By: Bailey G.
We took a bit of a vacation… (well Anne was still in Vietnam, and I took off for the week of the 4th)….but ANYWAYS, now that we’re both back we are ready to rumble and ramble with you! This week is all about bargains, saving, and how to make every penny count as a young adult. I mean, let’s face it, sometimes you have to get a little scrappy, especially because the real world is expensive AF!
With my power being out, my internet wonky, and my car needed a major fix all within a few days, I know more than anyone the value of saving a few pennies. Here are my ‘Top Five Tips for Penny Pinching,’ and hopefully that will help you too!
1.Meal Prepping = Money Saving
Ok, so not only is this healthy for you and the environment, it also can help you save a ton of money. Did you know that American food waste costs more than $160 billionin a single year?! Yikes. Do yourself and your wallet a favor by meal prepping for the week.
Only buy what you need at the grocery store, and plan out your meals for the week to make sure you’re not over-buying. Especially when it comes to easily perishable foods like fruits and veggies, it’s super easy to over-buy and then have to inevitably throw it away because it went bad too fast. My boyfriend and I grocery shop for just the work week ahead every Sunday morning, planning out our dinners and snacks down to the meal to save money and help save the planet!
2.Set a ‘Fun’ Budget
Let’s face it, drinks are expensive. Going out to eat is pricey, and hanging out with friends or going on a date night can add up veryquickly. I have trouble with this, especially on the weekends. To help save money, set yourself up with a maximum ‘fun’ budget for the single outing or the weekends. Don’t let yourself go over the budget, no matter what. Setting aside $40 bucks for the night? Then dinner + happy hour drinks might not cut it. Instead, pregame or eat at home to avoid going over your budget.
3.Set Aside the Savings
Take a certain percentage of your paycheck each time to set aside for your savings account. Or better yet, have the whole 100% deposit into your savings account to avoid temptation. I practice this, and then with limited transfers to my credit or checking account, it means I’m very aware of how I’m spending that money and utilizing it. By keeping it all in savings, it builds more interest and make me less tempted to just throw money around.
4.ALWAYS Pay-Off Your Credit Card
“Americans are paying over $113 billion in credit card interest and fees, up 49% from 5 years ago,” – Magnify Money. Well now that is a TON of money you could be putting towards a corgi, a house, clothes, concerts, or literally anything else. Whatever you do, try your best to pay off your credit card debt in full each month. Otherwise, you’re just putting off the inevitable and wasting a ton of money that could’ve been yours.
I understand that life events happen, and sometimes you literally can’t pay it off, but for the most part; don’t buy what you can’t afford! Just don’t do it. It’s not worth going into debt, and it’s not worth setting yourself up for failure this early into adulthood. There will always be time to buy that cool gadget, splurge on a vacation, etc. Until you can financially afford it, stick only to what you know you can pay off before the end of the month.
5.Energizer Bunnies, Unplug!
The last tip, which ALSO benefits the environment and your bank account, is to unplug whatever electronics you’re not using when you leave. On top of that, turn-off all lights and the AC/Heater before departing. Not only does this suck up the energy, but it’s costing you precious bills that are going straight out the window. It’s a super easy hack that will add up over time on your energy bill.