There's extra money hiding in your monthly budget. Here's how to find it.
If you think there's no way you can squeeze an extra dollar out of your monthly budget to start investing, then check out these tips to "find" some extra money in your monthly budget.
1. Don't Buy Brand Name Bags
I know those Kate Spade or Coach bags are so nice, but you can likely find a similar bags with the latest colors or trends at Target for $25 or less. If you really must have a brand name bag, check for designer outlets where you can score last season's bags for a fraction of the cost. Also second tier retailers like TJ Maxx and Marshalls will usually carry brand name bags for around 50% off.
2. Don't Buy Brand Name Clothes
It is kind of fun to shop at the mall for designer clothes, but why come away with designer pricetag hangover? Just window shop at the malls, and buy similar styles and colors of clothing at Target or even Walmart. If even big box retailers are out of your price range, check out your local thrift shops or second hand stores like Goodwill. Often times you can find designer duds without the designer price tag. Also you'll be giving new life to those second hand clothes (saving them a trip to the landfill) and reducing the need for new clothes to be manufactured.
3. Don't Eat Out (or Eat Out Less)
Restaurants typically mark up their food by 300%. Yes, 300% or more! Yes, it's easy to eat out, and yes, it's relaxing not to have to prep the meal and do the dishes, but is it really worth 3 times the cost or more, rather than just cooking yourself at home? Plus you can control the ingredients (think salt, sugar, and fat) when you cook at home. At restaurants they overuse those ingredients because they know it makes the food taste good, even if it isn't healthy.
4. Shop at Low Cost, No Frills Grocery Stores
Aldi and Lidl are some of the top names in grocery stores where staff and extras are kept to a minimum (no bakery, no deli, no seafood departments) and so are the costs. You bring your own shopping cart back and pack your own groceries. The savings are definitely worth it. Produce? Yes, you'll be amazed at how much less expensive the produce is. If the high costs of produce are preventing you from eating healthy, you'll find tasty and affordable produce at these grocers.
5. Get a Cheaper Hair Cut
Do you really need a haircut from a fancy salon with massage chairs and aquariums in the lobby? Not really. Check your local hair cut options. Most of the time you can find a good haircut for $10-$15. Also many Walmarts feature a Regis salon inside of them - still a decent name in hair salons - with super affordable options for cutting and styling your hair. If those options don't appeal to you, check to see if there are any salon schools near you. Often you can find a designer hair service at a salon school for a fraction of the cost.
6. Do Your Own Nails
Save yourself the time (and expense) of paying someone to do your nails and do them yourself at home (or try going au natural). The cost of a bottle of nail polish (or two) is much cheaper than paying someone to get them done. Plus you'll avoid being exposed to highly communicable nail fungal pathogens from the tools and foot baths at nail salons. This will save you dollars and protect your health!
7. Don't Buy Trash Bags
I know some of you are saying - Gross!, but really it's not. Not only are you reusing (by using the store bag once to carry your purchases home and then reusing it again as a trash bag), but you are also reducing. Why would you throw away lots of empty plastic bags, just to buy a whole box of new plastic bags? What kind of sense does that make??? All of those plastic grocery store bags, big box store bags. Do you really want to throw them all in a landfill, just so you can buy another box of plastic bags to put your trash in? Uh... no.
I know it might be hard to implement all of these changes (at least right at once). Maybe you're already doing some of these things. Adding a few more might not be too hard. However if you're not doing any of these things, they might seem crazy or scary to you. Try just changing one thing, whichever seems the least objectionable to you. Once you get the hang of saving money with one thing, you'll want to do more.
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