Whether your goal is to increase your investing rate or save more for big goals like buying a home, going on a nice vacation, or purchasing a car, almost all of us could use a little extra jingle in our pocket every month. Reducing your spending so you can save more money isn’t easy, but there are some creative ways you can spend less to give yourself more flexibility with your budget and put more money towards what really matters to you.
1. Plant a garden
Grocery prices aren’t rising as sharply as they were several years ago, but prices on food staples keep going up, and it doesn’t look like that will be changing anytime soon. If you have a big enough yard, with a little extra work you can grow some of your favorite fruits and vegetables at home and save a bunch of money on groceries. Raising a garden is also rewarding and a great hobby.
One of my favorite fruits is blackberries, and last spring I planted a single thornless blackberry bush I bought at a local nursery for around $5. It didn’t produce any fruit last year, but this year it is producing berries in droves. I am able to pick about half a pound of blackberries per day (during blackberry season), and with blackberries around $4 per 6 oz. container at the grocery store, I’m on-track to save around $100 to $200 just on blackberries this summer (yes, I eat a lot of blackberries!).
Other popular garden staples that are easy to grow include tomatoes, corn, strawberries, blueberries, peppers, lettuce, kale, onions, potatoes, peanuts, watermelon, cantaloupe, squash, and so much more. You do have to invest money in seeds, and you may need to purchase soil or fertilizer, but once you are up-and-running, the return on investment can be phenomenal.
2. Change your upgrade cycle
Those of us who are really into tech have a typical upgrade cycle for our favorite devices. You may replace your phone every two years, your tablet and smartwatch every three years, and your laptop every four years. These days, it seems like every upgrade is more incremental and less revolutionary. Back around the launch of the iPhone 6, I started upgrading my phone every single year. That slowly became once every two years, and now I upgrade my phone once every three to four years. Phones nowadays don’t slow down with every new update like their predecessors and it’s fairly trivial to squeeze three years of life out of your smartphone.
Other devices like tablets, laptops, and smartwatches can be replaced just as infrequently or may even last for longer. I am writing this article on a laptop that was released in 2020, and I don’t plan on upgrading anytime soon. It may need a battery replacement sometime in the future, but I don’t think it would be crazy to think I could use this laptop for 10+ years. It doesn’t show any signs of slowing down and can still handle all the tasks I throw at it (admittedly, I am not a power user; my most computer-intensive task is editing in Photoshop).
3. Audit your subscriptions
Who among us can say they don’t have a single subscription that they aren’t using or weren’t even aware of? I’m ashamed to say that I have been reminded of several useless subscriptions by seeing their annual charge come through on my credit card, which prompts me to immediately cancel it so I will no longer be charged. A proactive audit of all of your subscriptions can potentially save you a not insignificant amount of money. From streaming services you no longer use to app store subscriptions that have long been forgotten, canceling subscriptions you no longer use is the modern-day version of looking for change in your couch cushions (except this “change” can be $100+ a month).
4. Frugalize your hobbies
Hobbies can be really expensive or very affordable, and there are often ways to make your hobbies more affordable. If reading is one of your favorite hobbies, buy more books secondhand or check them out from the library. The same can be said for other media like movies and video games: not only can you buy them secondhand, most libraries carry video games and movies, and some even offer things like musical instruments, baking pans, puzzles, board games, tools, bicycles, kayaks, and more.
If your local library doesn’t carry exactly what you need for your hobby, or if you are looking for something they don’t have, buying secondhand can save a significant amount of money. You can shop online at sites like eBay, Mercari, and Poshmark, or in-person at garage/yard sales, thrift stores, and antique/”junk” stores.
5. Make one day per week a “no spending” day
Try to make at least one day per week a day where you don’t spend any money. Instead of dining out or going to the grocery store, go through your pantry and see what forgotten food you can make use of. Not spending anything one day out of the week is small enough that it’s easily doable by most folks but adds up over time and can make a significant difference in your finances.
Reducing your spending isn’t easy, but there are some creative ways you can save more money and add more flexibility to your finances. Whether you want to invest more for retirement or save more for other financial goals, implementing one or more of these money-saving habits can help you build your more beautiful tomorrow.
