Creative Ways to Save Extra Money in 2021
Whether you’re saving up for a senior photo session, preparing for college, or buying a new car, it’s important to know about having a budget. A budget is one of those skills that you will use for the rest of your life, and knowing how to make it work for you and your lifestyle can be integral to success. But, most schools do not teach financial literacy, and you may feel overwhelmed at the idea of managing your own money or (if you’re a parent), paying for a child to go to college. We understand. That’s why we have a few creative ways to boost your budget this year. With COVID and upheaval in the country and world, saving money is even more important than ever, and you might need to tighten up to make ends meet. Here are our best tips:
- Declutter and Purge: Many of us feel the desire to clear out clutter and mess when the new year begins. If you are clearing out your house and making piles to donate or sell, this could be a great way to earn extra money (which will help you save). Facebook marketplace is one of the best ways to earn a little but for unwanted items such as clothes, furniture, or even textbooks. Remember to ask a parent if you’re selling belongings, and never meet anyone alone to exchange cash or items. If you don’t know how to price items, look on a site like Ebay to price things that are similar.
- Cut out unnecessary spending: If you can, take a good look at your current subscriptions. Many people do not know how many subscriptions they are actually paying for, like Netflix, glamour boxes, meal kits, etc. You can probably cut many of these things out by doing a little extra legwork, and it will save you quite a bit. There are even free tv channel providers now, like Pluto TV, which is free and allows you to watch several channels without a monthly bill. Take note of any monthly recurring bills or memberships, and see which ones can go.
- Borrow things you would have bought: If you want a new book or need something for an outing like a lifejacket or snow sled, you’d be surprised who already owns these things. Put the word out before you buy anything new, to see if you can find someone willing to loan it to you. Be sure to take great care of things you borrow, and return them in the same (or better) condition that they were given to you in! If it helps you keep track, write down what you borrowed and who it’s from. This is handy when it comes to small items like books or DVD’s.
- Do a no-spend month: This can be challenging to do, but it’s a great way to reset your spending and rein in any bad habits. It doesn’t mean you don’t buy groceries; in fact, gas, groceries, and utilities are obviously allowed during a no spend month, but you give up spending on clothes, shoes, books, and house decor (or any other spending that isn’t necessary). You can allocate all the money you would have spent to a larger purchase, or put it into savings!
