Are you also feeling the impact of the high inflation rate?

I have heard from fellow parents how budgeting is becoming more and more challenging these days. Learning how to stretch the value of your money and finding ways to save are crucial these days.

Thus, I’ve decided to write this blog post.

My two main strategies during times like these are:

1. NEEDS V. WANTS – Always go back to asking yourself if what you are planning to spend on is a need or a want. It’s a very simple question, but it can help us regain perspective.
2. SIMPLIFY – Live a simple life. Make simple living your lifestyle. The simpler your life is, the lesser will be your requirements and the lower your spending.

Now, let me enumerate the 20 Saving Tips that can help all of us during these times.

SAVE ON FOOD & OTHER FREQUENTLY-BOUGHT ESSENTIALS

1. Shop online. This helps you save on transportation expenses like gas, parking fee, and toll fee.

2. Compare prices and buy where prices are lower but also of relatively good quality.

3. Avail of discounts through vouchers, coupons, clearance sales, etc.

4. Buy in bulk if: you have an extra budget for it, it’s not perishable and you have storage for it.

5. Buy unbranded items instead of the more popular ones if the quality is almost the same.

6. Buy food that is in season and produced locally.

7. Buy other items out of season. For example, instead of buying Christmas decor during the Christmas season or Christmas rush, buy after Christmas.

8. Make a list and stick to your list even if you are shopping online. It’s so easy to get distracted and attracted to so many nice things being sold on the platform you are using. Remind yourself of what you NEED to buy only by making a list.

SAVE ON UTILITIES

9. Turn off appliances and lights when not in use. Unplug them also because there is still electricity (although reduced) flowing if they are plugged.

10. Use appliances and lights that can help you save energy and costs like LED lighting and appliances that use inverter technology.

11. Use a pail and dipper instead of using a hose when cleaning at home.

12. Find a way to reuse rainwater for cleaning or flushing the toilets or other tasks that do not require the use of clean water.

LIFESTYLE CHANGE

13. Find ways to rest, relax and recharge in more affordable ways. It is a need that we have these times for ourselves. But, there are many ways of doing these without breaking the bank. For example, instead of going out to watch movies, you can just watch movies at home. You save on transportation expenses, food, and movie tickets. Schedule movie-watching after meals. Read more ideas here on one of my previous blog posts.

14. Cut back on eating out at restaurants. Cook and dine at home instead.

15. Cut back on travel. Plan for staycations at home instead. Have a movie marathon with your family. Read those books that you bought but didn’t have the time to read. Make time again for a forgotten hobby. Play games with your family members. Have a barbecue party at home. Go glamping in your yard.

16. Work from home instead of working in an office. If you cannot get permission from your employer to have this kind of work arrangement full time, ask for a hybrid kind of arrangement wherein some days you can work from home. Or if you really want to have a complete lifestyle change, look for a job that allows you to work full-time remotely or at home. I advocate this kind of lifestyle and I teach and help people who want to make this lifestyle change through my books and services. If you are considering making this lifestyle change, click here and here.

17. Homeschool your children if you can. You’ll be surprised at the many costs you will not have to spend on if your kids are educated at home! I know this because we had been homeschooling for over a decade now. You’ll save not only on transportation and food but also on tuition fees, books, uniforms, and many more. You can find many blog posts here on homeschooling. Just type homeschool or homeschooling on the search bar. But I suggest that you start by reading this post.

SAVE MONEY

18. Make a savings goal that you can use in times of emergency, for your child’s college education, or for your retirement (especially if you are retiring soon). It is better to have some form of savings than not having any and a need suddenly arises. If you need a tool to plan for your savings goal, you can click here.

19. Automate your savings. You can set this up in your bank account. You can set the date and amount and just forget about it. When you automate your savings, you ensure that money is being saved even before you spend your income.

20. Check out the banks with the highest interest rates. You might want to move your savings or start your savings in a bank that offers the highest interest.

I hope these tips and strategies help you and your family!

What tips are you already practicing? Do you have tips that I was not able to mention that you’d like to share? Share in the comments.