In an age of lingering inflation and rising costs of pretty much all aspects of living, saving money is increasingly important. Financial guru Jade Warshaw, took to Dave Ramsey’s website, Ramsey Solutions, to share a timely article about the best ways to save immediately. There are 23 detailed tips, so let’s dive right in!
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Meal Plan
Meal planning not only saves you time, it can save you money, too.
Here’s how to best meal plan, according to Warshaw:
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Check what’s already in the fridge, freezer and pantry to avoid wasting food.
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Know your schedule. Are you going to be busy on certain evenings? Come up with quick dinner ideas.
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Plan your recipes around food items that are currently on sale.
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Make meals that need only a few ingredients.
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Make a grocery list and don’t stray from it.
Buy Generic
Yes, those brand names like Cheerios are famous and thus most tempting. But they’re also more expensive. Like many budgeting experts, Warshaw recommended buying generic alternatives if available.
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Pack Your Lunch
“Get this — the average household spends about $3,639 on food outside of the home each year,” Warshaw wrote. “That’s $303 a month! And you know some of that is spent going out for lunch during the workday.”
Instead of squandering your money on lunch out while at work, make your own at home. This may also inspire you to eat healthier.
Stop Dining Out — For Now
On the note of saving on food, Warshaw encouraged folks who want to save money to avoid eating out. You don’t have to do this forever if it’s too difficult a challenge, but it will help.
“What if you stopped eating out completely?” Warshaw wrote. “I know, I’m trying your life right now. But look — it’s not for the rest of your life. It’s just for a season. You could pack that $303 into your savings each month and hit your money goals way quicker.”
Skip the Coffee Shop
Yet another way to save on food is to stop hitting up Starbucks and other coffee spots.
“You can save big by becoming your own barista,” Warshaw wrote.
Switch Your Cellphone Plan
The article posed an important question: “When was the last time you shopped around for better cell phone deals?”
If it’s been years or even months since you investigated what other providers offer, now’s the time to get on it.
“Then take what you learn to your provider and see if they’ll give you a deal to stick with them,” Warshaw wrote. “If not, and you aren’t in a contract with a time frame, go ahead and make that switch.”
Reduce Energy Costs
The cost of energy is steep, and likely increasing, but there a few ways you can trim costs.
“Start with some simple things like taking shorter showers (notice I didn’t say fewer showers), fixing that toilet that runs continuously, washing your clothes in cold water and turning the lights off when you leave a room,” Warshaw wrote. “You’ll be shocked at how these small changes can really add up.”
DIY…Everything
Even simple home improvements can be costly, so when possible, DIY it.
“Before you shell out the cash to pay for a new backsplash, bench or fancy light fixture, think about doing it yourself,” Warshaw wrote. “Usually, the cost of materials and a simple YouTube search will save you a ton of money here.”
Try Carpooling
“Okay, I know the idea of carpooling might make your skin crawl, but if you’ve got some trustworthy coworkers who live close to you, you can save a lot of gas money — and wear and tear on your car — by taking turns driving each other to work,” Warshaw said.
Find Ways To Save on Gas
Gas prices can get absurdly high, often out of nowhere. Always be on the lookout for savings here.
“Some grocery stores offer gas rewards programs,” Warshaw wrote. “Just make sure you’re not signing up for any rewards programs linked to a credit card.”
Cancel Some Subscriptions and Memberships
Rest assured, you don’t cancel all your precious subscriptions and memberships, but you can surely cut out a few if you have a ton.
“If that subscription or membership isn’t changing your life and you’d rather have that money in your bank account, cancel it,” Warshaw wrote. “Remember, most of these cuts are just temporary while you get that cash stacked.”
Try a No-Spend Month
Ever try a no-spend month? It’s where you cut out all nonessentials for 30 or so days.
“Just make sure you know your parameters from day one (what you will and won’t buy),” Warshaw wrote. “And do yourself a favor: Get an accountability partner or have a friend take the challenge with you. It seriously helps.”
Get a Library Card
“Before you click Add to Cart on that brand-new book, get yourself a library card,” Warshaw wrote. “And if you’re more into audiobooks or e-books, download an app like Libby that connects to your library so you can check out those versions on your phone or tablet.”
Adjust Your Tax Withholdings
Those hefty tax refunds sure are exciting, but it’s actually poor financial form to get them. You’re actually wasting money.
“Listen, if you’re getting huge tax refunds each year, that means you’ve been loaning the government money every month without interest,” Warshaw wrote. “I don’t think so–homey don’t play that. It’s time to adjust your tax withholdings. Put that money back into your monthly budget.”
Check Your Insurance Rates
Did you know you could be overpaying on insurance or be underinsured? These are easy mistakes to make — and costly ones.
“Make sure you’ve got the exact coverage you need,” Warshaw wrote.
Stuff Your Cash Envelopes
Credit card usage can severely hinder your financial health. Take a cash approach instead.
“When you use cash, it activates the pain centers of your brain, creating more friction for every purchase,” Warshaw wrote. “Simply put, when you spend cash, you feel it. And that helps you spend less — which means you save more.”
Stay Out of ‘That Store’
We all have our preferred retailers. Avoid these shopping destinations like the plague when trying to save money. There are other, more frugal ways to feel happy.
“Replace that shopping trip with something else fun, like baking cookies with the family,” Warshaw said. “That way you still enjoy yourself without risking those pricey purchases.”
Use Cash-Back Apps and Coupons
This one is a no-brainer and doesn’t involve a single sacrifice: Use coupons and cash-back apps.
“You can clip [coupons] from actual paper or click them in an app, but this is money just waiting to be saved,” Warshaw said. “Don’t sleep on it.
“Then go one step further and check out cash-back apps to save even more on stuff you’re already going to buy. (Just don’t get talked into buying things you don’t need because of a deal–that’s not a deal.)”
Learn the Power of No (or Not Now)
Plenty of us are prone to impulse buys, especially since many are so convenient. Warshaw emphasized the importance of learning the power of no. And if that’s too extreme, at least resist buying for the time being.
“We live in a world of instant gratification,” Warshaw wrote. “We’re just a couple clicks away from nearly instantly satisfying our desires for anything. But if you delay some of that gratification by using the magic of no — or, in some cases, not now — you’ll save so much money, build better spending habits and feel more contentment overall.”
Say Goodbye to Debt
Warshaw shared that she and her husband paid off $460,000 in debt. The first step they took to meet this goal was to stop borrowing money.
“I mean, look at how much money debt is taking from the average American each month,” Warsaw wrote.
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Average student loan payment: $393
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Average credit card payment (based on a 2% minimum payment): $116.10
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Average new car payment: $726
Total: $1,235.10
“Imagine throwing $1,235.10 toward your savings goals instead of toward your past. Every month,” Warshaw wrote.
Set a Savings Goal
There’s a lot to be said about living in the moment, but setting goals is just as important.
“Sometimes the best way to save money is by setting a savings goal — a specific dollar amount with a set deadline,” Warshaw wrote. “Be sure you know why this money is so important for you to save. Because remember — the stronger the why, the stronger the try.”
Save Money Automatically
A no-effort approach to saving money that Warshaw recommended is to set up your direct deposit so some of each paycheck goes directly into your savings account on a regular basis.
Make a Budget
This one takes some effort, but it pays off tremendously in terms of saving you money.
“A budget is a plan for your money,” Warshaw wrote. “Think of it as a map to get you to your money goals. I need you to make a budget today to see where you are with your money — and then keep making one every single month to get where you want to be.”
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This article originally appeared on GOBankingRates.com: Dave Ramsey’s Team Just Shared 23 Ways To Start Saving Money Immediately
