How to Save Money: Budgeting Tips for Everyday Life

How to Save Money: Budgeting Tips for Everyday LifeAre you wondering how to save money? If you are on a tight budget, it may seem impossible to afford all your basic living expenses.

You may even be struggling to avoid dangerous trade-offs, such as skipping meals in order to pay your health insurance. Saving money is no easy feat, especially if you have a hard time paying your bills each month. However, it is important to start saving if you eventually want to make a large purchase or receive approval for a loan. These tips may help you reduce the strain on your budget and learn how to earn cash back on certain purchases.

Tip 1: Know Your Price Points, Buy in Bulk and Shop in the Evenings

One of the easiest places to save money is in the grocery store. If you know your price points and the customary prices for most grocery store items, you will know when items are too expensive and when they are cheap.

A price point is the point at which customers are willing to buy goods. If a company charges more than the price point, the demand for the item will suddenly drop, because people are unwilling to buy the item.

A customary price is the price that customers remember as reasonable. If a seller tries to raise the price on an item above its customary price, he or she may experience a drop in sales.

Some of the best money saving tips for grocery shopping are to shop for sales and to shop in bulk. Not all sales will be good deals, which is why it is important to know the price points for groceries in your area.

To learn your price points, check a grocery store’s coupon and sale magazines regularly. It is also a good idea to shop at several different stores so that you have comparisons.

In addition, shopping in the evenings is one of the best ways to save money in the grocery store. After a certain time in the evening, grocery stores will begin marking their ready-made foods at half price. This entices consumers to purchase food that would otherwise go to waste at the end of the day.

While purchasing ready-made food is often not as cheap as making food at home, you may at least take a break from cooking without overspending.

Tip 2: How to Save Money as a Student

If you are a student in high school, college or graduate school, you may qualify for more student discounts than you realize. For example, Apple and Dell offer student discounts on their warranties, and software programs such as Adobe, Microsoft and Norton offer student discounts on certain products.

You may also save money at certain movie theaters, museums, aquariums and orchestras by presenting your student ID at the counter.

Tip 3: How to Save Money as a Senior

If you are an elderly adult, taking advantage of senior discounts may help you save a great deal of money on monthly expenses. For instance, many chain restaurants offer discounts to seniors, including Applebee’s, Ben & Jerry’s, Dunkin’ Donuts, Subway, Wendy’s and more.

In addition, movie theaters often have discounted tickets for customers who are 60 years of age or older. In certain cities, public transportation is offered at discount prices to seniors as well.

Tip 4: Earn Money Back When You Make Certain Purchases

If you are looking for tips on frugal living and want to save on clothing, electronics and more, check out these phone apps. Budgeting apps are free to download and give you cash back when you purchase certain items in qualifying stores.

These app companies make money from commissions, as different retailers will pay the companies a commission when you purchase something from their stores.

Some of the most highly recommended cash back apps include:

  • Ebates. Ebates is an affiliate marketing site that gets money through commissions. When you purchase an item through a website advertised on the Ebates app, a certain percent of that purchase gets funneled to your Ebates account. This app also offers different coupon codes each day. Note that it may take time for money to add up in your account. Note that Ebates pays its users on a quarterly basis in February, May, August and November.
  • Ibotta. The Ibotta app is slightly different from Ebates, as you choose the deals you want to purchase before entering a store. Then, scan your receipts after shopping. You may also link your store loyalty card to the account beforehand or shop through one of Ibotta’s partner apps to earn cash back. In order to receive a payment from the app, you must earn at least $20 in cash back.
  • Dosh. Dosh is well-known for requiring minimal effort to earn cash back. Simply download the Dosh app and link your credit card to the account. When you make purchases at qualifying stores and restaurants, a percentage of your purchase will automatically be returned to your account.
  • Shopkick. This app allows you to earn cash back in many different ways. In order to receive cash back, you must first earn a certain number of points, which are called kicks. You may earn kicks by walking into a store, scanning the barcodes of different products into the Shopkick app, shopping at qualifying stores with a card linked to your account, submitting receipts from purchases, clicking on a link to an online store and more. Once you earn enough kicks, you may select a free gift card from stores such as Target or Starbucks.
  • Checkout 51. This app is similar to Ibotta. First, browse deals from different stores on the app, make purchases at those stores and then scan your receipts to receive cash back. Some users argue that this app does not have as many offers or deals as other apps. However, the Checkout 51 app does offer cash back on certain produce items, which is not as common.

Tip 5: Get a Lower Rate on Your Car Insurance

One of the best ways to make money online is to search for deals that are better than the ones you currently have. As an example, you may be paying more for your car insurance than necessary. Simply research different insurance providers and contact them for quotes.

If you are offered a quote that is better than your current premium, notify your current provider and ask if the company can offer you a better deal. These budgeting tips may add up to large savings each month, which you can use for other living expenses.