5 Tips for Painless Penny Pinching

V1 Staff |

It seems as though everyone feels a financial crunch now and then, and when you’re in that situation the thought of saving money seems nearly impossible. At that point, you’re just hoping you have enough money until payday. But here are some tips and tricks that anyone can do for keeping a little extra cash in your pocket in 2016.

1. Create a Budget

Take a good hard look at your finances. Where is your money currently going? You may be surprised. Take out all your fixed expenses like rent and insurance, then dig into your more flexible expenses and start making cuts. Budget realistically for everything you’ll spend during the month and if there’s something that’s drinking your bank account dry – change it.

2. Stop Convenience Spending

While a date night out at a restaurant once in awhile is great, stopping for fast food every week is unnecessary, unhealthy, and expensive. Ditto for gas station food and gourmet coffee. Pack up some healthy snacks that can stay in the car for when hunger hits and you’re on the run. And learn how to use a crockpot for easy weeknight meals – seriously.

3. Save Your Change

Aside from your bills, pay for everything with cash. You’ll spend less to begin with but then you can also throw any leftover change into a jar at the end of the day. It’ll add up quick and Christmas next year will be paid for.

4. Stretch Grocery Cash

You don’t have to be a crazy coupon lady to whittle down your food budget. Simply watch for sale flyers and sign up for email newsletters from your local stores. Plan your meals weekly and buy ingredients that can be used in multiple meals. If you have the space, buy in bulk. Substitute beans or lentils for meat in your meals one or two times a week. Little tweaks in your methods can turn into big monthly savings.

5. Cut the Cable

With online video streaming, a plethora of console services like Hulu and Netflix, the need for cable is becoming a thing of the past. You can even watch your favorite sports live with the right application. Added bonus: Cutting cable is a great way to cut your screen time. Which means more time in your day for all the things you wish you could get done.