Saving Money - A Bountiful Love

Saving Money

     ***UPDATED 2021*** 

    The year 2020 had taught us some valuable financial lessons. A lot of people lost their jobs for a period of time, some businesses had closed permanently, and some families were forced to be one-income families. I don't think that anyone expected the turn of events last year and most of us are still experiencing the financial cost of it.  While this year brought another round of stimulus checks and improvements in the job market, expert says that the pandemic has a long -term financial impact (Pew Research).

    I have shared in this post, 6 Superb Ways to Build Your Savings Account some doable and simple ways to build your savings account. Depending on how much you plan on saving, this serves as a cushion or peace of mind plan. Other people suggest starting at $1,000 as a base amount to have in your savings account. I think that it is a great goal to start with and work your way up. You can even set categories such as which one is for your future, emergency fund, or a vacation fund. I can' even begin to tell you how much a savings category had helped us when an emergency expense came for us. Think of car expenses or job loss. Building your savings fund or saving money, in general, should not only be a thought for when you are thinking about your retirement plans.

Spending Freeze

   I am sure that this is not the first time that you have heard of this concept. The way my family does this is:  For when we are planning for a vacation and want to save money for it- we do a NO SPEND MONTH. We write it on our dry-erase calendar board to remind us that we are doing a no-spend goal for that particular month. What does a no-spend month look like? Fairly easy! We only shop the necessities such as food, gas, and medicine. No eating-out. No online orders. No replacing things that are not even broken. Both of our girls, ages 11 and 8 years old are always on-board on our no-spend month. Of course, getting them involved tremendously helped. There will be times where we had to remind each other, after all a month-long spending freeze involves a lot of self-control. A no-spend month is a great way to kick-start your saving money.

Cancel subscriptions

  Nowadays, there is always a subscription for something. Not just magazines anymore but there's channel, movie, razor, craft, cosmetics, and grocery subscriptions. There are subscriptions that do save you money and are worth your money. However, there are some subscriptions that you can let go. Consider making a list of all the monthly subscriptions you have and see which ones you actually use on a regular basis and live without. Little subscription fees do add up. Take advantage of the no-penalty cancellations, Try canceling a subscription for a month, and if affects your living then go ahead and subscribe again. Chances are you will move on and forget all about it, you save money in the end.

Have a budget 

 Obviously, we can't talk about saving money without having a budget. There is nothing exciting about it. However, this I think is the most valuable step you can do to save money. You need to see where and how your money is being spent. Making a list of your income(s), bills, and spending gives you a foundation on how you can save money. I remember when we listed all of our bills, we thought about ways to lower our monthly bills. We used to have a cable but now use Sling TV. We called ur cellphone company to lower our monthly bill. We even changed our car insurance to another company. Let me tell you, we have been a AAA customer for years now but shifting to USAA saved us a lot of money. But do your research first as far as your needs and deductibles are concerned. When we saw how much our monthly credit card bills are hurting us, we made a vow to pay it all off. We are still working on our debts BUT had paid off a car and some cards. 

Use a cash system as much as you can

This is one area that I am still working on. I do forget to stop by a bank every time we get paid. But when I do what a big help it is! Using cash makes me more disciplined with my spending. I'm sure there is a Psychology behind that, seeing cash being spent and actually budgeting your cash on hand. It is also rewarding when I don't spend all of my cash. Let's say y budget for groceries is $200 and I only spent $150. That extra $50 can be saved in my piggy bank.

Shop smart

  Again, a reminder that this is NOT a sponsored post. However, I am sharing my referral code for Rakuten, Walmart, and Ibotta. When download or use their app, I do earn a small commission. I used to snob Aldi or the Walmart Pick-up. I know what I want and where I can buy it. Until almost all of the bloggers  I know and read blogs about these amazing deals they find inside Aldi. Not to mention all of the recipes and budget meals they share...and I'm a slave for budget-friendly and healthy meals. I was also hesitant with Walmart Pick-Up, until the pandemic hits. When I wanted to avoid the stores but still save money. The prices are still the same, I get to pick a time for my pick-up, and they bring it straight to my car. Even though there is a minimum of $35 per order, I still save tons of money as compared to me going inside the store. I also took advantage of Sam's Club Pick-Up services. 

  I also used Rakuten and Ibotta. Last Thanksgiving I scored a free Thanksgiving meal through Ibotta.  You can install the add-on and every time you shop it gives you a notification of the available rebate or rebate amount. I order my vitamins on a regular basis from Vitacost. Rakuten gives me a rebate from my purchase PLUS it applies coupons (offered from the site you are placing the orders). 

Here's a quick summary of my Rakuten account.

I also have the Ibotta app on my phone so I can earn cashback and free items! I use Ibotta every time I shop at Walmart Pick-Up. I just go to the available deals, add the deals to my list, and click the link to go straight to your Walmart App (you will need to download both the app and link it).

Once you are on the Walmart App and happened to forget what deals you are after, you can just tap into the Ibotta offers at the convenient!

If you are ready to download the Ibotta app, use my referral code: ofdvxkb

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