50 Simple ways to save big money now! (Part 1)

50 Simple ways to save big money now! (Part 1)

Blue Water Credit’s guide to cutting your monthly costs by 5%, 10%, or even 20% and combat inflation!  

In the latter part of 2022, everything has changed yet again – but this time, it’s our economy that’s causing us fits with inflation raging out of control. Through May, inflation soared to 8.6% year-over-year, the highest rate of price increases since 1981.

Whipped up by a perfect storm of pandemic-era stimulus ending, supply chain issues, war in Ukraine, and a record bull market, food, gas, energy, and housing (plus anything tied to an interest rate) are costing us a lot more these days.

In fact, the average U.S family is now paying $311 more for the exact same goods and services than they were just 12 months ago. For many of us, that’s just the start of how pricey normal life is right now when you add it all up.

And as our Federal Reserve aggressively hikes its benchmark lending rate as a means to slow inflation, that only means our mortgage rates, credit card interest rates, and other loans are costing us far more.

So, what’s a person to do?

Fortunately, you can take action to assess and address just about everything you spend money on. Today, we’re going to propose 25 ways to save money for this year and beyond. Some of them may seem relatively small but add it all up, and I estimate the average family can save 5%, 10%, or even 20% off their monthly bills and spending just by going down this list!

It’s not the perfect fix – and will take sacrifice and diligence – but it sure will help you ride out this wave until we see more stable economic conditions very soon.

As always, Blue Water Credit is committed to helping you through the highs and lows when it comes to debt, credit scores, or providing sage personal finance advice and resources.

So, here we go with our big list to help you save 5%-20% off your monthly budget! Today we’ll cover 1-25, and follow up with the remainder in part 2 of this blog.

1. Save money on gas…by not driving so much. You’re not going to love this suggestion, but we never said they’d all be popular. The fact is that you can save significant money on gasoline – one of the costs that have risen the fastest – with some careful planning and discipline.

Why not carpool with coworkers or school friends even once or twice per week? Can you take public transport conveniently every now and again? Or how about bicycling to work?

2. Even if those aren’t viable options, just planning your trips in combination with needed visits to the grocery store, mall, gym, etc. will help conserve at the pumps.
3. You may be able to save at your local or favorite gas station by signing up for their fuel savings program. These are free to join and can sometimes save you 5 or 10 cents off every gallon when you fill up. Some of these even have convenient apps for your mobile phone with other benefits.
4. Another way people save is by tracking gas prices on many of the apps or websites to see who has the lowest prices locally for that day. Even a membership at a wholesale club like Costco can save you big at the pumps, as they often have inexpensive gasoline.
5. Renegotiate your car insurance. Auto insurance is one of the things that we usually “set and forget,” but it’s also one of the big-ticket items on our budget. Whether you use an insurance agent/broker or just do your own research and go it alone, make sure to check for savings yearly or even every six months if you’re driving less, have a clean record, etc.
6. Review all of your insurance! Come to think of it, pull out your statements for homeowners insurance, rental insurance, hazard insurance, etc. and make sure you’re not leaving savings on the table.
7. Wait, mortgage rates have gone up, right? Yes, that is true, but maybe your situation has changed? Maybe you bought a few years ago and you’re already sitting on a mountain of equity. Could it be possible that you take cash out of the property to pay off other expensive debt? Or maybe an Adjustable Rate Mortgage (ARM) or even a 15-year fixed saves you more money based on your needs and goals?

It’s time to check in with your favorite mortgage broker – but be sure to call Blue Water Credit first to ensure your score is primed for the best loan savings!

8. Track your spending. This is one of the most important steps to saving money – but one that most people just can’t get through. Make sure to pull every statement, receipt, and bank record, adding up a true accounting of what’s going out every month.

Even better, use an expense tracking app for a month or so for an accurate picture of what you’re shelling out. You’ll probably see some numbers that shock you – and opportunities to save!

9. Review/Cancel your unwanted apps and subscriptions. Right now, brands and companies have become sneaky-good at taking your money on a monthly basis – without you even realizing it for the most part. The majority of Americans are paying for an online application or subscription on their smartphone, etc., but keeping track of these costs (and canceling them!) can be much more confusing.

Monthly charges for apps and subscriptions can also add up really quickly, with a lot of fine print (that you never read) giving them license to charge you yearly renewal fees, upgrades, and other unexpected charges.

In order to clip a seemingly small but ongoing segment from your monthly budget, take the time to review all of your app purchases and online subscriptions. There are also great services that can help you track and cancel unwanted purchases like these.

10. Call your utility companies. Aside from shelter, food, and transportation, utilities are the next biggest expense for most people. So, shop around to see if there are alternatives to your current electricity, heat, water, etc. providers. There usually is a smaller or more local company that can compete. If not, call your current utility provider and ask for a discount or new plan that saves you money every month.

Pro Tip: The #1 best way to get a discount or price adjustment from any company is by telling them you are quitting/switching services. Ask to speak to a manager in the Retention Department for the most effective price cutting.

11. Protect yourself from scams and identity theft. It seems like every year, we warn you about the rising prevalence of online scams, fraud, identity theft, and data hacks. And every year, the rate at which Americans become victims of this illicit activity seems to double. The same is true this year, as now it’s estimated that nearly 1 in 10 people will be affected this year, at the cost of roughly $900 per instance.

The best way to save yourself money in the long haul is to make sure you’re NOT a victim! Contact us for more information about online safety, credit monitoring, and the BEST easy identity theft tools we’ve seen available today.

12. Food costs are the #3 or even #2 expenditure for most households (or #1 if you have teenagers!). And food prices – whether at the grocery store or eating out at restaurants – have skyrocketed with overall inflation.

Of course, you have to buy food, and we’re not suggesting you scrimp on…well, scrimp on your shrimp (sorry, I couldn‘t resist!). But we do have some suggestions on how to cut 5%, 10%, or even 20% from your food budget.

13. For instance, did you know that 40% of the food in your kitchen is wasted or tossed out?!

Therefore, keep a close accounting of what food you buy, what’s used, and what’s wasted over a period of a couple of weeks. Just like we’re suggesting you carefully track your financial expenses, audit your food use and waste. You’ll naturally and organically (did it again!), identify a few areas where you’re wasting money on food that’s not even eaten or can be saved for later.

14. Buy frozen food when possible. Of course, you want fresh fruit, vegetables, meat, etc. whenever possible, but there are certain items that you’ll waste a lot less of (and therefore lose less money) if you can just throw a bag of them in your freezer and not worried about a quick expiration date or spoilage.
15. Buy bulk. You can also save 30-40% on your total grocery bill by buying certain staples and food items in bulk. As long as it doesn’t go bad and your family uses/eats it (and you have room for storage), you’ll save money in the long term by buying certain things in bulk and at discount clubs like Costco, Sam’s Club, etc.
16. Have a “shopping partner.” In fact, it sometimes saves (and is fun) to have something I call a shopping partner, a friend, neighbor, or other family members in your area. Between the two of you, you can split bulk purchases, cash in on two-for-one deals on goods and services, and exchange ideas, information, and resources that will save cash for both of your households.
17. This shopping partner can also serve as an accountability partner, making sure you stick to your budget and are on track for your financial goals. Of course, personal finances are a private matter, but there are still ways you can utilize each other for accountability without disclosing your income or amount of credit card debt, for instance.
18. Change up where you shop. If you only head to the same high-end grocery store to buy everything on your shopping list every week, you’re probably wasting a whole lot of money. Why not buy those cleaning products at the Dollar Store? Or all of those frozen and non-perishable foods in bulk at Costco? I know you’re short on time, but a little planning and organization will actually save you a surprising amount of money!
19. Buy store and generic brands when possible. When you stand there in your grocery store’s aisle and look at the shelves, the items on eye-level are the ones they WANT YOU TO BUY – the more expensive, high-end brand items. That’s great for some items but be sure to look way down towards the floor – that’s where the generic brands and store labels hang out, which usually save you 25-50% for the exact same contents!
20. Buying groceries online can also help you save, as you’re more likely to buy only the things on your (carefully planned) list without the pressure, rush, or other external factors that impact you when you’re standing there in the supermarket. Buying online will also let you look for better deals and discounts online as well as avoid those expensive impulse purchases that stores entice us with.
21. Turning from your kitchen to eating out, we have a few ways to save you when it’s time to break bread at your favorite restaurant. We’ll never tell you to avoid restaurant meals altogether, but it can get darn expensive for families to dine out these days.

Therefore, a little planning and caution can definitely save you big.

22. If you have a favorite restaurant, go to their website – they probably have discounted gift cards you can buy, cash back, specials, or even membership clubs that save you money or throw extra goodies your way.
23. There are plenty of third-party websites like Raise and CardCash that allow you to buy discounted gift cards for restaurants – or just about anything else!
24. Do a quick online search on the way to the restaurant (unless you’re driving!). For big franchises, you may see discount codes, coupons, or special offers scattered across the internet.
25. Some restaurants have a nightly or weekly special, which can really save you.

*** To read part 2 with money-saving tips 26-50, click here!