9 Ways To Save Money Without Sacrificing Your Family’s Lifestyle in 2024
Do you find yourself struggling to make ends meet each month?
Are you living paycheck to paycheck?
Stretching the family budget can feel like an impossible mission, especially for busy working moms who wear many hats – from work deadlines to coordinating the family’s schedules.
I know the struggle because I also manage my family’s finances and spend too much time crunching the numbers. So, if you are on a debt-free journey or just looking for money saving tips, welcome.
This blog post is all about 9 clever and successful ways to save money without sacrificing the comforts and experiences your family deserves.
1. Saving Money Starts With a Budget
Saving more money starts with a budget. A budget is a plan that helps you manage your money by outlining how much you earn and how much you spend. It is important because it allows you to have better control over your finances and make informed decisions about your spending and saving. A budget helps you track your income and expenses, prioritize your expenses, save for future goals, and avoid falling into debt or help you get out of debt.
How to budget money for beginners.
If you are new to budgeting, then follow these 10 easy steps:
- Calculate your net income
- List your income and expenses
- Subtract your expenses from your income
- Set realistic goals
- Track your spending
- Compare your income and expenses
- Consider your priorities and goals
- Make a plan
- Adjust your spending to stay on budget
- Review your budget regularly
What are the best budgeting methods?
The best budgeting method is the method that works best for your family. Your money, your way! Below are some of the most popular budgeting methods you can use to start budgeting your money.
- Annual-based budget: Financial plan that outlines projected income and expenses for the year.
- Monthly Budget: Monthly income minus monthly expenses
- Zero-based budget: Income minus expenses equals zero.
- Envelope or Cash-based Budget: Income minus expenses equals zero, but with cash
- Paycheck Budget: Budget the current paycheck to cover expenses
What are the most effective budgeting rules?
These “rules” are guidelines that you can follow when creating your budget.
- The 70-20-10 budget: Allocate 70% of your income to needs, 20% to wants, and 10% to goals
- The 75/15/10 budget: Allocate 75% of your income to spending, 15% to investing, and 10% to saving
- The 50/30/20 budget: Allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment
2. Switch your cell phone plan
As of June 2023, CNBC reported that JD Power indicates that a cellphone plan’s average monthly expense is $144 or $1728 annually. Or, in my case, $2923 per year!
It’s time to switch your service provider. You can take the time to compare prices and offerings from different providers to find the one that meets your needs without straining your budget. You will likely stumble upon a better offer from smaller, less popular carriers. These carriers usually rely on the network of major providers for signal reception, so you can expect to enjoy reliable coverage at a much lower cost.
Best cheap cell phone plans of 2024
- Mint Mobile: Mint plans start at $15/month for 5GB of data, though after the first three months, you have to pay for a full year of service to get that attractive rate.
- Visible: Visible offers unlimited data for $25 a month — and you don’t have to sign up for a year-long plan like at Mint.
- Tello: You can’t beat $9/month, though you’re limited to 1GB of data. (Your speeds are slowed one you hit the limit). Tello also has a $14 5GB plan and a $25 unlimited data option.
- Ultra Mobile: Plans starting at $10/Month for 3GB and you have access to the nation’s largest 5G network with unlimited talk and text to 90+ countries.
3. Cancel some subscriptions and memberships
Canceling subscriptions and memberships can be an excellent way to save money in the long run. We often sign up for various services and memberships without fully considering their costs or assessing our actual usage. By canceling these unnecessary subscriptions, we can eliminate recurring expenses and redirect those funds toward our savings goals or other priorities.
For instance, membership to gyms or fitness classes may seem appealing at first, but if we hardly utilize them or can find alternative ways to stay fit, canceling them can save a considerable amount each month.
Similarly, streaming services, magazine subscriptions, or even counseling apps we no longer require can all be canceled to free up additional funds. It’s crucial to regularly review our subscriptions and memberships, ensuring they align with our current needs and goals to maximize our financial savings.
4. Do a No-Spend Challenge
The no-spend challenge focuses on eliminating non-essential spending to modify harmful habits, save money, and achieve financial goals. It’s not about scarcity or depriving yourself but rather about embracing a mindful and abundant approach toward spending.
Initiating your no-spend challenges entails defining clear goals. Whether you aim to clear off some debt, save up for a vacation, or give your bank account some extra padding, having a clear goal will keep you motivated and focused during the challenge.
The length of the no-spend challenge should align with your financial goals. You could take a short sprint with a week-long challenge or go for a marathon with a month-long or even a year-long challenge.
5. Unsubscribe or Delete Notifications That Want You to Spend Money
I recently went through a notification detox. I replied STOP to constant notifications from my favorite clothing brands, including Peloton Apparel, Fabletics, Lullulemon, Savage X, and many more. I no longer get the notification to check out the new Sale and ‘Hot New Deals”. I would always succumb to aggressive advertisements and spend money to take advantage of the sale.
If this sounds remotely familiar, I suggest that you stop all text notifications from places where you tend to spend your hard-earned money. I also unsubscribed from several emails and canceled a couple of memberships to start saving more money and stopping myself from getting into more credit card debt.
Actions to take:
- Reply STOP to text notifications
- Delete APPs
- Unsubscribe from email lists
- Cancel Memberships
6. Stop Paying for Bank Fees
Paying unnecessary bank fees can drain your finances, but there are proactive measures you can take to stop paying for them and significantly start saving money. A thorough review of your account terms and conditions can help you identify any hidden fees you unknowingly pay.
You can completely avoid monthly maintenance charges by opting for a fee-free checking or savings account. Furthermore, being aware of minimum balance requirements ensures you won’t be penalized for falling below them. Utilizing direct deposit and setting up automatic bill payments can also help waive certain fees.
Additionally, being mindful of ATM usage, preferably sticking to your bank’s network to avoid surcharges, can save you a substantial amount over time. By implementing these tactics, you can take control of your finances, eliminate unexpected bank fees, and ultimately keep more of your hard-earned money.
7. Open a High Yield Savings Account
If you have an emergency fund or are saving in a regular savings account, you are missing out on some free money! High-yield savings accounts are financial products offered by banks and other financial institutions that pay a higher interest rate than traditional savings accounts. These accounts often offer rates several times higher than the national average, allowing savers to earn more on their deposits.
The main benefit of a high yield savings account is the opportunity to earn more interest on your savings compared to a standard savings account. This can help your money grow faster and provide a higher return on your investment.
Additionally, high yield savings accounts typically have no monthly fees and may have lower minimum balance requirements than other accounts. Another benefit of high yield savings accounts is their flexibility. Unlike certificates of deposit (CDs) or other investment vehicles, you can access your money at any time without penalty. This makes them a great option for emergency funds or short-term savings goals.
If you have no idea how to choose the best high-yield savings account, don’t worry. I’ve gathered all the resources for you. I recently opened my first high-yield savings account to put my emergency fund in.
The websites below do all the hard work for you. They compare all the accounts and help you choose the account that works best for you.
8. Check Your Insurance Rates
My roof was recently damaged by a storm, and do you think my home insurance paid for it? No! They sent out inspectors who claimed my roof was installed incorrectly and would not pay for the damages. I call that a load of crap!
So, I am not shopping around for cheaper and more affordable insurance. I was under the false impression that getting insured by a well-known insurance company would be better for my family and me. Well, I was wrong, and now I am shopping around and comparing prices to switch to a better and cheaper plan.
Comparing and checking your insurance rates is crucial to saving more money. By regularly reviewing your insurance policies and comparing rates from different providers, you can ensure you get the best coverage at the most affordable price.
Oftentimes, insurance companies offer discounts and promotions that can help lower your premiums, but you won’t know about them unless you take the time to compare rates. Additionally, as your life circumstances change, such as getting married or buying a new car, your insurance needs may also change, making it necessary to reassess your coverage.
By staying proactive and diligent in checking your insurance rates, you can save hundreds or even thousands of dollars each year, ensuring that you get the most value for your money.
9. Buy generic brands instead of name brands
Last but not least, consider buying generic products over name brands. While name brand products may come with a higher price tag due to their popularity and marketing efforts, generic brands often offer the same quality at a fraction of the cost. By opting for generic bands, you can stretch your budget further and potentially save a substantial amount of money over time.
This simple switch can allow you to allocate your funds towards more important expenses or savings goals. Next time you’re shopping for office supplies, groceries, or household items, consider trying generic bands and seeing the impact they can have on your budget.
Here are some things that I buy generic:
- Generic drugs
- Generic foods like spices, flour, sugar, salt, cereal, and cooking oils
- Household cleaners like disinfectants, detergents, paper towels, toilet paper and soaps
This blog post was all about 9 ways to save money in 2024!
