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40 Simple Life Hacks to Save Money Fast

June 28, 2020 by shesgotcash

Originally, this was two separate blog posts, one with 16 and the other with 26 tips on how to save money fast. But surely you’d rather see a combined 41 savings tips? Yeah, we would too. So we combined them!

These first 17 money-saving strategies are courtesy of Krystal from Give Me Back My Five Bucks. Let’s dive in.

It seems like we are always focused on staying away from purchasing big-ticket items to save money. For those of us on a budget, we know we shouldn’t be buying that big-screen TV, or that new car or even that cute purse we’ve been drooling over. But what about the little things? Those easy habit changes that can save us $10, $20 or $100 over the course of a year?

It dawned on me this evening as I was rinsing out plastic zip-lock bags from my lunch box that there are a lot of things I do everyday to save a few cents here and there. Maybe reusing plastic bags doesn’t seem like much, but I’m saving money and helping out the environment, too. And this got me thinking, what other habits have I picked up over the last year or so that have saved me money?

Krystal’s Fast Tips for Saving Money

1. Sell the car

This has been a huge money saver move for me. I sold my 1989 Mazda 323 hatchback for $1,600 (purchased three and a half years ago for $1,800), and bought a new scooter for $2,200. Even though the scooter was $600 more than the value of my car, the cost of owning a scooter ended up being cheaper than buying a monthly bus pass! Five dollars gets me almost 200 km on my scooter, and it’s only $15/month to insure.

Cars are a luxury that’s often not truly necessary. Can you get by taking the bus, a bicycle or a scooter? You’ll save a bunch and it’s kinder to Momma Earth too.

2. Bring your own grocery bags

In some cities — I’m looking at you Long Beach, Calif.– the grocery stores charge you for plastic bags. In other locales, you might get a credit for bringing your own bags. Either way, it’s a perfect reason to invest in reusable bags that won’t end up in landfills.

3. Use a cloth to remove makeup

No more round cotton pads for me! I swapped out the throw-away cotton pads in favor of a soft face cloth and that saves me $3 a month.

4. Buy generic store brands

I used to be completely against the generic stuff, especially when it came to lotions, body wash and feminine products. But I’m over it. When I see a huge bottle of name-brand body lotion for $10 and the generic version for $3.50, I take the generic.

5. Make your own notepads

Instead of using Post-it notes, I make my own notepads from used paper. That’s right! I take paper from the recycling bin at work, cut the sheets into quarters, and then staple them together. A perfectly good note pad! So what if the back doesn’t stick to things? It’s free!

6. Use coupons

I’ve been using coupons for a while now, and I wonder why I didn’t start sooner. Fifty cents here, 35 cents there—it all adds up after a while. I know searching and clipping can feel like a time suck, but seriously, spend 15-20 minutes every Sunday looking for coupons and the savings add up!

7. Only buy groceries that are on sale

The BF and I made it a rule only to buy food that’s on sale. So if we’re out of tea, bread, cheese, or lettuce, and it’s not on sale that week, we don’t buy it. This has saved us a fortune compared to when we just bought whatever we considered “the usuals” every week.

We’ve learned to create our meals around the ingredients that are on sale by looking at the store flyers online before we head out. We spend $20-$50 per week on groceries for the two of us, and that includes stuff to pack in our lunches every day.

8. Pack your lunch

In the last six-plus months, I’ve only eaten lunch out once. I always pack my lunch for work the night before to keep my mornings less hectic. This saves me at least $5 per day.

9. Buy the entertainment book

Seriously, the Entertainment Book is one of the best purchases I make every year. That thing pays for itself after using just two or three coupons! Aside from having the coupons for the places you know and love, it’s also a great way to try out new places you might have otherwise overlooked. The EB is one of the main reasons I was able to stay on my $30-per-month dining out budget for so long.

10. Reuse shoe boxes

I love shoes, but I also love shoe boxes. They’re fabulous and free storage. And, you can wrap them with decorative paper so they’ll look amazing stacked on top of one another. I have everything in shoe boxes, including first aid supplies, yarn, needles, cross stitching, old journals, electronics, etc.

11. Reuse retail shopping bags

I reuse the retail shopping bags as garbage liners. We usually dump the contents from every waste bin into one big bag, and leave the bag liners in place. That way we’re only throwing away one bag.

Shopping bags are also strong enough to hold our recycling when we take it out to the curb every other week. And, the recycling guys always leave the bag so we can use it again the next time.

12. Borrow from the library

Gosh, I don’t even know when I bought my last book. The library has all the best-sellers, and as long as you’re patient, you’ll get to read it for free! Books are so expensive nowadays, it’s not even worth it to buy them.

If you absolutely can’t wait to borrow the book from the library, at least ask around to see if you can borrow a friend’s copy. Or, check out used book stores for people who trade books.

I had a friend who read a lot—every time he finished a book, he’d take it to the used book store and trade it for another one. While I was buying books new from the store, he was saving $20 each time by borrowing it for free.

13. Quit drinking alcohol

I never go to the bars or clubs with my friends anymore, because it costs too much. Plus it’s weird to be surrounded by drunk people when you’re sober. And I certainly never order drinks with my meals if I do go out for dinner. If you don’t want to give up the cocktails, then make a habit of ordering from the drink specials menu.

14. Always order water

Stick with water when you’re eating out. It adds up!

15. Order the daily special

You can’t be too picky but habitually ordering the daily special does save serious dough over time. And it’s even better if you can take half of it home for another meal.

16. Drink tea instead of coffee

Coffee dates with the gals can be pricey when the cost of a fancy beverage is five bucks or more. Tea is so much cheaper! And, if you’re being really frugal, you can ask for a cup of hot water and bring your own tea bag.

Heather’s Tips on How to Save Money Fast

Seventeen ways to save money down, and 25 more to go. This next batch of fast money-saving tips is brought to you by Heather Solos, the founder of Home-Ec101.com.

17. Cut the cable

How much are you paying for TV each month? It’s likely that you could survive by paring your entertainment expenses down to one, maybe two streaming services — especially if you have Amazon Prime. Cut the cord with cable now. I bet you’ll hardly miss it at all.

18. Pool a sitter

Here’s a trick that works as long as your kids aren’t teeny-tiny. Coordinate date nights with neighbors or friends and share a single babysitter. You don’t want a teenager trying to take care of three toddlers and an infant—but you might have an older teen watch over a few eight- and nine-year-olds.

19. Rediscover sharing a night in

Instead of going out to dinner and a movie, invite friends over for a movie, poker or game night. And if they ask if they can bring anything, say yes. It’s more fun that you might think!

20. Take advantage of free community entertainment

Skip the high-priced concert tickets in favor of community theater, high school sports and concerts in the park. Don’t knock it ’til you’ve tried it!

21. Know your spending habits

This is a big one. Know your spending habits and what conditions tend to result in over-spending. For example, if you can’t be trusted with cash, don’t carry it. If you’re a spontaneous purchaser of fountain sodas, keep a cooler with sodas and waters in the car. Pay for your gas at the pump and don’t set a foot inside the gas station mart.

22. Learn to cook

Learning to cook some simple, tasty dishes can save you loads of money and calories. Try stir-fry or pasta with marinara sauce or grilled chicken and roasted potatoes.

23.Watch your portions

To put it bluntly, overeating is nothing more than flushing money down the toilet.

24. Eat less meat

I’m not telling anyone to go vegan. I’m an unapologetic omnivore, but ounce for consumable ounce, seasonal vegetables are cheaper than lean protein. You can also stretch meals by adding beans, rice, or oats to many recipes.

25. Store leftovers before you eat

Here’s the order of operations when cooking: cook, serve, store the leftovers, then eat. Packing up the extras before you dive in to your meal keeps you from eating seconds that you don’t need and also ensures you get two meals for your cooking efforts.

26. Check the fridge for stuff that’s about to expire

Set a time to check your fridge each week for items that need to be consumed. And then eat that stuff, fast. Leftover meatballs? Honey! You want meatball sandwiches for dinner? Yeah, that’s the idea. Pretend you’re on Chopped and your leftovers are those mystery ingredients.

27. Grocery shop with a list

Plan out your meals for the week, make a list and shop alone. When shopping becomes a team effort, extra stuff finds its way into your cart.

28. Check the quick sale bin and make stew

Soups, stews, and casseroles do not need picture-perfect produce. And freckled bananas add more flavor to your baked goods.

29. Watch for “quick sale” items in the meat department

You can save double-digit percentages by purchasing “quick sale” meats. Just make sure you cook or freeze them immediately.

30. Shop alternative markets

When you need spices and canned goods, head to the ethnic store or a bargain shop like Big Lots. Also pay attention to the prices for commodities like milk and eggs. In my area, gas stations and drug stores sell milk for less than the grocery store. And Walmart sells eggs cheaper than Sam’s Club. Check out your options and you’re sure to uncover some hidden savings.

31. Always check your receipt

Cashiers are human and they make mistakes. Just be polite when you call attention to the error.

32. Make your own cleaning product

Spoon of baking soda over a glass of water

You likely don’t need much in the way of cleaning products, because you can clean almost anything with baking soda and vinegar. Turns out, this combo does a better job getting hard-water stains off a glass shower door than the expensive cleaners.

33. Stop using disposable items

The Swifter may seem like a life-saving, but it’s a budget-killer when you have to keep buying those disposable pads. Try converting old t-shirts and socks into rags and use those instead.

34. Keep a rag bag

Having rags on hand to clean cuts down on your paper towel consumption significantly. And there’s no guilt if a mess was just too nasty and the rag has to be tossed.

35. Sweep and vacuum often

Dirt build-up can damage your flooring and carpet. Make a habit of cleaning up on the regular to extend the life of your floor.

36. Ditch the drop-in toilet cleaners

A toilet brush is a one time investment and doesn’t damage the flushing mechanisms. If your toilet is running due to a slow leak, fix it and reduce your water bill significantly.

37. Pay your bills on time

Late fees create a vicious debt spiral. Set up auto-payments to cover your minimums and avoid those penalties.

38. Use CFL or LED bulbs

As your light bulbs burn out, replace them with more efficient CFL or LED bulbs.

39. Program that thermostat

If you have a programmable thermostat, use it. Your home doesn’t need to be the perfect temperature when you’re not there, or when you’re tucked under blankets in bed. If you can’t program the thermostat, make a habit of turning down the heat or A/C when you leave and when you go to bed.

40. Use ceiling or portable fans in the summer

A room feels much cooler when you move the air around.

What quick money-saving tips are you practicing on the regular? Let us know in the comments!

Feeling Down? How to Get the Buzz of Retail Therapy Without Overspending

June 5, 2020 by shesgotcash

Woman involved in retail therapy, holding up her shopping bags

Growing up, I had a best friend whose mother wore an apron that read “When the going gets tough, the tough go shopping.” Her joie de vivre, scrolled sweetly across her chest in hot pink script, gracefully carried her around the kitchen from fridge to stove to table. Thinking back to my bestie’s mom and her not-so-surreptitious statement, I can relate.

Why Retail Therapy Is a Thing

Why not indulge in a little retail therapy when things get out of whack? It’s productive. It’s healing.

And let’s not forget the total sense of satiation that spending brings. Even an uninterrupted eight hours of sleep can’t compare to that! Oh, and there’s also the rush. Sure, a four- (or in my case, one-) mile jog would probably provide a similar endorphin release, but there’s no gold-button swing coat at the finish! Even a girl on a budget can indulge in a little pick-me-up-purchase to set her mood right.

So go ahead and get your shopping on when the mood strikes you. The trick to keeping things manageable is not resisting the urge to shop — in my experience, that only leads to a stronger urge and a bigger purchase when you finally do give in. A better approach is learning how to indulge in small ways. These strategies will help.

1. Pay it forward

So it’s been one of those days. Lost your cell phone. The dry cleaner closed before you could rescue tomorrow’s outfit. And between the kids, the television, and the barking dog, there’s enough noise to fill a stadium.

Don’t rush to the mall just yet! Figure out exactly how much you can afford to spend. Then bring cash. No credit. No debit. Just the ol’ green to get you going. Once the cash is spent, the retail therapy session has concluded. Finito. All impulse purchases are kept within budget.

2. It’s the little things

Let’s turn our attention to the little things in life that bring happiness. A friendly gesture. A shared laugh. And the perfect lipstick. I’ve got a friend who dazzles in a fuchsia lip. It doesn’t matter what she’s wearing. My attention always goes to her gorgeous smile, framed by that stunning lipstick.

When you’re feeling a bit down and out, go find your special shade that commands attention. Browse through Sephora and experiment with all that suits your fancy. When you’ve found the one, get it! Had a seriously bad day? Get a manicure, too.

3. Window-shop, then drop (the cash!)

I’m not a window-shopper. When a shiny new pair of buckle boots calls my name from a store window, there’s no room for hesitation. I’m inside that shop, said pair of boots in hand, way before the doorbell has finished its ring.

Try this strategy. Check out all the windows of your favorite stores. When a color-blocked sweater (or another fabulous find) catches your eye, get in there and try it on! If it merits real estate in your closet, ask the sales girl to hold it, please. Continue onto the next store. Repeat your fitting-room extravaganza. When the time has run out, go back and buy the one item that won’t leave your brain. If there’s more than one item, flip a coin for final selection.

4. Beg, borrow, but don’t steal

For this strategy, you get the pleasure of your friend’s company AND her closet! Go see one of the girls to find out if she’s got any hidden gems in her wardrobe that she no longer wears — or even something she’ll loan you temporarily.

Oddly enough, my posse all wear the same size (don’t even get me started onto the psychology behind this) so sharing clothes is a breeze. If your friend doesn’t wear the same size, worry not. Welcome to the world of accessories! You never know, her classic city disco clutch just may be what the doctor prescribed!

How Do Clothes Fit into a 50/30/20 Budget?

May 23, 2020 by shesgotcash

Budgeting is tedious. And budgeting for clothes? Too limiting. Some might even say it’s awful, something worse than listening to cats fight. But now, more than ever, is the time to make a habit of setting caps on your spending and living into those caps. If not because you’ve recently lost your job, then because the economic outlook is incredibly uncertain. And the steps you take to get more conservative financially today can benefit you for years to come.

While there are apps that’ll help you track your spending, the hardest part of budgeting is figuring out how much you should be spending on different things. Knowing that you spend $800 monthly on food, for example, isn’t helpful unless you also know that a $500 monthly grocery bill is your target.

That’s why I like the 50/30/20 budget. It’s a simple framework you can use to evaluate your spending today and make an action plan for the future.

What’s the 50/30/20 budget?

The 50/30/20 budget does not take away your right to indulge. That’s one of the things I love about it. The framework allocates a healthy portion of your income to discretionary expenses. It also limits your essential bills to 50% of your pay — which gives you tons of flexibility, particularly in tough times. Considering that unemployment income typically replaces about 40% of your pay, living into a 50/30/20 budget gets you close to surviving without credit cards if you lose your job.

You can find tons of information on the 50/30/20 budget online, but here’s a quick overview. You start with your take-home pay and add back your retirement contributions. The sum is your baseline income. You’ll divvy up that income into three buckets as follows:

50% for essential expenses. This includes rent or mortgage, utilities, food, insurance, prescriptions, gas for required transportation, and minimum payments on your credit cards.
30% for discretionary spending. Sorry, but your cable bill is discretionary. So is your gym membership, vacations, salon visits, non-essential groceries like soda and booze, and — yes — clothes, shoes, and beauty products.
20% goes towards savings and debt repayments. Your retirement contributions get counted here, along with credit card payments above the minimums, and emergency fund savings.

I can guess what you’re thinking right now. How the heck do I get my essential spending down to 50% of income? If you live in New York or Southern California, your rent alone might be close to 50% of your pay. There’s no easy answer here. Simply put, you may face tough choices to make it work. You could downsize or move to a cheaper neighborhood. Or, more realistically, you could hold your lifestyle steady for a few years even as your income rises. Avoid all expensive lifestyle changes — like buying a fancy car — until your income rises to two times your essential expenses.

Budgeting for clothes in 50/30/20

Now, for the question at hand: Where does my love for clothes fit in here? Clothes fall very securely into the discretionary spending category, along with lots of other things. The exact amount to allocate to clothes, however, is a source of debate.

Who What Wear reports that your clothing budget can be 5% of your take-home pay. That’s a number I find shocking. If you bring home $50,000 a year, 5% equates to $200 a month. Assuming you are living into a 50/30/20 budget, that’s more than 16% of your entire discretionary spending allocation. Add in your salon visits and auto-shipped beauty products and there’s not much left for your cell phone plan, Wi-Fi, and red wine.

And if your essential expenses are currently higher than 50% of your take-home pay, forget it. You definitely can’t afford to spend 5% on clothes.

My advice? Limit your clothing spend to 2% to 2.5% of your take-home pay. That equates to 6% to 8% of your total discretionary budget, which is far more manageable. You can add in whatever you earn in cash-back rewards and loyalty points, too.

How to limit clothing spend

Budgeting for clothes is one thing, but actually changing your spending habits? That’s a different challenge. Here are five budget shopping strategies that have worked for me.

1. Renting

Try Le Tote, Haverdash, or Infinitely LOFT. (See my comparison of Le Tote vs. Haverdash here.) For a flat monthly fee, you get a set number of garments delivered to you. You wear those pieces until you’re done with them. Put in the return envelope, send them back, and you get another box. If you’re the type who shops because you like to have something new on hand, renting scratches that itch.

2. Thrifting

In-store thrift shopping might be tough right now given the Great Lockdown, but you can still buy cheap, used garments at Poshmark or Thredup. Thrifting online or in-person is a fabulous strategy if you love shopping for the thrill of the hunt.

3. Designate one day of the week for clothing shopping

If you’ve being stuck at home has you shopping online to pass the time, try designating only one day of the week for clothing shopping. Say it’s Saturday. The other six days you’re not allowed to shop. You can make a list of garments you want, but you can’t buy anything. This is essentially the same thing as a spending freeze. It forces you to wait on purchases so you can make buying decisions with a clear head.

4. Sell something before you buy something.

Having an addiction to clothes usually creates other problems — namely, an overflowing, unorganized closet. Address your messy closet and your clothing spend together by committing to getting rid of one garment before you buy another. You can sell the old garment or donate it, but you have to choose the piece you’ll kiss goodbye before you buy something new.

How does this help you spend less? Dig through your closet looking for something expendable and two things will probably happen. One, you’ll find garments in your closet you forgot you had. And two, the urge to buy something new will fade.

5. Tell friends and family what you want as gifts

There’s no shame in asking for what you want. If you want gift cards for Ann Taylor, ask for them! Really dying to have a sweater from J. Crew? Write down the specs and let your Significant Other know what’s on your mind.

Budgeting is not the worst thing ever

Budgeting for clothes — when you really, really love clothes — is not an easy task. Even harder is following that budget. But learn to love the thrill of buying used, the fun of renting, and the joy of receiving clothing gifts you asked for and you’ll probably realize you’re pretty good at controlling your clothing spend. Now if only you could figure out how to get the neighborhood cats to stop fighting…

Spending Out of Control? Here’s How to Kick Your Bad Spending Habits 5 Ways

April 13, 2020 by shesgotcash

Stores are closed. Sports are cancelled. Businesses are shuttered and people are losing jobs faster than you can spell unemployment. Even the fashion gods, it seems, are silent. These are strange times, for sure.

When the economy goes sideways, it’s always a stark reminder to get back to the basics financially — to budget, track spending, price shop, save in an emergency fund, and follow all the other financial best practices that we get lazy about when times are good. If there’s any silver lining to the current economic situation, it’s that now is an ideal time to kick bad spending habits for good. You may even be under a legal order to stay out of the mall, after all. You might as well ride that circumstance to a financially stronger you.

Ready to start budgeting for clothes and rein in that spending? Here are five ways to do it.

5 Ways to Kick Bad Spending Habits

1. Budget

I wish I could tell you that budgeting was optional. It’s not. Budgeting forces you to pay attention to how you’re spending, and that’s important.

Start by going through your banking transactions for the last two months. A closer look at how you’ve been spending often naturally reveals savings opportunities. You might, for example, find subscriptions you don’t use or realize you’ve become a 1-click junkie, thanks to Amazon Prime.

If your income is still intact through this economic crisis, see if you can adjust your spending levels to fit the 50/20/30 model. Under the 50/20/30 budget, you allocate 50% of your net pay before retirement contributions to your essential living expenses. Then, 20% goes to debt repayment and savings. The last 30% is your discretionary spending money — which includes your clothing budget, along with your streaming services, gym membership, and salon visits.

This budget model also gives you some flexibility to adapt to a loss in income. Follow the model and you could, in a pinch, get by temporarily on a 50% pay cut — by cutting out all expenditures but the very basics.

2. Clear your browser cache

Admit it, you’ve used your browser’s auto-fill feature to get through an online purchase faster, right? So, guess what happens if you dump all that prefilled data and intentionally slow down the online purchase process. You have more time to realize that you’re shopping compulsively or buying things you don’t need — especially if you’ve just put spending limits on yourself.

Clear your browser history and disable that auto-fill. You could also change your passwords to your favorite store accounts. And if you’re really serious, install Freedom or StayFocusd. These are applications that block you from accessing certain websites.

3. Get rid of store credit cards

I know this is old advice, but it bears repeating. Clip up those store credit cards asap! As long as you have that card available, that store will find ways to entice you into using it. Extra cash rewards, double loyalty points, exclusive sales, and the like at your favorite online stores can wear down even the toughest of fashionistas.

4. Unsubscribe from store emails

Retailers employ very savvy marketing folks to build emails that sell. I know this because I used to be one. Unsubscribe from those emails and remove the temptation to buy something on the promise of saving money.

5. Pick up a new hobby

Right now, while the economy is on lockdown, you can tackle your online spending habits. But later, when stores and salons reopen, you’ll face a new set of temptations. Address the future now by taking up a new, inexpensive hobby — you might learn to draw, garden, cook, or even sew. Heck, you could even start brewing your own beer or playing chess online.

Hobbies that capture and keep your attention have a way of minimizing excess spending. That’s because some of us have inadvertently made shopping a hobby, and we need something new to replace it.

Incidentally, hobbies are also fabulous stress relievers, and you can’t ever have too many of those in your life.