-saving improvements to your home.
5. Consider a green car
If you’re in the market for a new car, look into fuel-efficient or electric models. Not only will you save money on gas, but you’ll also be doing your part to reduce emissions. Plus, you may be eligible for a tax credit if you buy a qualified electric vehicle.
Read more: The cost of driving a hybrid
6. Drive less and drive smart
Speaking of driving…
When you do need to use a car, there are a number of ways to save money and be more eco-friendly. This includes carpooling, using public transportation, and biking or walking when possible, all of which can help reduce your carbon footprint.
And when you do drive, you can save fuel and money by driving the speed limit, keeping your tires inflated, and combining errands into one trip.
7. Replace disposables with reusables
Source: giphy.com
Another easy way to make your money green (and reduce your impact on the environment) is to replace disposables with reusables.
For example, you could:
Use a reusable water bottle instead of buying bottled water.
Bring a reusable mug to the coffee shop.
Carry stainless steel straws with you so you don’t have to use plastic ones.
Bring your own bags to the grocery store.
Invest in reusable menstrual products like cups, cloth pads, and period panties.
These are just a few examples — there are many more ways to reduce your impact by switching to reusables. And the best part is, they often save you money in the long run. So if you’re looking for an eco-friendly budgeting hack, this just might be it!
8. Avoid fast fashion
Source: giphy.com
The fast fashion industry is one of the biggest polluters in the world. The production of clothing uses a lot of resources, and most of it ends up in landfills. When you buy from fast fashion brands, you’re contributing to this cycle of waste.
Use these two alternatives instead:
Switch to slow fashion
Instead, opt for slow fashion brands that focus on sustainable and ethical production.
Some of the best slow fashion brands are Reformation, Everlane, and Girlfriend Collective.
You may pay more upfront for a single item when you shop slow fashion, but these items are built to last. And they often end up being cheaper than fast fashion brands when you factor in cost per wear. (This is an item’s price divided by how many times you plan on wearing it.)
Shop secondhand
You can find high-quality secondhand clothing at thrift stores, consignment shops, and online. It’s a great way to repurpose high-quality items that have already been produced and keep them out of the landfill.
Read more: Conscious consumerism: how to spend your money with intention
9. Minimize your food waste
Source: giphy.com
A four-person family wastes about $1,500 a year on uneaten food. This food then rots in a landfill for decades. (Did you know it takes 25 years for lettuce to decompose?!)
One of the best ways to reduce your impact on the environment — and develop more eco-friendly budgeting habits — is to minimize your food waste.
Plan your meals so you use all the food you buy, and compost any scraps. You can even save money by turning leftovers into new meals.
Read more: How I used local farms to slash my food bill
10. Eat less meat
Meat production is a major contributor to greenhouse gas emissions, so eating less of it can help the environment. If you’re not ready to go completely vegetarian or vegan, try incorporating more meatless meals into your diet.
Read more: The true cost of going vegan
11. Start an eco-friendly side hustle
There are a number of ways to make extra income while also helping the environment. You could start a composting business, offer carpooling services, or sell eco-friendly products. If you’re passionate about sustainability, there are plenty of opportunities to make a difference — and a profit.
Read more: Side hustle ideas: 35+ ways anyone can earn more money on the side
12. Donate to environmental charities
Last but not least, you can make your money green by donating some of it to environmental charities. There are a number of organizations working to protect our planet, and your donation can help them continue their work.
Some of the top environmental charities include the Nature Conservancy, the Sierra Club, and the Environmental Defense Fund.
When you donate to these organizations, you’ll be supporting their efforts to protect our planet. And you’ll be making a difference in the fight against climate change.
Read more: You’re not too broke to give to charity (and 4 other reasons to give)
Summary
Making even just a few of these changes can help you live a more eco-friendly lifestyle. And as you start making greener choices with your money, you’ll be doing your part to protect our planet for future generations.
Hey everyone! Today, I have a great guest post to share on how you can increase your Pinterest traffic to your blog. Ling sees over 100,000 monthly pageviews on her blog from Pinterest and she shares her best tips below, as well as in her new guide The Golden Compass To Pinterest Traffic. Enjoy her article below.
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Hi everyone!
My name is Ling and I created my first blog in the personal finance niche, Finsavvy Panda, along with a Pinterest business account in November 2017 when I was looking for ways to quit my job.
After reaching my first $18,000 monthly affiliate income with my first blog in the summer of 2019, I was beyond excited but nervous at the same time.
Excited because I would have never imagined earning this kind of income from home. But I was also nervous because all my earnings were coming from one blog. That’s when I started an anonymous lifestyle blog so I could diversify my online income and test my Pinterest strategies in different niches.
Today, I earn an annual net income of over $200,000 and it’s mostly thanks to the traffic I get from Pinterest!
Prior to creating a Pinterest business account to drive blog traffic, I used Pinterest like how any regular user would to get inspiration and ideas for home décor, crafty gifts, DIY projects, and healthy recipes.
In fact, I used to flip preloved furniture as a fun hobby for extra money so I could increase my savings.
I remember bingeing content on Pinterest to learn how DIY bloggers would sand, paint, decoupage, and design wooden furniture. Learning from the DIY crafty bloggers on Pinterest helped me earn an extra $500 to $2,000 per month with a flipping hobby!
This hobby allowed me to have fun and unleash my creativity, but I stopped refurbishing small furniture because the income was too active and linear.
Not too long after, I started a personal finance blog, followed by my lifestyle blog, and so far, I’m loving it because it can feel quite passive once you’ve put in the upfront work and effort.
Related content:
How To Get Consistent and Long-Lasting Traffic on Pinterest
After using Pinterest (from a consumer and business perspective) for several years, I am going to share my tips on how I consistently get over 100,000 monthly pageviews from Pinterest.
You may even come across periods when Pinterest sends you over 10,000 pageviews in ONE SINGLE DAY like how it has happened to me several times in the past:
It’s true that some blog niches will do better than others on Pinterest. However, I still believe that almost any niche can drive a good amount of traffic. It depends on what you write about and how you spin those topics on your blog to make it “Pinterest-friendly”.
On top of that, if you want to succeed on the platform, it’s important to understand it from the perspectives of a real consumer and a business user.
Because I had so many readers ask me for Pinterest traffic tips over the years of my blogging career, I created The Golden Compass To Pinterest Traffic, a very comprehensive A to Z step-by-step guide, to help bloggers and content creators succeed on Pinterest.
This guide is a one-stop shop to help brand new and intermediate bloggers create Pinterest content that will get ranked for consistent and long-lasting traffic. They are the exact strategies I used for two of my blogs, which were both accepted into Mediavine, allowing me to diversify my blog income with display ads.
Today, I wanted to share some of my insights with you on Making Sense of Cents, so here are my 7 actionable tips to help you get traffic and succeed on Pinterest.
1. Make sure you have a solid foundation on Pinterest
Before you get started on Pinterest to get traffic, you need to sign up for a Pinterest business account and make sure you build a solid foundation.
From my experience working with bloggers, many people immediately pin out random images that link back to their blogs without setting up the basic things first.
These include:
Claiming your website on Pinterest
Setting up what they call “Rich” pins
Optimizing your Pinterest profile, boards, Pin images, and Pin descriptions
You can’t just create a Pinterest account and start randomly pinning your posts without optimizing your Pinterest profile and having some sort of strategy.
2. Choose a category or niche and try to stick with it
You need to have an idea of what you’ll be blogging about most of the time. That way, you can create specific content and narrowed-down topics that tailor to a specific audience.
I want to say it’s okay to go a bit broader with your topics at the beginning when you have no experience with blogging, writing, or using Pinterest. But when I say go “broad”, I don’t literally mean write about everything and anything especially when you can’t spin those articles around by making them relate to each other.
For example, I don’t recommend writing one article about budgeting tips, the next article about chicken recipes, and then the next article about traveling in NYC. These three are not related and have nothing in common with each other. That will confuse not only your readers, but Pinterest will have no idea how to categorize you on the platform.
I understand that some of you may find it hard to stick to a dedicated niche, so here are my quick tips if you really want to write about everything.
Suppose you’re a general personal finance blogger. You could turn that chicken dinner blog post into budget-friendly chicken dinner recipes under $X. You can also write about cheap travels in NYC.
Alternatively, if you’re a travel blogger, you can spin those other articles around and write about budgeting for a travel fund, or the best chicken sandwiches in NYC. You get my point, right?
Having said that, I still highly recommend narrowing it down and don’t stray too far from your main niche.
As you write more content, you’ll get a feel of what types of topics you want to stick to in your long-term strategy. This is important because you want to tell Pinterest what your focus is so that the platform knows how to distribute your content to the right audience.
3. Don’t neglect Pinterest SEO and keyword research
One mistake I see many new bloggers make, including myself when I was a beginner, is they neglect Pinterest SEO and doing proper keyword research in their niche.
For those of you who don’t know what this means, don’t worry. I can quickly explain this in simple English for you.
“SEO” stands for search engine optimization and all that really means is writing blog posts that get searched by users and having them show on Pinterest.
Once you become a Pinterest business user, you’ll realize that Pinterest is more than just a social media.
It’s also a visual search engine where many users look for inspiration and ideas by typing specific keywords or phrases into the Pinterest search bar. It’s no different from searching for ideas and solutions to your problems on Google.
For example, when I was using Pinterest as a real user several years ago to look for refurbishing furniture ideas for my side hustle hobby (before I even started my blog), I would type the following phrases into the Pinterest search bar:
How to prime and paint a coffee table
How to make chalk paint or DIY chalk paint
DIY farmhouse rustic nightstand
Black and white decoupage ideas for side tables
Lion head drawer pulls
These are called “keywords” and simply searching for those keywords on Pinterest led me to many DIY, home décor, and craft bloggers! These DIY and craft bloggers most likely did keyword research and wrote many blog posts based on all those phrases that I (real user) searched for.
After reading those helpful blog posts, I made purchases on items like an orbital sander, drawer pulls, decoupage paper designs, and many more products through the bloggers’ affiliate links. These unique links allow bloggers to earn a commission every time someone clicks on the link and makes a purchase.
Affiliate marketing is one method bloggers use to make money with their blogs. Michelle has a fantastic e-course called Making Sense of Affiliate Marketing that teaches you how to implement affiliate marketing strategies onto your blog. I’ve taken this course several years ago and it’s the resource that helped me earn my first full-time income with affiliate marketing. I highly recommend it if you want to learn how to strategically insert affiliate links onto your posts so that you can increase your conversions and bring in more income!
As you can see, there are many benefits to learning Pinterest SEO and doing keyword research. You can capture your audience, help them with a specific problem, and earn money with those blog posts using methods like display ads and affiliate marketing.
I’m going to illustrate a couple of examples in the next point to help you prepare a list of blog post ideas for your readers!
4. Prepare blog post ideas using keyword research
By learning what users like to search for on Pinterest, you can come up with a list of profitable blog post ideas and prepare them in advance. This is how you can help your potential readers find and discover you on Pinterest!
To get started on keyword research, you have to first put yourself in the position of the user. Just like the example I gave earlier about myself when I was searching for DIY-related keywords as a real Pinterest user.
What would you type into the search bar when you’re specifically looking for something?
Another quick and simple way to do this is to type the first few words into the Pinterest search and see what keywords show up in the autocomplete drop-down.
If you’re a travel blogger, you can type something like “things to do in…” and you’ll see the following suggestions from Pinterest.
You can write at least 5 different blog post ideas based on this one simple search:
Things To Do in Chicago
Things To Do in Nashville Tennessee
Things To Do in London
Things To Do in San Diego
Things To Do in Boston
And the list of “things to do in…” can go on and on.
Another example is perhaps you want to recommend essentials to your readers. In this case, you can type “travel essentials” and mark down those suggested target keywords as your blog post ideas.
Once you hit enter after searching for your keyword or phrase, you’ll also notice the colorful tiles underneath the search bar. These tiny tiles are additional or related keywords.
For example, “travel essentials” is a general keyword or phrase. But when you use the pink tile, “for women” example, this becomes what they call a “long-tail” keyword. Instead of writing a blog post about “the best travel essentials” (this is the general keyword), you can also write another blog post to target an audience of women using the long-tail keyword, “the best travel essentials for women”.
After blogging for several years, I can tell you that Pinterest SEO is essential. You can’t afford to neglect Pinterest keyword research if you want people to find your articles!
5. Know who your audience is
In my first two years of blogging, I made a lot of mistakes with my blog because I didn’t really know who I was writing to.
Sure, you can “niche” down by only writing about personal finance and money topics like what I do on Finsavvy Panda, but truly understanding your audience is more than just “niching down”.
I always knew that I should be narrowing down and targeting a specific audience, but no matter how much I read or learned online about “know who your audience is”, I just didn’t fully understand that concept until more and more readers kept e-mailing me and asking me questions.
It wasn’t until my third year of blogging, or even last year, that this really hit me in the head!
Yes, doing keyword research is essential. But even after you have your blog post ideas ready based on your keyword research, you can’t blindly write without knowing who you’re speaking to.
Suppose you’re a male nutritionist and fitness blogger. Which audience are you tailoring your message to?
An unfit male who is overweight and wants a simple diet and exercise plan to help them achieve their weight loss goals.
An average-built male who wants to learn about a specific diet and workout plan to help them tone and build muscle.
A male who’s already fit and somewhat knowledgeable about specific diet plans but wants to go to the next level and bulk up even more.
As you can see, those are three very different audiences, and you can’t possibly write for all of them. The saying goes, “If you try to please everyone you’ll please no one”.
This advice about “knowing your audience” may sound like common sense, but you’d be surprised that many bloggers don’t really know who their audience is. To be honest, I still struggle with this part but I’m always learning more about my readers and testing new strategies to see what works and what doesn’t.
To get started on knowing your target audience, use Google and Pinterest analytics to analyze your data. It’s so easy to neglect this part, especially when you’re not an analytical blogger. However, to my surprise, when I started using this data, I was able to better target my audience and readers for more intentional traffic.
The more intentional you are with your content, the more quality readers you’ll attract.
6. Make your Pin design and titles click-worthy
The first step to getting your blog posts found is doing proper keyword research on Pinterest and “optimizing” your Pin descriptions. Doing that alone will increase your chances of ranking higher on the Pinterest search engine, allowing people to find your blog posts.
But what good is it when your Pin is shown on the organic searches without a click-worthy title?
I want to emphasize that you will get traffic as long as your Pins are shown on the feed, especially on organic searches. However, you can increase your traffic further just by simply making small tweaks to your Pin designs and titles.
I’ve tested this by coming up with a variation of titles on my Pin designs for the same blog post. There are a lot of factors that cause more or fewer clicks to your pages. Those factors include the audience on Pinterest, search volume for your target keywords, the Pinterest algorithm, and many more.
Holding all else constant, I noticed that whenever I made tweaks to a word, phrase, or even design on the Pins for my anonymous lifestyle blog, my click-through rate (AKA traffic) on Pinterest improved significantly.
For the sake of simplicity, let me illustrate an example. I am going to deliberately use blogging and business titles as examples here because I know it speaks to you.
Which of the following titles (for the same blog post) entices you to click in and actually read them?
How To Get Traffic on Pinterest in 20XX
How To Get Traffic on Pinterest and Monetize Your Blog in 20XX
The Ugly Truth About How Long It Takes To Get Traffic on Pinterest
10 Pinterest Traffic Tips That Nobody Tells You About
10 Reasons Why You’re Not Getting Any Traffic On Pinterest
Think about those Pin titles and ask yourself which one sparks the most curiosity.
You can also see one of my Pin templates used by my friend, Enoch from Savvy New Canadians. He made quick tweaks to the general pre-made template to target his personal finance audience and named his title “21 Easy Ways To Make An Extra $1,000 Right Now”.
This is a better headline than a boring title like “How To Make Extra Money”, “Best Ways To Make Extra Money” or “21 Ways To Make More Money” because the word “Easy” speaks to a specific audience who’s looking for quick wins, and the term, “right now” emphasizes to the reader that he/she can do something about it immediately.
Generally speaking, people are more likely to click in and read your post when you suggest something that’s relatively easier, quicker, and immediate.
You can use these Pin Savvy Templates to help you create beautiful and click-worthy Pins in just seconds. They are the templates I use to make over 100 Pins in less than 30 minutes hence saving me time and hassle.
Pin Design and Title Example Using One of Michelle’s Pin
When I was searching for “meatless dinner ideas” or “no meat dinners” on mobile, this Pin that Michelle used from the Pin Savvy Templates bundle showed up on the top searches on Pinterest. Michelle is ranking quite high on Pinterest with these related keywords about meatless meals on the platform as you can see in the screenshot:
This is what you’ll want to aim for – to have your Pins show up on organic searches when users are searching for keywords or phrases used on your blog post.
While designing your Pin, you’ll want to think about titles that will pique your readers’ interest because that is one thing you can do to increase your traffic on Pinterest when they find you on searches.
Click-worthy titles for Michelle’s blog post about meatless dinner can include:
10 Insanely Delicious Meatless Recipes You Need To Try Now (To target the general audience)
10 Budget-Friendly Meatless Meals Under $X (To target budget-conscious audience)
10 Insanely Good Meatless Recipes – Kids Approved! (To target families with kids who typically don’t like veggies)
10 Fast and Easy Meatless Dinner Ideas – X Minutes and Under! (To target people looking for quick and easy meals)
10 Healthy Vegetarian Dinner Recipes You’ll Want To Make Forever (To target health-conscious readers. Health-conscious people know that just because it’s vegetarian, it doesn’t necessarily mean it’s healthy, so you’ll want to call it out if it is.)
Noticed that ties back to the point I made above about targeting your audience.
Not only can you make your Pin designs pretty and click-worthy, but you can also see how you can attract a specific type of audience depending on what words you use in your headline.
7. See what’s trending on Pinterest
Look for some content ideas by using Pinterest Trends.
Pinterest Trends can be extremely helpful for bloggers in a number of ways. For starters, this tool can help you get an idea of what people are searching for on Pinterest. This is valuable information because it can give you an indication of what topics are popular and thus, worth writing about.
To get started on Pinterest Trends, go to “Trends” under the “Analytics” tab.
Once you’re there, you’ll see a variety of different categories that you can browse through. If you’re not sure where to start, try looking at the “What’s surging this week” section to see what’s currently trending on Pinterest. This section displays trends with high growth in search volume within the last 7 days, so you can take advantage of this information to see what you can write about.
The great thing about Pinterest Trends is that these ideas are not necessarily seasonal for one time only. You can reference them year-round! For example, if you see that “Summertime Recipes” is currently trending, you could write a blog post about summer recipes even if it’s not currently summer. This is valuable information because it allows you to be ahead of the curve and write about topics before they become popular again next year.
Aside from seasonal topics, you can also use Pinterest Trends to determine what content is popular among your target audience. For example, if you’re a beauty blogger, you could check out the “Beauty” category to see what topics are being searched for by Pinners on the platform. This information can help you come up with blog post ideas that are relevant to your audience.
Many people overlook Pinterest Trends thinking it’s only related to seasonal or current events, but this isn’t true at all. As bloggers, you can create an unlimited amount of evergreen content based on the information found in this tool.
What To Do When You’re Not Getting Any Pinterest Traffic or When Your Pinterest Traffic is Down
It doesn’t matter what platform, channel, or social media you use to get traffic, you’ll always experience a shift in pageviews. This is very normal and every blogger goes through it no matter how new or seasoned they are.
When Pinterest hits you in the face, the best course of action is to continue working on your blog. That includes writing new blog posts, updating your older content, learning how to use a tool, engaging with your readers, etc.
You can’t control Pinterest’s algorithm, but what you can control is writing new content on a consistent basis. This actually applies to all channels regardless if you’re on YouTube, Instagram, Google, Pinterest, etc. They are always thirsty for creators like you to consistently publish new content on their platform. It is a tried-and-true long-term strategy that almost never fails.
In fact, in The Golden Compass To Pinterest Traffic, I cover every single step you need to take as a blogger to succeed when you’re not getting any Pinterest traffic or when your pageviews are down. There’s more to it than just optimizing your Pinterest profile, boards, Pin design, and Pin descriptions. I go through everything a beginner needs to know and implement all the way to strategizing your content on Pinterest.
These are the Pinterest strategies I use to get consistent and intentional traffic to my blogs, which allowed me to quit my job and earn an annual six-figure income online.
About the Author: Ling Thich is the blogger behind Finsavvy Panda and Blog Savvy Panda. She also runs an anonymous lifestyle blog as a side hobby to learn and test different strategies. Overall, Ling loves teaching beginners how to start and grow their blogs on Pinterest. Outside of blogging, she enjoys staying active and exploring different cities.
What questions do you have about Pinterest? Do you use Pinterest to grow your blog? Why or why not?
Government officials can’t predict exactly when inflation will go down, but representatives of the International Monetary Fund expect the U.S. inflation rate to reach its 2 percent target by the end of 2023.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Consumers around the world are currently grappling with rising costs, making many people wonder how long this high rate of inflation is going to last. Although the U.S. inflation rate has nearly quadrupled since 2020, inflation is even worse in other countries. In Israel, for example, the inflation rate has increased by 25 times in the last two years.
When inflation is high, consumers have less purchasing power, making it more difficult to afford housing, food, utilities and other necessities. Some consumers have even changed their spending habits to account for rising costs. So, how long will inflation last? No one knows for sure, but it’s possible to make an educated guess based on what the Federal Reserve is currently doing to reduce spending.
What is inflation, and how does it work?
The Federal Reserve defines inflation as an increase in the overall price level of an economy’s products and services. This refers to a general increase in prices, not an increase in a single product or service category. For example, it’s possible for the cost of dairy products to increase without the rate of inflation increasing.
When inflation is high, many consumers have less purchasing power. This is because their income doesn’t buy as many products and services as it did when inflation was low. Inflation also has a negative impact on banks that loan money at fixed interest rates. If a bank makes a loan at 6 percent interest, an inflation rate of 7 percent would reduce its real income, or the amount of money it earns after taking inflation into account.
In the United States, the Consumer Price Index (CPI) helps estimate inflation by tracking the average change of prices over time. This index doesn’t include the price of every good or service. Instead, it uses a market basket of goods and services typically purchased by consumers in urban and metropolitan areas. In July 2022, the U.S. Bureau of Labor Statistics reported that the CPI rose by 1.3 percent in June, bringing the total increase for the last 12 months to 9.1 percent.
Why is inflation so high right now?
Although many Americans are feeling the pinch of higher prices, inflation is a global problem. In response to the COVID-19 pandemic, government officials around the world implemented mandatory lockdowns to prevent the spread of the disease. With so many businesses closed, the demand for goods and services declined.
Once businesses started reopening, demand soared. With the unemployment rate falling to 3.5 percent in July 2022, job seekers have more bargaining power, driving up wages and giving many consumers more money to spend on goods and services. Consumers also saved more money than usual in 2021 due to concerns over how the ongoing pandemic would affect their finances.
Although demand has increased, many companies are unable to fill orders due to manufacturing and shipping backlogs associated with the pandemic. When demand exceeds supply, firms increase their prices, contributing to higher rates of inflation.
Finally, many consumers are spending more on services than goods, increasing demand in the service sector. As a result, it now costs more to rent an apartment, dine at a restaurant or hire someone to perform housekeeping or landscaping services.
The government’s response to inflation
The Federal Reserve is currently implementing contractionary monetary policy to reduce demand and give the economy a chance to cool off. This involves raising interest rates to decrease consumer spending and business-related investment spending.
The Biden-Harris administration is also focused on lowering costs for low-income and middle-class families. President Biden signed the Inflation Reduction Act of 2022 into law on August 16, 2022, and this act aims to reduce energy costs and make healthcare more affordable for Americans.
Because the current inflation rate is associated with high levels of demand, there isn’t much more the federal government can do to bring prices down. The plan is to continue raising rates until the inflation rate returns to 2 percent.
When will inflation go down?
Government officials can’t predict exactly when inflation will go down, but representatives of the International Monetary Fund expect the U.S. inflation rate to reach its 2 percent target by the end of 2023. To reach this target, analysts believe the Federal Reserve will need to raise rates by another 2 to 2.5 percent before then.
Are we in a recession?
Although government officials, consumers and business owners are concerned about the prospect of a recession, the United States hasn’t entered a true recession yet. A recession is characterized by rising levels of unemployment, lower retail sales and negative growth of the gross domestic product (GDP), among other factors.
In July 2022, the Bureau of Economic Analysis reported that the U.S. GDP declined by 1.6 percent in the first quarter of the year and 0.9 percent in the second quarter. Although GDP declined, retail sales increased by 1 percent between May and June 2022. The unemployment rate also fell from 5.4 percent in July 2021 to 3.5 percent in 2022. Therefore, the United States doesn’t yet meet all the criteria for an economic recession.
Where is inflation the worst in the United States?
In the United States, cities tend to have higher inflation rates than suburbs and rural areas, due in part to their higher housing costs. On July 13, 2022, Bloomberg reported that several American cities had crossed the 10 percent mark. Urban Alaska is at 12.4 percent, the Phoenix-Mesa-Scottsdale metro area in Arizona is at 12.3 percent and the Atlanta-Sandy Springs-Roswell metro area in Georgia is at 11.5 percent. Baltimore, Seattle, Houston and Miami also have inflation rates above 10 percent.
Inflation isn’t quite as bad in the New York-Newark-Jersey City metropolitan area, which had a 6.7 percent inflation rate in June 2022. Overall, inflation tends to be higher in the South and Midwest regions than it is in the Northeast region of the United States.
How will inflation affect my 2022 and 2023 taxes?
Take a look at the top ways your upcoming taxes might be affected by inflation.
Taxable income
Federal tax brackets are adjusted for inflation, which means you may drop to a lower tax bracket in 2022 even if your income doesn’t decrease. If high rates of inflation persist, you may get the same tax benefit when you file your 2023 return.
The standard deduction is also adjusted for inflation, so high inflation rates may help you reduce your taxable income even more than in previous years. In 2021, the standard deduction for a single filer was $12,550; for the 2022 tax year, it’s $12,950. If the economy doesn’t cool down quickly, the standard deduction may be even higher in 2023.
Health savings accounts
The annual HSA contribution limit is adjusted for inflation, so high rates of inflation allow you to put aside more money for medical expenses each year. The limits have already been increased for 2022, allowing individuals to contribute $3,650 per year and families to contribute $7,300 per year. In 2023, the limits will increase even more, to $3,850 for individuals and $7,750 for families.
HSA contributions are deducted on a pre-tax basis, so higher contribution limits may leave you with less taxable income, reducing your tax burden.
Retirement contributions
High levels of inflation can even help you save a little more money for your retirement. The contribution limits for 401(k) accounts and individual retirement arrangements (IRAs) are adjusted for inflation, so you can typically save more when inflation is high. For 2022, the 401(k) contribution limit is $20,500, an increase from the $19,500 limit for 2021. The IRA contribution limit didn’t increase for 2022, but it may go up in 2023 if the inflation rate continues to be high.
Although you can’t save more in your IRA this year, the income limit for 2022 was increased to keep up with inflation. As a result, you can now participate in a Roth IRA if your income doesn’t exceed $144,000 ($214,000 for married couples filing jointly).
Social Security
If you have combined income of more than $25,000 in a year as a single filer, your Social Security benefits are subject to federal income taxes; the limit increases to $32,000 for married couples filing jointly. Combined income includes half your Social Security benefits, your adjusted gross income and your tax-exempt interest income. These income limits aren’t adjusted for inflation, but Social Security benefits are.
For 2022, the federal government implemented a 5.9 percent cost-of-living increase for Social Security beneficiaries, and the 2023 adjustment could be as high as 10 percent, or even slightly more—we’ll know for sure in October 2022. This increase could push your combined income above the $25,000/$32,000 limit, making your Social Security benefits taxable for the first time.
Capital gains taxes
When you sell certain assets, you must pay capital gains tax on your profit. If you sell when inflation is high, you could end up with a profit on paper even if the sale results in a real loss. This typically happens when high rates of inflation erode your purchasing power over time.
If you made a $100,000 investment in 1980 and sold it for $200,000 today, it would look like you made a profit of $100,000. The truth is that $100,000 in 1980 dollars is equivalent to about $359,600 today. Although you made a profit on paper, you really lost a significant amount of purchasing power. Unless you qualified for some type of exemption, you’d have to pay capital gains tax since the purchase price of assets isn’t adjusted for inflation.
How can I save money while inflation is high?
You can’t control the national economy, but there are a few things you can do to strengthen your financial position while inflation is high.
Eat more meatless meals. Meat, poultry and eggs are among the food products with the highest price increases in 2022. To lessen the effects of rising costs on your budget, try adding a few meatless meals to your weekly menu.
Track your spending. If you don’t keep track of your spending, it’s easy to spend much more than you realize. Keep a record of how much you spend on necessities as well as extras like streaming subscriptions and movie tickets.
Start meal planning. If you spot a good deal at the grocery store, you can take advantage by planning several meals around that ingredient. For example, if a store is advertising chicken for $2.49 per pound, you may want to plan on eating chicken salad sandwiches for lunch each day that week.
Cancel unused subscriptions: In June 2022, Sarah O’Brien of CNBC reported that more than 40 percent of consumers were paying for at least one subscription they didn’t use. Unused subscriptions leave you with less money in your pocket, so canceling them can help you weather this period of high inflation.
Maintain a high credit score. When you have good credit, you typically qualify for lower interest rates and other favorable loan terms. If you have to borrow money while inflation is high, maintaining a healthy score can help you save money.
Keep the faith
Inflation makes it a little tougher to meet your financial goals, but that doesn’t mean you should give up on managing your finances responsibly. You can save money by tracking your spending, canceling unused subscriptions and planning your meals according to what foods are on sale each week.
Maintaining good credit can help you save money in the long run if you have to take out a loan or otherwise buy on credit. If your credit is lower than you’d like it to be, work with the credit repair consultants at Lexington Law to identify inaccurate negative items on your credit reports and make sure outdated information isn’t being held against you.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Brittany Sifontes
Attorney
Prior to joining Lexington, Brittany practiced a mix of criminal law and family law.
Brittany began her legal career at the Maricopa County Public Defender’s Office, and then moved into private practice. Brittany represented clients with charges ranging from drug sales, to sexual related offenses, to homicides. Brittany appeared in several hundred criminal court hearings, including felony and misdemeanor trials, evidentiary hearings, and pretrial hearings. In addition to criminal cases, Brittany also represented persons and families in a variety of family court matters including dissolution of marriage, legal separation, child support, paternity, parenting time, legal decision-making (formerly “custody”), spousal maintenance, modifications and enforcement of existing orders, relocation, and orders of protection. As a result, Brittany has extensive courtroom experience. Brittany attended the University of Colorado at Boulder for her undergraduate degree and attended Arizona Summit Law School for her law degree. At Arizona Summit Law school, Brittany graduated Summa Cum Laude and ranked 11th in her graduating class.
Looking for frugal tips for 2023? Living frugally can help so many people, and this is why I love researching and sharing frugal tips. Sure, you may already do a lot of things on this list, but hopefully you can find a few thrifty tips and tricks that you may have forgotten or overlooked. Learning […]
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Eating less meat isnât just good for your health; itâs great for your budget. If you want to stretch your dollar farther at the grocery store incorporate these easy meatless meals into your week. With the release of multiple food…
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