Saving money seems to be a challenge for many of us, more so in the post coronavirus economy. The recent changes are forcing many Americans spend less. Here is a look at ways to do so without giving up on the good things in life.
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Meal Prepping
One of the bigger expenses is food. The average American household spends $3,000 a year on dining out. Restaurants commonly charge a 300% markup on dishes. When we dine at restaurants we pay not just for the food, but also for the convenience. A meal that might cost $25 at a restaurant can cost $5 or less to cook at home. The trick is to make it easy and convenient.
Prepping is an organized way to prepare meals ahead of time. Before COVID-19 prepping used to be popular for saving time. Now it is gaining popularity for saving money as well. Packing your own lunch or dinner saves a lot of money compared to eating out. Homemade meals are also healthier. Prepping allows for reusing leftovers, which often have surprising amounts of food value.
Buying Wholesale
Bulk buying usually costs less per item. However, this is not universal. Supermarkets offer much better discounts than local stores for items purchased in bulk. However, this time-tested strategy needs a bit of planning. The idea is to buy things which have longer shelf lives. Toiletries, batteries, rice, pulses, beans, flour, cereal, and canned goods are generally good things to buy in bulk. Costco and Sam’s place are good places for this kind of high-volume shopping. Buying big can also save some trips to the store, adding to the savings.
Be sure to calculate the per-unit cost of each item before buying. There is no point in stocking just for the sake of it. Also beware of temptations. Stores spring many traps in the form of promotions and advertising. Supermarket visits are not a great idea for those of us given to impulse buying.
Buying used Stuff
Previously owned goods often have as much value as brand new stuff, and cost much less. It may be worthwhile to buy used clothes, jewelry, baby stuff, toys, games, books, furniture, kitchen items, cars, fitness equipment, and more. Millions of migrants live and work in the US. They send money online as remittances to their home countries. Saving money is a priority for expats and others. Someone moving out of the neighborhood is an opportunity to get discounts on things they don’t want to take along. Also consider checking out local thrift stores, yard sales, eBay, and other online sources.
Being Fit at Home
The average gym membership costs $58 per month or almost $700 a year. We can save money by working out at home. Walking, jogging, stretching, biking, and sports are good options. A range of additional fitness ideas abound on platforms like YouTube. Buy home-use fitness equipment like yoga mats, skipping ropes, modular dumbbells, and so on. They cost a fraction of a gym membership. There are also ways to make your own fitness equipment from household items.
Eating Healthy
Healthy eating can be a saver in many ways. Vegetables cost significantly less than junk foods and meat. Eat more greens, legumes, and eggs. Increase your consumption of beans, seeds, and fruits. During the lockdowns many Americans took to growing their own food in the backyard. It is a healthy food option with substantial savings to boot. Another important cost saver is to shop for foods that are in-season. Out-of-season produce usually has to be transported halfway around the world to get to your local store. It costs more because of the additional transport expenses. Moreover transport represents a major component of carbon emissions. Seasonal, locally grown food is fresher, cheaper, and healthier.
Having Fun on a Budget
There are many inexpensive ways to have fun. Visit a park, museum, or aquarium. Have a picnic. Get rid of the cable subscription and unplug from social media. Save the money and time for inexpensive, healthy forms of entertainment. Go for walks, read books, play sports, or workout at home. Organize fun activities at home with friends. Board games, scavenger hunts, beer pong, and cookoffs are some ideas. Split the costs.
About the author:
Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.